GoldMining Inc. released a revised Mineral Resource Estimate for its 100% owned Crucero Project in Carabaya Province, Peru, on February 17, 2026. The update, prepared under National Instrument 43‑101, now lists an indicated resource of 42.7 million tonnes at 1.26 g/t AuEq, equating to 1.736 million ounces of gold equivalent, 1.308 million ounces of gold, and 51,000 tonnes of antimony. The inferred resource is 34.9 million tonnes at 0.93 g/t AuEq, or 1.04 million ounces of gold equivalent, 732,000 ounces of gold, and 37,000 tonnes of antimony. These figures represent a roughly 75 % increase in indicated gold‑equivalent ounces compared with the December 20, 2017 estimate of 30.6 million tonnes at 1.0 g/t Au, 0.99 million ounces of gold indicated.
By adding antimony to the resource model, GoldMining broadens the economic potential of Crucero. Antimony contributes about 25 % of the indicated gold‑equivalent ounces and 29 % of the inferred gold‑equivalent ounces. The estimate uses a long‑term average gold price of US$3,110 per ounce and an antimony price of US$28,700 per tonne—prices that are conservative relative to current spot levels, underscoring the company’s cautious valuation approach.
The expanded resource positions Crucero closer to a feasibility study and aligns with GoldMining’s strategy of advancing multiple assets toward production or monetization. Antimony’s inclusion is strategically significant, given the metal’s rising demand in batteries, solar panels, and flame‑retardant applications and the tightening global supply chain. The by‑product credit could lower the project’s cut‑off grade for gold and improve overall economics, making the project more attractive to potential development partners.
Management highlighted that the updated indicated resources are based on conservative pricing assumptions, indicating confidence in the project’s viability. The update also reflects ongoing metallurgical testwork conducted by previous operators, although specific recovery rates were not disclosed in the release.
The revised estimate strengthens GoldMining’s portfolio and could enhance the company’s valuation by adding a high‑value by‑product to its resource base. With no long‑term debt and a history of net losses, the inclusion of antimony offers a potential source of cash flow that could offset operating costs and improve the company’s financial outlook.
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