#Brazil #GoldMining #Pará #São Jorge Project #Economic Assessment

GoldMining Inc. Reveals Positive PEA Results for São Jorge Project

GoldMining Inc. has announced the findings of a Preliminary Economic Assessment (PEA) on its São Jorge Project located in Pará State, Brazil. This assessment showcases strong economic prospects, suggesting an after-tax net present value (NPV) of $532 million and an impressive internal rate of return (IRR) of 42.4%. These figures are based on a projected gold price of $3,500 per ounce, and the project boasts a payback period of only 2.8 years.

Economic Highlights

The PEA presents a robust base case scenario highlighting several key metrics:

• - After-tax NPV: $532 million at a 5% discount rate
• - Internal Rate of Return (IRR): 42.4%
• - Initial Capital Investment: Estimated at $202 million, which includes a 25% contingency
• - Life of Mine (LOM) Production: An average of 51,250 ounces of gold annually over a 10.6-year lifespan
• - Operating Costs: Life of mine All-In Sustaining Costs (AISC) estimated at $1,464 per ounce

When considering higher gold prices (at $4,400 per ounce), the financials become even more alluring, with the after-tax NPV soaring to $836.8 million and IRR jumping to 58.6%, coupled with a reduced payback period of just 2.4 years.

Operational Advantages

The São Jorge Project benefits from its strategic location near existing infrastructure, including power lines and highways. This proximity aids in reducing logistical challenges and costs associated with the initial capital required for bringing the mine into operation. The relatively low capital threshold of $202 million positions GoldMining favorably to advance the project through subsequent stages of development.

Production Profile

The PEA outlines a conventional open-pit mining operation with a processing rate of 5,500 tonnes per day. The planned production methodology employs a gravity and leach circuit, ensuring high metallurgical recovery rates of 90%. The mine's design anticipates a peak production output of 57,200 ounces per year during its initial years.

GoldMining has also emphasized the strong balance sheet backing the project, with approximately $183 million in cash and marketable securities available to support project advancement prior to construction.

Moving Forward

GoldMining's CEO, Alastair Still, expressed optimism regarding the São Jorge project's potential to not only serve as a significant financial asset but also to contribute to the company's long-term growth strategy. The announcement points to plans for expediting pre-feasibility studies while moving forward with permitting processes needed to solidify its development path.

In conclusion, the PEA results for the São Jorge Project represent a crucial milestone for GoldMining Inc. The findings illustrate not only strong economic feasibility but also ongoing opportunities for further exploration and resource expansion in the region, underscoring GoldMining's strategy of developing valuable mineral assets across the Americas.

GoldMining Inc. remains committed to transparency and thoroughness in its development and reporting efforts, with plans for future updates as the project advances in its environmental and feasibility assessments.