GoldMining Announces Renewed At-the-Market Equity Program

GoldMining Inc. announced on December 8, 2025, the renewal of its At-the-Market (ATM) equity program. This renewed program allows the company to issue common shares for aggregate gross proceeds of up to $50 million USD. The shares can be distributed to the public from time to time at prevailing market prices through various agents, including BMO Capital Markets and National Bank Financial.

The proceeds from the ATM program are intended for general corporate purposes, including the exploration and development of its mineral properties, completion of minimum work programs, property payments, expenditures to maintain property rights, future acquisitions, and general working capital. The renewal is made pursuant to a short form base shelf prospectus dated December 5, 2025, and a U.S. registration statement filed on November 25, 2025. This new ATM program replaces a previous one announced on December 21, 2024, which had a similar $50 million maximum and was set to terminate on December 24, 2025.

The renewal of the At-the-Market equity program for $50 million USD is a routine financing mechanism for an exploration-stage company like GoldMining Inc. However, its materiality stems from the company's current financial position and aggressive operational tempo.

As per the latest interim financial statements (August 31, 2025), GoldMining reported cash and cash equivalents of $6.462 million. For the nine months ended August 31, 2025, the company used $16.239 million in operating activities, indicating an average cash burn rate of approximately $1.8 million per month. This means the company has roughly 3-4 months of liquidity without additional financing.

Therefore, the renewal of the $50 million ATM program is a critical and necessary step to ensure the company's ability to fund its extensive ongoing exploration and development programs across multiple projects (Sao Jorge, Rea, Crucero, Yellowknife, Boa Vista) and to maintain general working capital. While the program itself is standard, the timing and the underlying financial context underscore a continuous need for capital.

The positive aspect is that the company is proactively securing its funding, especially when its stock price has seen significant appreciation from its 52-week lows, allowing for potentially less dilutive capital raises. However, an ATM program inherently leads to shareholder dilution as new shares are issued. This continued dilution will be a material factor affecting per-share value over time.

In conclusion, the news itself is Routine - Neutral as it's a procedural renewal of a financing facility. However, its material impact is rooted in the company's continuous high capital requirements and limited cash runway, making the ATM a crucial tool for operational continuity, albeit at the cost of future dilution.

GoldMining Inc. (TSX: GOLD, NYSE American: GLDG) is a mineral exploration company focused on the acquisition, exploration, and development of gold and gold-copper projects in the Americas. The company boasts a significant and diversified portfolio of resource-stage assets in Canada, the USA, Brazil, Colombia, and Peru.

While the company has a broad portfolio, several projects stand out:

• Whistler Gold-Copper Project (Alaska, USA): Held by its 79%-owned subsidiary, U.S. GoldMining Inc. (USGO). This project is a significant gold-copper porphyry system with estimated Measured & Indicated resources of 1 billion lbs copper and 3.72 million ounces gold, plus Inferred resources. It is currently undergoing an initial economic assessment and is benefiting from state-level infrastructure development support (West Susitna Access Project).
• S\u00e3o Jorge Project (Brazil): A granite-hosted, intrusion-related gold deposit in the prolific Tapaj\u00f3s gold district. An updated Mineral Resource Estimate (January 28, 2025) reported 624,000 ounces of gold in the Indicated category (19.42 MT @ 1.00 g/t Au) and 129,000 ounces in the Inferred category (5.56 MT @ 0.72 g/t Au), using a $1,950/oz gold price. The company initiated its largest exploration program in 2025, aiming to expand the deposit and test new targets within a large 12 km x 7 km geochemical footprint.
• Crucero Project (Peru): A 100% owned gold project where historical drilling has confirmed significant gold-antimony mineralization. The company is actively working to incorporate antimony, a strategic and critical metal with surging prices, into an updated mineral resource estimate, potentially enhancing the project's economic profile.
• Rea Uranium Project (Canada): A 75%-owned project in the Western Athabasca Basin, Alberta, known for some of the world's richest uranium deposits. The project recently received approval for a diamond core drilling program of up to 7,500 meters to test high-priority targets.
• Yellowknife Gold Project (Canada): A 100%-owned project in the historically prolific Yellowknife greenstone belt, where modern exploration commenced in June 2025 for the first time since 2012. It hosts Measured & Indicated resources of 1.059 million ounces gold and Inferred resources of 739,000 ounces gold.
• Boa Vista Project (Brazil): GoldMining entered into an earn-in agreement in July 2025, optioning up to 80% of the project to Australian Mines Limited for total consideration of up to $7 million (AUD shares and cash), while retaining a 20% interest. This strategic move allows GoldMining to unlock value and focus on other core assets.