GoldMining Inc.
For the period ended Jul 31, 2026. Filed Jul 22, 2026.
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Jul 31, 2026 · Filed Jul 22, 2026
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GLDG$0.78+4.1%Stored close · as of Nov 6, 2026
Contents
EX-99.2 · Table 16.4 - Final Pit Optimization Results
Table 16.4 - Final Pit Optimization Results
| PIT OPTIMISATION RESULT - INDICATED AND INFERRED RESOURCES - NO SPATIAL CONSTRAINTS | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD x oz · Tonnes X 106 · g/t - Diluted · x103 · USD x 106 · Strip Ratio | ||||||||||||||||
| RAF · Gold Price · Indicated Mineralized Material · Inferred Mineralized Material · Total Mineralized Material2 · Waste · Low Grade Waste · Potential Mineralized Material · Total Waste · Au Indicated Mineralized Material · Au Inferred Mineralized Material · Au Total · Ounces Produced · Cashflow Best Case · Cashflow CL4 · Undiscounted Cashflow | ||||||||||||||||
| 0.20 | 500 | 1.1 | 0.1 | 1.2 | 1.3 | 0.3 | 0.0 | 1.5 | 1.38 | 0.99 | 1.35 | 44.47 | 80.51 | 80.51 | 86.95 | 1.28 |
| 0.25 | 625 | 2.3 | 0.2 | 2.5 | 3.1 | 0.5 | 0.0 | 3.7 | 1.30 | 1.17 | 1.28 | 88.11 | 153.44 | 153.24 | 168.69 | 1.47 |
| 0.30 | 750 | 3.6 | 0.4 | 4.0 | 5.6 | 1.1 | 0.0 | 6.7 | 1.21 | 1.02 | 1.19 | 130.17 | 215.29 | 214.72 | 240.83 | 1.70 |
| 0.35 | 875 | 6.1 | 0.7 | 6.8 | 10.7 | 2.6 | 0.0 | 13.3 | 1.10 | 0.89 | 1.08 | 201.40 | 301.79 | 300.00 | 353.86 | 1.97 |
| 0.40 | 1,000 | 9.1 | 1.0 | 10.1 | 19.0 | 3.9 | 0.0 | 22.9 | 1.04 | 0.87 | 1.02 | 284.48 | 388.59 | 385.61 | 480.25 | 2.28 |
| 0.45 | 1,125 | 10.4 | 1.2 | 11.6 | 24.4 | 4.6 | 0.0 | 29.0 | 1.03 | 0.84 | 1.01 | 322.64 | 422.80 | 417.75 | 534.55 | 2.51 |
| 0.50 | 1,250 | 13.7 | 1.7 | 15.4 | 41.4 | 6.3 | 0.0 | 47.7 | 1.00 | 0.78 | 0.98 | 415.02 | 487.04 | 480.27 | 651.85 | 3.10 |
| 0.55 | 1,375 | 14.9 | 2.3 | 17.2 | 49.3 | 6.8 | 0.1 | 56.3 | 0.99 | 0.75 | 0.96 | 455.11 | 510.69 | 500.97 | 699.05 | 3.26 |
| 0.60 | 1,500 | 15.6 | 2.6 | 18.2 | 53.4 | 7.2 | 0.1 | 60.7 | 0.98 | 0.73 | 0.95 | 474.21 | 520.57 | 509.68 | 719.40 | 3.34 |
| 0.65 | 1,625 | 16.1 | 3.0 | 19.1 | 58.6 | 7.5 | 0.1 | 66.2 | 0.98 | 0.71 | 0.94 | 493.54 | 528.93 | 516.94 | 737.46 | 3.46 |
| 0.70 | 1,750 | 16.5 | 3.2 | 19.7 | 61.2 | 7.7 | 0.1 | 69.0 | 0.97 | 0.70 | 0.93 | 503.31 | 532.53 | 520.30 | 745.23 | 3.51 |
| 0.75 | 1,875 | 17.5 | 3.5 | 21.0 | 71.9 | 8.2 | 0.2 | 80.3 | 0.97 | 0.69 | 0.92 | 531.15 | 540.12 | 527.68 | 764.11 | 3.83 |
| 0.80 | 2,000 | 17.7 | 3.6 | 21.3 | 74.3 | 8.4 | 0.2 | 82.9 | 0.96 | 0.68 | 0.92 | 537.82 | 541.71 | 529.11 | 767.82 | 3.89 |
| 0.85 | 2,125 | 18.1 | 3.9 | 22.0 | 79.9 | 8.8 | 0.2 | 88.9 | 0.96 | 0.68 | 0.91 | 551.08 | 544.03 | 531.24 | 773.45 | 4.03 |
| 0.90 | 2,250 | 18.5 | 4.1 | 22.6 | 85.0 | 9.2 | 0.2 | 94.4 | 0.95 | 0.68 | 0.90 | 561.64 | 545.24 | 531.97 | 776.50 | 4.18 |
| 0.95 | 2,375 | 18.7 | 4.3 | 23.0 | 88.4 | 9.3 | 0.3 | 98.0 | 0.95 | 0.68 | 0.90 | 568.26 | 545.77 | 532.35 | 777.83 | 4.27 |
| 1.00 | 2,500 | 18.9 | 4.5 | 23.4 | 93.0 | 9.6 | 0.3 | 102.9 | 0.94 | 0.68 | 0.89 | 576.34 | 545.92 | 532.34 | 778.22 | 4.40 |
| 1.10 | 2,750 | 20.7 | 6.6 | 27.3 | 144.2 | 11.9 | 0.3 | 156.4 | 0.93 | 0.68 | 0.87 | 655.66 | 540.04 | 525.56 | 774.14 | 5.72 |
| 1.20 | 3,000 | 20.9 | 7.3 | 28.1 | 156.8 | 12.4 | 0.3 | 169.5 | 0.93 | 0.69 | 0.87 | 672.11 | 537.75 | 522.03 | 767.97 | 6.02 |
| 1.30 | 3,250 | 21.3 | 7.6 | 28.9 | 169.6 | 12.8 | 0.3 | 182.8 | 0.92 | 0.69 | 0.86 | 687.30 | 534.94 | 517.54 | 759.03 | 6.32 |
| 1.40 | 3,500 | 21.4 | 7.9 | 29.3 | 175.8 | 13.0 | 0.3 | 189.1 | 0.92 | 0.69 | 0.86 | 693.80 | 533.06 | 514.89 | 753.08 | 6.46 |
| 1.50 | 3,750 | 21.6 | 8.2 | 29.8 | 187.4 | 13.3 | 0.3 | 201.0 | 0.92 | 0.69 | 0.86 | 704.37 | 529.05 | 510.26 | 740.35 | 6.74 |
2 “Mineralized Material” refers to potentially mineable material derived from pit optimization and does not constitute Mineral Reserves. At the current level of study. Mineral Reserves have not been defined.
| GoldMining Inc. NI 43-101 Report – São Jorge Project | Page 165 |
|---|
| PIT OPTIMISATION RESULT - INDICATED AND INFERRED RESOURCES - NO SPATIAL CONSTRAINTS | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD x oz · Tonnes X 106 · g/t - Diluted · x103 · USD x 106 · Strip Ratio | ||||||||||||||||
| RAF · Gold Price · Indicated Mineralized Material · Inferred Mineralized Material · Total Mineralized Material2 · Waste · Low Grade Waste · Potential Mineralized Material · Total Waste · Au Indicated Mineralized Material · Au Inferred Mineralized Material · Au Total · Ounces Produced · Cashflow Best Case · Cashflow CL4 · Undiscounted Cashflow | ||||||||||||||||
| 1.60 | 4,000 | 21.7 | 8.3 | 30.0 | 190.5 | 13.5 | 0.3 | 204.3 | 0.92 | 0.69 | 0.86 | 707.13 | 527.80 | 508.93 | 736.39 | 6.81 |
| 1.70 | 4,250 | 22.0 | 8.6 | 30.6 | 203.6 | 13.8 | 0.3 | 217.7 | 0.91 | 0.70 | 0.85 | 717.82 | 522.40 | 502.96 | 719.16 | 7.12 |
| 1.80 | 4,500 | 22.0 | 8.9 | 30.9 | 209.9 | 14.1 | 0.3 | 224.3 | 0.91 | 0.69 | 0.85 | 722.92 | 519.54 | 499.74 | 709.35 | 7.25 |
| 1.90 | 4,750 | 22.2 | 9.0 | 31.2 | 215.3 | 14.3 | 0.4 | 229.9 | 0.91 | 0.69 | 0.85 | 726.94 | 516.96 | 497.01 | 700.52 | 7.37 |
| 2.00 | 5,000 | 22.3 | 9.1 | 31.4 | 218.6 | 14.3 | 0.4 | 233.3 | 0.91 | 0.69 | 0.84 | 729.23 | 515.32 | 495.28 | 694.90 | 7.44 |
| 3.00 | 7,500 | 22.6 | 11.1 | 33.6 | 286.1 | 15.7 | 0.4 | 302.3 | 0.90 | 0.66 | 0.82 | 762.05 | 477.26 | 456.53 | 564.60 | 8.99 |
| 4.00 | 10,000 | 22.7 | 11.4 | 34.1 | 302.7 | 16.0 | 0.5 | 319.2 | 0.90 | 0.66 | 0.82 | 767.93 | 467.58 | 446.25 | 528.90 | 9.36 |
| 5.00 | 12,500 | 22.7 | 11.6 | 34.3 | 314.5 | 16.1 | 0.6 | 331.2 | 0.90 | 0.65 | 0.82 | 771.00 | 460.99 | 438.80 | 502.53 | 9.65 |
| 6.00 | 15,000 | 23.0 | 12.1 | 35.1 | 354.7 | 16.9 | 0.6 | 372.3 | 0.89 | 0.65 | 0.81 | 779.28 | 437.18 | 412.44 | 407.39 | 10.62 |
| 7.00 | 17,500 | 23.0 | 12.4 | 35.4 | 375.4 | 17.2 | 0.7 | 393.3 | 0.89 | 0.64 | 0.80 | 782.82 | 424.79 | 399.17 | 357.89 | 11.12 |
| 8.00 | 20,000 | 23.0 | 12.5 | 35.5 | 382.1 | 17.3 | 0.7 | 400.1 | 0.89 | 0.64 | 0.80 | 783.80 | 420.83 | 395.01 | 342.05 | 11.28 |
| 9.00 | 22,500 | 23.0 | 12.6 | 35.6 | 393.9 | 17.4 | 0.7 | 412.0 | 0.89 | 0.64 | 0.80 | 785.30 | 413.76 | 387.72 | 313.81 | 11.58 |
| 10.00 | 25,000 | 23.0 | 12.6 | 35.7 | 402.2 | 17.7 | 0.7 | 420.6 | 0.89 | 0.64 | 0.80 | 786.24 | 408.63 | 382.50 | 293.32 | 11.80 |
| GoldMining Inc. NI 43-101 Report – São Jorge Project | Page 166 |
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