The La Mina project is located 6 km south of the Companiesꞌ Titiribi project. Resource estimates have been complete on two (La Cantera and Middle Zone) of the seven prospects identified by geophysics, geochemistry and mapping.

Project Overview

La Mina is an open-pit development project located in the Mid Cauca Belt of Central Colombia wholly owned and operated by GoldMining Inc. (“GoldMining”). Gold Royalty holds a 2.0% NSR over the entire project.

The property contains seven exploration prospects all within the Gold Royalty 2% NSR, and have been identified through geophysics, geochemistry and mapping work done on the area. In March 2022, GoldMining initiated field work in preparation for initializing an exploratory drill program. The work program intended to complete exploratory drilling southeast of gold-copper mineralization identified in historic drill programs at the La Garrucha target located less than one kilometer to the east and immediately adjacent to existing mineral resources.

On June 22, 2022, the Company announced initial assay results from the first two holes of the drilling program on the La Garrucha target. Drilling of the final hole of the drill program at La Garrucha was concluded on August 16, 2022, with a total of 3,485m drilled. Assay results from the drilling program confirmed that the drilling program had discovered extensions of previously identified gold-copper porphyry mineralization at the La Garrucha target. In February 2022, GoldMining released a PEA for La Mina, showcasing an impressive mine plan, producing over 1 million gold equivalent ounces over 10 years. Production averaging 102,000 gold equivalent ounces per year on average, all constrained to two of the identified areas of the project.

In January 2023, GoldMining released an updated Resource Estimate identifying a significant discovery at the La Garrucha deposit that has added over 1 million gold equivalent ounces of estimated inferred resources and 200,000 gold equivalent ounces of estimated Indicated Resources to an already robust Mineral Resource estimate at La Mina. GoldMining will file a technical report for the MRE updates at La Mina in due course. On the strength of this updated MRE, GoldMining has announced plans to update the La Mina Preliminary Economic Assessment (PEA*) with an expected completion on or around mid-2023.