ProjectsProject Snapshot
PEA HIGHLIGHTS1
After-Tax NPV (5%)
$1.0 B
After-Tax IRR
32.2%
Initial Capital
$523 M
Payback Period
2.7 years
Average Annual AuEq Production (Years 1–5)
152.4 koz
AISC
$1,045/oz Au
Mine Life
11.2 Years
Gold Price Assumption
$3,500/oz
1 Refer to the La Mina Project Preliminary Economic Assessment Technical Report, with an effective date of April 22, 2026, and filed on SEDAR+ and EDGAR. PEA highlights are based on the base case utilizing a gold price of US$3,500/oz. All dollar amounts are in U.S. dollars.
OVERVIEW
The La Mina Project is an advanced-stage gold-copper development project comprising two concessions covering 3,208 hectares, located in the Department of Antioquia, Republic of Colombia, approximately 51 km southwest of Medellín. GoldMining Inc. (“the Company”) owns the project through its wholly owned subsidiary, Bellhaven Copper & Gold Inc.
The Project hosts a significant gold-copper Mineral Resource across the La Cantera, La Garrucha, and Middle Zone porphyry deposits, which are located within approximately 1,000 meters of each other. The deposits form the basis of the La Mina Project’s Preliminary Economic Assessment (“PEA”), which highlights the potential for a conventional open-pit mining operation.
The La Mina Project PEA demonstrates an after-tax NPV (5%) of US$1.0 billion and an after-tax IRR of 32.2%, based on a gold price of US$3,500/oz, with an estimated initial payback period of 2.7 years. The study contemplates an 11.2-year mine life with average annual gold-equivalent production of 152,400 ounces during the first five years and estimated life-of-mine all-in sustaining costs (“AISC”) of US$1,045/oz Au. At a gold price of US$4,400/oz, the after-tax NPV (5%) increases to US$1.5 billion, the after-tax IRR increases to 42.1%, and the estimated initial payback period decreases to 2.2 years.
The La Garrucha deposit represents a large-scale porphyry mineral system measuring over 400 meters in strike length by 300 meters in width and extending at least 775 meters below surface, where it remains open. Gold and copper mineralization is associated with strong potassic alteration, quartz stockwork veining, disseminated and vein-hosted sulfides, including pyrite, chalcopyrite, and lesser bornite, highlighting the Project’s significant exploration upside.
Location
51 km southwest of Medellín, Antioquia.
Property Size
3,208 Ha
Ownership
100%
Commodity
Gold, Copper
Infrastructure
Paved Highway, water, and nearby electrical power grid
Deposit Type
Gold-copper porphyry and epithermal
Location
The mineral titles are located in the municipalities of Venecia and Fredonia, Department of Antioquia, 51km SW of Medellin, Colombia's second-largest city. The entire La Mina project area forms a 3,208-hectare block centered at 5°55'19" and 75°44'42"W. This region has a long history of gold mining going back several centuries. The mineral titles are located within the Municipalities of Venecia and Fredonia, Department of Antioquia.
The project has a well-equipped campsite including offices, accommodations, and core processing facilities, which is accessible by a gravel road.
Geology and Mineralization
The La Mina project is located within the Middle Cauca Belt of Miocene volcano-plutonic rocks in central Colombia. This belt hosts several significant porphyry gold or copper-gold disseminated deposits such as La Colosa, Titiribí, Quebradona, and Quinchia, as well as large epithermal gold districts such as Marmato.
The La Mina project consists of shallow porphyries of intermediate composition and associated breccias that intrude the Combia Formation. The intrusive centers hosting the porphyry-related gold-copper mineralization are La Cantera, Zona Media, El Limón, and La Garrucha targets.
Key Milestones & Current Activities
- Historic drilling completed: 106 holes (36,815 m).
- GoldMining Inc.’s maiden drill program discovered the La Garrucha deposit, adding approximately 1.0 million oz AuEq in the Inferred category and 0.2 million oz AuEq in the Indicated category at a cost of approximately $1.2 million.
- Updated 2023 Mineral Resource Estimate for the La Mina Project, inclusive of the La Garrucha discovery:
- Indicated Mineral Resource: 33.77 Mt grading 0.73 g/t gold, 2.08 g/t silver, and 0.21% copper, containing approximately 790,000 oz Au, 2.25 Moz Ag, and 159.4 Mlbs Cu, or 1.15 Moz AuEq at a 0.30 g/t AuEq cut-off.
- Inferred Mineral Resource: 56.23 Mt grading 0.58 g/t gold, 2.32 g/t silver, and 0.14% copper, containing approximately 1.05 Moz Au, 4.19 Moz Ag, and 171.4 Mlbs Cu, or 1.45 Moz AuEq at a 0.30 g/t AuEq cut-off. (See Resource Statement)
- Completed a positive Preliminary Economic Assessment (“PEA”) for the La Mina Project, dated April 22, 2026, demonstrating the potential for a conventional open-pit gold-copper mining operation with a base-case after-tax NPV (5%) of US$1.0 billion and a 2.7-year payback period. (See News Release)
- Continued advancement of the Project through environmental assessment, stakeholder consultation, geological modelling, and exploration target analysis.
- Ongoing evaluation of exploration upside, including potential extensions to known mineralized zones and opportunities for additional resource growth.
Resource Statement
Mineral Resource Estimate for La Mina Project (December 20, 2022)1, 2, 3, 4
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 La Mina: See the NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Project, with an effective date of April 22, 2026, available on SEDAR+ and EDGAR under GoldMining Inc.'s filings. The Mineral Resource Estimate presented is unchanged from the Company's previous technical report, with an effective date of December 20, 2022, and has been reviewed and confirmed as valid for the purposes of the 2026 PEA.
