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  Title	Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
  ID	11596850
  External ID	7900822040
  Author	Unknown
  Published Date	July 14, 2025, 4:02 p.m.
  Summary	U.S. SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of
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  Content ID	7411235
  Key	453a3024-e7a7-4b82-9ea7-5b2271514ddc
  Content	U.S. SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of July, 2025. Commission File Number: 001-39566 GoldMining Inc. (Translation of registrant's name into English) Suite 1830, 1188 West Georgia Street, Vancouver, British Columbia, Canada (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. ☐ Form 20-F ☒ Form 40-F EXHIBIT INDEX EXHIBITS 99.1 THROUGH 99.4, INCLUDED WITH THIS REPORT, ARE HEREBY INCORPORATED BY REFERENCE AS EXHIBITS TO THE REGISTRANT'S REGISTRATION STATEMENT ON FORM F-10 (No. 333-275215), AS AMENDED AND SUPPLEMENTED, AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. Exhibit Number Description Condensed consolidated interim financial statements for the three and six months ended May 31, 2025 and 2024 (unaudited). Management's discussion and analysis for the three and six months ended May 31, 2025. Certification of interim filings – CEO, dated July 14, 2025. Certification of interim filings – CFO, dated July 14, 2025. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GOLDMINING INC. By: /s/ Pat Obara Pat Obara Chief Financial Officer Date: July 14, 2025 Exhibit 99.1 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2025 AND 2024 (Expressed in thousands of Canadian Dollars unless otherwise stated) GoldMining Inc. Condensed Consolidated Interim Statements of Financial Position As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) As at May 31, As at November 30, Notes Assets Current assets Cash and cash equivalents Restricted cash Other receivables Prepaid expenses and deposits Other assets Non-current assets Reclamation deposits Exploration and evaluation assets Land, property and equipment Investment in associate Investment in joint venture Long-term investments Liabilities Current liabilities Accounts payable and accrued liabilities Due to joint venture Due to related parties Lease liabilities Income taxes payable Withholding taxes payable Non-current liabilities Lease liabilities Rehabilitation provisions Deferred tax liability Equity Issued capital Reserves Share issuance obligation Accumulated deficit Accumulated other comprehensive loss Total equity attributable to shareholders of the Company Non-controlling interests Commitments (Note 13) Subsequent events (Note 14) Approved and authorized for issue by the Board of Directors on July 14, 2025. /s/ "David Kong" /s/ "Pat Obara" David Kong Director Pat Obara Chief Financial Officer The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements GoldMining Inc. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) For the three and six months ended May 31, 2025 and 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) For the three months For the six months ended May 31, ended May 31, Notes Operating expenses (income) Consulting fees Depreciation Directors' fees, employee salaries and benefits Exploration expenses General and administrative Professional fees Share-based compensation Share of (income) loss in associate Share of loss on investment in joint venture Recovery on the receipt of mineral property option payments Operating loss Other items Interest income Other income (loss) Gain on share sales of investment in associate Financing costs Net foreign exchange gain Net loss for the period before taxes Current income tax recovery (expense) Deferred income tax recovery (expense) Net loss for the period Attributable to: Shareholders of the Company Non-controlling interests Net loss for the period Other comprehensive income (loss) Items that will not be subsequently reclassified to net income or loss: Unrealized income on short-term investments Unrealized gain (loss) on long-term investments Deferred tax recovery (expense) on long-term investments Items that may be reclassified subsequently to net income or loss: Foreign currency translation adjustments Total comprehensive income (loss) for the period Attributable to: Shareholders of the Company Non-controlling interests Total comprehensive income (loss) for the period Net loss per share, basic and diluted Weighted average number of shares outstanding, basic and diluted The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements GoldMining Inc. Condensed Consolidated Interim Statements of Changes in Equity For the six months ended May 31, 2025 and 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Accumulated Attributable Share Retained Other to Shareholders Non- Number of Issued Issuance Earnings Comprehensive of the Controlling Notes Shares Capital Reserves Obligation (Deficit) Income (Loss) Company Interests Total Balance at November 30, 2023 Options exercised Restricted share rights vested At-the-Market offering: Common shares issued for cash Agents' fees and issuance costs Share-based compensation Deferred tax benefits of share issuance costs Other comprehensive income Net loss for the period Balance at May 31, 2024 Options exercised Restricted share rights vested US GoldMining Restricted share rights vested Warrants exercised At-the-Market offering: Common shares issued for cash Agents' fees and issuance costs At-the-Market offering: Common shares issued for cash Agents' fees and issuance costs Share-based compensation Deferred tax benefits of share issuance costs Other comprehensive loss Net loss for the period Balance at November 30, 2024 Restricted share rights vested US GoldMining Options exercised Restricted share rights vested At-the-Market offering: Common shares issued for cash Agents' fees and issuance costs At-the-Market offering: Common shares issued for cash Agents' fees and issuance costs Share-based compensation Other comprehensive income Net loss for the period Balance at May 31, 2025 The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements GoldMining Inc. Condensed Consolidated Interim Statements of Cash Flows For the six months ended May 31, 2025 and 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) For the six months ended May 31, Operating activities Net loss for the period Adjustments for items not involving cash: Depreciation Accretion Financing costs Share of loss on investment in joint venture Share-based compensation Unrealized gain on short-term investments Share of (income) loss in associate Gain on share sales of investment in associate Deferred income tax recovery Recovery on the receipt of mineral property option payments Net changes in non-cash working capital items: Other receivables Prepaid expenses and deposits Accounts payable and accrued liabilities Incomes taxes payable Due to related parties Cash used in operating activities Investing activities Investment in exploration and evaluation assets Proceeds from share sales of investment in associate, net of transaction costs Purchase of securities Investment in joint venture Purchase of equipment Royalty buy-down Cash generated from (used in) investing activities Financing activities Net proceeds from At-the-Market offering, net of issuance costs Net proceeds from US GoldMining At-the-Market offering, net of issuance costs Proceeds from common shares issued upon exercise of options Payment of lease liabilities Cash generated from financing activities Effect of exchange rate changes on cash Net decrease in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash Beginning of period End of period The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Corporate Information GoldMining Inc. was incorporated under the Business Corporations Act (British Columbia) on September 9, 2009, and continued under the Canada Business Corporations Act (Canada) on December 6, 2016. Together with its subsidiaries (collectively, the "Company" or "GoldMining"), the Company is a public mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, Colombia, United States, Canada and Peru. GoldMining Inc.'s common shares (the "GoldMining Shares") are listed on the Toronto Stock Exchange (the "TSX") under the symbol "GOLD", on the NYSE American (the "NYSE") under the symbol "GLDG" and on the Frankfurt Stock Exchange under the symbol "BSR". The head office and principal address of the Company is located at Suite 1830, 1188 West Georgia Street, Vancouver, British Columbia, V6E 4A2, Canada. On April 24, 2023, the Company's majority owned, Nevada domiciled subsidiary, U.S. GoldMining Inc. ("U.S. GoldMining"), completed its initial public offering (the "Offering") (Note 9.1). U.S. GoldMining owns the Whistler Project located in Alaska, U.S.A. and its common shares and warrants (the "U.S. GoldMining Shares" and "U.S. GoldMining Warrants") are listed on the Nasdaq Capital Market ("Nasdaq") under the symbols "USGO" and "USGOW", respectively. Basis of Preparation Statement of Compliance These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting. The Company's significant accounting policies applied in these condensed consolidated interim financial statements are the same as those described in Note 3 of the Company's annual consolidated financial statements as at and for the years ended November 30, 2024 and 2023. These condensed consolidated interim financial statements should be read in conjunction with the Company's most recent annual consolidated financial statements. The Company's consolidated financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. The Company's consolidated financial statements and those of its controlled subsidiaries are presented in Canadian dollars ("$" or "dollars"), which is the Company's reporting currency, and all values are rounded to the nearest thousand except where otherwise indicated. The Company's condensed consolidated interim financial statements for the three and six month ended May 31, 2025 were authorised for issue by the Company's Board of Directors on July 14, 2025. Significant Accounting Judgments and Estimates The preparation of these condensed consolidated interim financial statements requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the condensed consolidated interim financial statements are consistent with those described in Note 3 of the Company's annual consolidated financial statements. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Changes in, and Initial Adoption of, Accounting Policies The Company adopted the following amendment to IFRS, which was effective for the accounting period beginning on or after December 1, 2024: Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) – The amendments to IAS 1, clarifies the presentation of liabilities. The classification of liabilities as current or noncurrent is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of 'settlement' to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. This amendment did not have a material impact on the Company's condensed consolidated interim financial statements. The following are amendments to the accounting standards that have been issued but are not mandatory for the current period and have not been early adopted by the Company: Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments. In May 2024, the International Accounting Standards Board ("IASB") issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. Management is currently assessing the effect of these amendments on our financial statements. IFRS 18 – Presentation and Disclosure in Financial Statements - In April 2024, the IASB issued IFRS 18 Presentation and Disclosure of Financial Statements (IFRS 18), which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required, and early application is permitted. Management is currently assessing the effect of this new standard on our financial statements. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Cash and Cash Equivalents and Restricted Cash May 31, November 30, Cash and cash equivalents consist of: Cash at bank and on hand Term deposits Total Restricted cash in the amount of $121 (November 30, 2024: $122) relates to term deposits held by the bank as security for corporate financial purposes. Exploration and Evaluation Assets For the six months ended May 31, Balance at the beginning of period Mineral rights and property acquired Mineral property option payment Change in reclamation estimate Foreign currency translation adjustments Balance at the end of period Exploration and evaluation assets on a project basis are as follows: May 31, November 30, La Mina Titiribi Crucero Yellowknife Cachoeira São Jorge Yarumalito Whistler Surubim Batistão Montes Áureos and Trinta Rea Total GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Almaden On June 13, 2022, the Company and its subsidiary entered into an option agreement (the "Option Agreement") with NevGold Corp. ("NevGold") and a subsidiary of NevGold, pursuant to which, among other things, it agreed to grant an option to acquire 100% of the Company's Almaden Project (now named Nutmeg Mountain) to a subsidiary of NevGold. Pursuant to the terms thereof, on July 4, 2022 (the "Option Agreement Closing Date"), the Company closed the grant of the option to NevGold's subsidiary for 4,444,444 common shares of NevGold ("NevGold Shares") with a fair value of $2,489. To exercise the option, NevGold was required to make additional payments totaling $6,000 to GoldMining's subsidiary between January 1, 2023 and January 1, 2024, which payments were satisfied by NevGold issuing NevGold Shares. On January 18, 2024, pursuant to the Option Agreement, the Company received 10,000,000 common shares of NevGold with a fair value of $3,200. As a result, the Company completed the sale of the Almaden Project to a subsidiary of NevGold. The fair value of shares received pursuant to the Option Agreement were taxable in fiscal 2024. In addition to the option payments made, NevGold is required to make success-based contingent payments totaling up to $7,500 to GoldMining, payable in cash or shares at the election of NevGold based on the following: o $500 on completion of a positive Preliminary Economic Assessment o $2,500 on completion of a positive Preliminary Feasibility Study o $4,500 on completion of a positive Feasibility Study Exploration Expenses Exploration expenditures on a project basis for the periods indicated are as follows: For the three months ended For the six months ended May 31, May 31, São Jorge Whistler Titiribi La Mina Yarumalito Rea Yellowknife Cachoeira Crucero Total GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Land, Property and Equipment Right-of- Use Assets Buildings and Office (Office and) Exploration Land Camp Structures Equipment warehouse space) Equipment Vehicles Total Cost Balance at November 30, 2023 Additions Disposition Impact of foreign currency translation Balance at November 30, 2024 Impact of foreign currency translation Balance at May 31, 2025 Accumulated Depreciation Balance at November 30, 2023 Depreciation Disposition Impact of foreign currency translation Balance at November 30, 2024 Depreciation Impact of foreign currency translation Balance at May 31, 2025 Net Book Value At November 30, 2024 At May 31, 2025 Investment in Associate Effective from July 13, 2023, the Company concluded that it exercises significant influence over NevGold and accounts for its investment in NevGold using the equity method. During the year ended November 30, 2024, the Company acquired 10,000,000 common shares of NevGold (Note 4). During the three and six months ended May 31, 2025, the Company sold 614,100 shares of NevGold for $192, net of transaction costs, and recognized a gain of $41. Subsequent to May 31, 2025, the Company sold further shares of NevGold (Note 14). As of May 31, 2025, the Company held 26,056,150 shares of NevGold, representing a 22.8% ownership interest with a fair value of approximately $9.4 million. The following outlines the movement in investment in associate during the six months ended May 31, 2025, and the year ended November 30, 2024: Balance at November 30, 2023 Addition pursuant to Option Agreement - January 18, 2024 Share of loss in NevGold Share of OCI in NevGold Gain on dilution of ownership interest in NevGold Balance at November 30, 2024 Share of loss in NevGold Share of OCI in NevGold Disposition of NevGold shares Gain on dilution of ownership interest in NevGold Balance at May 31, 2025 GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The equity accounting for NevGold is based on its published results to March 31, 2025, and an estimate of results for the period of April 1, 2025 to May 31, 2025. The following summary of the Condensed Consolidated Interim Statements of Financial Position of NevGold at March 31, 2025 on a 100% basis, adjusted for differences in the accounting policy between the Company and the associate was: current assets of $669, non-current assets of $16,465, total assets of $17,134, current liabilities of $5,725, non-current liabilities of $62 and net assets of $11,347. The following is a summary of the Condensed Consolidated Interim Statement of loss and comprehensive loss of NevGold for the three months ended March 31, 2025 on a 100% basis, adjusted for differences in the accounting policy between the Company and the associate was: operating loss of $707, accretion of $136, business development of $64, consulting fees and salaries of $106, depreciation of $18, occupancy, administrative, and general expenses of $20, transfer agent and listing fees of $19, professional fees of $24, flow through share expenses of $18, net loss attributable to non-controlling interest of $nil, net loss of $725, and comprehensive loss of $490. For the three months ended May 31, 2025, the Company recorded a net gain of $527 for its equity share in NevGold, comprising of a $744 gain on dilution of ownership interest in NevGold, partially offset by a share of loss of $217 (three months ended May 31, 2024: net loss of $2, comprising of a share of loss of $53, partially offset by a $51 gain on dilution of ownership interest in NevGold). For the six months ended May 31, 2025, the Company recorded a net gain of $295 for its equity share in NevGold, comprising of a $744 gain on dilution of ownership interest in NevGold, partially offset by share of loss of $449 (six months ended May 31, 2024: net loss of $403, comprising of a share of loss of $724, partially offset by a $321 gain on dilution of ownership interest in NevGold). Long-term Investments As of May 31, 2025, the Company's long-term investments consist of equity securities in Gold Royalty Corp. ("GRC"), measured at fair value through other comprehensive income ("FVTOCI"). Long-term investments in equity securities are recorded at fair value based on quoted market prices, with unrealized gains or losses excluded from earnings and reported as other comprehensive income or loss. Refer to tables below for movement in long-term investments measured at FVTOCI. During the year ended November 30, 2024, the Company acquired 100,000 GRC common shares for $190 including transaction costs, through open market purchases over the facilities of the NYSE. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The following tables outline the movement of the Company's long-term investments during the six months ended May 31, 2025, and the year ended November 30, 2024: As at November 30, As at May 31, Number of shares Fair value Additions Unrealized Gains (FVTOCI) Fair Value Investment in GRC As at November 30, As at November 30, Number of shares Fair value Additions Unrealized Losses (FVTOCI) Fair Value Investment in GRC As of May 31, 2025 and November 30, 2024. Share Capital Authorized The authorized share capital of the Company is comprised of an unlimited number of common shares without par value. At-the-Market Equity Program On November 24, 2023, the Company entered into an equity distribution agreement with a syndicate of agents for an at-the-market equity distribution program (the "2023 ATM Program") which replaced the previous ATM program which expired on November 27, 2023 in accordance with its terms. Pursuant to the 2023 ATM Program, the Company could distribute up to US$50 million (or the equivalent in Canadian dollars) of its common shares (the "ATM Shares") under the 2023 ATM Program. The ATM Shares sold under the 2023 ATM Program were sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares were made pursuant to the terms of an equity distribution agreement dated November 24, 2023. Unless earlier terminated by the Company or the agents as permitted therein, the 2023 ATM Program was to terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2023 ATM Program reached the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) December 31, 2024. On December 20, 2024, the Company entered into a new ATM Program (the "2024 ATM Program") which replaced the 2023 ATM program which expired on December 31, 2024 in accordance with its terms. Pursuant to the 2024 ATM Program, the Company may distribute up to US$50 million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2024 ATM Program, if any, will be sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares will be made pursuant to the terms of an equity distribution agreement dated December 20, 2024. Unless earlier terminated by the Company or the agents as permitted therein, the 2024 ATM Program will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2024 ATM Program reaches the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) December 24, 2025. During the six months ended May 31, 2025, the Company issued 1,675,879 common shares under the 2024 ATM Program for gross proceeds of $1,882, with aggregate commissions paid to agents of $47. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Reserves Restricted Share Rights Share Options Warrants Total Balance at November 30, 2023 Options exercised Restricted share rights vested Share-based compensation Balance at May 31, 2024 Options exercised Restricted share rights vested Share-based compensation Balance at November 30, 2024 Restricted share rights vested Share-based compensation Balance at May 31, 2025 Share Options The Company's share option plan (the "Option Plan") was approved by the Board of Directors of the Company (the "Board") on January 28, 2011, and amended and restated on October 30, 2012, October 11, 2013, October 18, 2016, April 5, 2019 and March 14, 2022. The Option Plan was approved by the Company's shareholders in accordance with its terms at the Annual General and Special Meeting held on May 15, 2025. The following outlines movements of the Company's Options: Number of Options Weighted Average Exercise Price Balance at November 30, 2023 Granted Exercised Expired Balance at May 31, 2024 Granted Exercised Expired Balance at November 30, 2024 Granted Forfeited Balance at May 31, 2025 During the three and six months ended May 31, 2024, the Company issued 5,000 and 7,500 common shares, respectively, at weighted average trading prices of $1.20 and $1.23 respectively. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The fair value of Options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Six months ended May 31, Six months ended May 31, Risk-free interest rate Expected life (years) Expected volatility Expected dividend yield Estimated forfeiture rate A summary of Options outstanding and exercisable as of May 31, 2025, are as follows: Options Outstanding Options Exercisable Exercise Prices Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Number of Options Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) The amount of share-based compensation expense recognized for Options during the three and six months ended May 31, 2025 was $267 and $543 (three and six months ended May 31, 2024: $464 and $1,392), using the Black-Scholes option pricing model. Restricted Share Rights The Company's restricted share plan (the "RSP") was approved by the Board of Directors of the Company (the "Board") on November 27, 2018, and amended and restated on March 28, 2025. Pursuant to the terms of the RSP, the Board may designate directors, senior officers, employees and consultants of the Company, eligible to receive restricted share rights ("RSR(s)") to acquire such number of GoldMining Shares as the Board may determine, in accordance with the restricted periods schedule during the recipient's continual service with the Company. There are no cash settlement alternatives. The RSP was approved by the Company's shareholders in accordance with its terms at the Company's Annual General and Special Meeting held on May 15, 2025. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The RSRs vest in accordance with the vesting schedule during the recipient's continual service with the Company. The Company classifies RSRs as equity instruments since the Company settles the awards in common shares. The compensation expense for standard RSRs is calculated based on the fair value of each RSR as determined by the closing value of the Company's common shares at the date of the grant. The Company recognizes compensation expense over the vesting period of the RSR. The Company expects to settle RSRs, upon vesting, through the issuance of common shares from treasury. The following outlines movements of the Company's RSRs: Number of RSRs Weighted Average Value Balance at November 30, 2023 Granted Vested Balance as at May 31, 2024 Granted Vested Balance as at November 30, 2024 Vested Forfeited Balance at May 31, 2025 GoldMining Shares pertaining to 193,750 RSRs which vested during the six months ended May 31, 2025 have yet to be issued as at July 14, 2025. The amount of share-based compensation expense recognized for RSRs during the three and six months ended May 31, 2025 was $256 and $719 (three and six months ended May 31, 2024: $146 and $377). Non-Controlling Interests U.S. GoldMining equity transactions As at May 31, 2025 GoldMining held 9,878,261 U.S. GoldMining Shares, or approximately 79.0% of U.S. GoldMining's outstanding common shares, and 122,490 U.S. GoldMining Warrants and has common management of GoldMining. The Company concluded that subsequent to U.S. GoldMining's Offering, it has control over U.S. GoldMining and as a result, continues to consolidate the entity. U.S. GoldMining's earnings and losses are included in GoldMining's consolidated statements of comprehensive income (loss), with net loss and comprehensive loss attributable to U.S. GoldMining separately disclosed as being attributable to Non-Controlling Interests ("NCI"). The NCI in U.S. GoldMining's net assets is reflected in the consolidated statements of financial position and the consolidated statements of changes in equity. The NCI in these consolidated financial statements of $1,093 as at May 31, 2025 solely relates to U.S. GoldMining. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The following table shows the assets and liabilities of U.S. GoldMining: May 31, Assets Cash and cash equivalents Restricted cash Prepaid expenses and deposits Other receivables Other assets Land, property and equipment Exploration and evaluation assets Liabilities Accounts payable and accrued liabilities Withholding taxes payable Rehabilitation provisions Lease liability Refer to segmented information Note 12 for a breakdown of U.S. GoldMining's net loss. The following table summarizes U.S. GoldMining's cash flow activities during the six months ended May 31, 2025 and May 31, 2024: For the six months ended For the six months ended May 31, 2025 May 31, 2024 Cash used in operating activities Cash used in investing activities Cash generated from financing activities Effect of exchange rate changes on cash Net decrease in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash Beginning of period End of period U.S. GoldMining At-the-Market Equity Program On May 15, 2024, U.S. GoldMining entered into an At-the-Market Offering Agreement with a syndicate of agents for an ATM facility (the "U.S. GoldMining ATM Program"). Pursuant to the U.S. GoldMining ATM Program, U.S. GoldMining may sell up to US$5.5 million of U.S. GoldMining Shares from time to time through the sales agents. A fixed cash commission rate of 2.5% of the gross sales price per share sold under the U.S. GoldMining ATM Program will be payable to the agents in connection with any such sales. The securities that may be offered under the U.S. GoldMining ATM Program have not been and will not be qualified by a prospectus for the offer or sale to the public in Canada under applicable Canadian securities laws. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) During the six months ended May 31, 2025, U.S. GoldMining sold 58,732 common shares under the U.S. GoldMining ATM Program, for gross proceeds of $903 (US$0.64 million). As a result, the Company recorded a dilution gain in equity of $707, or $686 net of agents' fees and issuance costs. U.S. GoldMining Stock Options On February 6, 2023, U.S. GoldMining adopted a long-term incentive plan ("2023 Incentive Plan"). The 2023 Incentive Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units, performance awards, restricted stock awards and other cash and equity-based awards. The following outlines the movements in U.S. GoldMining's stock options: Number of Options Weighted Average Exercise Price (US$) Balance at November 30, 2023 Granted Balance at May 31, 2024 Granted Forfeited Balance at November 30, 2024 Granted Exercised Forfeited Balance at May 31, 2025 3,826 U.S. GoldMining Shares were issued pursuant to the exercise of 20,000 U.S. GoldMining stock options on a net exercise basis. As at May 31, 2025, outstanding U.S. GoldMining stock options have a weighted average remaining contractual life of 3.92 years. The fair value of U.S. GoldMining stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Six months ended May 31, Six months ended May 31, Risk-free interest rate Expected life (years) Expected volatility Expected dividend yield Estimated forfeiture rate As there is limited trading history of U.S. GoldMining's common shares prior to the date of grant, the expected volatility is based on the historical share price volatility of a group of comparable companies in the sector U.S. GoldMining operates over a period similar to the expected life of the stock options. During the three and six months ended May 31, 2025, U.S. GoldMining recognized share-based compensation expense of $141 and $432 (three and six months ended May 31, 2024: $76 and $163) for stock options granted. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) U.S. GoldMining Restricted Shares On September 23, 2022, U.S. GoldMining granted awards of an aggregate of 635,000 shares of performance based restricted shares (the "Restricted Shares") of common stock to certain of U.S. GoldMining's and GoldMining's executive officers, directors and consultants, the terms of which were amended on May 4, 2023. The Restricted Shares are subject to restrictions that, among other things, prohibit the transfer thereof until certain performance conditions are met. In addition, if such conditions are not met within applicable periods, the restricted shares will be deemed forfeited and surrendered by the holder thereof to U.S. GoldMining without the requirement of any further consideration. During the year ended November 30, 2024, performance conditions were met for 95,250 Restricted Shares which were released. As at May 31, 2025, 254,000 Restricted Shares remain outstanding, subject to certain performance conditions. During the three and six months ended May 31, 2025, U.S. GoldMining recognized share-based compensation expense of $3 and a recovery of $1 (three and six months ended May 31, 2024: share-based compensation expense of $6 and $12), related to U.S. GoldMining's Restricted Shares. U.S. GoldMining Restricted Share Units In December 2024, U.S. GoldMining granted 15,050 restricted share units ("RSUs") to certain officers, directors, and employees at a weighted average fair value of US$8.32. The RSUs vest in four equal annual instalments during the recipient's continual service with U.S. GoldMining. The compensation expense was calculated based on the fair value of the RSUs as determined by the closing value of U.S. GoldMining's common stock at the date of the grant. The compensation expense is recognized over the vesting period of the RSUs. Share-based compensation of $54 (US$0.04 million) and $125 (US$0.09 million) was recognized for the three and six months ended May 31, 2025, related to U.S. GoldMining's RSUs. The following outlines the movements in U.S. GoldMining's RSUs: Number of RSUs Weighted Average Value (US$) Balance as at November 30, 2024 Granted Vested Forfeited Balance at May 31, 2025 U.S. GoldMining Warrants The following outlines the movements in U.S. GoldMining's common stock purchase warrants: Number of Warrants Weighted Average Exercise Price (US$) Balance at November 30, 2023 and May 31, 2024 Exercised Balance at November 30, 2024 and May 31, 2025 GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) As at May 31, 2025, outstanding U.S. GoldMining common stock purchase warrants have a weighted average remaining contractual life of 0.90 years. Financial Instruments The Company's financial assets include cash and cash equivalents, restricted cash, other receivables, short-term investment, reclamation deposits and long-term investments. The Company's financial liabilities include accounts payable and accrued liabilities, due to joint venture and due to related parties. The Company uses the following hierarchy for determining and disclosing fair value of financial instruments: ● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. ● Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly. ● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Company's cash and cash equivalents, restricted cash, other receivables, accounts payable and accrued liabilities, due to joint venture and due to related parties approximate fair value due to their short terms to settlement. The Company's short-term investments and long-term investments in common shares of equity securities are measured at fair value on a recurring basis and classified as Level 1 within the fair value hierarchy. The fair value of short-term and long-term investments is based on the quoted market price of the short-term and long-term investments. Financial Risk Management Objectives and Policies The financial risk arising from the Company's operations are currency risk, interest rate risk, credit risk, liquidity risk and equity price risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company's ability to continue as a going concern. The risks associated with the Company's financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner. Currency Risk The Company's operating expenses and acquisition costs are denominated in United States dollars, the Brazilian Real, the Colombian Peso and Canadian dollars. The exposure to exchange rate fluctuations arises mainly on foreign currencies against the Company and its subsidiaries functional currencies. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations, however, management monitors foreign exchange exposure. The Canadian dollar equivalents of the Company's foreign currency denominated monetary assets are as follows: As at May 31, As at November 30, Assets United States Dollar Brazilian Real Colombian Peso Total The Canadian dollar equivalent of the Company's foreign currency denominated monetary liabilities are solely in United States Dollars and total $217. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The impact of a Canadian dollar change against the United States dollar on the investment in GRC by 10% at May 31, 2025 would have an impact, net of tax, of approximately $4,734 on other comprehensive income for the six months ended May 31, 2025. The impact of a Canadian dollar change of 10% against the United States dollar on the Company's other financial instruments based on balances at May 31, 2025 would have an impact of $416 on net loss for the six months ended May 31, 2025. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in interest rates. The Company's exposure to interest rate risk is limited as it has no long-term debt. The Company's exposure to interest rate risk arises from the impact of interest rates on its cash and cash equivalents, restricted cash and term deposits, which bear interest at fixed rates. The interest rate risks on the Company's cash and cash equivalents and restricted cash are minimal. The Company has not entered into any derivative instruments to manage interest rate fluctuations. Credit Risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company's bank balances. The Company mitigates credit risk associated with its bank balances by holding cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance with Schedule I chartered banks in Canada and their United States affiliates. Substantially all of our cash and cash equivalents held with financial institutions exceeds government insured limits. The Company's maximum exposure to credit risk is equivalent to the carrying value of its cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance coverage for each financial institution. In order to mitigate its exposure to credit risk, the Company closely monitors its financial institutions. Liquidity Risk Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. As at May 31, 2025, the Company has working capital (current assets less current liabilities) of $3,905. The Company's other receivables, prepaid expenses, deposits, accounts payable and accrued liabilities, due to joint venture, due to related parties, lease liabilities and withholding taxes payable are expected to be realized or settled within a one-year period. U.S. GoldMining's cash and cash equivalents and restricted cash of $4,078 and other assets of $1,727 are not available for use by GoldMining or other subsidiaries of GoldMining (Note 9.1). The Company has current cash and cash equivalent balances, access to its 2024 ATM Program, whereby the Company has the ability to issue shares for cash, and ownership of liquid assets at its disposal. As of May 31, 2025, the Company owns 9,878,261 shares and 122,490 warrants of NASDAQ listed U.S. GoldMining, 21,533,125 shares of NYSE listed Gold Royalty Corp. and 26,056,150 shares of NevGold with the following fair values: Equity Holdings Fair Value U.S. GoldMining $123.1 million (US$89.6 million) Gold Royalty Corp. $54.7 million (US$39.8 million) NevGold $9.4 million Includes fair value of 0.12 million warrants held by the Company GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) GoldMining believes that, taking into account its cash on hand, ability to enter into future borrowings collateralized by the U.S. GoldMining, GRC and NevGold shares and access to its 2024 ATM Program, it will be able to meet its working capital requirements for the next twelve months commencing from the date that the consolidated financial statements are issued. Equity Price Risk The Company is exposed to equity price risk as a result of holding its long-term investments. The Company does not actively trade its long-term investments. The equity prices of its long-term investments are impacted by various underlying factors including commodity prices. Based on the Company's long-term investments held as at May 31, 2025, a 10% change in the equity prices of its long-term investments would have an impact, net of tax, of approximately $4,734 on other comprehensive income for the six months ended May 31, 2025. Related Party Transactions Related Party Transactions Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows: ● During the three and six months ended May 31, 2025, the Company incurred $4 and $8 (three and six months ended May 31, 2024: $153 and $290) in general and administrative expenses related to website design, video production, website hosting services and marketing services paid to Blender Media Inc., a company controlled by a direct family member of one of the Company's Co-Chairmen. Related party transactions are based on the amounts agreed to by the parties. During the three and six months ended May 31, 2025, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as disclosed herein. Transactions with Key Management Personnel Key management personnel are persons responsible for planning, directing and controlling the activities of an entity and include management and directors' fees and share-based compensation, which are described below for the three and six months ended May 31, 2025: For the three months ended For the six months ended May 31, May 31, May 31, May 31, Management fees Director and officer fees Share-based compensation Total As at May 31, 2025, $31 was payable to key management personnel for services provided to the Company (November 30, 2024: $274). Compensation is comprised entirely of salaries, fees and similar forms of remuneration and directors' fees. Management includes the Chief Executive Officer and the Chief Financial Officer. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Segmented Information The Company conducts its business in the acquisition, exploration and development of mineral properties as two operating segments, with U.S. GoldMining being one distinct operating segment, and all other subsidiaries, or "Others" being the second operating segment. The Company operates in five principal geographical areas: Canada (country of domicile), Brazil, United States, Colombia and Peru. The Company's total non-current assets, total liabilities and operating loss by geographical location are detailed below: Total non-current assets As at May 31, As at November 30, Canada Colombia Brazil Peru United States Total Total operating loss Total operating loss (income) For the three months ended For the six months ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Canada United States Brazil Colombia Peru Total The Company's total assets, liabilities, operating loss and net loss for its two operating segments, U.S. GoldMining and others are detailed below: Total assets Total liabilities As at May 31, As at November 30, As at May 31, As at November 30, U.S. GoldMining Others Total Consists of U.S. GoldMining Inc. and its wholly owned subsidiary US GoldMining Canada Inc. Others consists of GoldMining Inc. and all of its subsidiaries, excluding U.S. GoldMining Inc. and US GoldMining Canada. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) For the three months ended May 31, 2025 For the three months ended May 31, 2024 U.S. GoldMining Others Total U.S. GoldMining Others Total Operating expenses (income) Consulting fees Depreciation Directors' fees, employee salaries and benefits Exploration expenses General and administrative Professional fees Share-based compensation Share of (income) loss on investment in associate Share of loss on investment in joint venture Operating loss Other items Interest income Other income (loss) Gain on sales of investment in associate Financing costs Net foreign exchange gain (loss) Net loss for the period before taxes Current income tax expense Deferred income tax recovery (expense) Net loss for the period For the six months ended May 31, 2025 For the six months ended May 31, 2024 U.S. GoldMining Others Total U.S. GoldMining Others Total Operating expenses (income) Consulting fees Depreciation Directors' fees, employee salaries and benefits Exploration expenses General and administrative Professional fees Share-based compensation Share of (income) loss on investment in associate Share of loss on investment in joint venture Recovery on the receipt of mineral property option payments Operating loss Other items Interest income Other income (loss) Gain on sales of investment in associate Financing costs Net foreign exchange gain (loss) Net loss for the period before taxes Current income tax recovery (expense) Deferred income tax recovery (expense) Net loss for the period Consists of U.S. GoldMining Inc. and its wholly owned subsidiary US GoldMining Canada Inc. Others consists of GoldMining Inc. and all of its subsidiaries, excluding U.S. GoldMining Inc. and US GoldMining Canada. Commitments Boa Vista Joint Venture Project The Company holds an 84.05% interest in Boa Vista Gold Inc. ("BVG"), a corporation formed under the laws of British Virgin Islands, which holds the rights to the Boa Vista Gold Project (the "Boa Vista Project") located in Pará State, Brazil. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) Pursuant to the terms of a shareholder's agreement among Brazilian Gold Corp ("BGC"), a subsidiary of the Company, D'Gold Mineral Ltda. ("D'Gold"), a former joint venture partner of BVG, and Majestic D&M Holdings LLC ("Majestic"), dated January 21, 2010, as amended on May 25, 2011, June 24, 2011 and November 15, 2011, a 1.5% net smelter return royalty is payable to D'Gold and a further 1.5% net smelter return royalty is payable by BVG to Majestic if Majestic's holding in BVG drops below 10%. Pursuant to a mineral rights acquisition agreement, as amended, relating to the project, Golden Tapajós Mineração Ltda. ("GT"), a subsidiary of BVG, was required to pay R$3,620,000 in September 2018 to the counterparty thereunder. This was subsequently amended, whereby GT paid R$220,000 ($61) in December 2023 to maintain the option to acquire 100% of the Boa Vista Project mineral rights. The due date to pay the remaining balance of R$3,000,000 ($737) (the "Final Payment") was June 30, 2024. GT can now extend the option to make the Final Payment for an additional year on an annual basis by paying a fixed rate of 7% of the remaining balance on or before June 30 of each year. In each of June of 2024 and June 2025, GT extended the option to make the Final Payment for a year by making payments in each year of R$210,000 ($52). In addition, GT must make a bonus payment of US$1,500,000 if GT defines NI 43-101 compliant proven and probable gold reserves in excess of three million gold ounces, with the payment payable within 30 days of the commencement of mine production in accordance with its terms. Subsequent to May 31, 2025, the Company announced its wholly-owned subsidiary has entered into a binding term sheet for an earn-in agreement (the "Earn-In Agreement") on the Boa Vista Project (Note 14). Surubim Project Altoro Agreement – Surubim Property Pursuant to an option agreement between the Company's subsidiary and Altoro Mineração Ltda. dated November 5, 2010, as amended on December 3, 2010 and December 14, 2012, the Company's subsidiary was granted the option to acquire certain exploration licenses for aggregate consideration of US$850,000. Pursuant to this agreement, a cash payment of US$650,000 is payable upon the National Mining Agency (Agência Nacional de Mineração or ANM) granting a mining concession over certain exploration concessions. La Mina Project The La Mina Gold-Copper Project hosts the La Mina concession contract and the contiguous La Garrucha concession contract. In December 2023, the Company received the fully executed resolution from the mining authority approving the integration of both concession contracts into a single concession. Surface rights over a portion of the La Garrucha concession contract are subject to a surface rights lease agreement and an option agreement. The Company completed the terms of the agreement required to lease the surface rights over a portion of the La Garrucha concession contract in December 2022. In addition, pursuant to an option agreement entered into by the Company's subsidiary on November 18, 2016, amended April 4, 2017, November 5, 2018, July 10, 2020, September 27, 2022, May 10, 2024 and September 13, 2024, the Company's subsidiary can acquire surface rights over a portion of the La Garrucha concession by making a final payment of US$100,000 on or before October 15, 2025. GoldMining Inc. Notes to Condensed Consolidated Interim Financial Statements As at May 31, 2025 and November 30, 2024 (Unaudited, expressed in thousands of Canadian dollars unless otherwise stated) The following table summarizes the Company's contractual obligations (excluding commitments for long-term leases disclosed as lease liabilities) as at May 31, 2025, including payments due for each of the next five years and thereafter. Amount Due within 1 year 1 – 3 years 3 – 5 years More than 5 years Total Includes $8 related to low value assets, $156 related to short-term leases and $296 related to non-lease components of leases on the date of inception of each lease agreement. The Company's commitments related to long-term leases at the date of initial application, that do not relate to low value assets or non-lease components of operating leases, are disclosed as lease liabilities. Subsequent Events On June 9, 2025, the Company announced that it had closed a non-brokered private placement of 373,135 common shares, which will qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (each a "FT Share") at a price of $1.34 per FT Share for gross proceeds of $500. The Company will use an amount equal to the gross proceeds from the sale of the FT Shares to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures", as such terms are defined in the Income Tax Act (Canada) ("Qualifying Expenditures") in relation to the Company's Yellowknife Gold Project, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2025. On July 1, 2025, the Company announced its wholly-owned subsidiary has entered into a binding term sheet for an Earn-In Agreement, pursuant to which, among other things, Australian Mines Limited (ASX:AUZ) ("AUZ") may acquire up to an 80% interest in the Company's Boa Vista Project, located in the Tapajós Gold Province, Pará State, Brazil, in consideration for aggregate cash and equity payments of up to $7 million. The Company holds an approximate 84.05% interest in BVG, which holds the rights to Boa Vista Project. The remaining 15.95% interest is held by the Company's joint venture partner, Majestic. See " Commitments – Boa Vista Joint Venture Project " (Note 13) for more information. If the option is exercised in full, the Company will retain a 20% interest in the Project at such time. Subsequent to May 31, 2025, the Company had sales of 1,965,094 ATM Shares under the 2024 ATM Program for gross proceeds of approximately $2.05 million, with aggregate commissions paid or payable to the Agents and other share issue costs of approximately $0.05 million. Subsequent to May 31, 2025, the Company sold 1,132,600 NevGold Shares at a weighted average price of $0.3328 per share, or $0.3278 per share net of transaction costs. Exhibit 99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2025 (Expressed in Canadian dollars unless otherwise stated) July 14, 2025 GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 General This management's discussion and analysis ("MD&A") of the financial condition and results of operations of GoldMining Inc. for the three and six months ended May 31, 2025, should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and six months ended May 31, 2025, including the notes thereto, and its annual information form (the "AIF") and audited consolidated financial statements for the year ended November 30, 2024, copies of which are available under the Company's profile at www.sedarplus.ca. References in this MD&A to the "Company" mean "GoldMining Inc.", together with its subsidiaries, unless the context otherwise requires. Unless otherwise stated, references herein to "$" or "dollars" are to Canadian dollars, references to "US$" are to United States dollars, references to "R$" are to Brazilian Reals and references to "AU$" are to Australian dollars. The Company's unaudited condensed consolidated interim financial statements for the three and six months ended May 31, 2025, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting. Unless otherwise stated, all information contained in this MD&A is as of July 14, 2025. Forward-Looking Information Certain statements in this MD&A constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of securities laws in the United States (collectively, "Forward-Looking Statements"). These statements relate to the expectations of management about future events, results of operations and the Company's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are Forward-Looking Statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "target", "aim", "pursue", "potential", "objective" and "capable" and the negative of these terms or other similar expressions are generally indicative of Forward-Looking Statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such Forward-Looking Statements. No assurance can be given that these expectations will prove to be correct and such Forward-Looking Statements should not be unduly relied on. These statements speak only as of the date hereof. In addition, this MD&A may contain Forward-Looking Statements attributed to third party industry sources. Without limitation, this MD&A contains Forward-Looking Statements pertaining to the following: ● the Company's future exploration and development plans and strategies; ● expectations regarding the continuity of mineral deposits respecting the receipt of necessary licenses and permits; ● exploration activities and/or plans on the Company's projects; ● the Company's mineral reserve and mineral resource estimates; ● anticipated tonnages and grades of the Mineral Resources disclosed for the Company's projects; ● expectations regarding environmental, social or political issues that may affect the exploration or development progress, including, but not limited to referendums regarding prohibitions on mining in jurisdictions where certain of the Company's projects are located; ● future sales under the ATM Program (as defined herein), and use of funds therefrom; ● the completion of future transactions; ● capital expenditure programs and the timing and method of financing thereof; ● the requirement for additional financing in order to maintain the Company's operations and exploration activities; ● expectations respecting the receipt of necessary licenses and permits, including obtaining extensions thereof; GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 ● the Company's ability to raise the capital necessary to fund its operations and the potential development of its properties; ● the Company's ability to obtain the resources to conduct exploration and development activities on its properties; ● forecasts relating to mining, development and other activities at the Company's operations; ● potential increases in the ultimate recovery of gold from its properties; ● forecasts relating to market developments and trends in global supply and demand for gold; ● future royalty and tax payments and rates; and ● future work on the Company's non-material properties. Forward-Looking Statements are based on a number of material assumptions, including those listed here, which could prove to be significantly incorrect: ● the Company will realize on the benefits expected from its business plans and strategies; ● the timing and ability to obtain requisite operational, environmental and other licenses, permits and approvals, including extensions thereof will occur and proceed as expected; ● current gold, silver, base metal and other commodity prices will be sustained, or will improve; ● the proposed development of the Company's projects will be viable operationally and economically and will proceed as expected; ● any additional financing required by the Company will be available, and on reasonable terms; ● the accuracy of any mineral reserve and mineral resource estimates; ● the accuracy of budgeted exploration and development costs and expenditures; ● the price of other commodities such as fuel; ● future currency exchange rates and interest rates; ● political and regulatory stability; ● the receipt of governmental and third-party approvals, licenses and permits on favourable terms; ● obtaining required renewals for existing approvals, licenses and permits and obtaining all other required approvals, licenses and permits on favourable terms; and ● the Company will not experience any material accident, labour dispute or failure of plant or equipment. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation: ● the exploration, development, and operation of early-stage mineral properties, including the speculative nature of exploration and development projects, the possibility of diminishing quantities or grades of mineralization, the inability to recover certain expenditures and the exposure to operational hazards typically encountered in the exploration, development and production of mineral properties; ● obtaining and maintaining all necessary government permits, approvals and authorizations related to the continued exploration and development of the Company's current and future projects and operations; ● the uncertainty of mineral resource estimates; ● fluctuation in market value of publicly traded securities held by the Company; ● the potential dilution of voting power or earnings per share as a result of the exercise of convertible securities of the Company, future financings or future acquisitions financed by the issuance of equity; ● general economic conditions, including the impacts of changes to trade policies and the imposition of tariffs; GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 ● gold and other commodity price fluctuations and volatility; ● the Company has no known mineral reserves and that no economic reserves may exist on the Company's projects; ● potential acquisitions of additional mineral properties or mergers with or investment in new companies and abandonment of interest by the Company in its mineral properties; ● referendums or resolutions respecting prohibitions or restrictions on mining; ● government regulations and government and community approvals, acceptance, agreements and permissions (generally referred to as "social license"), including the ability to obtain and maintain required government and community approvals, the impact of changing government regulations and shifting political climates, and the ability of regulatory authorities to impose fines or shut down operations in cases of non-compliance; ● the presence of artisanal miners; ● inherent risks in mining and development, including risks related to accidents, labour disputes, environmental hazards, unfavourable operating conditions, or other unanticipated difficulties with or interruptions in operations; ● war, crime, terrorism, sabotage, blockades and other forms of civil unrest, and uncertain political and economic environment; ● infrastructure; ● competitive conditions in the mineral exploration and mining industry; ● property and mineral title, including defective title to mineral claims or property; ● environmental regulation and liability; ● costs, compliance and other risks associated with climate change and emerging climate change regulation; ● information systems and cyber security; ● uncertainty of the performance of contractors; ● costs, delays and other risks associated with statutory and regulatory compliance; ● the uncertainty of profitability and financing risks, as the Company has no history of earnings; ● health epidemics or pandemics; ● internal controls over financial reporting; ● foreign exchange fluctuations; ● the ability of the Company to retain skilled and experienced personnel, contractors, management and employees; ● potential litigation; ● foreign operations; ● possible conflicts of interest; ● uninsurable risks; ● risks associated with joint ventures; ● capital cost estimates; and ● the other risk factors set forth under "Risk Factors" in the AIF and other filings with the Canadian Regulatory Authorities and the U.S. Securities and Exchange Commission, copies of which are available under the Company's profile at SEDAR+ at www.sedarplus.ca and www.sec.gov , respectively. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in Forward-Looking Statements. Forward-Looking Statements are based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update Forward-Looking Statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are cautioned against attributing undue certainty to Forward-Looking Statements. The risk factors referenced herein should not be construed as exhaustive. Except as required under applicable laws, we undertake no obligation to update or revise any Forward-Looking Statements. An investment in the Company is speculative and involves a high degree of risk due to the nature of our business and the present stages of its projects. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Business Overview The Company is a mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, the Company controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, U.S.A., Brazil, Colombia and Peru. GoldMining's principal projects are currently its La Mina Gold Project (the "La Mina Project") and Titiribi Gold-Copper Project, located in the Department of Antioquia, Colombia (the "Titiribi Project"), the São Jorge Gold Project, located in the State of Pará, Brazil (the " São Jorge Project") and the Whistler Gold-Copper Project, located in Alaska, United States (the "Whistler Project"), held through its majority ownership of U.S. GoldMining Inc. ("U.S. GoldMining"). The Company currently holds approximately 79% of the outstanding shares of common stock of U.S. GoldMining Shares (the "U.S. GoldMining Shares"). The Company's common shares (the "GoldMining Shares") are listed on the Toronto Stock Exchange (the "TSX") under the symbol "GOLD", the NYSE American under the symbol "GLDG" and the Frankfurt Stock Exchange under the symbol "BSR". The head office and principal address of the Company is Suite 1830, 1188 West Georgia Street, Vancouver, British Columbia, V6E 4A2, Canada. Company Strategy The Company's long-term growth strategy of acquiring and developing gold assets in the Americas is premised on a disciplined execution strategy of advancing the existing portfolio including pursuing partnerships and joint ventures, while also continuing to evaluate accretive acquisition opportunities and potential spin-outs and property divestiture opportunities. Recent Developments Option of Boa Vista Project On July 1, 2025, the Company announced its wholly-owned subsidiary has entered into a binding term sheet for an earn-in agreement (the "Earn-In Agreement"), pursuant to which, among other things, Australian Mines Limited (ASX:AUZ) ("AUZ") may acquire up to an 80% interest in the Company's Boa Vista Project ("Boa Vista" or the "Project"), located in the Tapajós Gold Province, Pará State, Brazil, in consideration for aggregate cash and equity payments of up to $7 million. The Company holds an approximate 84.05% interest in Boa Vista Gold Inc. ("BVG"), a corporation formed under the laws of British Virgin Islands, which holds the rights to Boa Vista Project. The remaining 15.95% interest is held by the Company's joint venture partner, Majestic D&M Holdings LLC ("Majestic"). Upon satisfaction of the First Option conditions, discussed below, Majestic's interest in BVG will fall below 10% and be converted to a 1.5% net smelter return royalty pursuant to the terms of the BVG Shareholders Agreement (as defined herein). See " Contractual Obligations – Commitments – Boa Vista Joint Venture Project " for more information. If the option is exercised in full, the Company will retain a 20% interest in the Project at such time. Key Earn-In Agreement Highlights: Initial Consideration: ● $0.055 million cash payment (non-refundable); and GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 ● Issuance of ordinary shares of AUZ ("AUZ Shares") valued at $0.884 million (AU$1 million), calculated based on a deemed issue price per AUZ Share equal to the twenty-day volume-weighted average price ("VWAP") for AUZ Shares immediately prior to the date of execution of the Earn-In Agreement, to be distributed on a pro rata basis to the Company and Majestic in accordance with their interests. First Option: AUZ has 3 years from the date all conditions precedent to the Earn-In Agreement are satisfied to earn the right to a 51% interest in the Project by: ● Incurring minimum exploration expenditures of $3.978 million (AU$4.5 million), inclusive of: o Completing a minimum 6,000 metres of diamond core drilling; and o Making three annual cash payments to the Company, each of $0.25 million ● Announcing a 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC") -compliant mineral resource estimate of at least 500,000 gold ounces, including at least 250,000 ounces in the measured and indicated categories; and ● Issuance of AUZ Shares valued at $0.884 million (AU$1 million), calculated based on a deemed issue price per AUZ Share equal to the twenty-day VWAP of AUZ Shares immediately prior to the date of notice of exercise of the First Option, to be distributed on a pro rata basis to the Company and Majestic in accordance with their interests. Upon satisfying the First Option conditions AUZ and GoldMining will form a joint venture (51/49 respectively) on industry standard terms with AUZ as the initial operator. Second Option: AUZ may earn a further 19% interest in the Project (to 70%) within 3 years from the date of completion of the First Option by: ● Expending a minimum annual amount of $0.884 million (AU$1 million) on exploration and feasibility study activities on the Project, including a minimum of $0.884 million (AU$1 million) on environmental baseline studies; and ● Completing a Feasibility Study containing a JORC and NI 43-101 Mineral Reserve of more than 250,000 ounces of gold. Third Option: AUZ has a further option, exercisable within 90 days from the date of completion of the Second Option, to earn a further 10% interest in the Project (to 80%) by, at the Company's option, either ● granting the Company a shield to dilution out of the joint venture; or ● paying the Company the Third Option exercise price (which may be a mix of cash and equity, with a minimum 50% in cash) in an amount equal to the greater of either (i) or (ii): i) $4.420 million (AU$5 million); and ii) the value of the then Mineral Resource at the Project at the time of exercise, calculated as the sum of gold oz contained within the Mineral Resource by multiplying measured resources by AU$20/oz, indicated resources by AU$10/oz, and inferred resources (less 300,000 oz) by AU$2.50/oz. As at the date hereof, the Earn-In Agreement remains subject to customary conditions applicable to the transactions contemplated therein, including receipt of requisite shareholder approvals of AUZ and stock exchange approvals of the ASX. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Non-Brokered Private Placement On June 9, 2025, the Company announced that it had closed a non-brokered private placement of 373,135 common shares, which will qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (each a "FT Share") at a price of $1.34 per FT Share for gross proceeds of $0.50 million. The Company will use an amount equal to the gross proceeds from the sale of the FT Shares to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures", as such terms are defined in the Income Tax Act (Canada) ("Qualifying Expenditures") in relation to the Company's Yellowknife Gold Project, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2025. Updated At-the-Market Equity Program The Company's most recent at-the-market equity program (the "ATM Program") commenced in December 2024, pursuant to an equity distribution agreement dated December 20, 2024 (the "2024 Distribution Agreement") with a syndicate of agents (the "Agents"). Under the ATM Program, the Company may distribute up to US$50 million (or the equivalent in Canadian dollars) of its common shares (the "ATM Shares") to the public from time to time, through the Agents, at the Company's discretion at the market price on the TSX or the NYSE, as applicable, at the time of sale. During the three months ended May 31, 2025, the Company issued a total of 557,479 ATM Shares under the ATM Program for aggregate gross proceeds of $0.6 million. Aggregate gross proceeds raised over the three months ended May 31, 2025, were approximately $0.13 million from sales conducted through the facilities of the TSX (net proceeds $0.13 million) and US$0.34 million from sales conducted through the facilities of the NYSE American (net proceeds US$0.33 million), and the Agents were paid aggregate commissions on such sales of approximately $0.00 million and US$0.01 million, representing 2.50% of the gross proceeds of the ATM Shares sold. During the six months ended May 31, 2025, the Company issued a total of 1,675,879 ATM Shares under the ATM Program for aggregate gross proceeds of $1.88 million. Aggregate gross proceeds raised over the six months ended May 31, 2025, were approximately $1.42 million from sales conducted through the facilities of the TSX (net proceeds $1.38 million) and US$0.34 million from sales conducted through the facilities of the NYSE American (net proceeds US$0.33 million), and the Agents were paid aggregate commissions on such sales of approximately $0.04 million and US$0.01 million, representing 2.50% of the gross proceeds of the ATM Shares sold. Subsequent to May 31, 2025, the Company issued an additional 1,965,094 ATM Shares under the ATM Program for aggregate gross proceeds of $2.05 million. Aggregate gross proceeds raised were approximately $0.1 million on the TSX (representing net proceeds of $0.09 million) and US$1.42 million on the NYSE American (representing net proceeds of US$1.39 million), and the Agents were paid aggregate commissions on such sales of approximately $0.01 million and US$0.03 million. Unless earlier terminated by the Company or the Agents as permitted therein, the 2024 Distribution Agreement will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the ATM Program reaches the aggregate amount of US$50 million (or the equivalent in Canadian dollars); or (b) December 24, 2025. U.S. GoldMining At-the-Market Equity Program On May 15, 2024, U.S. GoldMining entered into an at-the market offering agreement with a syndicate of agents for an at-the-market facility (the "U.S. GoldMining ATM Program"). Pursuant to the U.S. GoldMining ATM Program, U.S. GoldMining may sell up to US$5.5 million of U.S. GoldMining Shares from time to time through the sales agents. A fixed cash commission rate of 2.5% of the gross sales price per share of common stock sold under the U.S. GoldMining ATM Program will be payable to the agents in connection with any such sales. The securities that may be offered under the U.S. GoldMining ATM Program have not been and will not be qualified by a prospectus for the offer or sale to the public in Canada under applicable Canadian securities laws. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 During the three months ended May 31, 2025, U.S. GoldMining sold 48,855 common shares under the U.S. GoldMining ATM Program, for gross proceeds of $0.72 million (US$0.51 million). During the six months ended May 31, 2025, U.S. GoldMining sold 58,732 common shares under the U.S. GoldMining ATM Program, for gross proceeds of $0.9 million (US$0.64 million). Update on Material Properties The Company continuously evaluates its projects in order to identify potentially value-enhancing work for prioritization. The Company has identified various potential work on projects as identified below. Such additional work and any future expansion, including the acquisition of additional mineral properties or interests, may require additional financing, which we may obtain through equity and/or debt financing. S ã o Jorge Gold Project During the three and six months ended May 31, 2025, the Company incurred $0.4 million and $0.5 million, respectively, of expenditures on the São Jorge Project. These expenditures included land access fees, consulting fees to vendors that provided geological and technical services, expenditures for camp maintenance costs, and costs related to the Company's 2025 exploration program at the project, including drilling. On February 26, 2025, the Company reported an updated mineral resource estimate for the São Jorge Project. For further information please see the technical report titled "NI 43-101 Technical Report, São Jorge Project, Pará State, Brazil", with an effective date of January 28, 2025, prepared for the Company and available under its profile at SEDAR+ at www.sedarplus.ca On March 18, 2025, the Company announced a 2025 exploration program for the São Jorge Project. This program includes a planned drilling campaign of up to 5,000 metres targeting expansion of the known deposit along strike, geophysical surveying northwards over the William South and North prospect areas, auger drilling of up to 3,000 metres over high tenor soil anomalies and a soil sampling program of up to 6,000 samples to test and expand the broader mineral system across the project. On May 18, 2025, the Company announced that it had commenced drilling with two diamond core drills in support of the previously announced exploration program. The Company reported that approximately 500 metres of core had been drilled on the initial holes targeting the NE and SW extension of the São Jorge deposit and test gold in soil anomalies at William South target. An airborne-drone Lidar survey was initiated to provide high-resolution images of topography (altimetric precision <0.1m) encompassing areas of three exploration concessions. This data is used to plan field work and to further advance geological/structural interpretations. Camp infrastructure upgrades were initiated including construction of an additional core storage facility and refurbishing and expansion of the camp to accommodate the increased exploration activities. In 2023, the Final Exploration Report for the license no.850.058/2002 was approved by the Brazilian National Mining Agency or Agência Nacional de Mineração ("ANM"), allowing the Company the right to apply for a Mining Concession. As part of the application for the Mining Concession, the Company prepared and filed an Economic Assessment Plan ("PAE") with ANM on October 29, 2024 and is required to initiate environmental baseline studies to apply for a Preliminary Environmental License. Whistler Gold-Copper Project During the three and six months ended May 31, 2025, U.S. GoldMining incurred $0.4 million and $0.5 million, respectively, of expenditures on the Whistler Project for consulting fees to vendors for geological work, permitting and compliance, regulatory and community stakeholder engagement, camp, equipment and airstrip maintenance costs. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 On February 3, 2025, U.S. GoldMining announced additional diamond core drill results from its 2024 program, including multiple broad intercepts of high-grade mineralization expanding the western high-grade zone within the Whistler Deposit, and additional deep drilling in the northern portion of the deposit. On February 10, 2025, U.S. GoldMining announced assay results from WH24-05 which was drilled adjacent to the Raintree West Deposit as part of its 2024 program completed at the Whistler Project. On April 15, 2025, U.S. GoldMining announced its plan to commence an initial economic assessment for the Whistler Project. The study is intended to constitute an initial assessment ("PEA") under subpart 1300 of Regulation S-K as issued by the U.S. Securities and Exchange Commission and a preliminary economic assessment under Canadian National Instrument 43-101. On April 24, 2025, U.S. GoldMining announced the commencement of metallurgical testwork at the Whistler Project. The principal aim of the metallurgical testwork is to develop a preliminary process flowsheet optimized for metal recovery that will be used in the proposed PEA. The metallurgical testwork will comprise preparation of variability composites and a master composite, feed characterization, detailed mineralogy, comminution testing, sulphide flotation testing and gravity gold and cyanide leaching on concentrate tailings. On May 15, 2025, U.S. GoldMining provided an update on exploration targets at the Whistler Gold-Copper Project, comprising three separate gold ± copper ± silver mineral systems identified to date, including the Whistler-Raintree, Island Mountain and Muddy Creek mineral systems. On May 27, 2025, U.S. GoldMining provided further details on exploration targets at the Whistler Gold-Copper Project, highlighting northern exploration targets hosted within the Whistler-Raintree mineral system, also referred to as the Whistler Orbit, which comprises a classic porphyry cluster over an area of approximately 5 x 5 km, containing multiple mapped and interpreted porphyry intrusions. On June 9, 2025, U.S. GoldMining announced it had selected Ausenco Engineering Canada ULC as the principal consulting firm to lead its proposed initial assessment study PEA for the Whistler Gold-Copper Project. On June 16, 2025, U.S. GoldMining highlighted additional high priority exploration targets located at the Muddy Creek area of its 100% owned Whistler Gold-Copper Project. La Mina Gold-Copper Project During the three and six months ended May 31, 2025, the Company incurred $0.1 million and $0.1 million, respectively, of expenditures on the La Mina Gold-Copper Project, which included expenditures for camp maintenance, payroll and personnel expenses and surface rights lease payments. Titiribi Gold-Copper Project During the three and six months ended May 31, 2025, the Company incurred $0.2 million and $0.3 million, respectively, of expenditures on the Titiribi Project, which included expenditures for camp maintenance costs, payroll and personnel expenses, surface rights lease payments as well as initiating a geotechnical study to better determine the physical characteristics of rock and soil at the Titiribi Project. In April 2025, the Company submitted a work and construction program or Programa de Trabajo y Obras ("PTO"), the document detailing the final exploration plan, to the National Mining Agency for approval. Once the PTO is approved, the next major step for the project would involve obtaining other necessary permits, such as the Environmental Impact Assessment approval, and then proceeding with construction and development activities as outlined in the approved PTO. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 In August 2021, the Municipal Council of Titiribi issued a Territorial Ordinance Scheme which restricts mining and mineral exploitation activities in the municipality. Similar actions have been made by the Municipal Council of Titiribi in the past, which were successfully challenged in 2017 and 2018. At present, the Territorial Ordinance Scheme is not impacting the Company's activities and status to maintain the Titiribi Project as the situation in the Municipality of Titiribi, Colombia continues to evolve. The Company plans to take appropriate action to appeal the Municipality's actions when required by its exploration and development plans. It expects that any such challenge by the Company would be on the same basis as its prior successful challenge of similar Municipal actions in the past. No proceedings have commenced at this time. The Titiribi Project remains in good standing. Other Properties Rea Project On May 1, 2025, the Company announced its proposed metallic minerals exploration application for the Rea Uranium Project ("Rea Project") located in the Western Athabasca Basin, Alberta, Canada, has been reviewed and authorized as an approved exploration program by the Alberta Energy Regulator. On May 28, 2025, the Company announced it had filed an updated technical report for the Rea Project titled, "NI 43-101 Technical Report, Geological Introduction to the Rea Uranium Project, Alberta, Canada" with an effective date of April 30, 2025. Other Investments Gold Royalty Corp. As of May 31, 2025, the Company owned 21,533,125 common shares (the "GRC Shares") of NYSE American-listed Gold Royalty Corp. ("GRC"). NevGold Corp. As of May 31, 2025, the Company owned 26,056,150 common shares (the "NevGold Shares") of TSX Venture-listed NevGold Corp. ("NevGold"). As the Company has significant influence over NevGold, it accounts for its ownership in NevGold using the equity method. The Company has filed a notice of intention to distribute securities under NevGold's profile on SEDAR+ at www.sedarplus.ca in respect of its intention to dispose of NevGold Shares. During the three and six months ended May 31, 2025, the Company disposed of 614,100 NevGold Shares at a weighted average price of $0.3178 per share, or $0.3128 per share net of transaction costs. Subsequent to May 31, 2025, the Company has disposed of 1,132,600 NevGold Shares at a weighted average price of $0.3328 per share, or $0.3278 per share net of transaction costs. U.S. GoldMining As of May 31, 2025, the Company owned 9,878,261 U.S. GoldMining Shares, or approximately 79% of U.S. GoldMining's outstanding shares of common stock and 122,490 warrants to purchase U.S. GoldMining Shares As a result of its ownership position, the Company consolidates the assets and liabilities of U.S. GoldMining in its Statements of Financial Position and therefore, the market value of the U.S. GoldMining Shares and warrants is not reflected in the Company's financial statements. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 The following table shows the assets and liabilities of U.S. GoldMining: May 31, (in thousands of dollars) Assets Cash and cash equivalents Restricted cash Prepaid expenses and deposits Other receivables Other assets Land, property and equipment Exploration and evaluation assets Liabilities Accounts payable and accrued liabilities Withholding taxes payable Rehabilitation provisions Lease liability Results of Operations Three Months Ended May 31, 2025, Compared to Three Months Ended May 31, 2024 The following is a table of selected consolidated operating results of the Company, with U.S. GoldMining and its wholly owned subsidiary US GoldMining Canada Inc. being separately disclosed, as well as other subsidiaries of the Company Selected Operating Results U.S. GoldMining Others Consolidated For the three months ended For the three months ended For the three months ended May 31, May 31 May 31, May 31 May 31, May 31 (in millions of dollars) Change Change Change Operating loss Consulting fees Directors' fees, employee salaries and benefits Exploration expenses General and administrative expenses Professional fees Share-based compensation Share of income on investment in associate Deferred income tax expense (recovery) Net loss Consists of U.S. GoldMining and its wholly owned subsidiary US GoldMining Canada Inc. Others consists of the Company and all of its subsidiaries, excluding U.S. GoldMining and US GoldMining Canada Inc. For the three months ended May 31, 2025, the Company had an operating loss of $4.3 million, compared to $5.8 million for the same quarter of 2024. On a consolidated basis, the decrease in operating loss was primarily the result of decreases in exploration expenses, general and administrative expenses and share of income on investment in associate. General and administrative expenses were $1.8 million for the three months ended May 31, 2025, compared to $2.7 million for the three months ended May 31, 2024. The decrease was primarily the result of lower investor communication and marketing expenses and insurance fees, partially offset by higher transfer agent and regulatory fees. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Directors' fees, employee salaries and benefits, which includes management and personnel salaries, were $0.6 million for the three months ended May 31, 2025, compared $0.6 million for the same quarter in 2024. Exploration expenses were $1.0 million for the three months ended May 31, 2025, compared to $1.2 million for the same quarter in 2024. The decrease was primarily due to lower exploration expenditures associated with U.S. GoldMining's Whistler Project, offset by higher expenditures at the São Jorge and Titiribi Projects. Exploration expenditures on a project basis for the periods indicated were as follows: For the three months ended For the six months ended May 31, May 31, (in thousands of dollars) São Jorge Whistler Titiribi La Mina Yarumalito Rea Yellowknife Cachoeira Crucero Total Non-cash share-based compensation expenses were $0.7 million during the three months ended May 31, 2025, compared to $0.6 million during the three months ended May 31, 2024. The increase was primarily the result of more options granted by GoldMining during the three months ended May 31, 2025, and an increase in share-based compensation recorded by U.S. GoldMining, compared to the three months ended May 31, 2024. Share-based compensation for the three months ended May 31, 2025, includes $0.2 million recorded by U.S. GoldMining with respect to the vesting of stock options, restricted share units and satisfaction of performance based restricted U.S. GoldMining Shares, compared to $0.1 million during the three months ended May 31, 2024. Professional fees were $0.5 million during the three months ended May 31, 2025, compared to $0.5 million during the three months ended May 31, 2024. Share of income on investment in associate was $0.5 million during the three months ended May 31, 2025, compared to $0.0 million during the three months ended May 31, 2024. The increase in share of income on investment in associate was primarily the result of $0.7 million dilution gain, which resulted from NevGold's brokered private placement financing, partially offset by the share of loss in associate of $0.2 million. For the three months ended May 31, 2025, the Company recognized a deferred income tax recovery of $1.6 million, compared to a deferred income tax expense of $0.1 million for the three months ended May 31, 2024. The deferred income tax recovery during the three months ended May 31, 2025, resulted from the remeasurement of GRC Shares at fair value. For the three months ended May 31, 2025, the Company recorded an unrealized gain on revaluation of long-term investments of $12.4 million in other comprehensive income, compared to an unrealized loss of $0.7 million for the three months ended May 31, 2024, as a result of an increase in the fair value of its long-term investments. The unrealized gain during the three months ended May 31, 2025, and the unrealized loss during the three months ended May 31, 2024, respectively, were offset by deferred income tax expenses of $1.7 million and a deferred income tax recovery of $0.1 million respectively. The long-term investments are measured at fair value with reference to closing foreign exchange rates and the quoted share prices in the market. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 During the three months ended May 31, 2025, the Company's net loss was $2.6 million, or $0.01 per share on a basic and diluted basis, of which $2.4 million was attributable to shareholders of the Company and $0.2 million was attributable to non-controlling interests, compared to a net loss of $5.7 million, or $0.03 per share on a basic and diluted basis, of which $5.5 million was attributable to shareholders of the Company and $0.2 million was attributable to non-controlling interests during the three months ended May 31, 2024. Six Months Ended May 31, 2025, Compared to Six Months Ended May 31, 2024 The following is a table of selected consolidated operating results of the Company, with U.S. GoldMining and its wholly owned subsidiary US GoldMining Canada Inc. being separately disclosed, as well as other subsidiaries of the Company Selected Operating Results U.S. GoldMining Others Consolidated For the six months ended For the six months ended For the six months ended May 31, May 31, May 31, May 31, May 31, May 31, (in millions of dollars) Change Change Change Operating loss Consulting fees Directors' fees, employee salaries and benefits Exploration expenses General and administrative expenses Professional fees Share-based compensation Share of (income) loss on investment in associate Recovery on receipt of mineral property option payments Current income tax expense (recovery) Deferred income tax recovery Net loss Consists of U.S. GoldMining and its wholly owned subsidiary US GoldMining Canada Inc. Others consists of the Company and all of its subsidiaries, excluding U.S. GoldMining and US GoldMining Canada Inc. For the six months ended May 31, 2025, the Company had an operating loss of $9.9 million, compared to $8.2 million for the same period of 2024. On a consolidated basis, the increase in operating loss was primarily the result of a recovery on receipt of mineral property option payments paid in NevGold Shares of $3.2 million in the same period of 2024 and increases in professional fees, offset by share of income on investment in associate and decreases in consulting fees, exploration expenses, general and administrative expenses and share-based compensation. General and administrative expenses were $3.8 million for the six months ended May 31, 2025, compared to $4.6 million for the six months ended May 31, 2024. The decrease was primarily the result of lower investor communication and marketing expenses and insurance fees, partially offset by higher transfer agent and regulatory fees. Directors' fees, employee salaries and benefits, which includes management and personnel salaries, were $1.2 million for the six months ended May 31, 2025, compared $1.1 million for the same period in 2024. Exploration expenses were $1.6 million for the six months ended May 31, 2025, compared to $1.9 million for the same period in 2024. The decrease was primarily due to lower exploration expenditures associated with U.S. GoldMining's Whistler Project and lower expenditures at the Yarumalito Project, offset by higher expenditures at the São Jorge and Titiribi Projects. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Non-cash share-based compensation expenses were $1.8 million during the six months ended May 31, 2025, compared to $1.9 million during the six months ended May 31, 2024. The decrease was primarily the result of fewer options granted by GoldMining during the six months ended May 31, 2025, partially offset by an increase in share-based compensation recorded by U.S. GoldMining, compared to the six months ended May 31, 2024. Share-based compensation for the six months ended May 31, 2025, includes $0.6 million recorded by U.S. GoldMining with respect to the vesting of stock options, restricted share units and satisfaction of performance based restricted U.S. GoldMining Shares, compared to $0.2 million during the six months ended May 31, 2024. Professional fees were $1.5 million during the six months ended May 31, 2025, compared to $1.0 million during the six months ended May 31, 2024. The increase was primarily the result of increased legal and accounting fees incurred for the ATM program, due to timing, as the ATM program renewal was completed in December 2024 of the current fiscal year compared to completion of the 2023 ATM program renewal in November 2023. Share of income on investment in associate was $0.3 million during the six months ended May 31, 2025, compared to share of loss in associate of $0.4 million during the six months ended May 31, 2024. The increase in share of income on investment in associate was primarily the result of a $0.7 million dilution gain, which resulted from NevGold's brokered private placement financing, partially offset by the share of loss in associate of $0.4 million. For the six months ended May 31, 2025, the Company recognized a current income tax recovery of $0.1 million, compared to a current income tax expense of $1.8 million for the six months ended May 31, 2024. The current income tax expense during the six months ended May 31, 2024, resulted from the completion of the sale of the Almaden Project to a subsidiary of NevGold. For the six months ended May 31, 2025, the Company recognized a deferred income tax recovery of $2.1 million, compared to $1.1 million for the six months ended May 31, 2024. The deferred income tax recovery during the six months ended May 31, 2025, resulted from the remeasurement of GRC Shares at fair value. For the six months ended May 31, 2025, the Company recorded an unrealized gain on revaluation of long-term investments of $15.8 million in other comprehensive income, compared to $2.6 million for the six months ended May 31, 2024, as a result of an increase in the fair value of its long-term investments. The unrealized gains during the six months ended May 31, 2025 and 2024 were offset by deferred income tax expenses of $2.1 million and $0.4 million respectively. The long-term investments are measured at fair value with reference to closing foreign exchange rates and the quoted share prices in the market. During the six months ended May 31, 2025, the Company's net loss was $7.5 million, or $0.04 per share on a basic and diluted basis, of which $6.9 million was attributable to shareholders of the Company and $0.6 million was attributable to non-controlling interests, compared to a net loss of $8.5 million, or $0.04 per share on a basic and diluted basis, of which $8.1 million was attributable to shareholders of the Company and $0.4 million was attributable to non-controlling interests during the six months ended May 31, 2024. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Summary of Quarterly Results The following table sets forth selected quarterly financial results of the Company for each of the periods indicated. The Company did not receive any revenues during such periods. For the quarter ended Net loss Basic and diluted net loss per share (in thousands of dollars, except per share amounts) May 31, 2025 February 28, 2025 November 30, 2024 August 31, 2024 May 31, 2024 February 29, 2024 November 30, 2023 August 31, 2023 The Company's fluctuations in net loss from quarter to quarter were mainly related to changes in exploration, permitting and licensing work as well as corporate activities conducted during the respective periods. During the three months ended May 31, 2025, net loss was lower compared to previous quarters as a result of a dilution gain on investment in associate and a higher deferred tax recovery, primarily associated with the Company's long-term investments. During the three month periods ended November 30, 2024, August 31, 2024, November 30, 2023 and August 31, 2023, net loss was higher as a result of U.S. GoldMining's exploration program and other activities. During the three months ended February 29, 2024, net loss was lower as a result of recovery on the receipt of mineral property option payments. Liquidity and Capital Resources The following table sets forth selected information regarding the Company's financial position for the periods indicated on a consolidated basis and includes the assets and liabilities of U.S. GoldMining as disclosed above under "Other Investments". Cash and cash equivalents and restricted cash of $4.1 million and other assets of $1.7 million held by U.S. GoldMining are solely for the operations of U.S. GoldMining and are not available for use by GoldMining or its subsidiaries. As at May 31, As at November 30, (in thousands of dollars) Cash and cash equivalents Working capital Long-term investments Total assets Total current liabilities Accounts payable and accrued liabilities Total non-current liabilities Shareholders' equity Non-controlling interests Capital resources of the Company consist primarily of cash and cash equivalents, restricted cash, other receivables, liquid short-term investments, long-term investments and shares held in NevGold, which are accounted for as an investment in associate, and GRC Shares. As of May 31, 2025, the Company had cash and cash equivalents totalling $6.0 million compared to $11.9 million at November 30, 2024, and $1.3 million in other current assets compared to $1.4 million at November 30, 2024. This includes cash and cash equivalents held by U.S. GoldMining of $4.0 million compared to $5.5 million at November 30, 2024, and $0.4 million in other current assets held by U.S. GoldMining compared to $0.5 million at November 30, 2024. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 The decrease in cash and cash equivalents was primarily the result of operating expenditures offset by cash proceeds from the ATM Program during the six months ended May 31, 2025. As of May 31, 2025, the Company had long-term investments of $54.7 million compared to $38.9 million as at November 30, 2024, and held NevGold Shares with a fair value of $9.4 million as at May 31, 2025, compared to $6.7 million as at November 30, 2024. The increase in the fair value of long-term investments and the fair value of NevGold Shares was the result of an increase in the market prices of GRC and NevGold Shares held by the Company. The Company had accounts payable and accrued liabilities of $1.6 million as of May 31, 2025, compared to $1.6 million at November 30, 2024. As of May 31, 2025, the Company had working capital (current assets less current liabilities) of $3.9 million compared to $9.1 million at November 30, 2024. As of May 31, 2025, U.S. GoldMining had working capital of $3.7 million compared to $5.3 million at November 30, 2024. In addition to planned work programs described under "Update on Material Properties", certain of the Company's properties, including its Boa Vista, Surubim and La Mina Projects, are subject to certain ongoing agreements that require additional payments by the Company and, in order to maintain its properties in good standing, the Company must continue incurring various surface rights lease payments, land fee payments, advance royalty payments, licence application and extension fees and camp maintenance costs. Additional work on projects identified as part of the ongoing review and any future expansion, including the acquisition of additional mineral properties or interests, may require additional financing, including additional equity and/or debt financing. There can be no assurance that such additional financing will be available on acceptable terms or at all. The Company believes that its cash on hand, holdings of publicly traded securities and its ATM Program will provide sufficient capital resources to meet the Company's obligations over the next 12 months. The Company's ability to meet its obligations and finance exploration and development activities over the long-term will depend on its ability to generate cash flow through the issuance of GoldMining Shares pursuant to equity financings and/or short-term or long-term loans and debt financings. The Company's growth and success is dependent on external sources of financing, which may not be available on acceptable terms or at all. Refer to "Liquidity Risk" below. Contractual Obligations The following table summarizes the Company's contractual obligations as at May 31, 2025, including payments due for each of the next five years and thereafter. Contractual Obligations (in thousands of dollars) Payments Due by Period Total Less than 1 year 1 – 3 years 3 – 5 years After 5 years Office and Storage Leases Land Access Agreements Total Contractual Obligations General and Administrative The Company is currently renting or leasing various offices and storage facilities located in Canada, USA, Brazil, Colombia and Peru with total contractual payments of $0.9 million over the next five years. These leased facilities include those of U.S. GoldMining. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Commitments Boa Vista Joint Venture Project The Company holds an approximate 84.05% interest in Boa Vista Gold Inc. ("BVG"), a corporation formed under the laws of British Virgin Islands, which holds the rights to Boa Vista Project located in Pará State, Brazil. Pursuant to the terms of a shareholder's agreement among Brazilian Gold Corp., a subsidiary of the Company, D'Gold Mineral Ltda. ("D'Gold"), a former joint venture partner of BVG, and Majestic, dated January 21, 2010, as amended on May 25, 2011, June 24, 2011 and November 15, 2011 ("BVG Shareholder Agreement"), a 1.5% net smelter return royalty is payable to D'Gold and, in the event Majestic's interest in BVG falls below 10%, Majestic's interest will be converted to a 1.5% net smelter return royalty payable by BVG to Majestic. See " Recent Developments – Option of Boa Vista Project Pursuant to a mineral rights acquisition agreement, as amended, relating to the project, Golden Tapajós Mineração Ltda. ("GT"), a subsidiary of BVG, was required to pay R$3.62 million in September 2018 to the counterparty thereunder. This was subsequently amended, whereby GT paid R$0.22 million ($0.06M) in December 2023 to maintain the option to acquire 100% of the Boa Vista Project mineral rights. The due date to pay the remaining balance of R$3.0 million ($0.7 million) (the "Final Payment") was June 30, 2024. In each of June of 2024 and June 2025, GT extended the option to make the Final Payment for a year by making payments in each year of R$0.21 million ($0.05 million). In addition, GT must make a bonus payment of US$1.5 million if GT defines a NI 43-101 compliant proven and probable gold reserve in excess of three million gold ounces, with the payment payable within 30 days of the commencement of mine production in accordance with its terms. On July 1, 2025, the Company's subsidiary entered into a binding term sheet for an Earn-In Agreement. Refer to disclosures under recent developments. Surubim Project Altoro Agreement – Surubim Property Pursuant to an option agreement between the Company's subsidiary and Altoro Mineração Ltda. dated November 5, 2010, as amended on December 3, 2010, and December 14, 2012, the Company's subsidiary was granted the option to acquire certain exploration licenses for aggregate consideration of US$0.85 million. Pursuant to this agreement, a cash payment of US$0.65 million is payable upon the ANM granting a mining concession over certain exploration concessions. La Mina Project The La Mina Project hosts the La Mina concession contract and the contiguous La Garrucha concession contract. In December 2023, the Company received the fully executed resolution from the mining authority approving the integration of both concession contracts into a single concession. Surface rights over a portion of the La Garrucha concession contract are subject to a surface rights lease agreement and an option agreement. The Company completed the terms of the agreement required to lease the surface rights over a portion of the La Garrucha concession contract in December 2022. In addition, pursuant to an option agreement entered into by the Company's subsidiary on November 18, 2016, amended April 4, 2017, November 5, 2018, July 10, 2020, September 27, 2022, May 10, 2024 and September 13, 2024, the Company's subsidiary can acquire surface rights over a portion of the La Garrucha concession by making a final payment of US$0.1 million on or before October 15, 2025. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Cash Flows Operating Activities Net cash used in operating activities during the six months ended May 31, 2025, was $8.6 million, compared to $9.4 million during the six months ended May 31, 2024. Significant operating expenditures during the current year included general and administrative expenses, directors' fees, employee salaries and benefits, professional fees and exploration expenditures. Net cash used in operating activities during the six months ended May 31, 2025 reflected a net loss of $7.5 million, compared to $8.5 million during the six months ended May 31, 2024, primarily offset by non-cash items including share-based compensation of $1.8 million, compared to $1.9 million during the six months ended May 31, 2024, share of income on investment in associate of $0.3 million, compared to share of loss in associate of $0.4 million during the six months ended May 31, 2024, depreciation charge of $0.2 million, compared to $0.2 million during the six months ended May 31, 2024, deferred income tax recovery of $2.1 million, compared to $1.1 million during the six months ended May 31, 2024, recovery on the receipt of mineral property option payments of $nil, compared to $3.2 million in the six months ended May 31, 2024 and share of loss on investment in joint venture of $0.0 million, compared to $0.1 million during the six months ended May 31, 2024. Non-cash working capital changes include a decrease in other receivables of $0.0 million compared to a decrease of $0.1 million during the six months ended May 31, 2024, a decrease of prepaid expenses and deposits of $0.1 million, compared to an increase of $0.6 million during the six months ended May 31, 2024, an increase of accounts payable and accrued liabilities of $0.0 million compared to a decrease of $0.3 million during the six months ended May 31, 2024, a decrease in income taxes payable of $0.6 million compared to an increase of $1.8 million during the six months ended May 31, 2024, and a decrease in due to related parties of $0.2 million compared to a decrease of $0.2 million during the six months ended May 31, 2024. The increase in income taxes payable during the six months ended May 31, 2024 was primarily attributed to the sale of the Almaden Project. Investing Activities Net cash generated from investing activities during the six months ended May 31, 2025 was $0.2 million, compared to net cash used in investing activities of $0.9 million during the six months ended May 31, 2024. Net cash generated from investing activities during the six months ended May 31, 2025 was the result of the sale of NevGold Shares for net proceeds of $0.2 million. Net cash used in investing activities during the six months ended May 31, 2024 was primarily related to investment in joint venture of $0.1 million, purchase of securities in the amount of $0.2 million, a mineral property option payment of $0.3 million for the La Garrucha concession, purchase of equipment in the amount of $0.2 million, and $0.1 million for the partial buyback of a royalty on the Crucero Project. Financing Activities Net cash provided by financing activities during the six months ended May 31, 2025, was $2.7 million, compared to $5.9 million during the six months ended May 31, 2024. Net cash provided by financing activities was primarily related to net cash proceeds received from the Company's ATM Program during the six months ended May 31, 2025 in the amount of $1.8 million, compared to $6.0 million during the six months ended May 31, 2024, and net proceeds received from U.S. GoldMining's ATM Program of $0.9 million, compared to $nil during the six months ended May 31, 2024. Off-Balance Sheet Arrangements The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future affect on the Company's financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Transactions with Related Parties Related Party Transactions During the three and six months ended May 31, 2025, the Company incurred related party transactions of $0.0 million and $0.0 million, respectively, compared to $0.2 million and $0.3 million, respectively, for the three and six months ended May 31, 2024 in general and administrative expenses related to website design, video production, website hosting services and marketing services paid to Blender Media Inc., a company controlled by a direct family member of one of the Company's Co-Chairmen. Blender is a design and marketing agency that provides services to numerous publicly traded companies. Related party transactions are based on the amounts agreed to by the parties. During the three and six months ended May 31, 2025, the Company did not enter into any contracts or undertake any commitments or obligations with any related parties other than as disclosed herein. Transactions with Key Management Personnel Key management personnel are persons responsible for planning, directing and controlling the activities of an entity and include management and directors' fees and share-based compensation, which are described below for the three and six months ended May 31, 2025: For the three months ended For the six months ended May 31, May 31, May 31, May 31, (in thousands of dollars) Management fees Director and officer fees Share-based compensation Total As at May 31, 2025, $0.0 million was payable to key management personnel for services provided to the Company (November 30, 2024: $0.3 million). Compensation is comprised entirely of salaries, fees and similar forms of remuneration and directors' fees. Management includes the Chief Executive Officer (the "CEO") and the Chief Financial Officer ("CFO"). Critical Accounting Estimates and Judgments The preparation of financial statements in conformity with IFRS accounting standards requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. Critical accounting estimates represent estimates that are uncertain and for which changes in those estimates could materially impact our consolidated financial statements. Areas of judgment and key sources of estimation uncertainty that have the most significant effect are as follows: Existence of impairment indicators for exploration and evaluation assets In accordance with the Company's accounting policy, all direct costs related to the acquisition of exploration rights are capitalized on a property-by-property basis. There is no certainty that costs incurred to acquire exploration rights will result in discoveries of commercial quantities of minerals. The Company applies judgment to determine whether indicators of impairment exist for these capitalized costs. Management uses several criteria in making this assessment, including the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of mineral properties are budgeted, and evaluation of the results of exploration and evaluation activities up to the reporting date. As at May 31, 2025, the Company has concluded no impairment indicators exist for any of its exploration and evaluation assets. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Changes in, and Initial Adoption of, Accounting Policies The Company adopted the following amendments to IFRS Accounting Standards, which were effective for the accounting period beginning on or after December 1, 2024: Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) – The amendments to IAS 1, clarifies the presentation of liabilities. The classification of liabilities as current or noncurrent is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of 'settlement' to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. This amendment did not have a material impact on the Company's consolidated financial statements. The following are amendments to the accounting standards that have been issued but are not mandatory for the current period and have not been early adopted by the Company: Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments. In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. Management is currently assessing the effect of these amendments on our financial statements. IFRS 18 – Presentation and Disclosure in Financial Statements - In April 2024, the IASB issued IFRS 18 Presentation and Disclosure of Financial Statements (IFRS 18), which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required, and early application is permitted. Management is currently assessing the effect of this new standard on our financial statements. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Financial Instruments and Risk Management The Company's financial assets include cash and cash equivalents, restricted cash, other receivables, short-term investment, reclamation deposits and long-term investments. The Company's financial liabilities include accounts payable and accrued liabilities, due to joint venture and due to related parties. The Company uses the following hierarchy for determining and disclosing fair value of financial instruments: ● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. ● Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly. ● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Company's cash and cash equivalents, restricted cash, other receivables, accounts payable and accrued liabilities, due to joint venture and due to related parties approximate fair value due to their short terms to settlement. The Company's short-term investments and long-term investments in common shares of equity securities are measured at fair value on a recurring basis and classified as Level 1 within the fair value hierarchy. The fair value of short-term and long-term investments is based on the quoted market price of the short-term and long-term investments. Financial Risk Management Objectives and Policies The financial risk arising from the Company's operations are currency risk, interest rate risk, credit risk, liquidity risk and equity price risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company's ability to continue as a going concern. The risks associated with the Company's financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner. Currency Risk The Company's operating expenses and acquisition costs are denominated in United States dollars, the Brazilian Real, the Colombian Peso and Canadian dollars. The exposure to exchange rate fluctuations arises mainly on foreign currencies against the Company and its subsidiaries functional currencies. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure. The Canadian dollar equivalents of the Company's foreign currency denominated monetary assets are as follows: As at May 31, As at November 30, (in thousands of dollars) Assets United States Dollar Brazilian Real Colombian Peso Total The Canadian dollar equivalent of the Company's foreign currency denominated monetary liabilities are solely in United States dollars and total $0.2 million. The impact of a Canadian dollar change against the United States dollar on the investment in GRC by 10% at May 31, 2025, would have an impact, net of tax, of approximately $4.7 million on other comprehensive income for the six months ended May 31, 2025. The impact of a Canadian dollar change of 10% against the United States dollar on the Company's other financial instruments based on balances at May 31, 2025, would have an impact of $0.4 million on net loss for the six months ended May 31, 2025. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in interest rates. The Company's exposure to interest rate risk is limited as it has no long-term debt. The Company's exposure to interest rate risk arises from the impact of interest rates on its cash and cash equivalents, restricted cash and term deposits, which bear interest at fixed rates. The interest rate risks on the Company's cash and cash equivalents and restricted cash are minimal. The Company has not entered into any derivative instruments to manage interest rate fluctuations. Credit Risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company's bank balances. The Company mitigates credit risk associated with its bank balances by holding cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance with Schedule I chartered banks in Canada and their United States affiliates. Substantially all of our cash and cash equivalents held with financial institutions exceeds government-insured limits. The Company's maximum exposure to credit risk is equivalent to the carrying value of its cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance coverage for each financial institution. In order to mitigate its exposure to credit risk, the Company closely monitors the financial institutions where its deposits are held. Liquidity Risk Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. As at May 31, 2025, the Company has working capital (current assets less current liabilities) of $3.9 million. The Company's other receivables, prepaid expenses, deposits, accounts payable and accrued liabilities, due to joint venture, due to related parties, lease liabilities and withholding taxes payable are expected to be realized or settled within a one-year period. U.S. GoldMining's cash and cash equivalents and restricted cash of $4.1 million and other assets of $1.7 million are not available for use by GoldMining or its subsidiaries. The Company has current cash and cash equivalent balances, access to its ATM Program, whereby the Company has the ability to issue GoldMining Shares for cash, and ownership of liquid assets at its disposal. As of May 31, 2025, the Company owns 9,878,261 U.S. GoldMining Shares and 122,490 warrants to purchase U.S. GoldMining Shares, 21,533,125 GRC Shares and 26,056,150 NevGold Shares with the following market values based upon the closing price of the applicable securities as of such date: Equity Holdings Market Value U.S. GoldMining $123.1 million (US$89.6 million) GRC $54.7 million (US$39.8 million) NevGold $9.4 million Includes fair value of 122,490 warrants held by the Company GoldMining believes that, taking into account its cash on hand, ability to enter into future borrowings collateralized by the U.S. GoldMining, GRC and NevGold Shares and access to its ATM Program, it will be able to meet its working capital requirements for the next twelve months commencing from the date that the consolidated financial statements are issued. Equity Price Risk The Company is exposed to equity price risk as a result of holding its long-term investments. The Company does not actively trade its long-term investments. The equity prices of its long-term investments are impacted by various underlying factors including commodity prices. Based on the Company's long-term investments held at May 31, 2025, a 10% change in the equity prices of its long-term investments would have an impact, net of tax, of approximately $4.7 million on other comprehensive income for the six months ended May 31, 2025. Outstanding Share Data As of the date hereof, the Company has 199,053,205 GoldMining Shares outstanding. In addition, the following options and restricted share rights outstanding are summarized below. Share Options Each share option entitles the holder thereof to purchase one GoldMining Share. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 The outstanding share options to purchase GoldMining Shares as of the date of this MD&A are as follows: Expiry Date Exercise/Grant Price Number Outstanding August 1, 2025 August 31, 2025 September 24, 2025 November 19, 2025 August 25, 2026 November 11, 2026 November 24, 2026 December 7, 2026 January 17, 2027 January 18, 2027 April 7, 2027 June 20, 2027 July 15, 2027 November 24, 2027 May 8, 2028 May 24, 2028 October 31, 2028 November 4, 2028 December 1, 2028 January 16, 2029 March 13, 2029 November 27, 2029 March 14, 2030 Restricted Share Rights As of the date of this MD&A, 534,800 restricted share rights to acquire 534,800 GoldMining Shares are outstanding (193,750 of which vested during the six months ended May 31, 2025, and have yet to be issued). Disclosure Controls and Procedures The CEO and the CFO of the Company are responsible for establishing and maintaining the Company's disclosure controls and procedures (" DCP "). The Company maintains DCP designed to ensure that information required to be disclosed in reports filed under applicable Canadian securities laws and the U.S. Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate time periods and that such information is accumulated and communicated to the Company's management, including the CEO and CFO, to allow for timely decisions regarding required disclosure. In designing and evaluating DCP, the Company recognizes that any disclosure controls and procedures, no matter how well conceived or operated, can only provide reasonable, not absolute, assurance that the objectives of the control system are met, and management is required to exercise its judgment in evaluating the cost-benefit relationship of possible controls and procedures. GoldMining Inc. Management's Discussion and Analysis For the three and six months ended May 31, 2025 The CEO and CFO have evaluated whether there were changes to the DCP during the three and six months ended May 31, 2025 that have materially affected, or are reasonably likely to materially affect, the DCP. No such changes were identified through their evaluation. Internal Control over Financial Reporting The Company's management, including the CEO and the CFO, are responsible for establishing and maintaining adequate internal control over financial reporting (" ICFR ") for the Company to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS accounting standards. The fundamental issue is ensuring all transactions are properly authorized and identified and entered into a well-designed, robust and clearly understood accounting system on a timely basis to minimize risk of inaccuracy, failure to fairly reflect transactions, failure to fairly record transactions necessary to present financial statements in accordance with IFRS accounting standards, unauthorized receipts and expenditures, or the inability to provide assurance that unauthorized acquisitions or dispositions of assets can be detected. The Company's ICFR may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures. The CEO and CFO have evaluated whether there were changes to the ICFR during the three and six months ended May 31, 2025 that have materially affected, or are reasonably likely to materially affect, the ICFR. No such changes were identified through their evaluation. Risk Factors A discussion of risk factors is included in the AIF and other filings with the Canadian Regulatory Authorities available on SEDAR+ at www.sedarplus.ca. Additional Information Additional information regarding the Company, including the Company's AIF, are available under the Company's profile at www.sedarplus.ca. Exhibit 99.3 Form 52-109F2 Certification of Interim Filings Full Certificate I, Alastair Still, Chief Executive Officer of GoldMining Inc., certify the following: Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of GoldMining Inc. (the “issuer”) for the interim period ended May 31, 2025. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings, for the issuer. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings (a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that (i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and (ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and (b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is that published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). N/A N/A Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on March 1, 2025 and ended on May 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR. Date: July 14, 2025 /s/ Alastair Still Alastair Still Chief Executive Officer Exhibit 99.4 Form 52-109F2 Certification of Interim Filings Full Certificate I, Patrick Obara, Chief Financial Officer of GoldMining Inc., certify the following: Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of GoldMining Inc. (the “issuer”) for the interim period ended May 31, 2025. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings, for the issuer. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings (a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that (i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and (ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and (b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is that published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). N/A N/A Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on March 1, 2025 and ended on May 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR. Date: July 14, 2025 /s/ Patrick Obara Patrick Obara Chief Financial Officer GoldMining (AMEX:GLDG) Gráfica de Acción Histórica De Jun 2025 a Jul 2025 GoldMining (AMEX:GLDG) Gráfica de Acción Histórica De Jul 2024 a Jul 2025
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• Publisher

  Publisher Name	Advanced Financial Network (#5877)
  Publisher URL	https://mx.advfn.com
  Description	None
  Trust Flow Score	14
  Citation Flow Score	33

• Data Source

  Data Source Name	Quantexa News (#5)
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10