Mr. Paulo Pereira reports

GOLDMINING ANNOUNCES FILING OF PEA TECHNICAL REPORT FOR LA MINA PROJECT, COLOMBIA

Goldmining Inc. has filed an independent National Instrument 43-101 technical report, including an updated preliminary economic assessment (PEA), for the company's 100-per-cent-owned La Mina project, located in Antioquia, Colombia.

All currency amounts herein are in U.S. dollars unless otherwise indicated.

PEA highlights:

• Total projected life-of-mine (LOM) production of approximately 1.74 million gold equivalent ounces averaging 155,500 ounces over the estimated 11-year life;
• Projected LOM production of 1.29 million ounces of gold, 203.9 million pounds of copper and 2.98 million ounces of silver at recoveries of 91 per cent, 80 per cent and 64 per cent, respectively;
• After-tax net present value (5 per cent) of approximately $279-million at base case commodity prices of $1,750 per ounce of gold, $21 per ounce of silver and $3.50 per pound of copper, and approximately $442-million at spot commodity prices;
• Total cash cost of $795 per ounce of gold and all-in sustaining cost (AISC) of $912 per ounce of gold (net of byproduct credits);
• Initial capital expenditures of approximately $425-million for a 15,000-tonne-per-day processing facility fed by a conventional truck and loader open-pit mining operation with sustaining capital and mine closure expenditures of approximately $203-million;
• After-tax internal rate of return of 15.2 per cent with a payback of 5.6 years.

Compared with the PEA figures disclosed by the company in the news release dated July 24, 2023, the results announced herein and in the technical report include minor corrections primarily to address the accounting of plant availability and clarifications on specific calculations. For example, the total estimated mine life has been revised to 11.2 years from the previously announced 12.2 years as a result of an increase in annual throughput estimates to reflect nameplate capacity.

The PEA study results of La Mina are preliminary in nature and are intended to provide an initial assessment of the project's economic potential and development options. The PEA mine schedule and economic assessment include numerous assumptions and are based on inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the project economic assessments described herein will be achieved or that the PEA results will be realized.

Readers should refer to the full text of the technical report, which is titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the La Mina Project," with an effective date of July 24, 2023, and is filed under the company's profile at SEDAR+.

Qualified persons

Scott E. Wilson, CPG, SME-RM, is an author of the technical report, is independent of the company and is a qualified person as such term is defined under NI 43-101, and has reviewed and approved the scientific and technical information contained herein.

Paulo Pereira, PGeo, president of Goldmining, has reviewed and approved the technical information contained in this news release. Mr. Pereira is a qualified person as defined in NI 43-101.

About Goldmining Inc.

The company is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, the company now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, the United States, Brazil, Colombia and Peru. The company also owns more than 21 million shares of Gold Royalty Corp., 9.8 million shares of U.S. Goldmining Inc. and 16.6 million shares of NevGold Corp.

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