GoldMining Updates Mineral Resource Estimate with Inclusion of Antimony at its Crucero Gold Project, Peru

The primary news release (February 17, 2026) reports an updated Mineral Resource Estimate (MRE) for the 100% owned Crucero Project in Peru. For the first time, the company has incorporated antimony (Sb), a metal classified as critical for defense and technology, into its resource model. This inclusion, alongside updated gold price assumptions ($3,110/oz Au and $28,700/tonne Sb), resulted in a 75% increase in Indicated gold equivalent (AuEq) ounces compared to the 2017 estimate. The project now hosts an Indicated resource of 1.74 million AuEq oz (1.31 Moz gold and 51,000 tonnes antimony) and an Inferred resource of 1.04 million AuEq oz.

• Resource Quality and Scale: The 75% jump in Indicated resources is significant on paper. However, a large portion of this increase stems from the change in metal price assumptions ($3,110 Au vs $1,500 in previous reports) and the addition of a secondary metal (antimony) rather than new drilling discoveries.
• Strategic Positioning: By labeling antimony as a "critical metal," the company is positioning Crucero to benefit from geopolitical supply chain shifts. The co-occurrence of stibnite with gold mineralization provides a potential "credit" that improves the project's theoretical economics.
• Economic Credibility: The company notes that current spot gold prices are near $5,000/oz. Using $3,110/oz for the MRE is conservative relative to spot but remains high relative to the 3-year trailing average usually required for SEC-compliant reporting. Investors should note these resources are not yet "reserves" and lack a completed Preliminary Economic Assessment (PEA).
• Portfolio Context: This news follows a string of positive updates from Sao Jorge (Brazil) and Whistler (Alaska), suggesting a coordinated effort to refresh the value of the entire portfolio during a period of record-high commodity prices.

GoldMining Inc. is a resource holder with a massive portfolio of gold and copper assets across the Americas. Its business model focuses on acquiring projects during market troughs and advancing them via spin-outs (like U.S. GoldMining Inc.) or internal resource expansion. - Flagship Project: Historically Sao Jorge (Brazil) or Whistler (Alaska). The recent Crucero (Peru) update elevates it to a major focus area due to the critical metal (antimony) component. - Strategy: High "optionality" leverage. The company owns millions of ounces across several jurisdictions, providing massive exposure to rising metal prices, though many projects are years away from production.