GoldMining Updates Mineral Resource Estimate with Inclusion of Antimony at its Crucero Gold Project, Peru

Rhea-AI Summary

GoldMining (NYSE American: GLDG) updated the NI 43-101 Mineral Resource Estimate for its 100% owned Crucero Project (Effective Date: Feb 4, 2026). The MRE reports Indicated 42.7 Mt at 1.26 g/t AuEq (1.74 Moz AuEq) and Inferred 34.9 Mt at 0.93 g/t AuEq (1.04 Moz AuEq). Antimony is modeled for the first time, contributing ~25% of Indicated and ~29% of Inferred AuEq. The estimate uses pit constraints with gold at US$3,110/oz, antimony at US$28,700/t and 90% recoveries.

Positive

• Indicated AuEq +75% vs prior MRE (2017) on a gold-equivalent basis
• Antimony modeled, contributing ~25% of Indicated AuEq ounces
• Indicated resources quantified at 1.74 Moz AuEq within conceptual pit

Negative

• Resources not reserves; no demonstrated economic viability for conversion to reserves
• MRE constrained by assumed prices: US$3,110/oz Au and US$28,700/t Sb
• Estimate assumes 90% metallurgical recoveries and specific mining/processing costs

Key Figures

Indicated resource tonnage: 42.7 Mt Indicated AuEq grade: 1.26 g/t AuEq Indicated contained AuEq: 1.74 Moz AuEq +5 more

8 metrics

Indicated resource tonnage 42.7 Mt Crucero Project 2026 MRE, Indicated category

Indicated AuEq grade 1.26 g/t AuEq Crucero Project 2026 MRE, Indicated category

Indicated contained AuEq 1.74 Moz AuEq Crucero Project 2026 MRE, Indicated category

Inferred contained AuEq 1.04 Moz AuEq Crucero Project 2026 MRE, Inferred category

Antimony share Indicated AuEq 25% Sb contribution to Indicated AuEq ounces

Antimony share Inferred AuEq 29% Sb contribution to Inferred AuEq ounces

Increase in Indicated AuEq 75% Increase vs 2017 MRE Indicated Au ounces on AuEq basis

Gold price assumption US$3,110/oz Conceptual pit shell for 2026 Crucero MRE

Market Reality Check

Price: $1.50 Vol: Volume 3,907,695 is below...

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Technical Price $1.50 trades above 200-day MA $1.14, 33.92% below 52-week high and 111.27% above 52-week low.

Peers on Argus

GLDG is up 4.9% while momentum-screened peers TRX (-6.36%), GORO (-1.79%) and HY...

3 Down

GLDG is up 4.9% while momentum-screened peers TRX (-6.36%), GORO (-1.79%) and HYMC (-4.25%) were down, pointing to stock-specific strength rather than a broad gold-sector move.

Historical Context

5 past events · Latest: Jan 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	Drilling results	Positive	+12.6%	Deep and shallow São Jorge drilling intercepts with large IP anomaly.
Jan 22	Management hire	Positive	+4.3%	Appointment of VP Corporate Development & Investor Relations.
Jan 02	Management change	Neutral	+0.0%	President moves to Country Manager, Brazil; CEO assumes President role.
Dec 08	ATM program	Negative	-8.9%	Renewal of up to US$50M at-the-market equity program.
Oct 30	Conference appearance	Neutral	+4.5%	Participation in Red Cloud’s 2025 Fall Mining Showcase.

Pattern Detected

Recent operational and corporate updates have typically seen positive price responses, while financing-related activity drew a negative reaction.

Recent Company History

Over the last few months, GoldMining has combined exploration progress with corporate and financing moves. A São Jorge drilling update on Jan 26, 2026 coincided with a 12.63% gain, and a VP Corporate Development appointment on Jan 22, 2026 with a 4.27% rise. A renewed ATM program on Dec 8, 2025 saw shares fall 8.9%. The new Crucero resource update adds another project-side milestone to this sequence of exploration and portfolio-building news.

Market Pulse Summary

This announcement updates the Crucero Project MRE to 1.74 Moz Indicated and 1.04 Moz Inferred AuEq, ...

Analysis

This announcement updates the Crucero Project MRE to 1.74 Moz Indicated and 1.04 Moz Inferred AuEq, with antimony modeled for the first time and contributing up to 29% of Inferred AuEq. It follows recent São Jorge drilling and corporate appointments, underscoring a project-advancement focus. Investors may watch for the full NI 43‑101 report, future economic studies, and how the expanded resource base integrates with the company’s broader exploration and financing plans.

Key Terms

mineral resource estimate, ni 43-101, antimony, orogenic, +4 more

8 terms

mineral resource estimate technical

"GoldMining Inc. ... is pleased to report an updated Mineral Resource Estimate (the "MRE")"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

ni 43-101 regulatory

"prepared under National Instrument 43-101 – Standards of Disclosure for Mineral Projects"

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.

antimony medical

"For the first time, antimony ("Sb") is modeled in the MRE"

Antimony is a metallic element used as an ingredient in alloys, flame retardants, batteries and some electronic components; think of it as a small but critical hardware part that improves strength, safety and performance in manufactured goods. Investors care because changes in supply, mining output or industrial demand can shift its price and affect companies that mine, process or rely on it—similar to how a shortage of a car part can slow auto production and raise costs.

orogenic technical

"The Project contains orogenic gold-antimony mineralization contained within metasedimentary rocks"

Relating to the geological processes that create mountains and fold, break, or uplift Earth's crust; these processes control where rock layers and mineral deposits end up. Investors care because orogenic activity often concentrates valuable metals and shapes the depth, size, and accessibility of mineral resources, much like wrinkles in a carpet can gather dust in certain folds, so understanding it helps assess exploration potential and mining risk.

metallurgical recoveries technical

"metallurgical recoveries of 90% for gold and antimony"

Metallurgical recoveries are the percentage of a target metal that is successfully extracted from mined ore during processing and ends up in the final concentrate or product. Higher recoveries mean more saleable metal from the same amount of ore — like squeezing more juice from the same fruit — so they directly affect a mine’s revenue, unit costs and profitability, and are a key metric investors use to judge a project’s economic strength.

cut-off grade technical

"previous MRE ... at a gold price of $1,500 per ounce and a 0.40 g/t Au cut-off grade"

The cut-off grade is the minimum concentration of a mineral in rock that makes extraction and processing economically worthwhile; material below that level is treated as waste. It sets the boundary between ore and waste and directly affects reported reserves, projected mine life, and expected profits. Think of it like deciding which fruit on a tree is worth picking after accounting for the time and cost to harvest — raising or lowering that threshold can change how much “good” product a project appears to have.

gold equivalent technical

"grams per tonne ("g/t") gold equivalent ("AuEq") for 1.74 million ounces"

Gold equivalent is a way miners and analysts express the combined value of different metals as if they were all gold, by converting each metal’s expected revenue into a gold amount using current price ratios. Think of it like converting apples and oranges into a single fruit count so you can compare baskets more easily; for investors it simplifies production, reserve and revenue figures into one familiar unit to assess scale and value across projects.

qualified person regulatory

"who is a qualified person ("QP") under NI 43-101 and independent of the Company"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Feb. 17, 2026 /PRNewswire/ - GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) ("GoldMining" or the "Company") is pleased to report an updated Mineral Resource Estimate (the "MRE") on its 100% owned Crucero Project ("Crucero" or the "Project") in Carabaya Province, Peru. The updated MRE has been prepared under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Highlights:

• Indicated Mineral Resource: 42.7 million tonnes ("Mt") at 1.26 grams per tonne ("g/t") gold equivalent ("AuEq") for 1.74 million ounces ("Moz") AuEq.
  
  
• Inferred Mineral Resource: 34.9 Mt at 0.93 g/t AuEq for 1.04 Moz AuEq.
  
  
• For the first time, antimony ("Sb") is modeled in the MRE and contributes approximately 25% of the Indicated AuEq oz and 29% of the Inferred AuEq oz.
  
  
• Estimated gold equivalent ounces in the Indicated category have increased by approximately 75% compared to the prior MRE from 2017*.
  
  
• The MRE is reported within a conceptual pit shell for the Project using long-term average prices of US$3,110/oz for Au and US$28,700/t for Sb.

Alastair Still, Chief Executive Officer of GoldMining, commented: "We are excited to update the Mineral Resource Estimate at Crucero, which has for the first time incorporated antimony, a critical metal globally recognized for its strategic importance. On a gold equivalent basis we have expanded Indicated resources by approximately 75% using a long-term average gold price of US$3,110 per ounce, well below current spot prices which are currently trading near US$5,000 per ounce. While we have always been encouraged by the exploration potential at Crucero, we have now demonstrated the emerging opportunity to unlock further value at the Project through the identification and quantification of antimony mineralization that is co-occurring with gold."

*For comparison, the previous MRE (Effective Date December 20, 2017) comprised 30.6 Mt at 1.0 g/t Au for 0.99 Moz Au Indicated resources, and 35.8 Mt at 1.0 g/t Au for 1.1 Moz Au Inferred resources, at a gold price of $1,500 per ounce and a 0.40 g/t Au cut-off grade.

Updated Crucero Project Mineral Resource Estimate

Global Mineral Resource Services ("GMRS") was retained by the Company to prepare an updated MRE and an independent technical report on the Crucero Project (see Figure 1) based on information current as of February 4, 2026 (the "Effective Date"). The purpose of the report is to support the disclosure of the updated MRE for the Project. The Company plans to file the NI 43-101 technical report, which will include further detail on the estimation methods and procedures, within 45 days of the date hereof.

The Crucero Project is located in Carabaya Province, in southeastern Peru at approximately 14° 11' south latitude and 69° 50' west longitude. The Project contains orogenic gold-antimony mineralization contained within metasedimentary rocks belonging to the Ambo and Ananea Groups of Lower Paleozoic age.

Exploration programs from 1996 to 2012 conducted by previous operators included geological mapping, soil and rock geochemistry, trenching, surface geophysical surveys, diamond drilling (79 holes over 24,773 m) and metallurgical testwork. Drilling was concentrated on one of the geophysical anomalies referred to as the A1 Zone where a total of 72 core holes for 22,712 m was completed. The Project is comprised of eight mining concessions with an aggregate area of 4,600 ha and is held in the name of Blue Rock Mining S.A.C. ("Blue Rock"), a wholly-owned subsidiary of GoldMining. The Company owns a 100% interest in the Property through their ownership of Blue Rock.

To date, exploration of the Project has concentrated on the A1 Zone. The A1 Zone as currently defined by trenching and drilling dips vertically to steeply to the east, is approximately 750 m along strike by 100 m in width in the central portion of the deposit, and has been traced to a vertical depth of approximately 400.

The A1 Zone is primarily hosted within meta-sediments (mudstones and siltstones) of the Ambo Group. Gold is the primary mineral of economic interest and occurs together with pyrite, pyrrhotite, arsenopyrite and stibnite which is the principal Sb-bearing mineral present. Pyrite is the most abundant sulphide and typically occurs as blebs, the distribution of which commonly appears to be along foliation or bedding. Quartz veins are uncommon and are not necessarily gold-bearing, although the highest gold grades found to date are associated with quartz veins.

The following table is a summary of the Crucero 2026 MRE update:

Table 1: Mineral Resource Estimate for the Crucero Project at 0.3g/t AuEq cut-off (Effective Date: February 4, 2026)

	Tonnage (t)	Gold Equivalent Grade (g/t AuEq)	Gold Grade (g/t Au)	Antimony Grade (% Sb)	Contained AuEq (oz)	Contained Gold (oz)	Contained Antimony (t)
Indicated	42,707,000	1.26	0.95	0.12	1,736,000	1,308,000	51,000
Inferred	34,882,000	0.93	0.65	0.11	1,038,000	732,000	37,000

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 estimated will be converted into Mineral Reserves.
2. Open pit resources stated as contained within a conceptual open pit above a 0.30 g/t AuEq cut-off.
3. Pit constraints are based on an assumed gold price of US$3,110/oz, an antimony price of US$28,700/tonne, metallurgical recoveries of 90% for gold and antimony, mining cost of US$2.50/t and processing cost of US$20.00/t.
4. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
5. Mineral resource tonnages and grades are reported as undiluted.
6. Contained metal grades are in-situ and do not include process recovery losses.
7. CIM (2014) definitions were followed for classification of Mineral Resources.
8. AuEq (g/t) = Au grade (g/t) + (2.87 * Sb grade (%) x 90% recovery)

Qualified Persons

Gregory Z. Mosher, P.Geo, Principal Geologist of GMRS, who is a qualified person ("QP") under NI 43-101 and independent of the Company has reviewed, verified and approved the technical information related to the MRE in this news release, including sampling, analytical and test data underlying the MRE disclosed herein.

Tim Smith, Vice President Exploration of GoldMining, has supervised the preparation of, and verified and approved, all other scientific and technical information herein this news release. Mr. Smith is also a QP as defined under NI 43-101.

Table 2: Crucero Project Mineral Resource Estimate sensitivity to cutoff values

Cut-off Grade (g/t AuEq)	Category	Tonnage ('000 t)	Gold Equivalent Grade (g/t AuEq)	Gold Grade (g/t Au)	Antimony Grade (% Sb)	Gold Equivalent Ounces ('000 oz)	Contained Gold ('000 oz)	Contained Antimony ('000 t)
0.20	Indicated Inferred	46,054 40,594	1.19 0.83	0.90 0.59	0.11 0.09	1,763 1,083	1,333 773	52 37
0.30	Indicated Inferred	42,707 34,882	1.26 0.93	0.95 0.65	0.12 0.11	1,736 1,038	1,308 732	51 37
0.40	Indicated Inferred	39,065 28,842	1.35 1.05	1.01 0.72	0.13 0.13	1,695 970	1,271 670	51 36
0.60	Indicated Inferred	32,238 20,519	1.53 1.27	1.13 0.84	0.15 0.17	1,585 839	1,176 555	49 34
0.80	Indicated Inferred	26,500 14,038	1.71 1.54	1.25 0.96	0.18 0.22	1,457 694	1,067 434	47 31
1.00	Indicated Inferred	21,519 9,001	1.90 1.90	1.37 1.08	0.20 0.32	1,313 550	948 313	44 29

*Refer to Notes accompanying Table 1. Crucero updated MRE in bold.

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

Technical disclosure regarding Crucero has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and the scientific and technical information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

Cautionary Statement on 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 respecting the Company's expectations regarding the Project and future work at the Project and often contain words such as "anticipate", "intend", "plan", "will", "would", estimate", "expect", "believe", "potential" and variations of such terms. Such 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, which may prove to be incorrect. Investors are cautioned that forward-looking statements involve risks and uncertainties, including, without limitation: 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, any inability to complete work programs as expected, the Company's plans with respect to the Project may change as a result of further planning or otherwise, 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 most recent Annual Information Form 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 Crucero MRE on Feb 17, 2026?

GoldMining announced an updated NI 43-101 MRE for Crucero (Effective Date Feb 4, 2026) showing Indicated 42.7 Mt at 1.26 g/t AuEq (1.74 Moz AuEq) and Inferred 34.9 Mt at 0.93 g/t AuEq (1.04 Moz AuEq). According to the company, antimony was modeled for the first time.

How much did Indicated gold-equivalent ounces change in GoldMining's (GLDG) 2026 Crucero update?

Indicated gold-equivalent ounces increased by approximately 75% compared with the prior 2017 MRE. According to GoldMining, the increase is reported on a gold-equivalent basis after including antimony in the new estimate.

What role does antimony (Sb) play in GoldMining's (GLDG) Crucero 2026 MRE?

Antimony is included in the MRE for the first time and contributes about 25% of Indicated AuEq ounces and about 29% of Inferred AuEq ounces. According to GoldMining, stibnite is the principal Sb-bearing mineral modeled in the estimate.

What price and recovery assumptions were used for the Crucero MRE reported by GLDG?

The MRE uses long-term prices of US$3,110/oz for gold and US$28,700/t for antimony, with assumed metallurgical recoveries of 90% for both metals. According to the company, pit-constrained resources are reported above a 0.30 g/t AuEq cut-off.

Are GoldMining's (GLDG) Crucero resources classified as reserves and economically proven?

No, the Crucero numbers are Mineral Resources, not Mineral Reserves, and do not have demonstrated economic viability. According to GoldMining, there is no certainty that any part of these Mineral Resources will be converted into Mineral Reserves.