GoldMining's Crucero MRE Adds Antimony, Boosts AuEq Indicated 75%, Reframes Project

Crucero Reappraisal Reframes Project Potential

GoldMining Inc. reports an expanded mineral inventory at its Crucero project in Carabaya Province, Peru, after a new NI 43‑101 Mineral Resource Estimate models antimony alongside gold within a conceptual pit shell. The updated MRE shows Indicated resources of 42.7 million tonnes at 1.26 g/t gold‑equivalent (AuEq) for 1.74 million AuEq ounces and Inferred resources of 34.9 million tonnes at 0.93 g/t AuEq for 1.04 million AuEq ounces, with antimony contributing roughly 25% of Indicated AuEq and 29% of Inferred AuEq. The modelling, prepared by Global Mineral Resource Services, marks the first time antimony is quantified at Crucero and is incorporated into economic‑shape considerations.

The inclusion of antimony materially enlarges the project’s strategic profile by shifting the commodity mix and increasing gold‑equivalent Indicated ounces by about 75% versus GoldMining’s 2017 estimate on a pure‑gold basis. Company management frames the result as evidence that co‑occurring antimony mineralization can unlock additional value beyond orthodox gold metrics, supplying both a higher contained metal inventory and potential by‑product credits that change future economic tradeoffs. The updated resource therefore reframes Crucero from a gold‑focused deposit into a polymetallic opportunity where antimony becomes an explicit element of project planning.

Operationally and technically, the new MRE informs a sequence of follow‑on work aimed at converting Inferred tonnes to Indicated and testing metallurgical recoveries for combined gold‑antimony processing. GoldMining is continuing targeted exploration, drilling and technical studies to improve continuity and refine cut‑offs and mining scenarios that could underpin future economic studies and permitting. The company positions the refreshed resource base as a foundation for assessing processing options, recovery pathways and the practical deployment of antimony credits in mine planning.

Valuing antimony in a gold project

The MRE uses long‑term prices of US$3,110/oz for gold and US$28,700/t for antimony, figures the company describes as conservative relative to current spot levels. Management highlights the expanded resource’s ability to support strategic optionality as both gold and antimony markets evolve, increasing attractiveness to partners and stakeholders.

Regulatory and development implications

Crucero’s new resource supports the next stages of project advancement—metallurgical testwork, detailed economic studies and permitting—while also aligning with wider industry interest in integrating critical‑metal credits into gold project economics. The work is ongoing from the company’s Vancouver headquarters and is intended to inform potential project pathways in the coming quarters.