Mr. Amir Adnani reports

GOLDMINING UPDATES NI 43-101 TECHNICAL REPORT FOR THE REA URANIUM PROJECT; A LARGE, DRILL PERMITTED CLAIM PACKAGE IN THE WESTERN ATHABASCA BASIN, CANADA

Goldmining Inc. has filed an updated technical report for the company's Rea uranium project in the western Athabasca basin in Alberta, Canada. The updated technical report, titled "NI 43-101 Technical Report, Geological Introduction to the Rea Uranium Project, Alberta, Canada," has an effective date of April 30, 2025.

The Rea project is owned 75 per cent by the company and 25 per cent by Orano Canada Inc. The company's proposed metallic minerals exploration application for the project has been reviewed by the Alberta Energy Regulator and authorized as an approved exploration program (see May 1, 2025, news release). The large land package of approximately 125,328 hectares surrounds Orano's high-grade Dragon Lake prospect at its Maybelle River project. Recently discovered 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.

The qualified person has been unable to verify the adjacent-property information, and therefore, the information is not necessarily indicative of the mineralization that is the subject of the technical report.

Highlights:

• The Rea uranium project was acquired by Goldmining as part of its acquisition of Brazilian gold properties in 2013. The company plans to continue to advance the project given the increasing importance of uranium in the energy sector. Uranium is expected to play a lead role in the growing demand for cleaner energy sources of electricity.
• The Athabasca basin is home to some of the world's richest uranium mines and highest-grade uranium deposits and is currently estimated to contribute approximately 15 per cent of the annual worldwide uranium production.
• The Rea project surrounds Orano's Maybelle River project that hosts shallow (less than 200 metres below surface) uranium mineralization at the Dragon Lake deposit. The geological structure hosting Dragon Lake (the Maybelle River corridor) is projected to extend over an additional 11 kilometres of strike across the northern Rea project.
• Apart from the adjacent Maybelle River project, the western Alberta portion of the basin has, by comparison, had minimal exploration to date.
• The project is in a relatively underexplored area that has seen renewed exploration activity as a result of recent near-surface, basement-hosted, high-grade uranium discoveries by NexGen and Paladin in the nearby Patterson Lake area.
• Goldmining has identified 70 kilometres of prospective trends in three distinct corridors for future exploration: Maybelle River, Net Lake and Keane Lake.
• The company's proposed uranium exploration program at the Rea project has been approved to proceed by the Alberta Energy Regulator.

Alastair Still, chief executive officer of the company, stated: "We are pleased to announce the updated technical report for our prospective Rea uranium project, which is another important step to advancing to exploration at the project and is consistent with our broader strategy of seeking to unlock further value for our shareholders across our asset portfolio. As the importance of uranium grows as a fuel for increasing clean energy demands, we continue to work with local stakeholders to develop a sustainable phased approach to exploration and we remain excited about the potential to daylight value from this asset for our shareholders."

Rea uranium project

The project is located on the western edge of the Athabasca basin in northeastern Alberta, about 45 kilometres west-southwest of Cluff Lake and approximately 185 kilometres north-northwest of Fort McMurray. The Rea project consists of 16 Alberta rock-hosted mineral permits totalling 125,328 hectares.

Access to the Rea project is by helicopter or fixed-wing aircraft year-round or winter road that connects Fort McKay with Fort Chipewyan from January to March of each year depending on winter conditions. There are some access roads on the project that can be used for all-terrain vehicles. The largest nearby town of Fort McMurray services mineral exploration and mining in the district.

The rocks underlying the western part of the Athabasca basin comprise complexly deformed and strongly metamorphosed Archean to Paleoproterozoic crystalline basement rocks of the Lloyd domain (Careen Lake group) of the Rae geological province. The basement rocks comprise a dominantly supracrustal package of psammo-pelitic gneiss, psammitic gneiss, pelitic gneiss and garnet diatexite with subordinate metaquartzite, amphibolite and ultramafic rock that are currently assigned to the Careen Lake group. The supracrustral rocks were later intruded by significant amounts of granodiorite, quartz diorite, monzodiorite and minor gabbro that, collectively, are termed the quartz diorite suite.

In 2005, the Rea project land package surrounding the Maybelle River project was acquired by BGC, which was subsequently acquired by Goldmining in 2013.

With respect to mineralization, several targeted corridors for future exploration have been delineated by Goldmining based on historical geophysical conductors, surficial geochemical anomalies and drill holes that encountered subsurface zones with uranium. In the southwest part of the Rea project, the Net Lake corridor comprises a prospective sandstone unit, within which historic drilling yielded uranium concentrations of up to 48 parts per million total uranium as well as trace amounts of graphite in the basement rock. In the northern portion of the project, historic drilling along the extension of the Maybelle River corridor yielded 87 parts per million total uranium over one metre. Additionally, drill core along the Maybelle River corridor intersected clay alteration, breccia zones and dravite, which represent features associated with unconformity uranium deposits elsewhere in the Athabasca basin.

Goldmining commissioned Fathom Geophysics to reprocess and interpret historical airborne geophysical data. As a result of the work, over 70 kilometres of prospective trends were identified in three distinct corridors for future exploration: Maybelle River, Net Lake and Keane Lake. These corridors exhibit geophysical signatures that are interpreted as graphite-bearing shear zones with potential to host unconformity-style uranium mineralization.

For further information on the Rea project, please refer to the technical report, a copy of which is available under the company's profile on SEDAR+.

Qualified persons

The technical report was prepared by Roy Eccles, PGeol, of Apex Geoscience Ltd., who is independent of Goldmining and the Rea project and is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Eccles has reviewed, verified and approved the technical information related to the technical report in this news release.

Tim Smith, PGeo, vice-president, exploration, of Goldmining, has supervised the preparation of and approved the scientific and technical information contained herein. Mr. Smith 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 21.5 million shares of Gold Royalty Corp., 9.9 million shares of U.S. Goldmining Inc. and over 26 million shares of Nevgold Corp.

We seek Safe Harbor.