Location

The mineral titles are located in the municipalities of Venecia and Fredonia, Department of Antioquia, 51km SW of Medellin, Colombia's second-largest city. The entire La Mina project area forms a 3,208-hectare block centered at 5°55'19" and 75°44'42"W. This region has a long history of gold mining going back several centuries. The mineral titles are located within the Municipalities of Venecia and Fredonia, Department of Antioquia.

The project has a well-equipped campsite including offices, accommodations, and core processing facilities, which is accessible by a gravel road.

Geology and Mineralization

The La Mina project is located within the Middle Cauca Belt of Miocene volcano-plutonic rocks in central Colombia. This belt hosts several significant porphyry gold or copper-gold disseminated deposits such as La Colosa, Titiribí, Quebradona, and Quinchia, as well as large epithermal gold districts such as Marmato.

The La Mina project consists of shallow porphyries of intermediate composition and associated breccias that intrude the Combia Formation. The intrusive centers hosting the porphyry-related gold-copper mineralization are La Cantera, Zona Media, El Limón, and La Garrucha targets.

Current Activities:

• Historic drilling completed: 106 holes (36,815 m)
• The maiden drill program for GoldMining Inc. discovered the La Garrucha deposit, adding approx. 1.0 million oz AuEq in the Inferred category and 0.2 million oz AuEq in the Indicated category at a cost of only $1.2 million.
• 2023 updated La Mina mineral resource estimate, inclusive of La Garrucha:
  • Indicated: 33.77 Mt grading 0.73 g/t gold (790,000 oz), 2.08 g/t silver (2,250,000 oz), 0.21% copper (159,410,000 lbs) or 1.06 g/t gold equivalent (1,150,000 oz) at 0.30 g/t cut-off.
  • Inferred: 56.23 Mt grading 0.58 g/t gold (1,050,000 oz), 2.32 g/t silver (4,190,000 oz), 0.14% copper (171,430,000 lbs) or 0.80 g/t gold equivalent (1,450,000 oz) at 0.30 g/t gold cut-off.  (See Resource Statement)
• Positive Preliminary Economic Assessment (PEA’) for the La Mina Project, Colombia, with Life of Mine Production of 1.74 Million Gold Equivalent Ounces, and an after-tax NPV of US$274 million at a gold price $1,750 per ounce, published September 2023.  We are continuing to advance and de-risk La Mina to crystallize potential value outlined in the PEA.
• Environmental assessment and stakeholder consultation activities.
• Geological modelling and exploration target analysis.

Resource Statement

Mineral Resource Estimate for La Mina Project (December 20, 2022)_{1, 2, 3, 4}

1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

2. The above global resource estimate table is provided for informational purposes only and is not intended to represent the viability of any project on a standalone or global basis. The exploration and development of each project, project geology and the assumptions and other factors underlying each estimate, are not uniform and will vary from project to project. Please refer to the technical report for each respective project, as referenced herein, for detailed information respecting each individual project.

3. All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.

4. Gold cut-off based on g/t

5. Notes for La Mina: see technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Project", with an effective date of July 24, 2023, which is available at www.sedarplus.ca under GoldMining Inc.’s SEDAR+ profile.

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