# GoldMining Announces Positive PEA Highlighting $532 Million After-Tax NPV and 42% IRR at its S&\#xE3;o Jorge Project, Brazil Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--968451ca-33a2-44c9-8ddf-602134d322df Original source: https://money.tmx.com/en/quote/GOLD/news/5914825455690755/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42- Publisher: tmx Original announcement: 2026-06-11T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: GoldMining Inc. - Ticker: GOLD - Exchange: TSX - Region: Pará State, Brazil - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Production - Extracted: 2026-09-16 02:42:20 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary GoldMining Inc. announced a positive Preliminary Economic Assessment \(PEA\) for its São Jorge Project in Brazil, highlighting a $532 million after-tax Net Present Value \(NPV\) and a 42.4% Internal Rate of Return \(IRR\) at a base case gold price of $3,500/oz. The PEA outlines a conventional open-pit operation with a 10.6-year life of mine, projecting an average annual gold production of 51,250 oz and a high metallurgical recovery of 90%. The company plans to advance the project to pre-feasibility studies and permitting, supported by manageable initial capital expenditures of $202.2 million. Reasoning: The PEA for the São Jorge Project demonstrates robust economics with a high after-tax NPV and IRR, manageable initial capital, and strong gold recovery from a conventional open-pit operation, positioning the project for advancement despite its preliminary nature and reliance on Inferred resources. - Positive factor: Strong after-tax NPV and IRR - Positive factor: Manageable initial capital - Positive factor: High gold metallurgical recovery - Positive factor: Conventional open-pit operation - Positive factor: Advancing to pre-feasibility studies - Negative factor: PEA is preliminary in nature - Negative factor: Includes Inferred Mineral Resources - Negative factor: No Mineral Reserves estimated Facts used in scoring: 3 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document is a preliminary economic assessment \("PEA"\) for the project. Evidence · text > preliminary economic assessment \("PEA"\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate and disclosure are prepared in accordance with NI 43-101. Evidence · text > prepared by the Company in accordance with NI 43-101 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons \(Beck Nader, Reno Pressacco, Imola Götz\) are named and responsible for the PEA and resource estimate. Evidence · text > Beck Nader,DSc, MSc.,FAIG, CBRR , who is independent of the Company and a Qualified Person, as such term is defined in NI 43-101. The Mineral Resources were estimated by Reno Pressacco, M.Sc. \(A\), P.Geo., FGC, who is independent of the Company and a Qualified Person, as such term is defined in NI 43-101. The specific sections of the technical report for which each such Qualified Person is responsible will be set out in the technical report relating to the PEA. Each such Qualified Person has reviewed and approved the scientific and technical information regarding the PEA as disclosed in this news release. Imola Götz, M.Sc. P.Eng., F.E.C., Vice President, Project Development of the Company and a Qualified Person, as such term is defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PEA includes Inferred Mineral Resources, which are considered speculative. Evidence · text > The PEA 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. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The average gold metallurgical recovery is 90.0%, which is strong for a mill/leach circuit. Evidence · table > 90.0 Context: 0.91 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing flowsheet utilizes standard gravity and leach circuits, which are part of the mill route. Evidence · text > A proven processing flowsheet utilizing standard gravity and leach circuits achieves high metallurgical recoveries of 90% Au. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: The processing flowsheet utilizes standard gravity circuits. Evidence · text > A proven processing flowsheet utilizing standard gravity and leach circuits achieves high metallurgical recoveries of 90% Au. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes an Indicated category of 19.418 Mt at 1.00 g/t Au. Evidence · table > 19,418 Context: Indicated **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The mineral resource estimate states a break-even cut-off grade of 0.27 g/t Au. Evidence · text > Mineral Resource are estimated at a break-even cut-off grade of 0.27 g/t Au ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--968451ca-33a2-44c9-8ddf-602134d322df#fact-resource-facts-0) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: GOLD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Beck Nader, Reno Pressacco, Imola Götz - Resource group id: resource:13266d9a21306fd536bd - Deposit or zone: São Jorge Gold Project - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 19418000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 624 - Contained Unit: koz au - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-01-28 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The Indicated Mineral Resource provides a substantial and confident base for the project's preliminary economic assessment. - Positive factor: Significant tonnage and grade - Positive factor: Forms basis for PEA Evidence · table > 1.00 Context: 19,418 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--968451ca-33a2-44c9-8ddf-602134d322df#fact-resource-facts-1) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: GOLD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Beck Nader, Reno Pressacco, Imola Götz - Resource group id: resource:e94fc7b7c80787198947 - Deposit or zone: São Jorge Gold Project - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 5557000 - Grade: 0.72 - Grade Unit: g/t - Contained Metal: 129 - Contained Unit: koz au - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-01-28 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The Inferred Mineral Resource contributes to the overall project scale but carries a higher degree of geological uncertainty and cannot be used for reserve estimation. - Positive factor: Adds to overall resource potential - Negative factor: Inferred category is speculative - Negative factor: Cannot be converted to reserves Evidence · table > 0.72 Context: 5,557 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--968451ca-33a2-44c9-8ddf-602134d322df#fact-metallurgical-facts-2) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Region: brazil - Reported Region: Pará State, Brazil - Ticker: GOLD #### Test Work - Program Status: scoping - Processing Route: standard gravity and leach circuits #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Head Grade: 0.91 - Head Grade Unit: g/t #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The PEA outlines a high gold metallurgical recovery of 90% using a proven conventional gravity and leach circuit, which is a strong positive for the project's economic viability. - Positive factor: High gold recovery - Positive factor: Conventional processing route Evidence · table > 90.0 Context: 0.91 #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.