GoldMining Inc. announced an updated Mineral Resource estimate (MRE) on its 100% owned La Mina Project located in the Middle Cauca Porphyry Belt, Antioquia, Colombia. The MRE includes a maiden resource estimate on the La Garrucha deposit which incorporates drilling completed by the Company in 2022. La Mina Updated Resource Metrics: Indicated Mineral Resource tonnage has increased by 19.5% from the prior estimate, while metal content for gold, silver and copper has increased by 19.7%, 40.7% and 5.9%, respectively compared to the prior resource estimate; Inferred Mineral Resource tonnage has increased 312.5%, while metal content for gold, silver and copper has increased by 265.6%, 442.5%, and 111.0%, respectively compared to the prior resource estimate; The MRE has been updated with metal prices of USD 1,700/oz gold, USD 21/oz silver, and USD 3.50/lb copper, compared to the prior estimate which used metal prices of USD 1,600/oz gold, USD 21/oz silver, and USD 3.25/lb copper; The MRE utilizes pit shells to constrain resources at the La Cantera, La Garrucha and Middle Zone deposits using a 0.30 g/t Au cut-off grade, compared to the prior estimate which used 0.25 g/t Au cut-off grade; Metallurgical work has been conducted for the La Garrucha deposit by ALS in Kamloops, British Columbia from a 100 kg bulk sample collected from drill core; The total La Mina Project area comprises a database of 111 drill holes totaling 40,179 metres with 102 drillholes and 37,256 metres drilled within the three deposits at La Cantera, La Garrucha and Middle Zone; and For the first time, the MRE at La Mina incorporates the La Garrucha deposit which is located within 1 kilometre to the east of the prior mineral resources.

The La Mina property consists of two concession contracts and two concession contract applications covering 3,210 hectares located in the Department of Antioquia, Republic of Colombia, some 51 km SW of Medellin. The MRE for La Mina incorporates the La Cantera, La Garrucha and Middle Zone porphyry deposits located within 1 km of each other. From late March to mid-August 2022, GoldMining completed a diamond core drilling program comprising five drill holes for 3,485 m at the La Garrucha deposit, a porphyry mineral system which measures over 400 m in strike length by 300 m in width and to at least 775 m below surface where it remains open.

Gold and copper mineralization in the La Garrucha porphyry intrusive complex is accompanied by strong potassic alteration, characterized by secondary potassium feldspar and biotite, disseminated and vein magnetite, quartz stockwork veining and both vein-hosted and disseminated sulphides that include pyrite, chalcopyrite and lesser bornite. Lithological, alteration and structural logging of both the new core and re-logging of historic core was completed to compile a three-dimensional geological model. The MRE disclosed herein for the La Mina Project was prepared by Scott Wilson, C.P.G., of Resource Development Associates Inc. and has an effective date of December 20, 2022.

The MRE updates and replaces the prior MRE of the Company contained in its technical report titled, "NI 43-101 Technical Report and Preliminary Economic Assessment: GoldMining Inc., La Mina Project, Antioquia, Republic of Colombia" dated effective January 12, 2022. GoldMining will file a technical report for the MRE updates at La Mina in due course.