GoldMining Inc. announced results of a positive Preliminary Economic Assessment ("PEA") prepared in accordance with National Instrument 43-101 on the La Mina Project (the "Project") located in Antioquia, Colombia. The independent PEA provides a compelling base case assessment for a mining operation with additional potential available through proposed exploration of the adjacent La Garrucha deposit. Development of the Project would provide economic benefits to the Company and local stakeholders.

Highlights: The Project would produce over 1 million gold equivalent ounces over a 10.4-year mine life. Production averaging 102,000 gold equivalent ounces per year over the fully operating years. The Project would produce over 165 million pounds of copper and over 600,000 ounces of silver which are incorporated in the gold equivalent calculations.

The Project generates a pre-tax net present value (NPV) of $340 million at a 5% discount rate and an after-tax NPV of $232 million with an internal rate or return (IRR) of 14.5% using metal prices of $1,600 per ounce gold, $21 per ounce silver and $3.39 per pound copper. Attractive after-tax unit cash cost of $497 per gold ounce and All-In Sustaining Cost (AISC) of $698 per gold ounce (net of by-product credits). Low capital intensity of $299.5 million with a 10,000 tonne per day concentrator fed by a low strip ratio (3.6:1) open pit mining operation.

The PEA envisions an open pit mining scenario sourcing material from the La Cantera and the Middle Zone Deposits. Drill-ready targets on the adjacent La Garrucha deposit have not been included. This preliminary economic assessment is preliminary in nature, and there is no certainty that the reported results will be realized.

Mineral Resources used for the PEA include Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the projected economic performance will be realized. The purpose of the PEA is to demonstrate the economic viability of the La Mina Project, and the results are only intended as an initial, first-pass review of the Project economics based on preliminary information. The PEA examined several mining scenarios with varying rates of production and cut-off grades and determined that a 10.4-year project life mining 37.8 million mineralized tonnes provided the best financial return using consensus metal prices.

Construction of this project is expected to be 24 months that will enable reaching 10,000 tonnes of process plant feed per day. The operation is designed to produce a single copper concentrate containing gold and silver credits with minimal deleterious elements. The relatively low capital costs of the La Mina Project is a result of the Project's proximity to established infrastructure including roads, power and an available workforce.

The PEA was prepared by Metal Mining Consultants Inc. of Highlands Ranch, Colorado, which has been involved with the La Mina Project for the past 10 years and recently prepared the Mineral Resource Estimate for the La Mina Deposit. The mining plan uses conventional truck/loader open pit methods employing a fleet of 91 tonne capacity haulage trucks and front-end loaders equipped with 12 cubic metre buckets. Two pit areas will be mined over a period of 10.4 production years plus two years of pre-stripping.

Mineralized material will be transported by haulage trucks to a nearby process plant, and waste rock will be stored in proximity to the open pits. Mining will be conducted at an initial rate of 7 million total tonnes per annum (Mtpa) or 19 kilo tonnes per day (ktpd) to peak at 22 Mtpa (60 ktpd) for total movement that will sustain the process plant. The process plant feed is contained within an optimized subset of the Mineral Resource set out in the Pit Constrained Mineral Resource Estimate table below.

Collectively, the two pits contain 37.8 Mt of process plant feed (inclusive of mining dilution and loss factors) averaging 0.24% Cu, 0.69 g/t Au and 1.67 g/t Ag. The process plant feed is associated with 136 Mt of waste rock resulting in an overall life-of-mine waste to mineralized material strip ratio of 3.60:1. The existing royalties have been included in the analysis and are comprised of a 2.0% net smelter return (NSR) royalty owned by Gold Royalty Corp., a gross revenue royalty (GRR) of 4.0% on the precious metals and 5.0% on base metals both imposed by the Colombian National Mining Agency. Mine closure has been accounted for and is expected to reclaim tailings and waste rock storage facilities.