Mr. Alastair Still reports

GOLDMINING INC. CONFIRMS ADDITIONAL SIGNIFICANT GOLD-ANTIMONY RESULTS INCLUDING 3.51 G/T AUEQ OVER 93 METRES (1.08 G/T AU AND 0.69% SB) IN HISTORIC DRILLING AT ITS CRUCERO PROJECT, PERU

Goldmining Inc. has released additional strong historical drill intercepts from its 100-per-cent-owned Crucero project in Peru. These results are reported as part of the company's previously announced continuing review and validation of historical assay results, which has continued to show significant antimony (Sb) mineralization, in conjunction with the known gold (Au) mineralization, expanding the project's potential for multimetal value creation.

Highlights:

• The company has identified and confirmed significant antimony values in the Crucero drill database to date that are in addition to the current gold-only mineral resource estimate.
• Analysis of the drill hole sample assay database indicates numerous occurrences of antimony, including a selection of drill intercepts, which have been verified by the company:
  • DDH-36: 1.89 grams per tonne (g/t) gold equivalent (AuEq) (0.94 g/t Au and 0.27 per cent Sb) over 119 metres (m), from 213 m depth;
  • DDH-37: 4.34 g/t AuEq (0.92 g/t Au and 0.97 per cent Sb) over 60 m, from 244 m depth;
  • DDH-38: 2.50 g/t AuEq (1.28 g/t Au and 0.34 per cent Sb) over 115 m, from 42 m depth;
  • DDH-43: 3.51 g/t AuEq (1.08 g/t Au and 0.69 per cent Sb) over 93 m, from 71 m depth;
  • DDH-45: 6.79 g/t AuEq (6.53 g/t Au and 0.07 per cent Sb) over 44 m, from 199 m depth; and
  • DDH-40: 2.85 g/t AuEq (1.15 g/t Au and 0.48 per cent Sb) over 64 m, from 303 m depth.
• The company is actively advancing work to incorporate antimony into a new gold-antimony mineral resource estimate for the project.
• Antimony is a globally significant strategic metal, with current spot prices of approximately $55,000 (U.S.) per tonne, representing a significant increase from $11,600 (U.S.) per tonne at the start of 2024.

AuEq calculated using the formula: AuEq (g/t) equals Au grade (g/t) plus 3.52 times Sb grade (per cent); Au price of $2,200 per ounce (oz) and Sb price of $35,600 per tonne (both approximately 35 per cent below current spot price); reports gold recovery at 100 per cent and uses a notional antimony recovery of 70 per cent.

Alastair Still, chief executive officer of Goldmining, stated: "We are very encouraged by the latest results that demonstrate the emerging opportunity to unlock additional value at our 100-per-cent-owned Crucero gold project in Peru through the identification of significant antimony mineralization occurring alongside gold. Historically, antimony, primarily present as stibnite, was noted at Crucero but not fully evaluated due to lower commodity prices. Today, with antimony prices near record highs and growing recognition of its strategic importance in critical supply chains, we see compelling potential to enhance the economic profile of the project by incorporating antimony mineralization into our existing gold models. Our latest work reinforces our view of Crucero as a prospective dual gold-antimony system that contains a gold mineral resource estimate of approximately one million ounces in the indicated category and a further 1.15 million ounces in the inferred category. We are actively advancing work to incorporate antimony into a new mineral resource estimate, which we believe could lead to a meaningful increase in the gold equivalent metal content of the deposit."

Further to the company's news releases on April 23, 2025, and June 17, 2025, which presented assay intercepts for historical drill holes DDH-01 to DDH-35, the company has continued to systematically compile Sb assay results within the project drill database. This work has included the validation of historical assays against original independent laboratory certificates. Presented herein are assays for a further 29 drill holes that have been validated by the company to date.

The updated and revised Crucero database now contains assay data for 79 drill holes, as well as 657 trench assays, including over 17,000 assay records, 13,296 of which have independent laboratory certificates available. The company is working with the laboratories to locate additional archived assay certificates in order to build a comprehensive database, and undertake further analysis of the distribution and grade of antimony throughout the project.

Crucero project

The Crucero project is located in the Andes mountain range in Carabaya province, in southeastern Peru. The village of Caserio de Oscoroque is located approximately 10 kilometres (km) to the west of the project by road and the nearest major community is the city of Juliaca, about 150 km to the south-southwest, which has an airport that provides domestic flights that connect throughout Peru.

The project contains orogenic gold mineralization that is associated with pyrite, pyrrhotite, arsenopyrite and stibnite, which the latter is an antimony-bearing mineral. The mineralization is contained within altered metasedimentary rocks belonging to the Ananea formation of Lower Paleozoic age.

The mineral resource estimate for Crucero (see table 1) contains indicated mineral resources estimated to total 30.65 million tonnes (t) at an average grade of 1 g/t Au containing approximately 993,000 oz Au. An additional 35.78 million t at an average grade of 1.00 g/t Au containing approximately 1,147,000 oz Au is estimated in the inferred resource category. The mineral resource estimate is reported within a conceptual pit design shell for the project using a long-term average gold price of $1,500 (U.S.) per oz Au.

For further information regarding the Crucero project and the mineral resource estimate referenced herein, refer to the technical report summary, titled "43-101 Technical Report, Crucero Property, Carabaya Province, Peru," with an effective date of Dec. 20, 2017, available under the company's profile on SEDAR+.

Exploration programs from 1996 to 2012 by previous operators included geological mapping, soil and rock geochemistry, trenching, surface geophysical surveys, diamond drilling, and metallurgical testwork. Drilling across the project totals 79 core holes for 24,705 m completed from 2003 to 2012.

To date, exploration of the project has concentrated on the A1 zone, which dips vertically to steeply to the east, is approximately 750 m along strike by 100 m in width and is traced to a vertical depth of approximately 400 m. The A1 zone is hosted within metasediments (mudstones and siltstones) of the Ananea Group. Pyrite is the most abundant sulphide mineral and typically occurs as blebs, the distribution of which commonly appears to be along foliation or bedding. Quartz veins are uncommon and are not necessarily gold bearing, although the highest-grade gold found to date is within quartz veins with stibnite.

Prior geological studies have interpreted that the A1 zone has been subjected to two phases of gold mineralization, of which the major gold-mineralizing event formed during isoclinal folding, is largely conformable with bedding, and is associated primarily with pyrite and pyrrhotite. The second phase of gold mineralization is associated with later deformation characterized by brittle deformation that resulted in the development of faulting and remobilization of gold that is associated with arsenopyrite and antimony mineralization. This later phase of gold mineralization is volumetrically minor compared with the first phase; however, it is more significant because the higher gold and antimony grades occur with this later phase.

For further information regarding the Crucero project, please refer to the technical report summary, titled "43-101 Technical Report, Crucero Property, Carabaya Province, Peru," with an effective date of Dec. 20, 2017, available under the company's profile on SEDAR+.

Data verification

The technical report and the company's historic exploration database, including verification of laboratory certificates, were used to verify the reported assay intercepts. As detailed in the technical report, Crucero project drill core sampling program comprised the following procedure. Prior to processing, core was photographed and measured for core loss, then logged geologically and marked for sampling. Sample lengths downhole were generally 1.0 m within visually mineralized core to 2.0 m outside mineralized zones, except where samples were taken to honour geological contacts. Samples were obtained by sawing the core in half; half was placed in a numbered sample bag and the other half stored in the core box for reference. Normal security measures were taken throughout the sampling and shipping processes. All drill programs used standards, duplicates and blanks that were introduced into the sample stream on the property during the sample preparation process, and/or introduced by the independent laboratory during the analysis. The sampled half-core was then sent for assay to either ALS Peru S.A. or SGS del Peru S.A.C., each an independent assay laboratory.

SGS completed sample preparation and analysis in Lima, Peru, for drill holes DDH-39, DDH-40, DDH-48, DDH-49, DDH-50, DDH-51, DDH-52, DDH-53, DDH-54, DDH-55, DDH-56, DDH-57 DDH-58, DDH-59, DDH-60, DDH-61, DDH-62, DDH-63 and DDH-64 (this news release). Analysis utilized four standard SGS analytical procedures:

1. Gold was analyzed by fire assay of a 50-gram aliquot with an atomic absorption finish (FAA515).
2. If the sample contained more than 5,000 parts per billion (ppb) gold, the sample was reanalyzed using fire assay and a gravimetric finish (FAG505).
3. Samples were also analyzed for a 33-element package using four-acid digestion and inductively coupled plasma (ICP) with an atomic emission spectroscopy (AES) finish (ICP40B).
4. If the sample contained more than 10,000 ppb arsenic or antimony, these elements were analyzed using atomic absorption (AAS41b).

ALS completed sample preparation and analysis in Lima, Peru, for drill holes DDH-36, DDH-37, DDH-38, DDH-41, DDH-42, DDH-43, DDH-44, DDH-45, DDH-46 and DDH-47 (this news release). Analysis utilized four standard ALS analytical procedures:

1. Gold analyses were completed by fire assay fusion with AAS (atomic absorption spectroscopy) finish (Au-AA24 method) on 50-gram test weight.
2. If the sample contained more than 10,000 ppb gold, the sample was reanalyzed using fire assay and a gravimetric finish (Au-GRA21).
3. Antimony and other multielement analyses (total suite of 35 elements) were assayed by aqua regia digestion and ICP-MS (inductively coupled plasma mass spectrometry) analysis (ME-ICP41 method) on 0.25-gram test weight.
4. Antimony that assayed at the upper level of detection of 10,000 parts per million (ppm) was generally reassayed to per cent level analysis via atomic absorption spectrometry (Sb-AA08 method).

Qualified person

Tim Smith, PGeo, vice-president of 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 24 million shares of Nevgold Corp.

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