GoldMining Announces an Updated Mineral Resource Estimate for the Whistler Project, Alaska

VANCOUVER, BC, June 21, 2021

Whistler Updated Resource Highlights:

• Indicated Mineral Resources of 1.94 million ounces gold, 8.33 million ounces of silver and 422.0 million pounds of copper (118.2 million tonnes grading 0.51 g/t gold, 2.19 g/t silver and 0.16% copper) (see Table 1);
• Inferred Mineral Resources of 4.67 million ounces gold, 16.06 million ounces silver and 711.4 million pounds of copper (317.0 million tonnes grading 0.46 g/t gold, 1.58 g/t silver and 0.10% copper) (see Table 1);
• Compared to the prior reported estimate completed in 2016, Indicated Mineral Resources for gold, copper and silver have increased by 9.9%, 23.0% and 35.9% respectively;
• Compared to the prior estimate reported in 2016, Inferred Mineral Resources for gold have increased 0.9%, and for copper and silver have decreased by 0.3% and 29.0% respectively;
• The MRE utilizes pit shells to constrain resources at the Whistler, Island Mountain and Raintree West gold-copper deposits, as well as an underground potentially mineable shape to constrain the resource estimate for the deeper portion of the Raintree West deposit;
• The total Whistler Project area comprises a database of 250 drill holes totaling more than 70,000 metres with 182 drillholes and 53,202m of assayed length within the three deposit block models.
• The estimate has been updated with new metal prices of US$1,600/oz gold price, US$3.25 copper and US$21/oz silver, updated recoveries, smelter terms, costs, and geologic modelling with drilling and exploration work completed prior to 2016. GoldMining is evaluating potential exploration activities to better define and expand existing mineral resources.

Alastair Still, Chief Executive Officer of GoldMining commented: "The updated resource at Whistler provides a clear and modernized view of the potential of this large-scale gold-copper project. With approximately 3.0 million ounces of Indicated gold equivalent resource and 6.5 million ounces of Inferred gold equivalent resource, Whistler is currently one of the largest known mineral resources in Alaska, a proven mining jurisdiction. The updated resource estimate also includes approximately 422 million pounds of copper in Indicated resources and approximately 711 million pounds of copper in Inferred resources, which enhances the attractiveness of the project, especially given current copper price and the long-term outlook for copper demand.

The new MRE is constrained by an optimized pit shell that incorporates updated operating costs and metal price assumptions that factor price increases since 2016. This work builds upon the staged approach of advancing our portfolio of gold and gold-copper projects throughout the Americas such as the previously announced initiation of Preliminary Economic Assessments ("PEA") on our Yellowknife, La Mina, and São Jorge Projects in Canada, Colombia, and Brazil respectively."

Table 1: The Whistler Project Mineral Resources^1-9 (effective date: June 11, 2021)