GoldMining tables PEA for open pit gold project in Brazil
GoldMining Inc. [GOLD-TSX, GLDG-NYSE American] has announced the results of a preliminary economic assessment (PEA) for its Sao Jorge open pit gold project located in Para State, Brazil.
The PEA seta out a base case scenario with an after-tax net present value at a 5.0% discount of $532 million and an after-tax internal rate of return of 42.4% utilizing a base gold price of US$3,500 an ounce, and an initial payback of 2.8 years.
Initial capital is estimated at a highly manageable $202 million, including a 25% contingency, representing an attractive 2.6 times base NPV5.0% to initial capital ratio.
The PEA envisages a robust internal free cash flow, supported by a stable gold production profile averaging an estimated 51,250 ounces annually over a 10.6-years mine life with peak gold production of 57,200 ounces per year in years to through four.
The PEA also highlights relatively strong estimated margins, supported by an estimated life of mine all-in-sustaining cost of US$1,464 an ounce.
It contemplates a conventional open-pit truck and shovel operation and a processing rate of 5,000 tonnes per day. “A proven processing flowsheet utilizing standard gravity and leach circuits achieves high metallurgical recoveries of 90% gold,” the company said in a press release.
The company said it plans to expeditiously commence pre-feasibility studies as the project is further de-risked and moves forward with permitting towards a construction decision.
“More than just a standalone project, the PEA highlights that Sao Jorge has the potential for resilient margins and rapid payback potential to become a cornerstone self-funding asset for us,’’ said GoldMining CEO Alastair Still.
On Thursday, GoldMining shares were unchanged at $1.21 and trade in a 52-week range of $3.10 and 98 cents.
GoldMining controls a diversified portfolio of resource-stage gold and copper-gold projects in Canada, the U.S., Brazil, Colombia and Peru. The company also owns approximately 21.5 million shares of Gold Royalty Corp. [GROY-NYSE American], 9.9 million shares of U.S. Gold Mining Inc. [USGO-NASDAQ], and 25.1 million shares of NevGold Corp. [NAU-TSXV].
The Sao Jorge Project is located in the southeast portion of Para State, Brazil in the municipality of Novo Progresso, approximately 460 kilometres southeast of the main regional city of Santarem and approximately 70 kilometres north of the town of Novo Progresso. An all-weather paved road passes through the project area.
The Sao Jorge gold deposit is a granite-based, intrusion related gold mineral system which is a similar style to the Tocantinzinho gold mine which is operated by G Mining Ventures Corp. [GMIN-TSXV, GMINF-OTCQB] located approximately 80 kilometres northwest of Sao Jorge. Tocantinzinho commenced production in 2024 and produced 171,871 ounces of gold in 2025.
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