Mr. Tim Smith reports

GOLDMINING INC. TARGETS EXPANSION AT THE SAO JORGE GOLD PROJECT, BRAZIL

Goldmining Inc. has provided an update on exploration activities continuing at the company's 100-per-cent-owned Sao Jorge gold project, located in Para state, Brazil.

Highlights:

• Sao Jorge is located at the centre of the Tapajos gold district, which hosts multiple gold projects, including producing mines, development projects and exploration properties over approximately 200 kilometres along the Tocantinzinho-Sao Jorge trend.
• The project is located on the Cuiaba-Santarem Highway BR-163 and adjacent to the existing power grid, thereby providing efficient and cost-effective access to infrastructure for exploration programs and potential future mine development.
• The project comprises seven concessions covering approximately 46,000 hectares, which contain considerable mineral exploration potential:
  • Existing mineralization at the Sao Jorge deposit* occurs along a shear zone that has been drill tested over a strike length of approximately 1.4 km. The Sao Jorge deposit remains open along strike to the northwest and southeast;
  • An expanded soil grid has recently revealed a large 12 km by seven km geochemical footprint comprising elevated gold plus or minus copper plus or minus molybdenum surrounding the Sao Jorge deposit and open in all directions and which indicates potential for continuing exploration to delineate new hard-rock mineralization occurrences;
  • Regional stream sediment sampling has identified several strong gold anomalies in drainage systems west of the Sao Jorge soil grid, indicating further potential to expand the surface geochemical footprint westward within the project;
  • In addition to several large high-tenor gold anomalies indicative of potential orogenic-style mineralization, the company has identified several copper plus or minus gold plus or minus molybdenum anomalies with geophysical features suggestive of potential copper porphyry-style mineralization;
  • Geological interpretation is continuing to determine regional controls on mineralization in order to help generate and prioritize exploration targets. The company is currently conducting follow-up surface exploration activities over high-priority anomalies with a view to define and prioritize exploration targets for potential drill testing in 2024.

*Please see the technical report titled "Sao Jorge Gold Project, Para State, Brazil: Independent Technical Report on Mineral Resources," dated effective May 31, 2021, prepared by Porfirio Rodriguez, BSc (mining engineering), FAIG, and Leonardo de Moraes Soares, BSc (geology), MAIG, of GE21 Consultoria Mineral Ltda. for details on the Sao Jorge deposit mineral resource estimate.

"Sao Jorge is well positioned in the Tapajos, located near the intersection of the Tocantinzinho-Sao Jorge trend and Hwy BR-163. We're excited by the potential of the geology in the Tapajos to yield new discoveries, and as such we have systematically expanded our geochemical and geophysical data sets on the project. Our exploration activities in 2023 have highlighted a number of compelling new exploration targets within the project which we plan to drill in 2024. Sao Jorge's ease of access, proximity to infrastructure and well-maintained existing facilities are ideal for us to efficiently step up our exploration activities in 2024," commented Tim Smith, vice-president of exploration of Goldmining. "In addition to the gold exploration potential and ongoing development of significant gold projects in the Tapajos such as the Tocantinzinho mine, a new copper-gold porphyry story is developing in the district which further enhances the excitement of our team as we advance exploration efforts at Sao Jorge."

Tapajos gold district

The company's 100-per-cent-owned Sao Jorge project sits at the centre of the active and rapidly developing Tapajos gold district. The region is estimated to have produced over 20 million ounces gold from artisanal mining of surface deposits, according to the Brazil National Mining Agency. The now paved Hwy BR-163 has reduced hurdles for more traditional bedrock mine development in the region, including Serabi Gold PLC's producing high-grade underground Palito mine and G Mining Ventures Corp.'s Tocantinzinho open-pit mine development project which is reportedly greater than 50 per cent constructed as of Aug. 31, 2023.

Hard-rock gold mineralization defined to date within the Paleoproterozoic Amazon craton comprises mainly structurally controlled hydrothermal deposits broadly regarded as being of orogenic type. However, growing evidence of copper-gold geochemical anomalies associated with magmatic intrusive centres has led explorers to target porphyry-style mineralization. Both G Mining and Serabi have discovered porphyry-style mineralization on their exploration claims, comprising the Sao Patricia copper anomaly' and the Matilda copper project, respectively. Reprocessed geophysical data from Sao Jorge indicate the potential for porphyry intrusive centres on the project, analogous to the recently reported Matilda porphyry discovery located approximately 50 km to the northwest.

Update on activities

During 2023, the company employed a systematic program to expand fundamental exploration data sets over Sao Jorge. Year to date, 4,424 soil samples and 611 rock samples have been collected across the project, delineating numerous gold plus or minus copper plus or minus molybdenum anomalies. Soil samples were assayed at SGS-Geosol Laboratorios Ltda. with appropriate quality assurance/quality control protocols in place.

Over 35 discrete gold-in-soil anomalies, identified at a cut-off threshold above 10 parts per billion Au (approximately five to 10 times background gold value), collectively define a large geochemical footprint of approximately 12 km by seven km surrounding the Sao Jorge deposit. Five high-priority target areas comprising large high-tenor contiguous Au plus or minus Cu plus or minus Mo soil anomalies were selected for detailed follow-up sampling (50-metre-by-50-metre grid) and auger drilling. The William South anomaly, located one km north of Sao Jorge deposit, contains peak gold-in-soil values up to 2,163 ppb Au.

The potential for porphyry-style Au plus or minus Cu plus or minus Mo mineralization in the area is supported by coincident geophysical and geochemical anomalies. Geophysical modelling indicates a number of possible magmatic intrusive centres with high chargeability and high resistivity. The Geraldo Mineiro target contains peak copper-in-soil values up to 369 parts per million Cu, and the Eye geophysical target covers approximately three km by 2.5 km containing multiple Cu plus or minus Mo geochemical anomalies.

Previously collected stream sediment samples outline anomalous gold values in 10 catchment basins west of the Sao Jorge area. These represent prospective new areas for continued systematic compilation of exploration data sets to further expand the hard-rock geochemical footprint westward.

The company is currently conducting follow-up surface exploration activities over the high-priority anomalies with a view to define and prioritize exploration targets for potential drill testing in 2024. The company expects to announce additional details with respect to its exploration plans at Sao Jorge in the coming months.

Sao Jorge straddles the paved Hwy BR-163 which includes a power line corridor tied into the district electrical grid. The project operates from a permanent camp located adjacent to the existing Sao Jorge deposit and just three km from the highway. There are no known active garimpos on the Sao Jorge deposit.

Qualified person

Paulo Pereira, PGeo, president of Goldmining, has supervised the preparation of and approved the scientific and technical information contained herein. Mr. Pereira managed the sampling programs and has verified the exploration information contained herein. Mr. Pereira is a qualified person defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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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