GoldMining Announces Positive PEA Highlighting $532 Million After-Tax NPV and 42% IRR at its Sao Jorge Project, Brazil

The most recent release (June 11, 2026) announces a positive Preliminary Economic Assessment (PEA) for the 100%-owned São Jorge Gold Project in Brazil. Base‑case economics at $3,500/oz Au yield an after‑tax NPV5% of $532.5 million, an after‑tax IRR of 42.4%, and a payback of 2.83 years. At a spot gold price of $4,400/oz, NPV5% rises to $836.8 million with an IRR of 58.6%. The study contemplates a conventional open‑pit operation processing 5,500 tpd, producing an average 51,250 oz Au per year over a 10.6‑year mine life. All‑in sustaining costs are estimated at $1,464/oz. Initial capital is $202.2 million (including 25% contingency). Management plans to advance pre‑feasibility studies and permitting while highlighting a strong balance sheet (~$183 million in cash and publicly traded securities).

This is the first economic study for São Jorge, moving the project from an exploration asset to one with quantifiable potential. The NPV of $532 million is significant relative to the company’s market capitalization (~$253 million) and adds to the already established valuations at La Mina ($1.0 billion NPV) and Whistler (US$2.0 billion NPV on a 100% basis). However, the project remains early‑stage; the PEA includes inferred resources and is not a feasibility study. The release does not materially change the near‑term cash‑flow profile, as production is years away and will require construction financing. While the economics are robust, the market has previously shrugged off similar positive news (e.g., the La Mina PEA did not sustain price gains). Therefore, the news is Material – Positive, but its ability to re‑rate the stock is likely limited without a clear path to production or monetization.

GoldMining Inc. is a Vancouver‑based gold exploration and development company with a diversified portfolio of gold and gold‑copper projects across the Americas (Canada, U.S., Brazil, Peru, Colombia). The company’s most economically advanced project is La Mina (Colombia), which has an updated PEA (April 2026) showing a $1.0 billion after‑tax NPV and 32.2% IRR. It also holds a 74.2% interest in publicly listed U.S. GoldMining, whose Whistler Project (Alaska) has a US$2.0 billion NPV. São Jorge is one of several other properties; additional assets include Crucero (gold‑antimony, Peru), Titiribi, Yarumalito, and Yellowknife.