GoldMining Files PEA Technical Report for its La Mina Project, Colombia - Highlighting $1.0 Billion After-Tax NPV and 32% IRR

Rhea-AI Summary

GoldMining (NYSE American: GLDG) filed an NI 43-101 PEA technical report for its La Mina gold-copper project in Antioquia, Colombia, effective April 22, 2026.

Highlights include an after-tax NPV5% of $1.0 billion, 32.2% IRR, $523 million initial capex, and 2.7-year payback, with 152.4 koz AuEq average annual production over the first five years.

AI-generated analysis. Not financial advice.

Positive

• After-tax NPV5% of $1.0 billion in 2026 PEA base case
• After-tax IRR of 32.2% with approximately 2.7-year payback period
• Spot-price case shows about $1.8 billion NPV5% and 49.1% IRR
• Initial capital estimated at $523 million with ~1.9x NPV-to-capex ratio
• Average first five-year production of 152.4 koz AuEq per year
• LOM output of 1.5 Moz AuEq over an 11.2-year mine life
• Estimated AISC of $1,045/oz Au on a by-product basis
• Planned 15,000 tpd conventional open-pit, truck-and-shovel operation

Negative

• PEA is preliminary with no certainty the economic results will be realized
• Study relies on Inferred Mineral Resources considered too speculative for reserve classification

Key Figures

After-tax NPV5%: $1.0 billion After-tax IRR: 32.2% Initial capex: $523 million +5 more

8 metrics

After-tax NPV5% $1.0 billion 2026 La Mina PEA base case

After-tax IRR 32.2% 2026 La Mina PEA base case

Initial capex $523 million 2026 La Mina PEA estimate

NPV5% at spot prices $1.8 billion 2026 La Mina PEA spot-price case

IRR at spot prices 49.1% 2026 La Mina PEA spot-price case

Payback period 2.7 years 2026 La Mina PEA base case

Average production (first 5 years) 152.4 koz AuEq 2026 La Mina PEA forecast

AISC $1,045/oz Au 2026 La Mina PEA by-product basis

Market Reality Check

Price: $0.9449 Vol: Volume 9,348,707 vs 20-da...

high vol

$0.9449 Last Close

Volume Volume 9,348,707 vs 20-day average 2,515,491, about 3.72x typical trading activity. high

Technical Price 0.9449 is trading below 200-day MA of 1.34 and is 58.37% under the 52-week high.

Peers on Argus

Key gold peers HYMC (-8.04%), USAU (-11.62%), VGZ (-5.65%), CTGO (-9.44%) and GO...

Key gold peers HYMC (-8.04%), USAU (-11.62%), VGZ (-5.65%), CTGO (-9.44%) and GORO (-7.87%) also declined, indicating broad weakness in the gold space even as GLDG fell 13.89% on heavy volume.

Historical Context

5 past events · Latest: May 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 26	Exploration drilling	Positive	+1.8%	Launch of fully funded 1,200 m core drilling at Yarumalito project.
May 14	Annual meeting results	Neutral	-6.8%	Reporting of shareholder voting outcomes and auditor appointment approval.
Apr 28	Updated La Mina PEA	Positive	-1.7%	Publication of PEA with $1.0B after-tax NPV5% and 32.2% IRR at La Mina.
Mar 30	Exploration program	Positive	-0.9%	Start of fully funded 8,000 m drill program at São Jorge project.
Mar 05	Executive appointment	Positive	-3.7%	Hiring of Imola Götz as VP, Project Development to lead projects.

Pattern Detected

Recent history shows frequent negative or muted price reactions to operational and project-positive news, with only one of the last five releases seeing a positive next-day move.

Recent Company History

Over the past few months, GoldMining has focused on advancing and de‑risking its Americas portfolio. Updates included exploration drilling at Yarumalito (1,200 m program), a fully funded drill campaign at São Jorge (8,000 m plus 49 line‑km IP), and the updated La Mina PEA highlighting a $1.0B after-tax NPV5%. Governance items like annual meeting results and the appointment of Imola Götz as VP, Project Development also featured. Despite generally constructive news, share reactions have often been negative or subdued.

Market Pulse Summary

This announcement highlights the formal filing of the La Mina PEA, confirming after-tax NPV5% of $1....

Analysis

This announcement highlights the formal filing of the La Mina PEA, confirming after-tax NPV5% of $1.0 billion, 32.2% IRR and a projected 2.7-year payback, with economics improving further at selected spot prices. In recent months, GoldMining has advanced multiple projects through drilling and technical studies. Investors may track how the company addresses PEA-level risks, including reliance on Inferred Mineral Resources, capital funding of roughly $523 million, and progression toward more advanced engineering and permitting milestones.

Key Terms

preliminary economic assessment, ni 43-101, npv5%, internal rate of return, +4 more

8 terms

preliminary economic assessment technical

"includes the previously announced updated preliminary economic assessment (the "2026 PEA")"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

ni 43-101 regulatory

"titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

npv5% financial

"After-tax NPV5% of $1.0 billion and an after-tax internal rate of return"

Net present value at a 5% discount rate (NPV 5%) measures the current worth of a sequence of expected future cash flows after shrinking them by 5% per year, like comparing getting money now versus in the future with a 5% annual “cost” for waiting. Investors use NPV 5% to judge whether an investment or project creates value: a positive number suggests the returns exceed that 5% benchmark, while a negative number implies the money would be better used elsewhere.

internal rate of return financial

"After-tax NPV5% of $1.0 billion and an after-tax internal rate of return ("IRR") of 32.2%"

A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.

all-in sustaining cost financial

"Estimated total cash cost of $872/oz Au and All-In Sustaining Cost ("AISC") of $1,045/oz Au"

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

inferred mineral resources technical

"The PEA includes Inferred Mineral Resources, which are considered too speculative geologically"

An inferred mineral resource is an estimate of the quantity and grade of minerals in the ground based on limited sampling and geological information, where confidence is low and continuity is uncertain. For investors it signals potential value but also higher risk—like a rough sketch of a hidden treasure that requires much more exploration and testing before you can reliably judge its size or economic worth.

open pit technical

"contemplates a conventional open pit, truck and shovel operation to support a processing rate"

A large, surface excavation where rock and soil are removed in stepped layers to reach and extract mineral deposits; picture a terraced, man‑made quarry reaching down to the ore. It matters to investors because open‑pit operations tend to produce high volumes at lower unit cost but require large up‑front investment, long operating life, and carry visible environmental and permitting risks that can affect production, costs and company value.

froth flotation technical

"flowsheet utilizing standard froth flotation and leach circuits will achieve metallurgical"

A mineral separation technique that uses water, chemicals and rising bubbles to lift valuable particles away from waste rock so they can be collected — imagine oil droplets sticking to soap bubbles and floating to the surface while dirt sinks. It matters to investors because how well a plant recovers metals affects the amount of saleable product, operating costs, capital spending and environmental handling, all of which influence a mine’s profitability and the future supply of the commodity.

AI-generated analysis. Not financial advice.

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DESIGNATED NEWS RELEASE

VANCOUVER, BC, June 8, 2026 /PRNewswire/ - GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) (the "Company" or "GoldMining") is pleased to announce that is has filed a technical report (the "Technical Report"), which includes the previously announced  updated preliminary economic assessment (the "2026 PEA") on its La Mina Project (the "Project"), located in Antioquia, Colombia.

The Technical Report, titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Gold-Copper Mineral Deposit, Antioquia, Republic of Colombia" and with an effective date of April 22, 2026, is available under the Company's respective profiles at www.sedarplus.ca and www.sec.gov. All currency amounts herein are in US dollars unless otherwise indicated.

2026 PEA Highlights¹

• Strong Base Case Economics: After-tax NPV_5% of $1.0 billion and an after-tax internal rate of return ("IRR") of 32.2% and initial payback of approximately 2.7 years.
• Leverage to Spot Prices: At current spot prices (approximately, $4,775/oz Au, $5.75/lb Cu, and $77/oz Ag), the after-tax NPV_5% increases to approximately $1.8 billion with an IRR of 49.1% and initial payback of 1.9 years. Spot prices were selected on April 20th, 2026 as 30-day averages.
• High Capital Efficiency: Initial capital expenditures are estimated at $523 million, representing an attractive 1.9x base case NPV_5% to initial capital ratio that highlights the Project's potential for a compelling return on investment.
• Strong Production Profile: Average annual production of 152.4 koz Au equivalent¹ ("AuEq") over the first five years of operation, and total life of mine ("LOM") production of 1.5 Moz AuEq (comprising 1.2 Moz Au, 2.6 Moz Ag, and 195 Mlbs Cu) over an 11.2 year projected mine life.
• Resilient Cost Profile: Estimated total cash cost of $872/oz Au and All-In Sustaining Cost ("AISC") of $1,045/oz Au (calculated on a by-product basis).
• Conventional Operation: The PEA contemplates a conventional open pit, truck and shovel operation to support a processing rate of 15,000 tonnes per day ("tpd"). A proven processing flowsheet utilizing standard froth flotation and leach circuits will achieve metallurgical recoveries of 91% Au, 80% Cu, and 64% Ag.

Alastair Still, CEO of GoldMining commented, "The completion of the updated La Mina PEA marked a significant milestone for GoldMining as we actively advance our Americas portfolio. The study demonstrates a compelling base case and the project's exceptional leverage to the current metal price environment. With a strong $1.0 billion base case NPV, La Mina reflects our strategy of demonstrating deep intrinsic value that can be further enhanced through targeted exploration and de-risking. We continue to work to unlock value from key assets within our portfolio with active exploration and development."  

The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. The PEA includes Inferred Mineral Resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that this PEA, including the conceptual economics set out therein, will be realized.

For further information regarding the Project, including the PEA, please refer to the Technical Report.

________________________________

1 The gold equivalent equations are: AuEq(oz) = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}]. AISC includes mining costs, processing costs, royalties, G&A costs, transportation costs, sustaining capital and closure costs less by-product credits.

Qualified Persons

Imola Götz, M.Sc. P.Eng., F.E.C., Vice President, Project Development of the Company and a Qualified Person, as such term is defined in National Instrument 43-101 ("NI 43-101"), has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

About GoldMining Inc.

GoldMining Inc. is a public mineral exploration company focused on acquiring and developing gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, the U.S.A., Brazil, Colombia, and Peru.

Notice to Readers

Disclosure regarding the Project, including the PEA, included herein, has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by issuer of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the United States Securities and Exchange Commission ("SEC") generally applicable to U.S. companies subject to the SEC's disclosure requirements. For example, the terms "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in NI 43-101 by reference to the guidelines set out in the CIM Definition Standards on Mineral Resources and Mineral Reserves. Accordingly, information contained herein or in the Company's descriptions of its projects may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Investors are cautioned not to assume that all or any part of "Measured" or "Indicated" Mineral Resource will ever be converted into "reserves". Investors should also understand that Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated "Inferred Mineral Resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. 

For further information regarding the Company's projects and the resource estimates disclosed herein, please refer to the Company's most recent Annual Information Form and the technical reports filed under the Company's profile at www.sedarplus.ca and www.sec.gov.

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 the results of the PEA, the Company's plans and expectations regarding future opportunities and proposed work 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. 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 and expenses, 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 GoldMiningꞌs 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.

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SOURCE GoldMining Inc.

FAQ

What did GoldMining (GLDG) announce about the La Mina PEA on June 8, 2026?

GoldMining announced it filed an updated NI 43-101 PEA technical report for the La Mina project. According to GoldMining, the study outlines a base case after-tax NPV5% of $1.0 billion and an after-tax IRR of 32.2%.

What are the key economic metrics for GoldMining’s La Mina project PEA (GLDG)?

The La Mina PEA outlines an after-tax NPV5% of $1.0 billion and a 32.2% IRR. According to GoldMining, initial capital is estimated at $523 million with an approximate 2.7-year payback and a 1.9x NPV-to-initial-capital ratio.

How do spot metal prices affect the La Mina PEA economics for GLDG shareholders?

At selected spot prices, the after-tax NPV5% increases to about $1.8 billion with a 49.1% IRR. According to GoldMining, the initial payback period shortens to around 1.9 years, highlighting leverage to gold, copper, and silver prices.

What production profile does GoldMining project for La Mina (GLDG)?

The PEA projects average annual production of 152.4 koz gold equivalent over the first five years. According to GoldMining, life-of-mine output totals 1.5 Moz AuEq over 11.2 years, including 1.2 Moz Au, 2.6 Moz Ag, and 195 Mlbs Cu.

What are the estimated operating costs for GoldMining’s La Mina project PEA?

The PEA estimates total cash costs of $872 per ounce of gold and AISC of $1,045 per ounce. According to GoldMining, these metrics are calculated on a by-product credit basis and include mining, processing, royalties, sustaining capital, and closure.

What mining and processing methods are planned for La Mina according to the GLDG PEA?

The study contemplates a conventional open-pit, truck-and-shovel mine feeding 15,000 tpd. According to GoldMining, processing uses standard froth flotation and leach circuits, targeting metallurgical recoveries of 91% gold, 80% copper, and 64% silver.