GoldMining’s Crucero MRE Models Antimony Co‑Product, Raising Indicated AuEq ~75%

Crucero resource revision positions antimony as co‑product

GoldMining Inc. reports an updated NI 43‑101 Mineral Resource Estimate (MRE) for its 100%‑owned Crucero project in Carabaya Province, Peru, prepared by Global Mineral Resource Services within a conceptual pit shell. The company states Indicated resources total 42.7 million tonnes at 1.26 g/t gold equivalent (AuEq) for 1.74 million ounces AuEq, while Inferred resources total 34.9 million tonnes at 0.93 g/t AuEq for 1.04 million ounces AuEq. For the first time antimony is explicitly modeled and contributes roughly 25% of the Indicated AuEq ounces and about 29% of the Inferred AuEq ounces.

The MRE uses long‑term prices of US$3,110/oz for gold and US$28,700/t for antimony and shows on an AuEq basis an approximate 75% increase in Indicated ounces versus the prior 2017 estimate. The earlier MRE reported 30.6 Mt at 1.0 g/t Au for 0.99 Moz Indicated and 35.8 Mt at 1.0 g/t Au for 1.1 Moz Inferred. By incorporating antimony into the resource model, GoldMining highlights a materially larger and more diversified metal inventory that alters the project’s value drivers beyond gold alone.

The company frames the update as enhancing Crucero’s strategic optionality as gold and antimony markets evolve. Management says the expanded, antimony‑inclusive resource base supports further economic studies, permitting and potential project advancement, while ongoing work focuses on improving geological continuity, metallurgy and recoveries. GoldMining indicates it will evaluate cut‑offs and mining scenarios intended to convert additional Inferred tonnes to Indicated and, ultimately, support demonstration of robust project economics attractive to partners and stakeholders.

CEO underscores antimony value and conservative pricing

CEO Alastair Still emphasizes that quantifying antimony in conjunction with gold demonstrates an opportunity to unlock additional value at Crucero, and he notes the conservative long‑term gold price applied in the MRE is well below current spot levels. The release originates from Vancouver, British Columbia.

Next steps and ground‑level focus

GoldMining says it continues exploration and technical work at Crucero, including metallurgical testing and recovery assessments, to refine the resource model and guide cut‑off and mining scenario studies. The company plans further work over coming quarters aimed at advancing the project toward prefeasibility and permitting milestones.