InvestorsIssue 04 | Oct 29, 2026
ADVANCING SÃO JORGE
Pre-Feasibility Study & Initial 6,000-metre Drill Program Underway
As announced, we are advancing our 100%-owned São Jorge Gold Project in Pará State, Brazil. Building on the positive preliminary economic assessment (PEA) announced in June 2026, we have commenced a Pre-Feasibility Study (PFS) and launched an initial 6,000-metre infill diamond core drilling program to strengthen mineral resource confidence and support the Project’s next stage of evaluation.
São Jorge is positioned as a highly efficient development asset capable of generating significant cash flow for GoldMining.
São Jorge PEA at a Glance
- US$532 million – After-tax NPV5%
- 42.4% – After-tax IRR
- US$202 million – Initial capital
- 2.8 years – Payback period
- 51,250 oz – Average annual gold production
- US$1,464/oz – Life-of-mine AISC
- 10.6 years – Modelled mine life
Based on the June 2026 PEA, using a base-case gold price of US$3,500 per ounce.
The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have economic considerations applied to them that would enable categorization as Mineral Reserves. There is no certainty that the PEA, including the conceptual economics set out therein, will be realized.
Advancing Technical Work
The PFS will build on the PEA base case, evaluate the Project’s economic viability, and refine capital and operating cost estimates.
Our three-rig drilling campaign is underway and the 6,000-metre campaign is designed to reduce drill spacing in areas currently classified as inferred mineral resources, particularly around the margins of the deposit’s main mineralized core. The goal is to improve interpreted geological and geostatistical continuity and support an updated mineral resource estimate (MRE).
Key Objectives of the 2026 Program
- Upgrade resource confidence: Provide data for an updated MRE, with the objective of classifying mineral resources within the PEA pit shell in the measured or indicated categories to support the PFS.
- Advance metallurgical studies: Produce fresh core for advanced mineralogical sampling and metallurgical testing, informing trade-off studies to determine the optimum processing path for São Jorge mineralized material.
- Further de-risk the Project: Generate data for geotechnical stability analysis of the proposed open pit and major site facilities, while planning proceeds for geotechnical, hydrogeological, and condemnation drilling beneath proposed infrastructure locations.
We anticipate that the results of the infill drilling will be used to prepare an updated MRE to support the PFS, which we currently anticipate will be completed in the first half of 2028.
Read the October 28th News Release here →
Strengthening Project Leadership
On October 14, 2026, we announced the appointment of Alexandre Soares Pimenta as Project Director for São Jorge. Mr. Pimenta brings more than 25 years of experience across mining, metallurgy, engineering and large-scale industrial project development, including senior roles with ORE Investments, Gerdau, Mineração Morro do Ipê, Alcoa World Alumina and Samarco Mineração.
His appointment supports our focus on advancing the project through its next phase of technical work, engineering and development planning.
Read the October 14th News Release here →
A Preliminary Economic Assessment to Build On
São Jorge is a granite-hosted, intrusion-related gold mineral system located in the Tapajós gold district of Pará State, adjacent to regional highway BR-163. The PEA envisaged a conventional open-pit operation and a gravity/leach circuit processing 5,500 tonnes per day, or 1.9 million tonnes per annum, over a 10.6-year mine life.
The PEA modelled an after-tax NPV5% of US$532 million and an after-tax IRR of 42.4%, based on a base-case gold price of US$3,500 per ounce. Average annual gold production is projected at 51,250 oz over a modelled mine life of 10.6 years.
Looking Ahead
With experienced leadership in place, the PFS underway, and drilling in progress, São Jorge has entered a new phase of technical evaluation and de-risking. Results from the drilling and supporting studies are expected to inform an updated MRE, mine planning, process design, and the broader PFS.
For important information regarding the Sao Jorge Project, including the PEA and mineral resource estimate referenced herein, please see the “NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State, Brazil”, with an effective date of June 9, 2026, a copy of which is available under the Company’s profile at www.sedarplus.ca. Base case economics utilize US$3,500/oz Au.
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TECHNICAL DISCLOSURE
Tim Smith, P. Geo., Vice President Exploration of GoldMining, has supervised the preparation of, and verified and approved, all scientific and technical information contained herein. Mr. Smith is also a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Technical disclosure regarding the projects described herein has been prepared by the Company in accordance with NI 43-101. These standards differ from the requirements of the U.S. Securities and Exchange Commission and the scientific and technical information contained herein may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
FORWARD-LOOKING STATEMENTS
Certain of the information contained in this news release 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 regarding the scope, timing and expected outcomes of the PFS, including its anticipated completion in the first half of 2028; the timing, scope and objectives of the infill drilling program, and the objective to upgrade existing mineral resource estimates; the potential for any future development decision; the results of the PEA; the Company’s plans and expectations regarding future opportunities and proposed work and future studies at the Project; and the Company’s other plans and expectations regarding the Project. 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, including assumptions that drilling and study work will proceed as planned, that contractors, equipment and personnel will be available on a timely basis, that drilling results will support the planned resource conversion, and that required permits and financing will be obtained. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties; fluctuating metal prices; unanticipated costs, expenses and delays; risks related to government and environmental regulation, social, permitting and licensing matters; 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 GoldMining’s Annual Information Form for the year ended November 30, 2025, 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.