#Brazil #GoldMining #São Jorge #Pará State

GoldMining Initiates Key Environmental Studies and Permitting Work

GoldMining Inc. has officially initiated its environmental baseline studies and permitting processes at the São Jorge Gold Project, located in Pará State, Brazil. This advancement comes as part of the company's strategic move to drive the project through the crucial pre-feasibility study (PFS) phase.

Project Overview: Understanding São Jorge

The São Jorge Gold Project is situated in the Tapajós gold district and is characterized as a granite-hosted, intrusion-related gold mineral system. GoldMining's current initiative focuses on preparing the Environmental Impact Assessment (EIA) and Environmental Impact Report (RIMA), essential aspects for navigating Brazil's multi-step licensing and permitting requirements.

On November 5, 2026, executives from GoldMining highlighted the partnership with two prominent firms in this process: SLR Consulting and CLAM Environmental. SLR will oversee the engineering and metallurgical aspects of the PFS from their Belo Horizonte office, while CLAM is tasked with executing vital environmental and socioeconomic baseline studies.

Engaging Experienced Partners

SLR Consulting is recognized for its extensive experience in the mining industry, especially in Latin America, and was also responsible for drafting the project’s existing Technical Report, which includes a Mineral Resource Estimate crucial for future development. CLAM, leveraging nearly three decades of expertise in environmental management, will play an instrumental role in ensuring compliance with local environmental regulations and community engagement strategies.

These partnerships are essential, as they bring localized knowledge and global technical standards together, lending credibility and meticulous execution to GoldMining's operations at São Jorge. As operations gear up, the company aims to establish a clear foundational understanding of the environmental landscape surrounding the project site.

Progress on Drilling Operations

In conjunction with these studies, GoldMining has also ramped up its drilling operations. Currently, three diamond core drill rigs are operational at the site, having drilled over 1,000 meters as part of a planned 6,000-meter program. This ongoing infill drilling will refine the existing Mineral Resource Estimate and enhance geological modeling around the mineralized core of the project.

The objectives behind this drilling program not only include upgrading resource classifications but also obtaining vital geotechnical and metallurgical data necessary for planning the open pit operations and major site facilities in the proposed mining scheme. Additionally, the new core samples will facilitate advanced analysis contributing to sophisticated understanding of the ore body characteristics and processing methodologies.

CEO Comments on Strategic Priorities

Alastair Still, CEO of GoldMining, expressed that the São Jorge project remains critical for the company's growth trajectory. He emphasized that the current upscaling of activities reflects a dedicated effort to advance through pre-feasibility and permitting stages efficiently. He stated, "By engaging firms like SLR and CLAM, we retain two highly reputable entities, known for their substantial experience in Brazil’s mining sector. Our strategic partnership positions us well as we incorporate new data from ongoing drilling to progress the project forward."

Future Outlook and Economic Potential

The initiation of these environmental studies and permitting processes comes on the heels of a Preliminary Economic Assessment (PEA) released earlier in June 2026. This PEA suggested a solid economic feasibility for the São Jorge project, projecting an after-tax NPV of $532 million and an IRR of 42.4%, assuming a gold price of $3,500 per ounce. However, GoldMining cautions that as it moves forward, all forward-looking statements are inherently vulnerable to risks and uncertainties that could materially impact actual results and performance.

In summary, with committed efforts underway in studying the environmental and socioeconomic aspects coupled with rigorous resource drilling, GoldMining is diligently laying the groundwork to advance the São Jorge Gold Project towards its next strategic milestones while ensuring sustainability and compliance with local regulations.