Value Investing in Resource Sector ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

Katusa's Investment Insights June 14, 2024 The Ultimate Free Ride By Marin Katusa This editorial contains material disseminated on behalf of GoldMining Inc (GLDG:NYSE). Dear Reader, In 2013, they accidentally threw away a scratch-off lottery ticket. Joanne and Joseph Zagami of North Attleborough, Massachusetts, had inadvertently thrown the ticket away with their groceries. Luckily, they found it in the trash the next day just in time before the garbage was collected. When they scratched it, they discovered it was a $1 million winner. Sometimes you just want to hold on to the ticket…   A Nuclear Lottery Ticket Owned by a… Gold Company? The uranium market was one of the hottest stories in late 2023 on the back of 15-year high uranium prices. Nuclear restarts in Japan, surging numbers of nuclear power projects in China, United Kingdom, and around the world… This is expended to be a trend over the next decade – along with commodities. Gold and copper, in particular. “We view it as critical… we are serious. We need to deploy now.” That’s from Michael Goff, acting assistant secretary of the US Energy Department’s Office of Nuclear Energy. The completion of two new reactors at the Vogtle Nuclear Plant is a major move forward, elevating nuclear energy’s role in the U.S. power grid. With power demand soaring, especially from data centers and manufacturing sectors, the push for more carbon-free solutions like nuclear has never been more urgent. The U.S. Energy Department’s bold plan to triple nuclear capacity by 2050 underscores this urgency. Despite the substantial incentives under the Inflation Reduction Act, industry leaders argue it’s not enough to kickstart the next wave of nuclear projects. What many investors don’t appreciate fully is that GoldMining Inc. (GLDG: NYSE) actually holds a uranium project inside its diverse portfolio of gold and gold-copper projects. That’s right...   Back in 2013, near the very BOTTOM of the uranium market… GoldMining acquired 75% ownership of the Rea Project. Yet, that’s not even the most interesting part. The Rea Project is located in the Athabasca Basin in Alberta, Canada. The exciting piece for investors is the Athabasca Basin is home to some of the highest-grade uranium deposits in the world. Cameco --- one of the largest uranium providers on earth has their Millennium Uranium project there. Cameco is a C$30B company. And…   Their stock has doubled during the recent uranium bull market. Unappreciated by a lot of investors is that GoldMining (GLDG: NYSE) owns 75% of the Rea uranium project and the world’s third-largest uranium miner owns 25%. Just yesterday came a major news release… GoldMining used advanced techniques to study old survey data and identified over 70 km of promising zones in three separate areas. This research suggests there could be significant uranium deposits in this region, known for its high-quality uranium. This discovery places GoldMining Inc. in a strong position in the expanding market for nuclear energy, which is crucial for advancing clean energy solutions. Let that sink in for a moment because it is going to get more interesting…   Orano is the third largest uranium producer in the world. And owns 25% of Rea Rea uranium project is a large project of contiguous mining claims exceeding 300,000 acres in size – that’s more than 20 times than all of Manhattan Island! Most importantly though, it surrounds the high-grade Maybelle River deposit… Which is majority-owned by Orano and previously owned by Cameco (the world’s second-largest producer). The Rea project has over 16,000 feet of drilling across 30+ drill holes. While third-party project results are not indicative of potential for the project, this is interesting to me. There are approximately 20 uranium exploration companies today which have zero uranium reserves or resources. GoldMining’s global aggregate resource base across all projects includes 13.4 million ounces of gold equivalent Measured and Indicated and 9.9 million ounces of gold equivalent in the Inferred resource category. (See the breakdown and GoldMining’s Annual Information Form and project technical reports for important information regarding its projects.) In the investment business, everyone talks about being a contrarian, meaning buying quality assets when they are out of favor. But very few do it. We think the GoldMining team is one of the few companies in the sector who went out and bought quality assets and was able to finance the acquisitions when commodity prices were in the dumps.   When GoldMining acquired Rea, uranium spot price was a fraction of what it is today – below $40 per pound. Uranium prices are now 130% HIGHER. Because GoldMining (GLDG: NYSE) is a gold company… Few in both the gold sector and uranium sector are even aware they have a 75% interest in Rea… And completely surrounding a high-grade deposit whose 25% owner is Orano, the world’s third-largest uranium producer. Inside a gold-focused company, owning a uranium asset is a bonus. A uranium asset that GoldMining Inc. can seek to unlock value from in a rising gold environment AND now uranium bull market. Click Here to Access the Full GoldMining Report Regards, Marin Katusa and the KR Special Situations Team Share Tweet Share Copyright © 2024, Katusa Research, All rights reserved. PLEASE READ: RETURNS AND TESTIMONIAL DISCLOSURE  Contact Us | Privacy | Terms & Conditions DISCLOSURES/DISCLAIMER  IMPORTANT DISCLAIMER: Katusa Research, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. Please do not rely on the information presented by Katusa Research as personal investment advice. If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor. The communications from Katusa Research should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies. GoldMining Inc. has reviewed and sponsored this article. The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter. Katusa Research nor any employee of Katusa Research is not registered with the United States Securities and Exchange Commission (the “SEC”): as a “broker-dealer” under the Exchange Act, as an “investment adviser” under the Investment Advisers Act of 1940, or in any other capacity. He is also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity. HIGHLY BIASED: In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Katusa Research has received cash compensation from GoldMining Inc. in the amount of $1.25M Dollars for a multi-month marketing campaign, and is thus extremely biased. Members of Katusa Research may also own shares in GoldMining Inc. and benefit from any volume, activity or share price change. It is crucial that you conduct your own research prior to investing. This includes reading the company’s SEDAR and SEC filings, press releases, and disclosures including ‘risk factors’ as outlined in the Company’s Annual Information Form. HIGH RISK: The securities issued by the companies we feature should be seen as high risk; if you choose to invest, despite these warnings, you may lose your entire investment. You must be aware of the risks and be willing to accept them in order to invest in financial instruments, including stocks, options, and futures. NOT PROFESSIONAL ADVICE: By reading this, you agree to all of the following: You understand this to be an expression of opinions and NOT professional advice. You are solely responsible for the use of any content and hold Katusa Research, and all partners, members, and affiliates harmless in any event or claim. While Katusa Research strives to provide accurate and reliable information sourced from believed-to-be trustworthy sources, we cannot guarantee the accuracy or reliability of the information. The information provided reflects conditions as they are at the moment of writing and not at any future date. Katusa Research is not obligated to update, correct, or revise the information post-publication. FORWARD-LOOKING STATEMENTS: Certain of the information contained herein and in the Company’s disclosures referenced herein constitutes “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (“forward-looking statements”), which involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting the Company’s strategies, expectations regarding gold markets, expectations regarding the operations and results of the operators of the projects underlying the Company’s interests and expectations regarding future production and revenues from the Company’s royalties. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions relating to commodities prices and the business of the Company. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including those set forth in the Company’s Annual Report on Form 20-F and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should review the GoldMining Inc public disclosures at www.sedarplus.ca and www.sec.gov for important information regarding it and its assets.

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