GLDG · GoldMining Inc.

GoldMining Inc. announced the results of an updated Preliminary Economic Assessment (PEA) for its La Mina Project in Colombia, revealing robust economics driven by updated metal price assumptions and benchmarked operating costs. The study outlines a base case after-tax NPV (5%) of $1.0 billion and an IRR of 32.2%, utilizing price assumptions of $3,500/oz gold, $4.70/lb copper, and $40/oz silver. This represents a 265% increase in after-tax NPV compared to the prior PEA, largely attributed to capturing current market consensus metals pricing. The project demonstrates high capital efficiency with initial capital expenditures estimated at $523.3 million, resulting in a 0.5x initial capital to NPV ratio. The operation is envisioned as a conventional open-pit truck-and-shovel mine with a 15,000 tpd processing rate over an 11.2-year life, producing 1.5 million ounces of gold equivalent. Costs are projected to be resilient, with an AISC of $1,045/oz Au. Significant leverage to higher spot prices is evident; at current spot prices of approximately $4,775/oz gold, the after-tax NPV expands to $1.8 billion with an IRR of 49.1% and a payback period of 1.9 years. The PEA is based on the existing Mineral Resource Estimate with an effective date of December 20, 2022, comprising Indicated Resources of 1.15 Moz AuEq and Inferred Resources of 1.45 Moz AuEq. CEO Alastair Still highlighted that the study confirms La Mina as a potentially resilient development opportunity with solid base case economics. The Company expects to file a technical report on SEDAR+ within 45 days.