A gold development story hiding in plain sight…

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A Gold Development Story

...Priced Like An Ounce Bank

Two preliminary economic assessments just landed back-to-back — with combined modelled values exceeding the market value of the company owning them. 
 

The reality: Seeds planted more than a decade ago are finally reaching harvest.

For years, gold investors have treated portfolio companies as little more than passive aggregators. 

Pay a discount, wait for a takeout, collect whatever optionality shows up along the way.

Unfortunately, that assumption no longer holds up, as big mining companies have yet to launch the M&A buying spree that many have hoped for.

Enter GoldMining Inc. (GOLD.TSX; GLDG.NYSE) — one of the world’s most prominent gold resource portfolio companies over the last decade...but one which recently took matters into its own hands to demonstrate the company represents deep value compared to its current trading price.

Consider this: GoldMining Inc. released two consecutive preliminary economic assessments (PEAs) for its São Jorge and La Mina projects. 

The result is one of the most compelling gold development stories in today’s market — and one that the market hasn’t caught up to yet.

Two Projects That Could Carry The Whole Company

GoldMining’s portfolio spans Brazil, Colombia, Peru and Canada, anchored by 13.15 million ounces of gold-equivalent resources in the Measured and Indicated categories and another 9.02 million ounces Inferred.

That alone is a multi-million-ounce resource base most juniors would envy.

But the company has now drawn a sharper line. Of the entire portfolio, two projects, São Jorge in Brazil and La Mina in Colombia, have been advanced into PEAs.

Everything else in the portfolio, from Yellowknife to Crucero, becomes a bonus stacked on top of a significant balance sheet with cash and marketable securities and no debt.

Drills Are Turning And The Results Are Coming

São Jorge sits in Brazil's Tapajós Gold District, a region that has produced an estimated 30 million ounces of gold from historical surface mining alone.

The deposit shares the same intrusion-related geology as G Mining's Tocantinzinho mine, which poured its first gold in 2024 and produced more than 171,000 ounces in 2025.

But GoldMining’s project enjoys a huge infrastructure advantage: São Jorge sits adjacent to a paved highway, with grid power nearby and a fully built camp already standing and operating.

GoldMining’s São Jorge project is located in the same area as other successful projects — but with valuable infrastructure advantages.

On June 11, GoldMining released a PEA for São Jorge built on its existing gold mineral resource estimate of 624,000 ounces Indicated and 129,000 ounces Inferred. The results were significant.

The base case, using $3,500 gold, delivers an after-tax net present value of $532 million and a rich 42.4% internal rate of return. And at spot gold near $4,400 an ounce, that NPV climbs to nearly $837 million.

Initial capital required to build it: just $202 million.

GoldMining currently holds cash and publicly traded securities that cover substantially all of the construction bill.

And the project looks to grow: Two drill rigs are turning on the property right now, running an exploration program testing for growth within four newly discovered zones within 3.5 kilometers of the existing deposit. 

The current mineral resources cover only a small portion of the regional land package (well over 100,000 acres in size), and they support additional exploration within a mineral system spanning 12 kilometers by 7 kilometers, of which the current deposit covers only a sliver.

For further information refer to GoldMining’s news release dated June 11, 2026.

A Billion-Dollar Number Sitting In Plain Sight

In Colombia, La Mina tells a similar story — and at a world-class scale.

The project’s updated PEA, filed in technical report form on June 8, outlines an after-tax NPV of $1.0 billion and a 32.2% internal rate of return at base case metal prices. At current spot prices for gold, copper, and silver, that NPV jumps to $1.8 billion.

La Mina is forecast to produce more than 150,000 gold equivalent ounces per year, totaling approximately 1.5 million ounces over a 10+ year mine life. Initial capital runs to $523 million, a relatively modest figure against a billion-dollar valuation.

Located just 51 kilometers south of Medellín with nearby infrastructure and skilled workers, La Mina benefits from many of the same infrastructure advantages present at São Jorge.

For further information refer to “NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Gold-Copper Mineral Deposit, Antioquia, Republic of Colombia”, effective April 22, 2026, a copy of which is available under the Company’s profile at www.sedarplus.ca.

The strategy is obvious and compelling: Developers trade at far higher valuations than holding companies.

A Team Built To Develop, Not Just Hold

GoldMining could have remained a pure holding vehicle. Instead, management has spent recent years assembling a team of mining veterans built specifically to take projects from the ground into production.

•  CEO Alastair Still spent almost 25 years across Newmont, Goldcorp, Placer Dome and Kinross before taking the helm at GoldMining. 

• Co-Chairman David Garofalo previously ran Goldcorp and served as President and CEO of Hudbay Minerals. 

• Co-Chairman and founder Amir Adnani has a successful history of building five public mining companies, including multi-billion-dollar UEC.

• Martin Dumont, Vice President of Corporate Development and Investor Relations, joined from Sandstorm Gold and IAMGOLD.

Each leader brings the kind of major-company development experience that a company simply holding assets would never need to recruit.

The exploration and project development hires make the point even more directly.

Tim Smith, Vice President of Exploration, left a major gold discovery track record at Newmont and Goldcorp specifically for the chance to hunt for new discoveries across GoldMining’s district-scale land packages — the kind of opportunity a pure holding company couldn’t offer. 

Imola Götz, Vice President of Project Development, spent decades advancing open-pit and underground projects from PEA through feasibility at operators like Newmont, Goldcorp and Eldorado. This is work that only matters if a company actually intends to build. 

Neither hire makes sense for a company content to sit on its ounces and wait.

Backed By More Than Gold In The Ground

GoldMining's balance sheet is built to fund growth, not just sit idle.

Beyond its own projects, the company employs a unique strategy: unlocking asset value through strategic spin-outs and joint ventures, allowing GoldMining to retain cornerstone equity positions in three publicly traded entities: Gold Royalty Corp., U.S. GoldMining Inc. and NevGold Corp.

Built Like A Developer
— But Still Priced Like A Holdco

Why does a company with a multi-million gold equivalent ounce global portfolio and a massive treasury continue to trade at a steep discount to net asset value?

It comes down to simply math and market timing. 

Much of this PEA data landed just as broader markets pulled back in late spring, masking what the underlying numbers were saying. 

As a result, the market has been slow to separate a “portfolio company” from an “active developer” — even as GoldMining has spent the past year proving it belongs in the second category.

That gap won’t last forever, and perhaps much longer at all. 

Consider that drill results from São Jorge are pending. Pre-feasibility work is the immediate next step. Every operational milestone makes the current “holding company” discount harder for the market to justify.

The gold is already there. The economics now speak for themselves.

The only thing missing is the market’s attention – and that seems inevitable in the days just ahead.

You should review GoldMining’s public disclosures, including its most recent Annual Information Form, which are available under its profiles at www.sedarplus.ca and www.sec.gov.

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To Learn More About GoldMining Inc.

Imola Götz, M.Sc. P.Eng., F.E.C., Vice President, Project Development of GoldMining and a Qualified Person, as such term is defined in NI 43-101, has reviewed and approved the scientific and technical information contained herein.

Forward-Looking Statements

Certain of the information contained in this publication constitutes “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (“forward-looking statements”), which involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting the Company's expectations regarding the Project, the potential and demand for antimony and expected work programs and often contain words such as "anticipate", "intend", "plan", "will", "would", estimate", "expect", "believe", "potential" and variations of such terms. Such forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, which may prove to be incorrect. Investors are cautioned that forward-looking statements involve risks and uncertainties, including, without limitation: the inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and environmental regulation, social, permitting and licensing matters, any inability to complete work programs as expected, the Company’s plans with respect to the Project may change as a result of further planning or otherwise, and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMiningꞌs most recent Annual Information Form and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.

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