The PEA significantly de-risks the So Jorge project, demonstrating robust economics even at a conservative gold price. The stock may have already reacted to the June 11, 2026 news release, so the filing itself is a confirmation. Watch for the company's next steps toward a pre-feasibility study, infill drilling to upgrade Inferred resources, and permitting progress. Gold price movements will be a key driver given the project's high leverage.
Price Chart
Executive Summary
GoldMining Inc. filed a NI 43-101 technical report including a Preliminary Economic Assessment (PEA) for its 100%-owned So Jorge Gold Project in Pará, Brazil. The PEA outlines a 10.6-year open-pit mine with 2.0 Mtpa throughput, producing 543.2 koz gold at an average grade of 0.91 g/t Au and 90% recovery. Base-case economics at $3,500/oz Au yield an after-tax NPV (5%) of $532.5 million and an after-tax IRR of 42.4%, with initial capital of $202.2 million and LOM AISC of $1,464/oz. The project shows strong leverage to gold price, with after-tax NPV rising to $836.8 million at $4,400/oz Au.
Key Facts
- Indicated resource: 19.4 Mt at 1.00 g/t Au (624 koz); Inferred: 5.6 Mt at 0.72 g/t Au (129 koz)
- PEA mine life: 10.6 years, processing 20.7 Mt at 2.0 Mtpa, strip ratio 4.27:1
- Total gold production: 543.2 koz; avg annual production 51.2 koz (53.4 koz in years 1-5)
- After-tax NPV5%: $532.5 million; after-tax IRR: 42.4% at $3,500/oz Au
- Initial capital: $202.2 million (incl. 25% contingency); sustaining capital: $53.0 million; closure: $15.0 million
- LOM AISC: $1,464/oz; average metallurgical recovery: 90.0%
- Payback period: 2.83 years pre-tax from commercial production start
- Project located adjacent to BR-163 highway, existing power lines, and skilled workforce in Tapajós region, Brazil
Financial Impact
PEA after-tax NPV5% of $532.5 million and IRR of 42.4% at base-case gold price of $3,500/oz. At $4,400/oz, after-tax NPV5% increases to $836.8 million with IRR of 58.6%. Initial CAPEX of $202.2 million, LOM AISC of $1,464/oz, and total gold production of 543.2 koz.
Risk Factors
- 20% of mine plan material is from Inferred Mineral Resources, which are too speculative for economic consideration
- Environmental permitting and mining concession approvals are still required
- Capital cost overruns or construction delays could impact the $202.2 million initial CAPEX estimate
- Gold price volatility could affect project economics—sensitivity analysis shows NPV is most sensitive to gold price
- Metallurgical assumptions are based on historical test work and require confirmation in future studies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-024036 |
| Exhibit: ex_990663.htm | 0001437749-26-024036 |
| Exhibit: ex_990634.htm | 0001437749-26-024036 |
| Exhibit: ex_990633.htm | 0001437749-26-024036 |
| Document: gldmn20260715_6k.htm | 0001437749-26-024036 |
| Document: 0001437749-26-024036-index-headers.html | 0001437749-26-024036 |
| Document: 0001437749-26-024036-index.html | 0001437749-26-024036 |
| Document: 0001437749-26-024036.txt | 0001437749-26-024036 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 6-K | $0.7527 | awaiting T+20 | — | $0.7750 (+2.96%) |
Oct 23, 2026 4d ago | Press Release | $0.7527 | awaiting T+20 | — | $0.7750 (+2.96%) |
Oct 14, 2026 12d ago | 6-K | $0.7900 | awaiting T+20 | — | $0.7750 (+1.90%) |
Oct 14, 2026 13d ago | 6-K | $0.8200 | awaiting T+20 | — | $0.7750 (−5.49%) |
Oct 6, 2026 21d ago | 6-K | $0.9000 | awaiting T+20 | — | $0.7750 (−13.89%) |
Jul 22, 2026 13w ago | 6-K | $0.8639 $1.06 | ▲ +22.70% | ▲ +19.80% | $0.7750 (−10.29%) |
Jul 14, 2026 14w ago | 6-K | $0.8491 $1.04 | ▲ +22.48% | ▲ +20.14% | $0.7750 (−8.73%) |
Jun 25, 2026 17w ago | 6-K | $0.8920 $0.8343 | ▼ −6.47% | ▼ −7.00% | $0.7750 (−13.12%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.9400 $0.9047 | ▼ −3.76% | ▼ −5.65% | $0.7750 (−17.55%) |
Jun 8, 2026 20w ago | 6-K | $0.9348 $0.9541 | ▲ +2.06% | ▲ +0.43% | $0.7750 (−17.09%) |
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