InvestorsIssue 02 | October 1, 2026
IN THE TAPAJÓS REGION, BRAZIL
Gold development continues across the region
The Tapajós Gold Province in Pará, Brazil, is an established gold district with a growing pipeline of exploration, development and production projects with various operators. GoldMining’s 100%-owned São Jorge Gold Project is located within the district, alongside projects and operations held by companies including G Mining Ventures, Cabral Gold and Serabi Gold.
With projects spanning exploration, construction and production, the Tapajós continues to see activity from a range of operators. In this issue, we take a closer look at developments from neighbouring projects to provide a snapshot of the activity underway across the district.
From construction to production
G Mining Ventures’ Tocantinzinho Gold Mine, located approximately 90 km northwest of São Jorge, is one of the newer operating mines in the Tapajós Gold Province (see figure 1). Construction began in 2022, and the mine reached commercial production in September 2024, less than two years later1.
Tocantinzinho produced 36,845 ounces of gold in the second quarter of 2026, bringing first-half production to 68,691 ounces2. G Mining Ventures disclosed that it remains on track for its 2026 production guidance of 160,000–190,000 ounces2.
More recently, Cabral Gold announced the first gold pour from its Phase 1 mine at the Cuiú Cuiú project3. The milestone followed the completion and commissioning of the wet processing circuit, marking the transition from construction into production ahead of schedule, with commercial production anticipated by the end of 2026³.
The continued development of gold projects across the Tapajós highlights the district’s importance as a gold-producing and development region. While each project has its own unique characteristics and these other projects are not necessarily indicative of potential future results at São Jorge, they are illustrative of how the project is positioned within this district.
Figure 1 – GoldMining’s São Jorge Gold Project and nearby projects
A CLOSER LOOK AT SÃO JORGE
A large-scale gold opportunity in Brazil
GoldMining’s 100%-owned São Jorge Gold Project, located in the Tapajós Gold Province in Pará State, Brazil, released an updated preliminary economic assessment (PEA) in June 20264.
The PEA modelled an after-tax NPV₅% of US$532 million, an after-tax IRR of 42.4%, average annual gold production of 51,250 ounces over a 10.6-year mine life with an initial capital requirement of US$202 million.
PEA HIGHLIGHTS4
| US$532M After-Tax NPV₅% (at US$3,500/oz Au) |
US$202M Initial Capital |
| US$1,464/oz AISC |
42.4% After-Tax IRR |
| 2.8 Years Initial Payback Period |
10.6 Years Mine Life |
The PEAs are preliminary in nature, and there is no certainty that the reported results will be realized. They include 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 the PEAs, including the conceptual economics set out therein, will be realized.
A PROJECT WITH SCALE AND EXPLORATION POTENTIAL
- PEA Economics: The PEA modelled an after-tax NPV₅% of US$532 million and an after-tax IRR of 42.4%.
- Scale: The project encompasses a 46,485-hectare land package within the Tapajós Gold Province.
- Infrastructure & Access: São Jorge is located approximately 4 km from the BR-163 highway and benefits from nearby power infrastructure, water access and an available skilled workforce.
- Exploration Upside: The large land package provides significant room for potential exploration beyond the areas supporting the current PEA. The 2026 exploration program included 8,000 meters of drilling and 49 line-kilometers of induced polarization (IP) surveying to further evaluate exploration targets within and around the existing São Jorge deposit.
ADVANCING SÃO JORGE
GoldMining continues to advance São Jorge through ongoing exploration and technical work. Results and information from the 2026 exploration program will help inform future exploration planning and the continued evaluation of the project.
For further information regarding the São Jorge Project, including the PEA and the assumptions utilized therein, please refer to the technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State, Brazil”, with an effective date of June 9, 2026, a copy of which is available under the Company’s profile at www.sedarplus.ca.
EXPLORE THE SÃO JORGE GOLD PROJECT →
- G Mining news release dated Oct 20, 2025 & Jan 21, 2025
- G Mining news release dated August 12, 2026
- Cabral news release dated September 10, 2026
- See “NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State, Brazil”, with an effective date of June 9, 2026, a copy of which is available under the Company’s profile at www.sedarplus.ca; Base case economics utilize US$3,500/oz Au.
LOOKING AHEAD
In the next edition, we’ll take a closer look at exploration across GoldMining’s portfolio, including the completed 2026 program at Yarumalito in Colombia and U.S. GoldMining’s Whistler Project in Alaska, where drilling and surface exploration have now wrapped up for the season.
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TECHNICAL DISCLOSURE
Tim Smith, P. Geo., Vice President Exploration of GoldMining, has supervised the preparation of, and verified and approved, all scientific and technical information contained herein. Mr. Smith is also a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Technical disclosure regarding the projects described herein has been prepared by the Company in accordance with Canadian National Instrument 43-101 ("NI 43-101"), 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 and the scientific and technical information contained herein may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
FORWARD-LOOKING STATEMENTS
Certain of the information contained in this newsletter 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 PEAs, resource estimates, the Company’s plans and expectations regarding its projects and future opportunities and proposed work and studies thereon. 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 GoldMining's 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.