+++ Gold Market: Strategic Demand Remains a Factor +++

Gold fulfills several functions in the global financial system. It is held as a reserve by central banks and used by investors for diversification. The World Gold Council estimates average central bank purchases over the past four years at around 1,000 metric tons annually — twice as much as the average for the previous decade. In the second quarter of 2026, a net 289 metric tons were added.

As a result, demand remains structurally significant, even though the price of gold may react in the short term to interest rates, the U.S. dollar, and economic and geopolitical news. For gold companies, the environment is fundamentally supportive.

GoldMining: Resources, Studies, and Financials Set the Course

GoldMining Inc. – https://www.commodity-tv.com/play/goldmining-ceo-update-why-sao-jorge-and-la-mina-could-be-game-changers/ – has a diversified portfolio of gold and gold-copper projects in the Americas. According to the company’s update on June 25, 2026, its global resource base now comprises 13.1 million oz AuEq of “measured and indicated” resources, as well as an additional 9.0 million oz AuEq of “inferred” resources. In addition, the company reported no debt and approximately $185 million in cash and publicly traded securities. GoldMining also holds approximately 74% of U.S. GoldMining, the owner of the Whistler project in Alaska.

La Mina in Colombia is currently the most advanced economic project. The updated PEA, effective as of April 22, 2026, models a post-tax NPV5 of $1.0 billion and a post-tax IRR of 32.2% in the base case scenario at $3,500 per ounce of gold. The study model projects $523 million in initial capital, a payback period of approximately 2.7 years, an average annual production of 152,400 oz AuEq over the first five years, an AISC of $1,045 per ounce of gold, and a mine life of 11.2 years.

São Jorge in Brazil complements this development with a second current economic anchor. The technical study submitted in July, which includes a PEA and has a cut-off date of June 9, 2026, shows a modeled after-tax NPV5 of $532 million and an after-tax IRR of 42.4% in the base case scenario at $3,500 per ounce of gold. The initial capital is estimated at US$202 million, including a 25% contingency. The PEA models an average of 51,250 oz of gold per year over 10.6 years and an AISC of US$1,464 per ounce. The company plans to further de-risk the project with a pre-feasibility study and permitting work.

Southern Cross: High-Grade Drilling Results from Sunday Creek

Southern Cross Gold Consolidated Ltd. – https://www.commodity-tv.com/ondemand/companies/profil/southern-cross-gold-consolidated-ltd/ – focuses on its 100% owned Sunday Creek gold-antimony project, located approximately 60 km north of Melbourne in Victoria. The latest results show that the drilling campaign continues to test high-grade zones at depth and additional mineralization to the east.

The results released on September 2 provide a striking new data point: Drill hole SDDSC222W1 intersected 0.6 m grading 993.2 g/t AuEq starting at a depth of 808.5 m — including 972.0 g/t gold and 8.9% antimony. According to the company, this interval lies approximately 620 m below the surface and ranks as the ninth-best composite interval on the project. In the same set of results, SDDSC227 returned 5.1 m at 27.2 g/t AuEq, including 2.6 m at 51.1 g/t AuEq.

The results build on the interval reported on August 25 in the Rising Sun Zone. SDDSC230 returned 0.3 m at 1,466.7 g/t AuEq, including 1,466.4 g/t gold and 0.1% antimony, which also included 0.1 m at 4,500.8 g/t AuEq.

The company is maintaining a high technical pace. According to the company, 283 drill holes totaling 136.9 km have been reported since the end of 2020. The ongoing program covers 200,000 m through the first quarter of 2027. As of the latest update, results from 72 drill holes were still pending, while 11 drill rigs were in operation. At the same time, work is progressing on the exploration adit. Once completed, it could increase the number of available drilling rigs both above and below ground.

Conclusion:

The market environment continues to provide gold with a clear structural demand driver. GoldMining boasts a combination of a large resource base, two current PEAs, approximately $185 million in cash and publicly traded securities, and a strategic stake in U.S. GoldMining. Southern Cross rounds out the picture with repeated high-grade gold-antimony drill results, an ongoing large-scale program, and the expansion of access to deeper zones.

Sources and Methodology

Sources: WGC Central Bank Survey · WGC Q2 Demand Report · GoldMining Update · La Mina PEA · São Jorge PEA · Southern Cross 09/02 · Southern Cross 08/25 · BCSC Promotional Communications · Art. 20 MAR

Methodology/Assumptions: This presentation is based on the cited company announcements, technical and economic studies, and the World Gold Council’s market analysis. Company data, drill results, resources, and PEA metrics are reproduced as provided. No proprietary price, DCF, resource, or valuation model was developed, and no independent technical review was conducted. AuEq figures and study values are based on the respective companies’ definitions and assumptions; forecasts and targets are subject to change.

Disclaimer and Disclosure

Advertising and Editorial Classification: This article is a paid advertisement or marketing communication. It is not an independent financial analysis and does not constitute investment advice, an investment recommendation, a solicitation to submit an offer, or an offer to buy or sell shares, securities, or other financial instruments. No individual assessment of investment objectives, financial circumstances, or risk tolerance is conducted.

Client, Author Profile, and Date: The clients are GoldMining Inc. and Southern Cross Gold Consolidated Ltd. The article is published under the author profile of Swiss Resource Capital AG; it was created and distributed by SRC swiss resource capital AG, and the author is a freelance journalist.

Compensation and Conflicts of Interest: SRC swiss resource capital AG has paid IR/communications contracts with both of the aforementioned companies and is distributing this article on their behalf. According to the available information, SRC holds a net position of less than 0.5% in each of the issuers in question. There is no known stake of at least 5% in SRC held by either of the two issuers. As of the date of publication, the author does not hold any shares, options, warrants, other derivatives, or direct short positions in either company.

Company Review: GoldMining Inc. and Southern Cross Gold Consolidated Ltd. have neither reviewed nor approved this article prior to publication. Company information, technical studies, drill results, forecasts, and targets are identified as such. Editorial review does not replace your own technical, legal, or financial review.

Risks: Investments in exploration and development companies are speculative. Significant price losses, up to and including total loss, are possible. Significant risks include, in particular, metal price, currency, market, liquidity, financing, dilution, and debt risks, as well as exploration, geological, metallurgical, resource, reserve, permitting, environmental, infrastructure, indigenous rights, construction, cost, supply chain, operational, and execution risks. A PEA is preliminary; mineral resources are not mineral reserves. Drilling results are point-in-time results and do not necessarily indicate a resource, reserve, economic viability, or true thickness. Past stock price or company performance is not a reliable indicator of future results.

Technical Information and Forward-Looking Statements: Technical and economic information is derived from company press releases, technical reports, and studies prepared in accordance with the standards specified therein, in particular NI 43-101 and—to the extent used by Southern Cross—JORC. These standards and definitions are not readily comparable to U.S. or other reporting systems. Forward-looking statements are based on assumptions and are subject to known and unknown risks; actual results may differ materially.

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