GOLDMINING ISSUES LETTER TO SHAREHOLDERS
Dear Fellow Shareholders,
The last twelve months were one of the most dynamic periods in GoldMining (GLDG)'s 11-year history with several key catalysts creating a sound foundation for the Company to execute various initiatives in the years ahead to continue to unlock value from our vast portfolio of projects in the Americas.
Through GoldMining (GLDG)'s strategic holdings of 20 million shares in Gold Royalty (GROY) , the Company has built an extremely robust and flexible balance sheet with approximately
Taking inspiration from the successful Gold Royalty (GROY) spin out in 2021, we recently announced the creation of U.S. GoldMining Inc. ("U.S. GoldMining (GLDG)"), a new subsidiary which will focus on advancing the large Whistler gold-copper Project located northwest of
Operationally, GoldMining (GLDG) has made several additions to key management roles, including the appointment of
Our experienced team continues to de-risk the Company's portfolio as we analyze and seek to demonstrate the economics of the Company's most advanced assets. GoldMining (GLDG) recently announced the results of a preliminary economic assessment ("PEA") at the La Mina Project in
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. See the technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment" with an effective date of
Looking forward to the remainder of 2022, we strive to continue to add value to the La Mina Project through an exploration drilling program on the La Garrucha zone, located less than one kilometer to the east and immediately adjacent to the existing mineral resources. This drill program targets the potential to grow the underlying mineral resource base of the project which could further enhance the economics of the La Mina Project. Additionally, work continues at the São Jorge Project (São Jorge) in
Additionally, GoldMining (GLDG) is in the unique position of holding a 75% interest in the high-grade uranium exploration project called Rea that is located in the
The remainder of 2022 is shaping up to be an exciting period for GoldMining (GLDG), Gold Royalty (GROY) and all our stakeholders. We thank our shareholders for their continued support and look forward to reporting further progress in the coming quarters as we execute our strategy.
1 The Whistler mineral resource estimate consists of indicated resources of 118.2 million tonnes containing 1.94 million ounces of gold grading 0.51 g/t, 8.33 million ounces of silver grading 2.19 g/t and 422 million pounds of copper grading 0.16%; and inferred resources of 317.0 million tonnes containing 4.67 million ounces of gold grading 0.46 g/t, 16.06 million ounces of silver grading 1.58 g/t and 711 million pounds of copper grading 0.10%. |
The Company is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, the Company now controls a diversified portfolio of resource-stage gold and gold-copper projects in
Disclosure regarding Mineral Resource estimates included herein have been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by issuer of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the United States Securities and Exchange Commission ("SEC") generally applicable to U.S. companies subject to the SEC's disclosure requirements. For example, the terms "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in NI 43-101 by reference to the guidelines set out in the CIM Definition Standards on Mineral Resources and Mineral Reserves. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained herein or in the Company's descriptions of its projects may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining (GLDG) with respect to future growth plans and strategies, ongoing and proposed work at the La Mina Project, future exploration and work programs, the results of the PEA, the Company's plans respecting U.S. GoldMining Inc. and expectations regarding the Whistler Project. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining (GLDG) operates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, fluctuating metal prices, unanticipated costs and expenses, risks related to government and environmental regulation, social, permitting and licensing matters, and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMiningꞌs Annual Information Form for the year ended
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SOURCE GoldMining Inc. (GLDG)