# 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-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056 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 - Extracted: 2026-08-24 05:13:57 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 an after-tax NPV of $532 million and an IRR of 42.4% at a base case gold price of $3,500/oz. The PEA is based on an existing mineral resource estimate with a high Indicated component and assumes a 90% gold metallurgical recovery from a conventional gravity and leach circuit. The company plans to advance the project with pre-feasibility studies and permitting, despite the PEA's reliance on previously disclosed resource data that includes Inferred Mineral Resources. Reasoning: GoldMining's PEA for the São Jorge Project demonstrates robust economics with a high after-tax NPV and IRR, supported by strong gold recovery and a manageable initial capital. The resource estimate, while previously disclosed, shows high confidence with a significant Indicated component, though the inclusion of Inferred resources in the PEA introduces some geological speculation. - Positive factor: Strong PEA economics with high after-tax NPV and IRR - Positive factor: High gold metallurgical recovery - Positive factor: Manageable initial capital expenditure - Positive factor: High M&I confidence in the resource estimate - Negative factor: PEA includes Inferred Mineral Resources - Negative factor: Resource estimate effective date is over a year old Low confidence — this extraction should be reviewed alongside the original source. - Rubric flag: M&I confidence tiers — M&I percentage is 77.7%, which is 'exceptional' \(>=75% M&I\). - Rubric flag: Contained metal scale \(gold\) — Total contained gold is 753 koz, which is 'moderate' \(between 500 koz and 1 Moz\). - Rubric flag: Resource grade bands \(gold, open\_pit\) — Indicated grade of 1.00 g/t Au is 'economic' \(between 0.8 and 1.5 g/t for open pit\). Inferred grade of 0.72 g/t Au is 'marginal' \(between 0.4 and 0.8 g/t for open pit\). - Rubric flag: Recovery tiers \(gold, mill\_cil\) — Gold recovery of 90.0% is 'strong' \(90% for mill\_cil\). Facts used in scoring: 11 ## 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 presents a Preliminary Economic Assessment \(PEA\) for the project. Evidence · text > GoldMining Announces Positive PEA Highlighting $532 Million After-Tax NPV and 42% IRR at its São Jorge Project, Brazil **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: The PEA was prepared by Beck Nader, a Qualified Person, and the Mineral Resources were estimated by Reno Pressacco, also a Qualified Person. Evidence · text > The PEA was prepared for the Company by 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. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The disclosure regarding the Project, including the PEA and Mineral Resource Estimates, has been prepared in accordance with NI 43-101. Evidence · text > Disclosure regarding the Project, including the PEA and Mineral Resource Estimates included herein, has been prepared by the Company in accordance with NI 43-101. **Inferred Resources Included** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The PEA includes Inferred Mineral Resources, which are considered too speculative geologically to be categorized as Mineral Reserves. 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. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The mineral resource estimate used for the PEA has an effective date of January 28, 2025, which is over a year old relative to the announcement date of June 11, 2026. Evidence · text > The current mineral resource estimate for São Jorge was reported in the Company's technical report titled "NI 43-101 Technical Report São Jorge Project, Para State, Brazil" dated effective January 28, 2025. ## Extracted facts Stored fact records: 11. Some facts used in scoring do not have a stored record. ## Resource Estimates (11) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-0) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Ticker: GOLD #### Resource Data - Category: indicated - Tonnes: 19418000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 624000 - Contained Unit: oz - Cutoff Grade: 0.27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: Indicated resource with moderate grade and significant tonnage, supporting the PEA, but based on a previously disclosed estimate from January 2025. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Stale Estimate Evidence · table > 19,418 Context: Indicated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-1) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Ticker: GOLD #### Resource Data - Category: inferred - Tonnes: 5557000 - Grade: 0.72 - Grade Unit: g/t - Contained Metal: 129000 - Contained Unit: oz - Cutoff Grade: 0.27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: Inferred resource provides additional potential but is speculative and cannot be converted to reserves for economic studies, based on a previously disclosed estimate from January 2025. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 5,557 Context: Inferred ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-2) São Jorge Project · gold #### Identity - Project: São Jorge Project - Commodity: gold - Ticker: GOLD #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: High gold recovery of 90% achieved through a conventional gravity and leach circuit, supporting robust project economics. - Positive factor: High Recovery - Positive factor: Mill Route Evidence · table > 90.0 Context: Average gold metallurgical recovery ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-3) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: $M #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The PEA demonstrates strong base case economics with a significant after-tax NPV, indicating a viable project, though it includes inferred resources. - Positive factor: Positive NPV - Positive factor: High IRR - Positive factor: Manageable Initial Capital - Negative factor: Inferred Resources Included Evidence · table > 532.5 Context: Net present value \(NPV 5% \) – after-tax ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-4) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The PEA demonstrates strong base case economics with a significant after-tax IRR, indicating a viable project, though it includes inferred resources. - Positive factor: Positive NPV - Positive factor: High IRR - Positive factor: Manageable Initial Capital - Negative factor: Inferred Resources Included Evidence · table > 42.4 Context: Internal rate of return \(IRR\) – after-tax ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-5) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: $M #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The initial capital expenditure is manageable, contributing to the project's strong economic metrics, though the PEA includes inferred resources. - Positive factor: Manageable Initial Capital - Negative factor: Inferred Resources Included Evidence · table > 202.2 Context: Initial capital expenditure \(includes pre-strip\) ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-6) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The project is expected to deliver consistent average annual gold production over its life of mine, contributing to robust cash flow, though the PEA includes inferred resources. - Positive factor: Consistent Production Profile - Negative factor: Inferred Resources Included Evidence · table > 51.2 Context: LOM ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-7) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: $/oz payable #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The estimated All-In Sustaining Costs are competitive, supporting resilient margins for the project, though the PEA includes inferred resources. - Positive factor: Resilient Cost Profile - Negative factor: Inferred Resources Included Evidence · table > 1,464 Context: All-In Sustaining Costs \(AISC\) ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-8) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: $/oz payable #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: The estimated Total Cash Costs are competitive, supporting resilient margins for the project, though the PEA includes inferred resources. - Positive factor: Resilient Cost Profile - Negative factor: Inferred Resources Included Evidence · table > 1,344 Context: Total Cash Cost ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-9) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: $M #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: Spot price scenario shows even stronger economics, highlighting the project's leverage to higher gold prices, though it includes inferred resources. - Positive factor: Positive NPV - Positive factor: High IRR - Positive factor: Leverage to Gold Price - Negative factor: Inferred Resources Included Evidence · table > 836.8 Context: NPV 5% – after-tax ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/goldmining-announces-positive-pea-highlighting-532-million-after-tax-npv-and-42--79530780-1f02-4d52-a4c6-faa2fe88a056#fact-resource-facts-10) São Jorge Project #### Identity - Project: São Jorge Project - Ticker: GOLD #### Resource Data - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-11T00:00:00.000Z Reasoning: Spot price scenario shows even stronger economics, highlighting the project's leverage to higher gold prices, though it includes inferred resources. - Positive factor: Positive NPV - Positive factor: High IRR - Positive factor: Leverage to Gold Price - Negative factor: Inferred Resources Included Evidence · table > 58.6 Context: IRR – after-tax ## 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.