Goldmining Inc. — Yellowknife Gold Project Revised Assumptions

Assumed Gold Price = $1,500 Au
Estimated AISC = $900/oz.
Resource Estimate (Inc. 50% of Inferred) = 1,428,500 ozs
Metallurgical Recovery = 90%
Gross Revenue = $1,928,475,000
Pre-Tax Operating Profit = $771,390,000
NWT Mining Tax (15%) = ($115,708,500)
Income Tax (26.5%) = ($204,418,350)
After-Tax Cash Flow (LoM) = $451,263,150
Projected Value of Project = U.S. $2.91/sh.

Based upon updated mineral resource estimate prepared by SRK Consulting.

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