GoldMining Inc. announced the results of an updated preliminary economic assessment on the La Mina Project located in Antioquia, Colombia. The updated PEA incorporates the recently discovered La Garrucha Deposit into the mine plan, which was the subject of a maiden mineral resource estimate announced on January 23, 2023. Total projected life of mine production of approximately 1.74 million gold equivalent ounces averaging 143,100 ounces over the estimated 12-year life.

Projected LOM production of 1.29 million ounces of gold, 203.9 million pounds of copper and 2.98 million ounces of silver at recoveries of 91%, 80% and 64%, respectively. After-tax Net Present Value (5%) of approximately $274 million at base case commodity prices of $1,750 per ounce of gold, $21 per ounce of silver, and $3.50 per pound of copper; and approximately $434 million at spot commodity prices. Total cash cost of $786 per ounce of gold and All-In Sustaining Cost ("AISC") of $1,142 per ounce of gold (net of by-product credits).

Initial capital expenditures of approximately $425 million for a 15,000 tonne per day processing facility fed by a conventional truck and loader open pit mining operation with sustaining capital and mine closure expenditures of approximately $193 million.