GoldMining’s Crucero MRE Up 75%; Antimony Inclusion Drives 1.74M Indicated AuEq

Updated MRE Recasts Value Mix at Crucero

Antimony Inclusion Drives Resource Growth

GoldMining is reporting an updated NI 43‑101 mineral resource estimate (MRE) for its 100%‑owned Crucero project in Carabaya Province, Peru, that materially reshapes the asset’s metal mix and scale. The MRE, prepared within a conceptual pit shell by Global Mineral Resource Services, 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. The study uses long‑term price assumptions of US$3,110/oz for gold and US$28,700/t for antimony.

For the first time at Crucero, antimony is explicitly modeled and materially enhances the resource base, contributing roughly 25% of Indicated AuEq ounces and about 29% of Inferred AuEq ounces. GoldMining says that accounting for Sb co‑occurrence unlocks additional value and that the long‑term gold price used in the MRE is conservative relative to current spot gold levels. The inclusion of antimony shifts project optionality by creating a two‑metal development case rather than a gold‑only proposition.

The company frames the updated MRE as a platform for advancing technical work and de‑risking the asset toward economic studies and permitting. GoldMining is continuing exploration and focused technical programs to refine continuity, metallurgy and recoveries, and to evaluate cut‑offs and mining scenarios that could convert Inferred tonnes to Indicated. Management positions the broader resource base as supporting potential project advancement and enhanced attractiveness to stakeholders and partners as gold and antimony markets evolve.

Context: comparison with earlier estimate

The revised AuEq Indicated ounces represent roughly a 75% increase on an AuEq basis versus the prior MRE effective Dec. 20, 2017, which used a US$1,500/oz gold price and a 0.40 g/t Au cut‑off and reported about 0.99 million Au Indicated ounces. The current model’s inclusion of Sb and updated economic assumptions drive the expanded reported ounces.

Next steps and location

Crucero remains wholly owned by GoldMining and sits in Peru’s Carabaya Province. The company is advancing metallurgical testing and scenarios to define recoveries and optimise cut‑offs, with the stated aim of converting additional Inferred material and underpinning future economic studies and permitting over the coming quarters.