GoldMining Files PEA Technical Report for its São Jorge Project, Brazil
Rhea-AI Summary
GoldMining (NYSE American: GLDG, TSX: GOLD) filed an NI 43-101 Technical Report containing the preliminary economic assessment for its São Jorge gold project in Pará State, Brazil, effective June 9, 2026. The PEA is preliminary, includes inferred resources and, as stated by the company, there is no certainty results or conceptual economics will be realized.
The PEA models an after-tax NPV5% of $532 million and 42.4% IRR at a $3,500/oz gold price, rising to a modelled after-tax NPV5% of $836.8 million, 58.6% IRR and 2.4-year payback at $4,400/oz. Initial capital is estimated at $202 million (including 25% contingency), implying about a 2.6x NPV5%/capex ratio.
The study contemplates a conventional open-pit, 5,500 tpd operation, average annual production of about 51,250 oz over a 10.6-year mine life, peak 57,200 oz in years 2–4, metallurgical recovery of 90% Au, and an estimated life-of-mine AISC of $1,464/oz. GoldMining reports it is working to commence pre-feasibility studies while advancing permitting toward a construction decision.
Positive
- Modelled after-tax NPV5% $532M and 42.4% IRR at $3,500/oz
- Higher-price case NPV5% $836.8M, 58.6% IRR, 2.4-year payback at $4,400/oz
- Initial capital $202M, including 25% contingency, 2.6x NPV5%/capex ratio
- Average production ~51,250 oz/year over 10.6-year modelled mine life
- Estimated AISC $1,464/oz with 90% gold recovery in conventional flowsheet
Negative
- PEA is preliminary and includes inferred resources; outcomes not assured
- Single-commodity exposure with economics modelled solely on gold price scenarios
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 25 | Mid-year update | Positive | +1.6% | Balance sheet, project-study and exploration update preceded a 1.59% 24-hour gain. |
| Jun 11 | São Jorge PEA | Positive | +10.0% | PEA outlined $532 million NPV and 42.4% IRR, followed by a 10.01% gain. |
| Jun 08 | La Mina PEA | Positive | +1.3% | La Mina report presented $1.0 billion NPV and 32.2% IRR before a 1.29% gain. |
| May 26 | Yarumalito drilling | Positive | +1.8% | Exploration drilling commenced at Yarumalito, followed by a 1.83% 24-hour gain. |
| May 14 | Annual meeting results | Neutral | -6.8% | Director elections and auditor approval preceded a -6.78% 24-hour reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Four of five recent news events had positive 24-hour reactions, while the May 14 annual-meeting announcement was the lone negative reaction.
Key Terms
preliminary economic assessment technical
npv5% financial
irr financial
inferred mineral resources technical
ni 43-101 regulatory
all-in sustaining cost financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
DESIGNATED NEWS RELEASE
The Technical Report, titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State,
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.
São Jorge PEA Highlights
- Strong Economics & Upside Leverage: Modelled an after-tax net present value at a
5% discount rate ("NPV5% ") of$532 million 42.4% utilizing base case gold price of$3,500 $4,400 5% increases to$836.8 million 58.6% and an initial payback of just 2.4 years. - High Capital Efficiency & Infrastructure Advantage: Initial capital is estimated at a highly manageable
$202 million 25% contingency), representing an attractive 2.6x base case NPV5% to initial capital ratio. This relatively low capital hurdle is directly supported by the Project's ideal location, situated adjacent to existing power lines, paved highways, and an available skilled workforce. - Steady Production & Cash Flow: The PEA envisages a robust internal free cash flow, supported by a stable gold production profile averaging an estimated 51,250 oz annually over a 10.6-year life of mine ("LOM"), with peak gold production of 57,200 oz per year in years 2 through 4.
- Conventional, Resilient Operation: The PEA contemplates a conventional open-pit truck-and-shovel operation and a processing rate of 5,500 tonnes per day. A proven processing flowsheet utilizing standard gravity and leach circuits achieves high metallurgical recoveries of
90% Au, supporting resilient margins and an estimated LOM All-In Sustaining Cost ("AISC") of$1,464 - Advancing Pre-Feasibility Studies: The Company is working to commence pre-feasibility studies as the Project is further de-risked and moves forward with permitting towards a construction decision.
Alastair Still, CEO of GoldMining commented, "Filing the São Jorge Technical Report marks the next step in the advancement of our portfolio. We are excited by the Project's compelling proposition, which pairs a manageable initial capital requirement with steady gold production and a robust base case NPV set out in the PEA. In addition to offering significant exploration potential, the study highlights the asset's potential resilient margins and rapid payback profile. In parallel to advancing and de-risking the property as we commence prefeasibility studies, we remain focused on drilling nearby exploration targets within our prospective regional-scale property as we continue to unlock value across our broader multi-million ounce
For further information regarding the Project, including the PEA, please refer to the Technical Report.
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 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 Canadian National Instrument 43-101 ("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. 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.
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 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. 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.