Mr. Amir Adnani reports

GOLDMINING INC. ADVANCES REA URANIUM PROJECT WITH EXPLORATION DRILLING APPROVAL, ALBERTA, CANADA

Goldmining Inc.'s proposed metallic minerals exploration application for the Rea uranium project, located in the western Athabasca basin, has been reviewed and authorized as an approved exploration program by the Alberta Energy Regulator.

The Rea project is owned 75 per cent by the company and 25 per cent by Orano Canada Inc. The large land package of approximately 125,328 hectares surrounds Orano's high-grade Dragon Lake prospect at its Maybelle River project. World-class uranium deposits located 60 kilometres to the southeast of the Rea project include Paladin Energy Ltd.'s Triple R deposit and NexGen Energy Inc.'s Arrow deposit, which are currently in development.

Highlights:

• Goldmining's proposed uranium exploration program at the Rea project has been approved to proceed by the Alberta Energy Regulator.
• The proposed exploration program includes diamond core drilling comprising up to 15 drill holes. Drilling could potentially be completed by either a small portable tracked or skid-mounted drill rig for a ground-based program or by a helicopter-portable rig.
• The proposed drill holes are anticipated to reach a maximum 500 metres depth for an approximate total drilling program of up to 7,500 metres.
• Goldmining has received a consultation adequacy decision from the Aboriginal Consultation Office of Alberta for the proposed exploration program. Although this decision on adequacy has been received, the company is committed to further engagement and dialogue.

Alastair Still, chief executive officer of Goldmining, commented: "The receipt of this approval to advance exploration at our prospective Rea uranium project is an important milestone and consistent with our strategy of seeking to unlock further value for our shareholders. Earlier work by our team highlighted the areas for follow-up exploration, outlined within three distinct corridors totalling over 70 kilometres and each containing several individual drill targets exhibiting geophysical signatures consistent with known Athabasca basin uranium deposits. We are extremely encouraged by the targets we have generated within the Athabasca basin, an area that contains some of the world's largest and highest-grade uranium deposits.

"From the early project planning stages, Goldmining has taken a pro-active approach to indigenous consultation and relationship building, and the company is committed to further engagement and dialogue as we advance our exploration plans."

Rea uranium project

The Rea project consists of 16 contiguous exploration permits covering approximately 125,328 hectares surrounding Orano's Maybelle River project, which hosts the relatively shallow Dragon Lake prospect. The Rea project is located approximately 175 kilometres north-northeast of Fort McMurray, Alta., which is serviced daily by commercial flights from Edmonton and Calgary. Access to the project is by winter roads connecting Fort McKay and Fort Chipewyan or by air charter flight.

Historic exploration programs were completed by Eldorado Nuclear Ltd. and Uranerz Exploration and Mining Ltd. from the mid-1970s to the late 1990s on ground now mostly covered by the Rea project. The programs included various geochemical surveys, boulder prospecting, airborne and ground geophysics and diamond core drilling (137 drill holes totalling 28,751 metres). These programs led to the discovery of the Dragon Lake prospect in 1988, where Uranerz reported high-grade drill intersections, including 17.7 per cent U3O8 (triuranium octoxide) over 5.0 metres in MR-39 and 4.7 per cent U3O8 over 1.7 metres in MR-34. Since that time, Orano has maintained a narrow zone of mineral leases, the Maybelle River project, that covers the north-to-northwest-trending electromagnetic (EM) conductor that is directly associated with the Dragon Lake prospect.

In 2005, a large land package of mineral permits surrounding the entire Maybelle River project was staked by Brazilian Gold Corp. (BGC) (formerly Red Dragon Resources Corp.), which became the Rea project. From 2005 to 2009, Orano (formerly Uramin Inc. and Areva Resources Canada Inc.) earned a 25-per-cent interest in the Rea project under the terms of an option agreement. BGC, which retained 75 per cent of the Rea project, was subsequently acquired by Brazil Resources Inc. in 2013, which was then renamed Goldmining in 2016.

Reinterpretation of historic geophysical surveys, in addition to reprocessing and inversion modelling, has identified over 70 linear kilometres of basement conductive trends within the company's Rea project permits. The linear conductive trends are interpreted as geological basement-hosted graphite-bearing shear zones, which are the primary structures that localize unconformity-style uranium mineralization in the overlying Athabasca basin sediments. The total of 70 linear kilometres of prospective trend occurs across three distinct northwest-trending corridors (see news releases dated June 13, 2024):

• The Maybelle River corridor (11 kilometres) trends northward from Orano's Maybelle River project, which hosts shallow high-grade uranium mineralization at the Dragon Lake prospect:
  • Five historic drill holes tested a portion of the Maybelle River corridor on the company's Rea project claims, intersecting anomalous uranium values in two holes. The remaining three drill holes intersected anomalous pathfinder elements and minerals, including clay alteration and dravite, a distinctive accessory mineral associated with many major Athabasca uranium occurrences.
• The Net Lake corridor (20 kilometres) has seen only wide-spaced drilling (comprising 20 historic holes), with five holes intersecting anomalous uranium values and associated pathfinder elements and minerals.
• The Keane Lake corridor (40 kilometres) is largely untested except for two historic drill holes that intersected anomalous uranium values in the southern-central area of the Rea project.

Each of the three prospective corridors are interpreted as potentially significant and deeply rooted basement structures, which are known to be fundamental to the formation of Athabasca uranium deposits. Drill-proven fault and shear zones have been intersected in historical drilling on both the Maybelle River and Net Lake corridors.

The company's proposed exploration programs will include additional geophysical surveying and processing to refine uranium targets in advance of the proposed drilling program.

For details on the Rea project, please see "Technical Report on the Rea Property, Northeastern Alberta, Canada," dated effective Sept. 12, 2014, available under the company's profile on SEDAR+.

Qualified person

Tim Smith, PGeo, vice-president, exploration, of Goldmining, has supervised the preparation of and verified and approved all other scientific and technical information herein this news release. Mr. Smith is also a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Goldmining Inc.

Goldmining is a public mineral exploration company focused on acquiring and developing gold assets in the Americas. Through its disciplined acquisition strategy, Goldmining 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 approximately 21.5 million shares of Gold Royalty Corp., 9.9 million shares of U.S. Goldmining Inc. and 26.3 million shares of Nevgold Corp.

Notice to readers

Technical disclosure regarding the project has been prepared by the company in accordance with NI 43-101. NI 43-101 is a rule of the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the U.S. Securities and Exchange Commission (SEC) and the scientific and technical information contained in this news release may not be comparable with similar information disclosed by domestic U.S. companies subject to the SEC's reporting and disclosure requirements.

We seek Safe Harbor.