Location

The Yarumalito project is located in the Department of Antioquia, centered at 75.63° West Longitude and 5.58° North Latitude, and consists of one unified concession contract (T-380005) with a total area of 1,453.1 hectares. The main facilities are located at 6°3'55" north latitude and 75°47'55" west longitude.

Geology and Mineralization

The Yarumalito Property is underlain by the Combia and Amaga Formations that are intruded by the Marmato Intrusive Suite. Several phases of intrusion and intrusive breccias have been identified in mapping and drill core, predominantly comprising fine-grained diorite to quartz diorite. Coeval intermediate volcanic rocks of the Combia Formation in outcrop and in drill core are often difficult to differentiate from these intrusive rocks. The porphyries and coeval volcanics intrude country rocks including basement Lower Paleozoic through to Cretaceous metamorphic rocks, overlain by an Upper Oligocene to Miocene sedimentary package. It is believed that some of the porphyries may be connected at depth.

Two main styles of mineralization have been identified within the Property: gold-copper porphyry and epithermal vein hosted gold mineralization. Porphyry-style mineralization is associated with pervasive potassium alteration and quartz-sulphide stockworks. Sulphides are dominated by pyrite and chalcopyrite with minor bornite and molybdenite.

Current Activities:

• Historic drilling completed: 55 holes (18,450 m)
• Resources:
  Inferred: 66.3 Mt grading 0.58 g/t gold (1,230,000 oz), 0.09% copper (129,262,000 lbs) or 0.70 g/t gold equivalent (1,502,000 oz) at 0.5 g/t cut-off gold equivalent cut-off.  See resource statement
• Reports required for meeting statutory requirements were submitted in January 2024. Ongoing work programs aim to increase confidence and understanding of the existing gold and copper resources delineated on the project and to identify expansion opportunities.
•  Environmental assessment and stakeholder consultation activities.
• Geological modelling and exploration target analysis.

Resource Statement

Mineral Resource Estimate for Yarumalito  Project (April, 2020)

Notes:

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 Yarumalito: see technical report titled "Technical Report: Yarumalito Gold-Copper Property, Departments of Antioquia and Caldas, Republic of Colombia" with an effective date of April 1, 2020, which is available at www.sedarplus.ca under GoldMining's SEDAR+ profile.

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