Exhibit 99.2

	NI 43-101 TECHNICAL REPORT AND PRELIMINARY ECONOMIC ASSESSMENT   SÃO JORGE GOLD PROJECT   PARÁ STATE, BRAZIL       EFFECTIVE DATE: JUNE 09, 2026 ISSUE DATE: JULY 22, 2026     PREPARED FOR:   GOLDMINING INC.   BY   BNA MINING SOLUTIONS   BELO HORIZONTE, BRAZIL   AND   SLR CONSULTING (CANADA) Ltd. TORONTO, CANADA
		Qualified Persons: Dr. Beck Nader, FAIG, CBRR Reno Pressacco, M. Sc. (A), P.Geo., FGC

Date and Signature Page

The “qualified person” (within the meaning of NI43-101) for the purposes of this report is Dr. Beck Nader, who is Principal Mining Consultant of BNA Mining Solutions Ltda. The effective date of this Technical Report entitled “NI 43-101 Technical Report and Preliminary Economic Assessment São Jorge Gold Project, Pará State, Brazil” is June 09, 2026.

“Signed and sealed”

Dr. Beck Nader, D.Sc., M.Sc. Mining Engineer, Member (FAIG - 4472)

Dated July 22, 2026

The “qualified person” (within the meaning of NI43-101) for the purposes of this report is Reno Pressacco, who is an employee SLR. The effective date of this Technical Report entitled “NI 43-101 Technical Report and Preliminary Economic Assessment São Jorge Gold Project, Pará State, Brazil” is June 09, 2026.

“Signed and sealed”

Reno Pressacco, M.Sc.(A), P.Geo., FGC

Dated July 22, 2026

Certificate of Author – Dr. Beck Nader

I, Beck Nader, FAIG #4472, as a co-author of this report entitled “"NI 43-101 Technical Report and Preliminary Economic Assessment São Jorge Gold Project, Pará State, Brazil (the "Technical Report") with an effective date of June 9, 2026, prepared for GoldMining Inc.,do hereby certify that:

Signed this 22^nd day of July, 2026, in Belo Horizonte, Minas Gerais, Brazil.

(Signed) Beck Nader

Dr. Beck Nader - DSc, MSc (Mining Engineer); FAIG #4472

BNA Mining Solutions Ltda.

Certificate of Author – Reno Pressacco

I, Reno Pressacco, M.Sc.(A), P.Geo., FGC, as a co-author of this report entitled “NI 43-101 Technical Report and Preliminary Economic Assessment São Jorge Gold Project, Pará State, Brazil (the “Technical Report”) with an effective date of June 9, 2026, prepared for GoldMining Inc., do hereby certify that:

Dated 22^nd day of July, 2026

(Signed) Reno Pressacco

Reno Pressacco, M.Sc.(A), P.Geo., FGC

SLR Consulting (Canada) Ltd.

LIST OF CONTENTS

LIST OF FIGURES

LIST OF TABLES

ABBREVIATIONS AND ACRONYMS

UNITS OF MEASURE

GoldMining Inc. (“GMI” or the “Company”) retained BNA Mining Solutions (“BNA”) to prepare a Preliminary Economic Assessment (“PEA”) for the São Jorge Gold Project ("São Jorge Project" or the "Project"), located in Pará State, Brazil.

The purpose of this PEA is to evaluate the potential economic viability of developing the São Jorge Project as a conventional open pit mining operation with on-site processing of mineralized material and production of gold doré.

The PEA is preliminary in nature and includes 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. No Mineral Reserves have been declared for the São Jorge Project. Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that the results of this PEA will be realized.

The PEA is based on a conventional open pit, truck and shovel mining operation, with mineralized material processed through a conventional gravity concentration and gold leaching process plant. The process plant is designed for a nominal throughput rate of approximately 5,500 tonnes per day, equivalent to approximately 2.0 Mtpa.

The Project demonstrates positive economics under the assumptions adopted in this PEA, supported by a 10.6 year mine life, total processed material of approximately 20.7 Mt, an average strip ratio of 4.27, an average gold metallurgical recovery of 90.0%, and total gold production of approximately 543.2 koz.

The estimate presented in this report has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), as incorporated by reference in NI 43-101 (https://mrmr.cim.org/media/1128/cim-definition-standards_2014.pdf).

The São Jorge Project (the “Project”) is located in the Tapajós Mineral Province, in the State of Pará, Brazil, within the municipality of Novo Progresso (Figure 1.1 to Figure 1.3).

The Project is situated approximately 70 km north of the town of Novo Progresso and is accessible via the BR-163 highway, followed by secondary unpaved roads leading to the Project site.

The Project is centred approximately at latitude 6°29’14” S and longitude 55°34’38” W, corresponding to UTM coordinates of approximately 657,400 mE and 9,282,750 mN (SAD69, Zone 21S).

The Project area consist of multiple contiguous tenements covering approximately 46,485 hectares.

The São Jorge deposit is situated on the mineral tenure No. 850.058/2002 and covers an area of 1,660.56 hectares. This mineral tenure is also referred to as the “São Jorge Claim”.

Figure 1.1 - Location Map of the Project

Figure 1.2 - São Jorge Project location

Figure 1.3 - São Jorge deposit location (situated on the São Jorge Claim)

The São Jorge Project is located in the State of Pará, Brazil, and is held under Mineral Process No. 850.058/2002, administered by the Brazilian National Mining Agency (Agência Nacional de Mineração – “ANM”).

The property is currently in the application stage for a mining concession (Requerimento de Lavra) under Brazilian mining regulations. The Final Exploration Report was approved by the ANM on October 30, 2023, and the application for a mining concession was filed on October 29, 2024.

Based on the information provided by GMI, the mineral tenure is considered to be in good standing.

Environmental permitting for the Project is at an early stage, and additional studies and regulatory approvals will be required prior to any potential development.

The authors have not independently verified the legal status of the mineral tenure and have relied on information provided by GMI.

The São Jorge Project is located within the Tapajós Mineral Province, in the southern portion of the Amazonian Craton, a region known for significant Paleoproterozoic gold mineralization associated with granitoid intrusions and hydrothermal systems, Figure 1.4.

Figure 1.4 - Regional Geology

Source: São Jorge Technical Report (February 26, 2025).

At the Project scale, the geology is dominated by granitoid rocks, primarily monzogranite, locally affected by hydrothermal alteration including silicification, sericitization, and chloritization, Figure 1.5.

Figure 1.5 - Property Geology

Source: São Jorge Technical Report (February 26, 2025).

Gold mineralization is structurally controlled and occurs as disseminated sulfides and quartz vein systems associated with alteration zones within the host rocks.

The mineralized system extends over approximately 1.4 km along strike, with an average thickness of approximately 160 m and vertical continuity exceeding 300 m. The mineralization remains open at depth.

Exploration activities at the São Jorge Project have been conducted by previous operators and have included geological mapping, geochemical sampling, geophysical surveys, and drilling programs.

Geochemical programs included soil sampling and other surface sampling methods, which contributed to the identification and delineation of anomalous zones. Geophysical surveys, including induced polarization (“IP”), supported target definition and geological interpretation.

As of June 9, 2026 (Effective Date of the Technical Report), a total of 934 drill holes has been completed on the property totalling 55,974 m in length (Figure 1.6).

Figure 1.6 - Diamond Drill Hole and Auger Drill Hole Locations

Drill core was logged for lithology, alteration, mineralization, and structural features. Based on the available information, the drilling database is considered adequate to support the current geological interpretation and Mineral Resource estimate.

The information presented in this section is based on data and reports provided by GMI.

Historical metallurgical test work completed for the São Jorge Project indicates that the mineralization is amenable to conventional gravity concentration and gold leaching processes. Metallurgical programs conducted between 2006 and 2013 included mineralogical characterization, comminution testing, gravity recovery testing, bottle-roll leaching, kinetic leaching curves, cyanide optimization tests, and preliminary variability assessments for oxide and sulphide ores.

Test work results demonstrated favourable gold recoveries using conventional processing methods. Combined gravity and carbon in leach (“CIL”) recoveries generally ranged from approximately 90% to 94%, with some tests achieving recoveries above 95% for sulphide material at finer grind sizes. Gravity recoverable gold (“GRG”) results indicated partial free gold liberation, supporting the inclusion of a gravity recovery stage in the conceptual process flowsheet.

Comminution testing classified the material as medium to hard, with Bond Ball Mill Work Index values generally ranging from approximately 13.7 to 15.7 kWh/t. Metallurgical testing indicated that grind sizes near P₈₀ of 75 µm provided the most consistent overall recoveries.

The conceptual process route considered for this PEA includes crushing, grinding, gravity concentration, carbon in leach cyanidation, gold recovery and refining, and conventional tailings disposal.

Additional metallurgical investigations are recommended for future project phases, including variability testing, mineralogical studies, comminution optimization, flotation testing, reagent optimization, pilot plant testing, and additional tailings characterization. The metallurgical assumptions adopted in this PEA are based on historical testing and remain subject to confirmation during future Pre-Feasibility Study (“PFS”) and Feasibility Study (“FS”) phases.

A Mineral Resource Estimate was based upon the conceptual view that the mineralized material would be extracted by means of an open pit mine at an envisioned production rate of between 5,000 tpd and 15,000 tpd. The material would then be processed at an on-site facility where gold would be recovered using a cyanide leaching flowsheet.

Open pit Mineral Resources at a break-even cut-off grade of 0.27 g/t Au are estimated to total 19,418,000 t at an average grade of 1.00 g/t Au containing approximately 624 thousand ounces (“koz”) Au in the Indicated Resource category. An additional 5,557,000 t at an average grade of 0.72 g/t Au containing approximately 129 koz Au are estimated to be present in the Inferred Mineral Resource category.

The Mineral Resource Estimate for the São Jorge Project is summarized in Table 1.1.

Table 1.1 – Summary of Mineral Resources as at January 28, 2025

Notes:

Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability.

There are currently no Mineral Reserves estimated for the São Jorge Project.

The mine plan developed for this PEA is based on Mineral Resources and does not constitute Mineral Reserves.

The PEA mine plan is based on a conceptual open pit mining operation developed to evaluate the potential economic viability of the São Jorge Project.

The mine plan contemplates a 10.6 year mine life and the processing of approximately 20.7 Mt of mineralized material. Total mined material is estimated at approximately 109.1 Mt, resulting in a life of mine strip ratio of approximately 4.27:1.

The process plant is designed for a nominal processing rate of approximately 5,500 tpd, equivalent to approximately 2.0 Mtpa. The average gold feed grade is estimated at 0.91 g/t Au, with an average metallurgical recovery of 90.0%.

The main PEA production metrics are summarized in Table 1.2.

Table 1.2 - Summary of São Jorge PEA Production Metrics

The PEA forecasts total gold production of approximately 543.2 koz over the life of mine (“LOM”). Average annual gold production is estimated at approximately 51.2 koz over the LOM, with average annual production of approximately 53.4 koz during the first five years.

The São Jorge Project is planned as a conventional open pit mining operation comprised of drill and blast, load and haul activities. Mine planning and pit optimization were completed using economic, operational, and geotechnical parameters considered appropriate for a PEA level study.

For the purposes of this PEA, the term “mineralized material” is used to describe material contained within the conceptual mine plan derived from the Mineral Resource estimate and scheduled for processing. The term does not imply the existence of Mineral Reserves or economically mineable mineralized material as defined under NI 43-101.

The selected final pit shell was based on a Revenue Adjustment Factor (“RAF”) analysis, with the RAF 0.75 pit shell selected as the basis for the final pit design, and reflects a balance between economic extraction and practical mining conditions. The final pit optimization results, including total material movement, mineralized material tonnage, strip ratio, average in situ grade, and contained gold, are summarized in Table 1.3.

Table 1.3 - Summary of Total Mineralized Material within the Final Operational Pit Shell

The final pit design incorporates recommended geotechnical parameters, including bench geometry, berm configuration, haul road dimensions, and overall slope angles suitable for long term operational stability. The principal open pit design criteria adopted for this study are presented in Table 1.4. A plan view of the final open pit layout is presented in Figure 1.7.

Table 1.4 - Final Pit Design Parameters

¹ “Mineralized Material” refers to potentially mineable material derived from pit design and does not constitute Mineral Reserves. Mineral Reserves have not been defined.

Figure 1.7 - Final Pit Design

The proposed mining sequence was developed to support the process plant feed requirements over the life of mine while considering operational access, waste stripping requirements, and mineralized material selectivity. Opportunities for low grade stockpiling during the early years of operation were also identified as a potential strategy to improve project cash flow and operational flexibility. The life of mine mining sequence and production schedule is summarized in Table 1.5, Figure 1.8 and Figure 1.9 respectively.

Table 1.5 - Mine Schedule Results

Figure 1.8 - Mined Material Schedule

Figure 1.9 - Process Schedule

Mining operations are expected to be carried out using a conventional owner operated mining fleet composed of hydraulic excavators, haul trucks, production drills, bulldozers, and auxiliary equipment.

The mine design, production schedule, and operating assumptions presented in this section are preliminary in nature and remain subject to further refinement during future PFS and / or FS level studies.

1.11    Recovery Methods

The São Jorge process plant is designed to treat mineralized material using conventional processing methods, including crushing, grinding, gravity concentration, cyanide leaching, CIL, gold adsorption, carbon elution, and gold recovery circuits.

The process route is based on metallurgical test work completed for the Project and assumes an overall gold recovery of 90.0% for the PEA.

The process plant is designed for a nominal throughput rate of approximately 5,500 tpd, equivalent to approximately 2.0 Mtpa.

Gold is expected to be produced on site as doré.

1.12    Infrastructure

The PEA includes development of on-site infrastructure required to support mining and processing activities, including haul roads, access roads, process facilities, tailings and waste storage facilities, water management infrastructure, power distribution, camp and administration facilities, maintenance facilities, and other ancillary infrastructure.

Construction is anticipated to occur over approximately two years prior to the commencement of operations.

1.13    Capital Costs

Initial capital expenditure is estimated at US$ 202.2 million, including contingency.

Sustaining capital expenditures over the life of mine are estimated at approximately US$ 53.0 million and include mining equipment additions or replacements and staged expansion of project infrastructure, including tailings and waste management facilities.

Closure costs are estimated at approximately US$ 15.0 million (including $3.0 million contingency).

Total capital expenditure, including initial capital, sustaining capital, and closure costs, is estimated at approximately US$ 267.2 million.

1.14    Operating Costs

Life-of-mine on-site operating costs are estimated to average approximately US$ 30.67/t of material processed. These costs include mining, processing, general and administrative (“G&A”), maintenance, transportation, and refining costs.

The reported on-site operating costs exclude royalties, the Brazilian Financial Compensation for the Exploitation of Mineral Resources (“CFEM”), the Pará State Mining Activity Inspection, Monitoring and Control Fee (“TFRM-PA”), and sustaining capital expenditures.

The estimated life of mine All-In Sustaining Cost (“AISC”), which includes on-site operating costs, sustaining capital, royalties, CFEM, and TFRM-PA charges, is estimated at approximately US$ 1,464 per payable ounce of gold sold.

1.15    Economic Analysis

The economic evaluation was prepared on an ungeared basis and assumes 100% equity financing.

The base case economic analysis was prepared using a long-term gold price assumption of US$ 3,500/oz Au.

Under the base case assumptions, the Project generates a pre-tax Net Present Value (“NPV”), discounted at 5%, of approximately US$ 645.7 million and a pre-tax Internal Rate of Return (“IRR”) of 48.9%.

On an after-tax basis, the Project generates an NPV, discounted at 5%, of approximately US$ 532.5 million and an IRR of 42.4%.

The estimated payback period is approximately 2.83 years on a pre-tax basis, measured from the commencement of commercial production.

In addition to the base case evaluation, a supplementary leverage case was assessed using a gold price assumption of US$ 4,400/oz gold to illustrate the Project's exposure to higher gold prices.

The US$ 4,400/oz Au price was selected on June 9, 2026, based on the 10-day trailing average gold price, rounded down to the nearest hundred dollars, and reflects the prevailing commodity price environment at the time of preparation of this PEA.

The results of the leverage case are presented in Section 22.4.1.

The results demonstrate the potential for the São Jorge Project to generate positive economic returns under the assumptions adopted in this PEA.

1.16    Conclusions and Recommendations

The São Jorge Project demonstrates the potential to support a technically feasible and economically viable open pit gold mining operation based on the assumptions and methodologies adopted in this Preliminary Economic Assessment.

The mine plan developed for this study contemplates a 10.6 year mine life and the processing of approximately 20.7 Mt of mineralized material at an average diluted grade of 0.91 g/t Au. The process plant is designed for a nominal throughput rate of approximately 2.0 Mtpa and an average metallurgical recovery of 90.0%.

The economic evaluation was prepared on an ungeared basis and assumes 100% equity financing. Using a base case gold price of US$ 3,500/oz Au, the Project generates an after-tax NPV, discounted at 5%, of approximately US$ 532 million and an after-tax IRR of 42.3%.

The Project exhibits significant leverage to increases in the gold price. Under a supplementary gold price scenario of US$ 4,400/oz Au, the after-tax NPV, discounted at 5%, increases to approximately US$ 837 million, demonstrating the Project's exposure to favourable market conditions.

The sensitivity analysis indicates that Project economics are most sensitive to changes in the gold price, followed by operating costs and initial capital expenditures.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

Based on the results of this PEA, the Qualified Persons consider that the São Jorge Project warrants advancement to a Pre-Feasibility Study.

The results of the technical studies completed to date indicate that the Project has the potential to support a conventional open pit mining operation with processing by crushing, grinding, gravity concentration, cyanide leaching, carbon adsorption, and gold recovery by electrowinning.

The Project demonstrates robust economic performance under the base case assumptions and significant upside potential under higher gold price scenarios.

Further technical studies are recommended to reduce project uncertainties and improve the level of confidence in the engineering, cost estimates, and economic assumptions used in this PEA.

The Qualified Persons recommend that additional technical studies be completed to reduce technical uncertainty and support advancement of the Project toward a Pre-Feasibility Study.

The recommended work programs include:

GoldMining Inc. (“GMI” or the “Company”) commissioned BNA Mining Solutions (“BNA”) to prepare a Technical Report compliant with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the São Jorge Gold Project ("São Jorge Project" or the "Project"), located in the Tapajós Mineral Province, Pará State, Brazil.

The Mineral Resource estimate used in this PEA is based on a previously published NI 43-101 Technical Report (SLR 2025) for the São Jorge Project and has been incorporated without modification for the purposes of this study. The Mineral Resource estimate remains under the responsibility of the original Qualified Person (“QP”), who is a co-author of this report.

The mine plan developed for this PEA represents an economic extraction scenario derived from the Mineral Resource inventory and is reported as a “PEA Mine Plan”. The mine plan includes Indicated and Inferred Mineral Resources and incorporates dilution and mining losses. The results of pit optimization, mine design, and production scheduling are presented as operational outputs, including Run of Mine (“ROM”) material and process plant feed, and are clearly distinguished from the Mineral Resource estimate.

For the purposes of this PEA, the term “mineralized material” is used to describe material contained within the conceptual mine plan derived from the Mineral Resource estimate and scheduled for processing. The term does not imply the existence of Mineral Reserves or economically mineable mineralized material as defined under NI 43-101.

This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

This Technical Report is intended to provide a technical and economic basis for internal evaluation and potential project advancement. The report may also support public disclosure in accordance with NI 43-101, if required.

Qualified Persons, as defined under NI 43-101, are responsible for the preparation of specific sections of this report. The QP responsible for Mineral Resources retains full responsibility for the Mineral Resource estimate, while other QPs are responsible for mining, processing, and economic analysis.

The Consultants preparing this Technical Report are specialists in the fields of mining engineering, geotechnics, infrastructure, and economic evaluation of mineral projects. The information in this report that relates to mine planning and economic analysis is based on the information provided by the Company and the application of industry-standard methodologies appropriate for a Preliminary Economic Assessment.

This PEA was prepared under the supervision of Dr. Beck Nader, D.Sc., M.Sc., FAIG. Sections related to the Mineral Resource estimate were prepared by Reno Pressacco, M.Sc.(A), P.Geo., FGC.

Dr. Beck Nader, who is a D.Sc. in Mineral Engineering and a Fellow of the Australian Institute of Geoscientists (FAIG #4472), brings over 40 years of experience in mineral resource and reserve estimation, mine planning, economic evaluation of mineral projects, risk assessment, and multidisciplinary coordination. Dr. Nader is a Qualified Person under NI 43-101 and is responsible for the overall coordination, mine planning, and economic components of this Technical Report.

Other consultants who contributed to this report include:

None of the Consultants or any associates employed in the preparation of this report have any beneficial interest in GMI. The Consultants are not insiders, associates, or affiliates of GMI. The results of this Technical Report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between GMI and the Consultants. The Consultants are being paid a fee for their work in accordance with normal professional consulting practice.

A site visit to the São Jorge Project was conducted between February 25 and February 27, 2026, by Dr. Beck Nader, José Roberto Leite Reis, and Gabriel Neiva. Dr. Beck Nader is the Qualified Person responsible for the sections related to mining, processing, infrastructure, and economic analysis.

The purpose of the site visit was to obtain a general understanding of the Project, including access, local infrastructure, topography, geological setting, and conditions relevant to mine planning and development at a Preliminary Economic Assessment level.

The observations made during the site visit were considered in the preparation of this Technical Report.

This Technical Report has been prepared using information provided by GoldMining Inc. (“GMI”), as well as publicly available technical reports and internal project documentation.

The principal sources of information include previously published NI 43-101 Technical Reports for the São Jorge Project, which provide the basis for the Mineral Resource estimate used in this study. Additional sources include exploration reports, historical technical studies, the Plano de Aproveitamento Econômico (“PAE”), engineering drawings, process flow diagrams, and other supporting technical documentation relevant to the Project.

Information related to mining, processing, infrastructure, and economic assumptions was provided by GMI and complemented by BNA Mining Solutions and CONSENSUM Engenharia e Consultoria, based on industry experience, benchmarking, and technical guidance documents prepared for the development of the PEA.

Where possible, the information provided has been reviewed for consistency and reasonableness within the context of a PEA level study. However, the authors have relied on the information provided by GMI and third-party consultants and have not independently verified all such information.

The Mineral Resource estimate has been incorporated without modification and remains under the responsibility of the Qualified Person responsible for its preparation.

The effective date of this report is June 9, 2026.

There were no material changes to the information on the Project between the effective date and the signature date of the Technical Report.

The Metric System for weights and units has been used throughout this report, unless noted otherwise. All currency is in U.S. dollars (US$) unless otherwise stated, and all geographical coordinates are in UTM, SAD69, zone 21S, unless otherwise stated.

The authors of this Technical Report have relied on information provided by GoldMining Inc. and its legal advisors with respect to mineral tenure, property ownership, and the legal status of the São Jorge Project.

The São Jorge Project is located in the Tapajós region, southeastern portion of Pará State, in the municipality of Novo Progresso, approximately 460 km southeast of Santarém and 250 km southeast of Itaituba, the main regional cities of the Tapajós region. The nearest town of the project area is Novo Progresso, located 70 km south of the project.

The property is centred approximately at 657,400 mE and 9,282,750 mN (SAD69, Zone 21S EPSG:29191 datum). The centre of the currently delineated mineralization is located at approximately latitude 6°29’14” S and longitude 55°34’38” W.

Nearby operating gold mines include Tocantinzinho (G Mining) and Palito (Serabi), 90 kilometres and 29 kilometres northwest, respectively, from the São Jorge Project. Relevant deposits under development include the Matilda copper- gold porphyry (Serabi) and the Cuiú-Cuiú gold project (Cabral Gold), 120 kilometers and 40 kilometres, from the São Jorge Project. (Figure 4.1 and Figure 4.2).

Figure 4.1 - Location Map of the Project

Figure 4.2 - São Jorge Project location & notable mining operation nearby

The São Jorge Project encompasses eight mineral titles associated with the National Mining Agency (“ANM”) proceedings no. 850.058/2002, 850.193/2017, 850.556/2013, 850.275/2003, 850.745/2024, 850.194/2017, 850.195/2017, and 850.196/2017. The project covers a contiguous area of approximately 46,485 hectares as shown in Figure 4.3.

The São Jorge deposit is situated on the mineral tenure No. 850.058/2002 and covers an area of 1,660.56 hectares.

The mineral titles are held by Brazilian Resources Mineração Ltda and BRI Mineração Ltda, subsidiaries of GoldMining Inc.

The Final Exploration Report for the ANM proceeding no. 850.058/2002, which includes the São Jorge Deposit, was approved by the ANM on October 30, 2023, and an application for a mining concession was submitted on October 29, 2024.

Advancement to construction and operation will require the granting of a mining concession by the ANM as well as the issuance of the applicable environmental permits, including the Preliminary Licence (Licença Prévia – “LP”), Installation Licence (Licença de Instalação – “LI”), and Operating Licence (Licença de Operação – “LO”), in accordance with Brazilian federal and state regulations.

The authors have not independently verified the legal status of the mineral tenure and have relied on information provided by the Issuer regarding ownership, title, and current standing of the mineral rights.

Based on the information available to the authors, the mineral tenure is in good standing.

Figure 4.3 shows the layout of the Project tenements.

Figure 4.3 – São Jorge Project Tenements

Source: SLR Report

The São Jorge Project is located on privately held rural land in Pará State, Brazil. GoldMining Inc., through its Brazilian subsidiary, holds the mineral rights associated with the Project area but does not currently hold surface rights to properties that cover the mineral tenure.

Future development activities associated with the Project, including any potential mining or infrastructure development, may require additional land access agreements, easements, or other arrangements with surface rights holders, as applicable under Brazilian legislation.

At the time of this PEA, long-term land access requirements and potential surface rights arrangements remain subject to further engineering, environmental, social, legal, and economic evaluation in future stages of project development.

The São Jorge Project is subject to certain royalties and encumbrances as disclosed in the São Jorge NI 43-101 Technical Report. GoldMining Inc. acquired the Project through a series of agreements and transactions that include royalty obligations applicable to future production from the mineral properties.

The São Jorge Deposit is subject to a 1.0% net smelter return (“NSR”) royalty payable to Osisko Gold Royalties Ltd. and a 1.0% NSR royalty payable to Gold Royalty Corp.

The Project is also subject to the Brazilian federal mining royalty known as the Compensation for the Exploitation of Mineral Resources (“CFEM”). This royalty is payable on mineral production at a rate of 1.5% of the value of the mineral production, in accordance with applicable Brazilian mining legislation.

The NI 43-101 Technical Report further notes that additional payments or compensation obligations may apply in relation to surface rights holders.

At the time of this PEA, no Mineral Reserves have been declared, and no production decision has been made. The potential economic impact of royalties, surface rights arrangements, and other encumbrances remains subject to further engineering, legal, commercial, and economic evaluation in future stages of project development.

4.4.1    Environmental Liabilities and Permitting

With the exception of one exploration licence (850.193/2017) that is located to the west of the Jamanxim River, and the western portion of another exploration licence (850.556/2013), that lies on the Jamanxim National Forest protected area (on which mining is permitted under certain conditions), all the other exploration mineral titles of the property are located outside of environmentally restricted areas.

The São Jorge Gold deposit is located outside environmentally restricted areas.

New legislation requires the preservation of natural vegetation areas, including drainage margins, that were partially degraded by previous artisanal miners’ activities. GMI will be required to comply with the minimum preservation area set by legislation, and this will be verified through the environmental baseline studies to be conducted as part of the Environmental Licensing to obtain the Mining License.

The QP is not aware of any environmental liabilities on the property. GMI has all required permits to conduct exploration work on the property at the current stage of the project.

At the time of writing, the authors are unaware of any other significant factors or risks that would materially affect the development of the São Jorge Project.

For this chapter the authors have relied on information provided by GMI and have not independently verified such information.

Access to the São Jorge Project from the cities of Itaituba and Santarém is via the paved BR-163 highway (Cuiabá-Santarém) as shown in the map of Figure 5.1.

The distance from Santarém to the project is approximately 600km (10-hour drive by car), and from Itaituba, 270 km (4-hour drive by car).

The project camp and the São Jorge Gold deposit are situated only 2km west of the BR-163 highway and are accessible via unpaved secondary roads.

The highway and secondary road access conditions may be affected seasonally during periods of heavy rainfall; however, access is maintained year round.

The cities of Santarém and Itaituba offer regular commercial flights, and both have seaports that can accommodate large ships and barges. These cities' ports are connected to Belém, the capital of the state of Pará, at the mouth of the Amazon River, a major seaport on the Atlantic coast.

To the south, highway BR-163 also connects the São Jorge project to the city of Sinop in the nearby state of Mato Grosso, providing an alternative option for the project’s logistics.

Figure 5.1 - Accessibility map

The São Jorge Project is located in a tropical climatic region characterized by distinct wet and dry seasons. The wet season typically extends from December to May, while the dry season occurs between June and November.

Average annual precipitation in the region is approximately 2,000 mm, with most of the rainfall occurring during the wet season. Average annual temperatures are approximately 27°C, with limited seasonal variation.

Seasonal rainfall may locally affect road conditions and access, particularly along unpaved roads; however, climate conditions are not considered a significant constraint to exploration or potential mining activities.

The São Jorge Project is in a region with access to local labour, basic services, and existing infrastructure to support exploration and potential mining activities.

The local economy is primarily based on agriculture (mainly soya beans and corn), cattle ranching, mining, forestry, and services.

The nearest population centres include the town of Novo Progresso, located approximately 70 km to the south, and smaller communities such as Vila Riozinho and Moraes Almeida, located approximately 15 km and 30 km from the Project area, respectively. These communities provide a source of semi-skilled and unskilled labour, as well as most services needed for project logistics, such as fuel, equipment, consumables, and basic services.

On-site infrastructure includes camp facilities for personnel accommodation, office buildings, core-logging and sample-preparation facilities, and storage areas. These installations have supported historical exploration activities and remain available for ongoing and future use.

Electrical power is supplied via a connection to the regional grid, with on-site diesel generators serving as backup. Water required for exploration activities is sourced locally, and potable water is sourced from wells.

Communication infrastructure, including internet and satellite telephone service, is available at the Project site.

Based on the available information, no significant limitations related to local resources or infrastructure have been identified that would materially affect the development of the Project.

The São Jorge Project is situated in a region characterized by relatively low relief, with elevations ranging approximately from 150 m to 400 m above sea level. The topography is generally gentle, with locally undulating terrain.

The Project area is located within a tropical rainforest environment, although portions of the original vegetation have been altered by agricultural activities, primarily cattle ranching and mining.

The regional drainage is part of the Tapajós River basin, with the Jamanxim River located approximately 10 km west of the Project area. Surface water is available locally and contributes to the regional hydrological network.

The physiographic conditions are considered favourable for exploration and potential mining activities, with no significant topographic or natural barriers identified.

From 1993 to 1998 Rio Tinto Desenvolvimento Minerais Ltda (“RTDM”), a subsidiary of Rio Tinto Plc Mineral Group, acquired the exploration rights to the property.

In March 1998, Altoro Gold Corp. (“Altoro”) negotiated an agreement on the property with RTDM and reviewed all data by check sampling of drill holes and surface sampling at the garimpeiro pit. However, due to a merger with Solitario Resources Corporation, no further work was completed on the property. In early 2003, RTDM relinquished the four São Jorge exploration licenses.

One of the licenses (No 850.024/02), was immediately acquired by a private individual and subsequently optioned to Centaurus Mineração e Participações Ltda (“Centaurus”). No exploration work was undertaken by Centaurus.

From 2001 to 2005, garimpo operations were undertaken by Tapajós Mineração Ltda (“TML”). These operations included small heap-leach pads that used cyanide solutions to recover gold. Production by TML was reported at 15,000 t of ore per month grading 0.3 to 0.7 g/t of gold.

By the time garimpeiro operations ceased on the property, a pit of approximately 400 m long, 80 m wide, and 20-30 m deep had been excavated over the Wilton Pit area.

On July 16, 2004, Talon Metals Corp. (“Talon”) acquired from Centaurus a 100% interest in the São Jorge exploration licenses and, in April 2005, entered into an agreement with Jaguar Resources Limited to acquire a 100% interest in the three adjacent claims.

On June 14, 2010, Brazilian Gold Corporation (“BGC”) acquired from Talon a 100% interest in the São Jorge exploration licenses.

On November 22, 2013, BGC entered into an agreement with Brazil Resources Inc. (“BRI”), pursuant to which BRI acquired all outstanding common shares of BGC. Brazil Resources Inc. announced that effective December 6, 2016, it had changed its name to GoldMining Inc. As a result of its acquisition of BGC, GMI indirectly owns Brazilian Resources Mineração Ltda., Mineração Regent Brasil Ltda., and BRI Mineração Ltd., which in turn own the Project.

The Project is located in the eastern part of the region known as the “Tapajós Gold Province”. Gold is reported to have been first discovered in the Tapajós region in the 18th century.

Significant regional production has been recorded since the end of the 1970s and beginning of the 1980s, when highway BR-163 (the Cuiaba–Santarém road) was opened. A gold rush began in the Tapajós region with thousands of garimpeiros entering the previously isolated area. Production from the region apparently peaked between 1983 and 1989, with as many as 300,000 garimpeiros reportedly extracting somewhere between 500,000 oz and 1 million oz of gold per year, predominantly from shallow alluvial gold sources. Up until 1993, cumulative gold production was officially estimated at approximately 7 Moz. Production has since declined, reaching an estimated average of 160,000 oz of gold per year in the late 1990s.

Garimpeiro mining at the Project reportedly commenced in the 1970s (the Wilton pit). There are no published records to support the timing or amount of production. The exploration of the São Jorge area was initiated by RTDM in 1993. At that time, the São Jorge garimpo workings (the Wilton Pit) were approximately 30 m in diameter. Following sampling in this small open pit, RTDM applied for four exploration licences to acquire the bedrock mining rights and negotiated an agreement with the landowner, Wilton Amorim, which enabled them to initiate exploration on the property.

A summary of the exploration and development history of the Project prior to being acquired by GMI is excerpted from GE21 Consultoria Mineral (2021) and is shown in Table 6.1.

Table 6.1 - Exploration and Development History, São Jorge Project

6.2.1    RTDM Drilling

Diamond drilling undertaken by RTDM was comprised of an initial phase of 10 drill holes comprising FSJ-01 to FSJ-10 for a total of about 1,700 m with the deepest drill hole penetrating 150 m below surface. These holes were inclined at 50º to 55º. All core drilled was BQ (36.5 mm) diameter. The second phase of drilling by RTDM comprised 16 drill holes (FSJ-11 to FSJ-26) for a total of approximately 2,690 m. Drill holes were drilled with a 50º to 55º inclination with a north or south azimuth. Five drill holes were drilled at an azimuth ranging from 20º degrees to 35º degrees, approximately perpendicular to the deposit strike. Core drilled during this campaign was HQ (63.5 mm) and NQ (47.6 mm) in diameter. Details of RTDM drilling procedures were reviewed by Harron (2006). Downhole surveys were not completed for RTDM holes and possible deviation may have occurred, but verification of this deviation is not possible.

6.2.2    Talon Drilling

In 2005 Talon completed a Phase I diamond drilling program with a total of 10,104 m from 48 drill holes completed, mainly targeting the existing garimpeiro pit.

From May to September 2006, Talon conducted a Phase II drilling program with a total of 34 drill holes completed for 7,952 m. From this phase, eight drill holes for 2,302 m targeted an infill program at the Wilton pit, and another 5,650 m tested prospective targets. Two new extensions, the “Kite zone”, located to the northwest, and the “Wilton East zone’, located east of the pit, were defined.

Drilling was contracted to Geoserv Pesquisas Geologicas SA of Rio de Janeiro, a subsidiary of Boart Longyear. Drilling equipment used on the Project included two Diakore and one Longyear 38 drilling rigs. Overburden, laterite and saprolite rock was drilled using HQ core equipment. Un-weathered rock was drilled with NQ diameter core.

The majority of drill holes over the Wilton Pit area were drilled with a north or south azimuth and inclined about 55º. Talon drilled five vertical drill holes and some drill holes with northeast and southwest orientations to test for sub-horizontal and oblique structures in the deposit.

The Talon drilling procedures include:

Collar coordinates are based on the UTM coordinate SAD69, UTM zone 21S datum. Talon holes were surveyed by the drilling contractor using a Sperry Sun multi-shot tool, followed by a Reflex single-shot tool. Initially holes were surveyed at 3 m intervals and then with a better knowledge of drill hole deviations, variably from 40 to 90 m intervals. Several holes were oriented using the downhole “spear” technique. Drill collar coordinates are recorded using a differential GPS system by Terra Engineering based in Novo Progresso, Pará state.

BGC had drilled about 14,708 metres in 37 drill holes from January to December 2011. All of this data, along with the historical drill hole information, supports the updated Mineral Resource presented in this report. BGC implemented the exploration program keeping the same procedures and philosophy as Talon.

Several historical Mineral Resource estimates have been prepared for the Project (Table 6.2). All of these estimates are considered to be historical in nature and should not be relied upon. A qualified person has not completed sufficient work to classify any of the historical estimates as a current Mineral Resource or Mineral Reserve, and GMI is not treating any the historical estimates as current Mineral Resources. The current Mineral Resources presented in Section 14 supersede all historical Mineral Resource estimates.

Table 6.2 - Summary of Historical Mineral Resource Estimates, São Jorge Project

Gold production from the Project has been only via artisanal mining operations that recovered gold from the shallow, saprolite profile. Approximately 1,500 oz of gold have been estimated to have been produced in this manner (MPH Consulting 2004).

The São Jorge Gold Project is located within the Tapajós District situated in the south-central portion of the Amazon Craton. The Amazon craton became tectonically stable at the end of the Late Proterozoic period. The Craton is generally divided into the Guyana Shield north of the Amazon River and the Brazil Shield south of the Amazon River. The provinces have a northwest trend across the shields. The Brazil Shield has, as its nucleus, the Archean granitoid-greenstone terranes of the Carajás-Imataca Province in the east. The structural provinces become younger towards the west and are dominantly granitic rocks of Paleoproterozoic age. There is a general agreement that in this region, initial oblique collision tectonism was associated with crustal shortening linked to subduction and or accretion of magmatic arcs and early continental nucleation (GE21 Consultoria Mineral, 2021).

The main units that form the basement of the Tapajós Gold Province are the Paleoproterozoic Cuiú-Cuiú Metamorphic Suite (2.0 to 2.4 Ga old), and the Jacareacanga Metamorphic Suite, also of possible Paleoproterozoic age (>2.1 Ga). The Cuiú-Cuiú Suite comprises gneisses, migmatites, granitoid rocks and amphibolites. The Jacareacanga Suite comprises a supracrustal sedimentary-volcanic sequence, which has been deformed and metamorphosed to greenschist facies. Both suites are intruded by granitoids of the Parauari Intrusive Suite consisting of a monzodiorite dated at 1.9 to 2.0 Ga. These form the basement of the extensive felsic to intermediate volcanic rocks of the Iriri Group, dated at 1.87 to 1.89 Ga, including comagmatic and anorogenic plutons of the Maloquinha Suite with intrusive events dated at 1.8 to 1.9 Ga. The Iriri - Maloquinha igneous event is associated with a strong extensional period. Regional structural analysis in the Tapajós area has identified important lineaments that trend mainly northwest to southeast with a less well defined transverse east to west set.

The primary gold mineralization in the Tapajós region is related to:

The São Jorge gold deposit is related to the east extension of the regional 450 km long northwest-southeast Cuiú-Cuiú - Tocantinzinho lineament which also hosts several important gold deposits including the Palito mine, Tocantinzinho and Cuiú-Cuiú deposits, and the Bom Jardim and Batalha gold prospects (Figure 7.1).

Figure 7.1 – São Jorge Project, regional-scale geology

The São Jorge property geology consists of a granitoid pluton dominantly composed of an amphibole-biotite monzogranite (Figure 7.2). In the past, this pluton was interpreted to comprise one granitoid series, however, geological research completed by the Federal University of Pará (“UFPA”) indicates that the pluton is heterogeneous and is comprised of two main granitoid series including:

The São Jorge granitoids frequently include 5 cm to 10 cm long, oval-shaped mafic enclaves. They also display local rapakivi texture characterized by sparse crystals of K-feldspar mantled by plagioclase.

Figure 7.2 – São Jorge property-scale geology

7.2.1    Lithologies

Typically soil, laterite, saprolite and saprock comprise the upper 30 m to 40 m. Below this is fresh granitoid of a fairly narrow range of primary composition. Microscope work on representative samples indicates the following ranges for the major rock forming minerals in the weakly to moderately altered lithologies:

Based upon these compositions the primary rock is mostly classified as monzogranite though lesser amounts of granodiorite (where microcline content is lower) are present. Depending on the contribution of hornblende, biotite and magnetite, a prefix of hornblende or biotite may be added to the rock name.

Figure 7.3 shows typical São Jorge lithologies; from top to bottom they are:

Top: Monzogranite with large orange/pink microcline crystals, 35% plagioclase (largely altered to sericite), 20% quartz;

Centre: Granodiorite comprised of 35% quartz, 30% plagioclase, 15% microcline and 15% chlorite (reddish coloration is due to fine hematite within plagioclase); and

Bottom: Very weakly altered hornblende monzogranite comprised of 20% quartz, 30% plagioclase, 20% microcline, 18% hornblende, 6% biotite and 1% chlorite.

Figure 7.3 - Typical examples of São Jorge host lithologies

Source: Coffey Mining 2013.

The São Jorge granitoids are mostly medium grained and equigranular, but microcline crystals up to 100 mm size may give the rock a coarse porphyritic texture where potassic alteration is advanced. A small percentage (<0.5%) of the rock mass is comprised of fine grained aplites which are pink/orange K-feldspar rich, cross-cutting and up to three metres thick. A small amount of leuco-granite is present in some boreholes; comprised mainly of K-feldspar, possibly as a result of pervasive potassic alteration. Where intensely sheared, the granite composition and texture is un-recognizable and the lithology is best described as a low grade metamorphic granite or meta-granite (Pedley 2011).

7.2.2    Alteration

The main variable in the São Jorge lithology is alteration. The main visible alteration types are:

In addition to the above is the development of silicification (Pedley 2011).

The intensity of alteration and the relative proportions of the main alteration minerals is variable and changes are typically gradational, but five alteration assemblages have been recognized as those which can be identified relatively easily in core and importantly, correlated between boreholes. The alteration minerals, in probable order of genesis/advancement, reflecting change from potassic to phyllic alteration, are: Fe-oxide→ chlorite→ microcline and epidote→ sericite and quartz.

Detailed descriptions of the alteration assemblages observed at the São Jorge deposit is as follows.

Figure 7.4 presents an example of the un-altered pale grey hornblende-magnetite monzogranite, sometimes with clusters of biotite and magnetite, in this case totally unaltered. Crystals are typically euhedral.

Figure 7.4 - Example of fresh, un-altered monzogranite

Source: Coffey Mining 2013.

Hematite formation within feldspar crystals gives this alteration type a distinct reddish coloration. Chlorite typically forms veins and patches. Hornblende is partially/largely preserved. Crystals are euhedral to subhedral. Primary magnetite is largely replaced. Widely spaced narrow (<0.2m) mineralized zones of quartz-sericite alteration may be present. With increasing pervasive alteration, this zone grades into the K-feldspar – epidote – chlorite (K-feld-ep-chl) zone, or, with a greater frequency of fracture controlled alteration/mineralization, may be classified as the heterogeneous ore type. Figure 7.5 illustrates the Fe-oxide +/- chlorite assemblage, in this case very little chlorite is present (hornblende remains largely unaltered).

Figure 7.5 - Example of Fe-oxide +/- Chlorite Alteration

Source: Coffey Mining 2013.

Sericite comprises less than 4% to 5% of the rock. Increased alteration is present, notably microclinisation forming overgrowths and new large K feldspar crystals. Microcline crystals may reach 100 mm or more. Plagioclase takes on a light greenish appearance due to replacement by epidote. Silicification is not as abundant as it is in the mixed assemblage.

Chlorite is abundant forming veins and aggregates.

Figure 7.6 illustrates the K-feld-ep-chl zone. It presents large K-feldspar crystals and visible chlorite veins.

Figure 7.6 - Example of K-Feldspar-Epidote-Chlorite Alteration

Source: Coffey Mining 2013.

Sericite is an essential component of this assemblage, and epidote and K-feldspar are always present in varying amounts. A distinguishing criterion of this assemblage is that the alteration is pervasive. There is some variation in the relative proportion of sericite which may comprise between 5% and 50% by volume; largely reflecting the intensity of the alteration. With increasing intensity the epidote and K-feldspar component is reduced, replaced by a sericite quartz assemblage; it may be possible to subdivide the assemblage based upon the amount of sericite and epidote present.

Typically this alteration assemblage has a greenish/grey patchy or ‘marbled’ appearance. Original crystal forms are largely/entirely destroyed though less intensely altered varieties exist. Silicification is common, probably after K-feldspar (Pedley 2011). It is distinct in core and provides a useful ‘marker’ for correlation. Figure 7.7 illustrates the mixed zone, in this case sericite is present in relatively small amounts (15%).

Figure 7.7 - Example of Mixed Zone Alteration Type

Source: Coffey Mining 2013.

The importance of this assemblage was recognized midway through the re-logging exercise; on some sections it may be incorrectly logged as Fe-Ox +/- chl or K-feldspar-epidote-chlorite assemblage. It is typified by weak to moderately altered rock of these assemblages but with small (10 mm to 0.5 m) altered zones with quartz, sericite, epidote and appears to be fracture controlled as opposed to pervasive.

Figure 7.8 illustrates the heterogeneous (variable) zone alteration. In this picture there are several small zones of intense sericite-quartz alteration separated by sections of weak Fe-Ox +/- chl alteration. This heterogeneous appearance is typical of this mineralization type.

Figure 7.8 - Example of Heterogenous Alteration Type zone

Source: Coffey Mining 2013.

7.2.3    Structure

The mineralized and altered portions of the São Jorge Granitoid reflect zones of moderate shearing evident as numerous small (less than two to three metres, mostly less than 0.5 m) ductile shears with foliation approaching mylonitic textures in places, and widespread micro-shearing and brecciation. Quartz and feldspar crystals are affected by cataclasis forming cryptocrystalline aggregates.

The shear zones are typically discontinuous; they can be correlated between some boreholes but not others. Generally, shear zones are coincident with the most advanced alteration zones. Quartz veining, boudin structures, carbonate veinlets and hematite are typical of the shear zones. Sericite may comprise up to 60% of the central parts of the shear zones. Adjacent to these zones the granitoids exhibit micro-shearing and brecciation and a general destruction of primary igneous textures (cataclasis) for several metres around the structure (Pedley 2011).

Figure 7.9 shows a typical small shear zone with foliation and cataclastic textures. Figure 7.10 shows a typical quartz veining adjacent to most intense shearing. In both cases alteration is sericite dominated and very intense.

Figure 7.9 - Example of a small scale shear zone in drill core

Source: Coffey Mining 2013.

Figure 7.10 - Examples of shear zones containing quartz veins in drill core

Source: Coffey Mining 2013.

Figure 7.11 shows a surface view of a shear zone contained within the saprolite portion of the weathering profile. In this location the shear zone dips vertically, is in order of 3 to 4 metres in width and contains thin, centimetre-scale veinlets of semi-massive to massive oxidized pyrite that are oriented either parallel to the foliation, or are at a low angle. Disseminated pyrite is also present.

Figure 7.11 - Example of shear zone in saprolite containing sulphide veinlets. View looking east

Source: SLR 2024.

The mineralized system extends over approximately 1.4 km along strike, with an average thickness of approximately 160 m and vertical continuity exceeding 300 m. The mineralization remains open at depth.

Observations made in drill core suggest that the gold mineralization is often associated with the presence of sulphide minerals where at least 99 percent of sulphides are pyrite. Chalcopyrite, and very rare galena and molybdenite are also observed on occasion and comprise less than approximately 1% of the total sulphide abundance. Statistical analyses of the relationship between sulphide abundance as logged in drill core and gold grades reveal a poor correlation. While the presence of sulphide minerals appears to be a prerequisite for elevated gold values, there is no clear and consistent correlation between sulphide abundance and gold grades. Many instances are noted in drill core where sulphide mineralization is present with little to no associated gold values.

The SLR QP recommends that mineral chemistry studies be undertaken on both the mineralized and barren pyrite present in the São Jorge deposit to determine whether a difference in the pyrite chemistry can be used as an exploration tool.

The sulphide minerals are present as either disseminated grains (Figure 7.12) or within veins/veinlets (Figure 7.13) or small semi-massive blebs/lenses (Figure 7.14), comprising up to a maximum of 10% by volume by metre of core. Grains are typically < 2mm fine euhedral to subhedral but in exceptional specimens sulphide grains may reach 8 mm to 10 mm in size.

Mineralization is best developed within the central portions of the deposit, typically associated with sericite (phyllic alteration):

Figure 7.12 - Example of fine disseminated pyrite mineralization within the mixed alteration zone

Source: Coffey Mining 2013.

Figure 7.13 - Example of fracture controlled vein-style pyrite mineralization within the Fe-Ox-chlorite alteration zone

Source: Coffey Mining 2013.

Figure 7.14 - Example of semi-massive, veinlet, and disseminated pyrite mineralization

Source: Coffey Mining 2013.

The São Jorge mineral deposit is best classified as a granite-hosted, intrusion-related gold deposit. Intrusion related gold deposits were defined by Thompson et al. (1999) with the following characteristics:

Analogous deposits associated with granitoid intrusives in the Amazonian craton are the multi-million ounce Omai gold deposit in Guyana (Goldfarb et al. 2001) and the 2.1 million ounce Tocantinzinho gold deposit, located approximately 90 km northwest from the São Jorge property along the same regional lineament.

Exploration work completed over the property by previous operators from 1993 to 2013 is summarized in Chapter 6 (‘History’) and described by GE21 Consultoria Mineral (2021). It includes:

In the period between May 3^rd and August 8^th, 2011, an IP survey was completed over the property totaling 101,550 linear metres of IP profiles.

The time domain Spectral Induced Polarization survey was performed along lines using the Dipole-Dipole arrangement with spacing of 100 m and advances of 50 m between stations. The survey equipment included a VIP4000 Transmitter in conjunction with IP Receiver ELREC- PRO – both from IRIS.

The data was processed using the GEOSOFT Interactiv™ IP Processing System.

Figure 9.1 shows the chargeability distribution in plan view at the 100 m level. The image is a representation of the chargeability at depths in the fresh rock.

Figure 9.1 - Induce Polarization chargeability Map (100 m level) combining historic data (2011) and recent infill and extensions of the IP grid (2025 – 2026).

The elevated chargeability values are attributed to the presence of variable abundances of pyrite in the deposit occurring as disseminations and stockwork veinlets. The elevated chargeability values continue along strike to the southeast from the known limits of the deposit into areas that are not extensively tested by diamond drilling.

9.2    Exploration Completed by GoldMining Inc.

GoldMining Inc. recommenced systematic exploration activities over the São Jorge property in 2024. GMI's exploration programs included:

The soil sampling program delineated several targets comprising gold ± copper ± molybdenum ± silver soil geochemical anomalies distributed over a large 12 km x 7 km geochemical footprint surrounding the São Jorge deposit.

In addition to extending the São Jorge mineral system surrounding the deposit, the sampling program identified for the first time several copper ± molybdenum ± gold soil geochemical anomalies associated with distinct magnetic geophysical features suggestive of potential copper-porphyry style mineralization.

9.2.1    IP Infill and Extensions

Commencing in early 2025 the IP grid was expanded beyond the extent of the original 2011 survey, primarily to the north and east.

The survey was conducted by Geomag (a Wellfield Services subsidiary), the same company employed for the 2011 IP survey.

In the period between August 30^th and November 13^th, 2025, an IP survey was completed over the property totaling 56,950 linear metres of IP profiles, subsequently in the period between February 26^th and April 25^th, 2026, an IP survey was completed over the property totaling 40,000 linear metres of IP profiles.

The time domain Spectral Induced Polarization survey was performed along lines using the Dipole-Dipole arrangement with spacing of 150 m and advances of 50 m between stations. The survey equipment included a VIP4000 Transmitter in conjunction with IP Receiver ELREC- PRO – both from IRIS. The data was processed using the GEOSOFT Interactiv™ IP Processing System.

Chargeability at the 100 m level is shown in Figure 9.1, which combines the 2025-2026 survey data with the historic 2011 data.

9.2.2    Soil Sampling Procedures and Parameters

At selected regions of interest, the sampling grid spacing ranges from 200 m x 100 m to 50 m x 50 m. Samples were collected using shovels excavating up to 30 cm deep to obtain material below the organic soil.

The samples were dried in the air and homogenized in the field. One representative sample, approximately 1 kg, was sent for laboratory analysis. The remaining material was stored until the final results were received and quality assurance (“QA”) and quality control (“QC”) procedures were completed.

The samples were sent to the SGS Geosol Laboratórios Ltda. (“SGS”) that is located in Vespasiano, Minas Gerais, Brazil. The samples were then dried at 105º C, crushed to 3 mm, homogenized, quartered, and an aliquot of 250 g to 300 g was pulverized to 150 mesh in a steel mill. These were then analyzed for gold by the FAA505 method (fire assay with atomic absorption finish on 50 g of material) and for 33 other elements by the GE_ICP40Q method (multi-acid digestion with an inductively coupled plasma optical emission spectroscopy finish on 0.25 g of material).

SGS is a certified commercial laboratory and independent of GMI. GMI has implemented a quality assurance and quality control program for the sampling and analysis of drill core and auger samples, including duplicates, mineralized standards and blank samples for each batch of 100 samples.

9.2.3    Mapping and Rock Chip Sampling

Rock samples from natural outcrops and saprolite zones and quartz veins exposed in artisanal mine workings (“garimpos”) were collected during the surface sampling program. A total of 1,164 rock and saprolite samples have been collected (Figure 9.2).

Saprolite channel samples were collected along profiles on exposed vertical faces and across floors of garimpo workings. Several mineralized veins were identified in these zones, helping to delineate structural orientation and distribution of mineralization in the surrounding areas of the São Jorge deposit.

A total of 751 rock samples were analyzed for whole-rock geochemistry and 38 elements. The rock samples were sent to the SGS laboratory located in Goiâna, Goiás, Brazil, where they were dried at 105ºC, crushed to 3 mm, homogenized, quartered, and an aliquot of 250 g to 300 g was pulverized to 150 mesh in a steel mill. These were then analyzed for gold by the FAA505 method (fire assay with atomic absorption (“AA”) finish on 50 g of material) and ICP95A, determination by fusion with lithium metaborate – inductively coupled plasma optical emission spectroscopy (“ICP OES”) and loss on ignition test due to calcination of the sample at 1,000ºC.

Figure 9.2 – Soil and rock grab sampling locations, combining historic data (2011) and recent infill and extensions of the IP grid (2025 – 2026)

9.2.4    Surficial Geological Exploration preliminary conclusions

The combination of surficial and outcrop geology mapping, soil and rock chip geochemistry, and geophysics has helped with the interpretation of underlying primary geology across the São Jorge Project, and also the delineation, characterization and prioritization of exploration targets within the São Jorge mineral system.

The signature of the rock geochemistry permitted the identification of several different types of granitoids.

An excellent correlation was identified between the soil geochemistry and the subjacent rock geochemistry units, showing that is possible to separate the geological units using the soil geochemistry and geophysics.

It was also confirmed that the soil transportation of the anomalies is on the order of tens of metres, and the anomalies located in the soil may suggest relatively proximal bedrock sources.

Some elements, such as Mn, Fe, Cu, and As, are helpful for discriminating between the topsoil, transported lateritic horizons, and saprolite bedrock, where abrupt gradients can help identify the contacts between these units in the lateritized regolith profile.

Several target areas have been identified from a combination of elevated gold-in-soil, and/or rock grab sampling from outcrop or garimpos, and/or IP geophysical (chargeability) anomalies. Figure 9.3 summarizes the exploration prospects identified to date within approximately 5 km radius of the São Jorge deposit, some of which have returned positive drilling results from initial drill testing (see Section 10) completed to date.

Figure 9.3 – Exploration targets within a 5km radius

Several drilling programs have been carried out on the property by the various claim owners. The historical drilling completed on the entire Property is documented in Section 6 (‘History’) of this report. As of June 9, 2026, a total of 934 drill holes have been completed on the property totalling 55,974 m in length (Table 10.1, Figure 10.1). These drilling programs include diamond drill holes (“DDH”) and auger drill holes and Reverse Circulation (“RC”) drill holes (Figure 10.2).

Table 10.1 - Summary of drilling completed at the São Jorge Project

Figure 10.1 - Drill hole location map by Company to June 9, 2026

Figure 10.2 - Diamond drill hole and auger drill hole locations

Auger drilling is used as a first pass deep geochemical exploration tool to test the surficial geochemical profile from surface to the top of bedrock, with the primary objective to identify placer gold horizons in the transported material, and the potential bedrock source of surface geochemical anomalies. GMI completed an auger drilling program comprising 206 holes for a total length of approximately 3,098 m between April 2024 and November 2024, and 223 holes for a total length of approximately 2,143 m between July 2025 and September 2025.

The 2024 auger drilling program targeted primarily the high-priority ‘William South’ area located approximately two km north of the São Jorge deposit. The William South area comprises a broad high-tenor zone of anomalous gold-in-soil samples, measuring approximately 2 km x 2 km (Figure 10.3). The auger program confirmed multiple contiguous primary gold anomalies in the shallow saprolite zones below the surface soil anomalies. The auger program indicated multiple contiguous primary gold anomalies in the shallow saprolite zones below the surface soil anomalies.

The 2025 auger drilling program targeted numerous surface geochemical anomalies throughout the property and areas of previous garimpeiro activity to test for shallow placer mineralization which could be traced back to a potential bedrock source.

The auger drilling programs were completed by Geoscan Consulting utilizing a diesel powered 20 cm diameter rotary drill head capable of penetrating to depths of 15 m to 20 m, with vertical drill holes completed on an approximately 25-50 m x 50 m grid pattern. A geologist or technician supervised the drilling, logged the drill cuttings, and discriminated between transported overburden from in situ weathered bedrock. Sampling is conducted at one metre intervals, with assaying being done with assay methods with detection limits of 5 parts per billion (“ppb”) Au. The drilling method is an open hole, therefore contamination and/or dilution of precious metal grades by material from higher in the hole is possible.

The one-metre auger sample intervals were dried in the air and homogenized in the field and a representative sample of 1 kg from each sample interval was sent for analysis. The remaining material was stored until the final results were received and QA/QC was completed.

A summary of the significant intersections encountered in the 2024 and 2025 auger holes is provided in Table 10.2

The SLR QP recommends that exploration drilling be carried out to search for bedrock sources of the gold mineralization discovered by GMI’s auger drilling program in the William South area.

Figure 10.3 - Auger hole location map

Table 10.2 - List of significant intersections from the 2024 & 2025 auger drilling program