GoldMining Inc. provided an update on exploration activities ongoing at the Company's 100% owned Sao Jorge gold project ("Sao Jorge" or the "Project"), located in Para State, Brazil. Highlights: Sao Jorge is located at the center of the Tapajos Gold District (the "Tapajos"), which hosts multiple gold projects including producing mines, development projects and exploration properties over approximately 200 km along the Tocantinzinho - Sao Jorge Trend. The Project is located on the Cuiaba-Santarem Highway BR-163 ("Hwy BR-163") and adjacent to the existing power grid, thereby providing efficient and cost effective access to infrastructure for exploration programs and potential future mine development.

The Project comprises seven (7) concessions covering approximately 46,000 hectares, which contain considerable mineral exploration potential: Existing mineralization at the Sao Jorge deposit occurs along a shear zone that has been drill tested over a strike length of approximately 1.4 km. The Sao Jorge deposit remains open along strike to the northwest and southeast. Geological interpretation is on-going to determine regional controls on mineralization in order to help generate and prioritize exploration targets.

The Company is currently conducting follow-up surface exploration activities over high priority anomalies with a view to define and prioritize exploration targets for potential drill testing in 2024. "Sao Jorge is well positioned in the Tapajos, located near the intersection of the Tocantinzao - Sao Jorge Trend and Hwy BR-163. The company's 100% owned Sao Jorge Project sits at the center of the active and rapidly developing Tapajos Gold District.

The region is estimated to have produced over 20 million ounces gold from artisanal mining of surface deposits, according to the Brazil National Mining Agency. The now paved Hwy BR-163 has reduced hurdles for more traditional bedrock mine development in the region, including Serabi Gold plc.'s ("Serabi") producing high-grade underground Palito Mine and G Mining Ventures Corp.'s ("G Mining") Tocantinzinho open pit mine development project (G Mining Ventures Corp.) which is reportedly >50% constructed as of August 31, 2023.