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1. A pipeline developer for major gold miners like Barrick Gold (GOLD).

2. An early-stage biotech firm, but their 'drugs' are gold deposits.

3. A real estate developer, but for gold projects.

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• Mineral Property Acquisition & Exploration: GoldMining Inc. identifies, acquires, and explores gold and gold-copper properties to define and expand mineral resources.
• Mineral Project Development: The company advances its portfolio of gold and gold-copper projects through various technical and economic studies to enhance their value for future monetization.

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GoldMining (GLDG) is a mineral exploration and development company. It does not produce and sell gold or other minerals as a product, and therefore, it does not have major customers in the traditional sense of selling goods or services to individuals or other companies.

The company's business model focuses on identifying, acquiring, and advancing a portfolio of gold and gold-copper projects. The value generation comes from increasing the inferred and indicated resources of these projects. Its eventual monetization strategies typically involve:

• Selling its advanced exploration projects or properties to larger mining companies (producers) that have the financial and operational capacity to develop and operate mines.
• Entering into joint ventures or other partnership agreements with larger mining companies to share the costs and risks of developing a project.

These transactions are typically large, infrequent asset sales or partnerships, rather than ongoing customer relationships for a product. Therefore, GoldMining does not have a consistent list of "major customers" that it sells to regularly.

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Alastair Still, Chief Executive Officer

Mr. Still is an experienced mining industry professional with over 25 years of experience, including working for major gold miners such as Newmont, Goldcorp, Placer Dome, Kinross Gold, and Agnico Eagle. He has held various leadership roles in corporate and project development, and mine operations, both in Canada and internationally. Before joining GoldMining, Mr. Still served as Director, Corporate Development with Newmont Corporation (formerly Goldcorp), and most recently as Executive Vice President, Chief Development Officer for GoldMining. He was part of the senior management team that led the $32 billion merger to create the world's largest gold producer (Newmont-Goldcorp). Mr. Still also serves as Director of Technical Services of Gold Royalty Corp., which is 48% owned by GoldMining Inc.

Pat Obara, Chief Financial Officer and Secretary

Mr. Obara has served as Chief Financial Officer and Secretary of GoldMining Inc. since 2018. He was Treasurer and Chief Financial Officer of Uranium Energy Corp., a NYSE American listed company, from August 2006 to January 2011, and again as its Chief Financial Officer from October 2015 to present, also serving as its Vice President Administration. Mr. Obara has provided consulting services in corporate finance, management, and administration to several private and publicly listed companies. He has also served as the Chief Financial Officer and a director of various public companies listed on the TSXV.

Paulo Pereira, President

Mr. Pereira has over 25 years of experience in the exploration and development of mining projects in Brazil and Canada. He worked as a geologist for the De Beers Group for twenty years, serving as Senior Project Manager and Divisional Manager for Canada for more than ten years. Mr. Pereira holds a Bachelor's degree in Geology from Universidade do Amazonas in Brazil.

Tim Smith, Vice President Exploration

Mr. Smith possesses more than 25 years of experience in mineral industry exploration and mining, primarily focused on gold mineral systems across Australia and Canada. He has a proven track record of discovering major gold systems, including leading the team at the Coffee Gold Deposit in Yukon, Canada, as Vice President Exploration for Kaminak Gold Corporation, which was acquired by Goldcorp Inc. for C$520 million in 2016. Mr. Smith also served as Regional Director Generative Exploration, North America for Newmont Corporation from 2019 to 2022, and Exploration Director for Goldcorp Inc. from 2016 to 2019.

Samuel Mah, Director, Engineering Studies

Mr. Mah has over 24 years of experience in the mining industry, encompassing senior and junior producers such as SSR Mining, Great Panther Mining, Goldcorp, and Placer Dome (now Barrick Gold), as well as mine consulting firms like AMEC Americas and SRK Consulting, and Silver Wheaton (now Wheaton Precious Metals). Throughout his career, Mr. Mah has held various senior technical and management positions, responsible for advancing mining projects from business strategy to feasibility level studies for both underground and open-pit methods. He has also been appointed as Vice President, Evaluations for Gold Royalty Corp.

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The public company GoldMining (symbol: GLDG) faces several key risks inherent to its business model as a mineral exploration and development company.

1. Reliance on Capital Raises and Shareholder Dilution: GoldMining is in the exploration and development stage, meaning it does not currently generate significant revenue from mining operations. Consequently, the company has a constant need for capital to fund its projects, leading to a history of net losses and a reliance on capital raises through mechanisms such as "at-the-market" (ATM) equity programs. This frequent need for financing can result in shareholder dilution, which is a significant financial risk. The company's cash burn rate is a primary liquidity concern.
2. Volatility of Gold Prices and Valuation of Non-Producing Assets: The company's financial performance and the perceived value of its extensive portfolio of early-stage, non-producing assets are highly sensitive to fluctuations in gold prices. A decline in gold prices could reduce the attractiveness of its assets and increase the cost of future capital raises. The metals and mining sector, in general, is subject to significant market volatility.
3. Geopolitical and Regulatory Risks: GoldMining holds projects in various jurisdictions across the Americas, including Brazil, Colombia, Guyana, Canada, the USA, and Peru. This geographic spread exposes the company to substantial geopolitical and regulatory risks. Political instability, changes in mining laws, or difficulties in securing and maintaining necessary permits in any of these countries could negatively impact or even halt its exploration and development activities.

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GoldMining Inc. (GLDG) is a mineral exploration company primarily focused on acquiring and developing gold and copper assets across the Americas, including Canada, the United States, Brazil, Colombia, and Peru. While the company is in the exploration and development stage and does not currently generate revenue from direct gold sales, its addressable markets are the global markets for gold and copper, the commodities it seeks to discover and advance.

Gold Market

The global gold market is substantial, with varying projections for its size. In 2024, the global gold market size was valued at approximately USD 291.68 billion and is projected to reach around USD 457.91 billion by 2032. Other estimates indicate the global gold mining market was valued at USD 214.35 billion in 2024 and is expected to reach USD 282.26 billion by 2032. Another source estimates the global gold mining market to be valued at USD 213.54 billion in 2025, with a projection to reach USD 304.14 billion by 2035. The global gold mining market is also projected to exceed USD 250 billion in 2025.

Copper Market

The global copper market is also a significant addressable market. The global copper market size was estimated at USD 293.7 billion in 2023 and is projected to grow to USD 480.9 billion by 2032. Another report indicates that the global copper market reached USD 307.7 billion in 2023 and is expected to grow to USD 550.6 billion by 2032. Furthermore, the global copper market size was valued at USD 304.5 billion in 2023 and is anticipated to reach USD 640.7 billion by 2032.

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Expected Drivers of Future Financial Growth for GoldMining Inc. (GLDG)

GoldMining Inc. (GLDG) is a mineral exploration and development company focused on acquiring and advancing gold and gold-copper projects across the Americas. As a development-stage company, its revenue streams are not typically derived from direct gold sales. Instead, future financial growth over the next 2-3 years is expected to be driven by a combination of project monetization, the advancement of key exploration projects, strategic acquisitions, and the appreciation of its strategic investments.

1. Project Monetization and Strategic Acquisitions: GoldMining's core business strategy involves acquiring high-quality resource-stage assets and subsequently unlocking their value through various monetization strategies, such as outright sales, spin-offs into new entities, or forming partnerships. The company consistently targets regions with strong mineral potential for new acquisitions. This approach allows GoldMining to generate capital and realize returns on its extensive project portfolio without undertaking full-scale mining operations itself.
2. Advancement and De-risking of Key Projects: Significant exploration and development activities at its major projects are anticipated to drive future value.
   • São Jorge Project (Brazil): GoldMining has initiated its most extensive exploration program to date at the São Jorge project, including drilling campaigns to expand the known deposit and identify new mineralized zones. Initial drill results in October 2025 already confirmed several new gold targets within the project area. Continued positive results from these programs could significantly enhance the project's valuation and attractiveness for future monetization.
   • Whistler Project (Alaska, USA): In October 2024, U.S. GoldMining Inc., a subsidiary of GoldMining, more than doubled the indicated mineral resource estimate for its Whistler Gold-Copper Project. Such resource upgrades are critical for increasing the intrinsic value of the assets and improving their prospects for development or sale.
   • Crucero Project (Peru): Historic drilling at the Crucero Project has revealed significant gold-antimony results, which were confirmed in August 2025. The discovery of antimony mineralization has already led analysts to raise price targets for GLDG, indicating the potential for increased project value and diversified metal exposure.
3. Strategic Investments: GoldMining holds substantial equity positions in other companies, including Gold Royalty Corp. and U.S. GoldMining Inc. The growth and performance of these investee companies, as well as potential future divestments or revaluations of these strategic holdings, can directly contribute to GoldMining's financial growth.
4. Favorable Commodity Prices: Although not a producing miner, GoldMining's asset valuations are highly sensitive to prevailing commodity prices, particularly gold and copper. Higher prices for these metals can significantly increase the perceived value of GoldMining's substantial resource portfolio, making its projects more attractive for sale, partnership, or future development, and thus enhancing potential revenue from monetization activities. The company has noted the unlocking of strategic copper value amidst historic price surges as a positive factor.

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Share Issuance

• GoldMining Inc.'s shares outstanding have increased from 0.14 billion in 2020 to 0.19 billion as of November 2025.
• The company's share count has increased by 28% over the last four years.
• Net cash proceeds from the Company's At-The-Market (ATM) Program were $1.8 million for the six months ended May 31, 2025, and $6.0 million for the six months ended May 31, 2024.

Outbound Investments

• GoldMining acquired NevGold in 2020 for $1.15 million.
• On August 27, 2025, GoldMining reduced its stake in NevGold Corp. by selling 3.5 million common shares, decreasing its ownership from approximately 19.8% to 16.7%.
• Net cash generated from investing activities during the six months ended May 31, 2025, included $0.2 million from the sale of NevGold Shares.

Capital Expenditures

• Capital expenditures were $1,846,000 in 2023 and $648,000 in 2024.
• In 2025, GoldMining completed 8,514 meters of drilling as part of its exploration program at the São Jorge Project in Brazil, identifying four new gold prospects.
• During the three months ended February 28, 2025, U.S. GoldMining incurred $0.1 million in expenditures on the Whistler Project, and the Company incurred $0.04 million on the La Mina Gold-Copper Project.