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Here are a few analogies to describe GoldMining Inc. (GLDG):

• It's like the 'future projects' division of a major gold miner such as Barrick Gold or Newmont, focusing on discovering and developing new gold and copper deposits rather than operating current mines.
• Imagine a specialized real estate developer that acquires and proves out undeveloped land, but for valuable gold and copper deposits across the Americas.

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• Gold Resource Projects: The company acquires, explores, and develops projects primarily focused on gold deposits.
• Gold-Copper Resource Projects: The company also acquires, explores, and develops projects that contain both gold and copper deposits.

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GoldMining Inc. (GLDG) is a mineral exploration and development company that focuses on acquiring, exploring, and developing gold and gold-copper projects in the Americas. As an exploration and development company, its primary business is to identify and advance mineral resources, rather than to produce and sell commodities like refined gold or copper.

Therefore, GoldMining Inc. does not have traditional "major customers" that purchase its products or services in the way a producing mining company or a retail business would. The company's value is derived from increasing the proven and probable reserves of its mining projects, which can then attract investment, partnerships with larger mining companies, or lead to eventual production if a mine is developed.

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Alastair Still President & Chief Executive Officer

Mr. Still is an experienced mining industry professional with over 25 years of experience, including leadership roles with major gold miners such as Newmont, Goldcorp, Placer Dome, Kinross Gold, and Agnico Eagle. He has worked within Canada and internationally in various leadership roles including corporate and project development, and mine operations. He previously served as Director, Corporate Development with Newmont Corporation (formerly Goldcorp) and was part of the senior management team that led the $32 billion merger that created the world's largest gold producer.

Patrick Obara Secretary & Chief Financial Officer

Mr. Obara has served as the Chief Financial Officer and Secretary of GoldMining Inc. He was also Treasurer and Chief Financial Officer of Uranium Energy Corp. (UEC), a NYSE American listed company, from August 2006 to January 2011, and then as its Vice President Administration to October 2015, and again as its Chief Financial Officer from October 2015 to present.

Amir Adnani Co-Chairman & Founder

Mr. Adnani is an entrepreneur and mining executive. He is the founder of GoldMining Inc. and is largely attributed with the company's foundational vision and strategy of building a diversified resource portfolio. He is also the founding Chief Executive Officer and a director of Uranium Energy Corp (UEC), an NYSE MKT-listed uranium mining and exploration company, where he advanced the company from concept to initial production in five years. By background, he is an entrepreneur who started and expanded two private companies.

Paulo Pereira Country Manager, Brazil

Mr. Pereira has over 25 years of experience in the exploration and development of mining projects in Brazil and Canada. He was an integral part of the GoldMining team from the early beginnings of Brazil Resources Inc. He worked as a geologist for the De Beers Group for twenty years and served for more than ten years as Senior Project Manager and Divisional Manager for Canada. He previously served as President of GoldMining Inc. until January 1, 2026.

Martin Dumont Vice President, Corporate Development and Investor Relations

Mr. Dumont is a finance professional with over 10 years of experience in the metals and mining sector, with a strong background in corporate development, equity research, investor relations, and operations finance. Most recently, he served as Director, Corporate Development at Sandstorm Gold Royalties, where he focused on streaming and royalty transactions. Previously, he worked in metals and mining equity research at BMO Capital Markets, covering senior gold, copper, and royalty companies.

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1. Liquidity and Financing Risk

   As a mineral exploration company that is not yet generating revenue, GoldMining Inc. faces a constant need for capital to fund its operations and advance its projects. The company has a history of net losses and relies heavily on equity raises, which can lead to significant shareholder dilution.

2. Exploration and Development Risks

   GoldMining Inc. holds a portfolio of early-stage gold and gold-copper projects, and its business model is that of a "project generator" rather than a producer. Mineral exploration is an inherently speculative and high-risk undertaking, with a high probability of individual ventures failing. Key challenges include geological uncertainties, the difficulty of finding commercially viable deposits, securing and maintaining necessary permits, and potential cost overruns during the development phase.

3. Political, Jurisdictional, and Regulatory Risks

   Operating across multiple countries in the Americas, including Brazil, Colombia, Peru, Canada, and the United States, exposes GoldMining Inc. to diverse political, regulatory, and social environments. This geographic spread introduces substantial geopolitical risk, including potential political instability, changes in mining laws, taxation policies, or community opposition, all of which could negatively impact project development and operational continuity.

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GoldMining Inc. (GLDG) operates in the mineral exploration sector, with its primary focus on gold and gold-copper projects across the Americas, including Canada, the United States, Brazil, Colombia, and Peru. Consequently, the addressable markets for the company's main products are the global gold and copper markets.

Gold Market

The global gold market represents a significant addressable market for GoldMining Inc. In terms of value, the global gold market was estimated to be between approximately USD 291.68 billion and USD 354.00 billion in 2024. It is projected to grow, with estimates reaching around USD 400 billion by 2030 and US$ 594.02 billion by 2030. In terms of volume, the global gold market stood at 4,890.0 Tons in 2025 and is expected to increase to 7,424.4 Tons by 2034, growing at a compound annual growth rate (CAGR) of 4.70% during the forecast period. Another estimate indicates growth from 4.75 kilotons (4,750 tons) in 2025 to 7.25 kilotons (7,250 tons) by 2031.

Regionally, Asia Pacific holds the dominant share of the global gold market, accounting for approximately 65.54% in 2025 or 66.25% in 2024. North America's market share is around 15%, driven by investment demand and mining activities in the U.S. and Canada, with an expected volume of 394.5 tons in 2026. South America accounts for about 5% of the global gold market, attributed to its gold reserves and rising exports.

Copper Market

The global copper market also presents a substantial addressable market. The global copper market size was estimated to be between approximately USD 241.88 billion and USD 320.86 billion in 2024. It is projected to grow, with forecasts suggesting it could reach USD 339.95 billion by 2030, USD 442.04 billion by 2034, USD 466.67 billion by 2034, and USD 506.36 billion by 2033. This growth is driven by increasing demand from construction, electronics, and renewable energy sectors.

The Asia-Pacific region dominates the copper market, holding approximately 55.6% to 74.7% of the global market share in 2024. In North America, the U.S. market accounted for the largest revenue share in 2024. The primary copper segment significantly contributes to the market, holding 80.7% of the global market share in 2024.

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GoldMining Inc. (GLDG), a mineral exploration company, is currently pre-revenue, meaning it does not generate income from mining operations. Therefore, its future revenue growth over the next 2-3 years will be driven by the successful advancement and monetization of its extensive portfolio of gold and gold-copper projects in the Americas. Analysts generally view GoldMining Inc. as a growth story focused on asset base and strategic moves rather than current cash flow.

The primary expected drivers of future revenue growth for GoldMining Inc. are:

1. Advancement and Monetization of Key Gold and Gold-Copper Projects: GoldMining Inc.'s core strategy involves proving up large gold resources and subsequently monetizing them through various avenues, including potential sales, joint ventures, or the eventual initiation of production. Key projects like the Titiribi Gold-Copper Project and the Whistler Gold-Copper Project are explicitly mentioned as being advanced, with recent drilling programs highlighting their potential. Any progress towards these stages would be a significant step towards future revenue generation.
2. Favorable Gold Prices: As an exploration company with a portfolio of gold assets, GoldMining Inc. is highly leveraged to the price of gold. A sustained bullish environment for gold prices directly enhances the value of its deposits and improves the economic viability of its projects, making future monetization or production more attractive and profitable. Analysts have expressed optimism regarding gold prices, with some predicting further increases.
3. Strategic Focus on Copper and Favorable Copper Prices: GoldMining Inc. has strategically pivoted to a gold-copper focus, leveraging the increasing demand and rising prices for copper, which is a critical metal for global electrification. This emphasis on gold-copper projects, such as Titiribi and Whistler, could open additional pathways for revenue generation through the potential sale of copper resources or joint ventures focused on copper extraction, especially if copper prices remain strong or increase.
4. Monetization of Strategic Equity Investments: GoldMining Inc. holds a significant approximately 79% stake in U.S. GoldMining Inc., which is considered a valuable, non-dilutive asset. The future performance or potential monetization of this strategic investment could provide substantial capital, which could either directly contribute to the company's financial position or be reinvested to accelerate the development of its other projects towards revenue-generating stages.

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Share Issuance

• GoldMining Inc. has raised an aggregate of US$25.0 million in net proceeds through its at-the-market (ATM) equity programs.
• In December 2025, the company renewed its ATM equity program, authorizing the distribution of up to US$50 million in common shares. This program is set to terminate by December 8, 2026, or when the aggregate amount is reached.
• The net proceeds from these equity programs are intended to fund exploration and development of mineral properties, cover property payments, support potential future acquisitions, and provide working capital.

Outbound Investments

• GoldMining Inc. maintains strategic equity positions in other mining companies, including approximately 21.5 million shares of Gold Royalty Corp., 9.9 million shares of U.S. GoldMining Inc., and 19.1 million shares of NevGold Corp.
• In April 2023, U.S. GoldMining Inc., a subsidiary of GoldMining Inc., completed an initial public offering that generated gross proceeds of $20.0 million. Following this IPO, GoldMining Inc. retained an approximate 79% ownership stake in U.S. GoldMining Inc.

Capital Expenditures

• GoldMining dedicates capital to the exploration and development of its mineral properties, including funding minimum work programs and property payments.
• An updated Preliminary Economic Assessment (PEA) in July 2023 for the La Mina Project in Colombia estimated initial capital expenditures of approximately $425 million for a processing facility, with an additional $193 million projected for sustaining capital and mine closure over the project's life.
• As of January 2026, the company reported a free cash flow of -$7.62 million, indicating ongoing investments in growth areas, primarily driven by its aggressive exploration strategy.