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ADVERTISEMENT / PROMOTIONAL COMMUNICATION – This article is disseminated on behalf of GoldMining Inc. and Banyan Gold Corp. SRC Swiss Resource Capital AG maintains compensated investor relations consulting and communications agreements with both companies. · Producer/Publisher: SRC Swiss Resource Capital AG · Author/Editor: Ingrid Heinritzi · Editorial cut-off: 7 August 2026, 12:30 p.m. Zurich/Berlin · First publication: 11 August 2026, 5:35 a.m. Zurich/Berlin ·

Dear Readers,

The gold price rose significantly over the past week. The main supportive factors were fading expectations of imminent interest-rate hikes in the United States and, at times, easing inflation concerns. Geopolitical developments surrounding Iran and the Strait of Hormuz remain a double-edged influence: de-escalation could lower oil prices and therefore inflationary pressure, while at the same time reducing demand for gold as a safe haven.

For gold, therefore, no single geopolitical factor is decisive. What matters more is the interplay between real interest rates, the U.S. dollar, inflation expectations and risk appetite. A weaker U.S. dollar can support the gold price because the precious metal, which is traded internationally in dollars, becomes relatively less expensive for buyers outside the dollar area. The monetary-policy outlook also remains open: the U.S. Federal Reserve most recently kept its target range for the federal funds rate at 3.50% to 3.75%, while several members voted in favour of an increase. Economic and inflation data therefore remain important short-term price drivers.

China and India: Investment Gold Gains Importance

High gold prices are changing the demand structure in Asia’s two most important gold markets. According to World Gold Council data, Chinese jewellery demand fell by 32% year-on-year in the first quarter of 2026, while demand for bars and coins rose by 67% to a quarterly record of 207 tonnes. For the first half of the year, the World Gold Council continued to describe robust bullion demand alongside persistently weak jewellery consumption.

Demand also shifted markedly in India during the first quarter: jewellery demand declined by 19%, while bar-and-coin demand rose by 34% to 62 tonnes. Since 13 May, the gold import duty has also been increased from 6% to 15%. In the second quarter, India’s net gold imports fell by 23% year-on-year to 98.1 tonnes, according to the World Gold Council and Reuters. The higher duty likely placed additional pressure on official demand and imports, but it is only one of several factors alongside the price level, incomes, seasonality and investor behaviour.

GoldMining: Large Resource Base and Two Recent PEAs

GoldMining holds a diversified portfolio of gold and gold-copper projects in North and South America. According to the company, the consolidated resource base of its 100%-owned projects comprises approximately 13.1 million ounces of gold equivalent in the Measured and Indicated categories, plus a further 9.0 million ounces of gold equivalent in the Inferred category. At the end of June, the company also reported no financial debt and approximately US$185 million in cash and publicly listed equity holdings.

At the 100%-owned Crucero Project in Peru, an updated Mineral Resource Estimate was published in February 2026 that included antimony for the first time. The Indicated Mineral Resource comprises 42.7 million tonnes grading 1.26 g/t gold equivalent for 1.736 million ounces AuEq. This is supplemented by 34.9 million tonnes grading 0.93 g/t AuEq for 1.038 million ounces in the Inferred category. The resource also contains approximately 51,000 tonnes of antimony in the Indicated category and 37,000 tonnes in the Inferred category. Antimony therefore broadens the project’s metal endowment.

Additional valuation perspectives are provided by the updated 2026 Preliminary Economic Assessments. For La Mina in Colombia, the PEA base case reports an after-tax net present value at a 5% discount rate of approximately US$1.0 billion, an internal rate of return of 32.2% and an initial payback period of approximately 2.7 years. For São Jorge in Brazil, the PEA reports an after-tax net present value of US$532 million, an internal rate of return of 42.4% and an initial payback period of 2.8 years. Both base cases use a gold price of US$3,500 per ounce. The PEAs are preliminary in nature and include Inferred Mineral Resources. Accordingly, there is no certainty that the results presented will be realized.

Banyan Gold: AurMac Ahead of Its First PEA

Banyan Gold is advancing the AurMac Project in Yukon. The 303-square-kilometre project is located approximately 40 kilometres from Mayo, is crossed by a main road and, according to the company, benefits from a three-phase power line, an existing substation and cellular coverage.

The Mineral Resource Estimate updated in May 2026 comprises 3.639 million ounces of gold in the Indicated category (167.3 million tonnes grading 0.68 g/t gold) and 4.985 million ounces in the Inferred category (267.2 million tonnes grading 0.58 g/t gold). Banyan has engaged AMC Mining Consultants, Lycopodium, BGC Engineering and other independent consultants to prepare AurMac’s first PEA. The company expects the study to be completed in the fourth quarter of 2026.

Exploration is continuing in parallel. In July, Banyan reported additional high-grade mineralization in the Powerline area at AurMac. At the Nitra Project, approximately 25 kilometres west of AurMac, a new zone of high-grade gold mineralization was identified at the Roaring Fork target, while visible gold was also reported in drill core at the Seattle Creek target. These results are exploration data and, on their own, do not demonstrate economic viability.

Conclusion: Gold Remains Sensitive to Interest Rates – Project Progress Provides Additional Catalysts

The recent rise in the gold price illustrates how quickly changing expectations for interest rates, inflation and the U.S. dollar can be reflected in the precious metal. At the same time, physical demand in Asia remains divided: high prices are weighing on jewellery demand, while investment products are gaining importance. GoldMining combines a broad resource base with two recent PEAs and a strong balance sheet. Banyan Gold is working toward an important project milestone with the AurMac PEA expected in the fourth quarter of 2026.

Further information is available in the Precious Metals Report 2026/03: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Kind regards
Marc Ollinger
Swiss Resource Capital AG

Scientific and Technical Basis and Qualified Persons
GoldMining: The information relating to the updated Mineral Resource Estimate for the Crucero Project is based on the company’s news release dated 17 February 2026. Gregory Z. Mosher, P.Geo., Principal Geologist of Global Mineral Resource Services and an independent Qualified Person under NI 43-101, reviewed, verified and approved the technical information relating to the resource estimate. The La Mina PEA is based on the company’s news release dated 28 April 2026 and the Technical Report filed on 8 June 2026. The PEA was prepared by Scott E. Wilson, CPG, Zeke Blakeley, SME-RM, and Rick Jordan, SME-RM, each an independent Qualified Person under NI 43-101; Imola Götz, M.Sc., P.Eng., F.E.C., Vice President Project Development of GoldMining and a Qualified Person, reviewed and approved the scientific and technical content of the company’s news release. The São Jorge PEA is based on the news release dated 11 June 2026 and the Technical Report filed on 22 July 2026. Beck Nader, DSc, MSc, FAIG, CBRR, was the independent Qualified Person responsible for the PEA; Reno Pressacco, M.Sc.(A), P.Geo., FGC, was the independent Qualified Person responsible for the Mineral Resource Estimate. Imola Götz also reviewed and approved the scientific and technical content of that company news release.

Banyan Gold: The AurMac Mineral Resource Estimate, with an effective date of 15 May 2026, was prepared, reviewed and approved by Marc Jutras, P.Eng., M.A.Sc., Principal of Ginto Consulting Inc. and an independent Qualified Person under NI 43-101. Duncan Mackay, M.Sc., P.Geo., Vice President Exploration of Banyan and a Qualified Person, reviewed and approved the other technical information contained in the underlying company disclosures, including the PEA planning announced on 7 July 2026 and the exploration disclosures relating to AurMac and Nitra. The QP reviews referred to above relate to the respective primary-source disclosures and not to this English-language article. SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Sources and Data Cut-off

• Reuters, "Gold set for best week since January as inflation fears ebb", 7 August 2026
• Federal Reserve, "Federal Reserve issues FOMC statement", 29 July 2026
• World Gold Council, "Gold Demand Trends: Q1 2026 – Jewellery", 29 April 2026
• World Gold Council, "Gold Demand Trends: Q1 2026 – Investment", 29 April 2026
• World Gold Council, "China gold market update: June concludes a divided H1", 14 July 2026
• World Gold Council, "India gold market update: Import tightening", 22 May 2026
• Reuters, "India’s gold tariff hike boosts grey market, hurts organised trade, says WGC", 30 July 2026
• GoldMining, "Updates Mineral Resource Estimate with Inclusion of Antimony at its Crucero Gold Project, Peru", 17 February 2026
• GoldMining, "Announces Updated PEA Highlighting $1.0 Billion After-Tax NPV and 32% IRR at La Mina Project, Colombia", 28 April 2026
• GoldMining, "Files PEA Technical Report for its La Mina Project, Colombia…", 8 June 2026
• GoldMining, "Announces Positive PEA Highlighting $532 Million After-Tax NPV and 42% IRR at its São Jorge Project, Brazil", 11 June 2026
• GoldMining, "Files PEA Technical Report for its São Jorge Project, Brazil", 22 July 2026
• GoldMining, "Issues Mid-Year 2026 Shareholder Update", 25 June 2026
• Banyan Gold, "Expands Indicated and Inferred Mineral Resource Estimate and Improves Grade at AurMac Deposit…", 19 May 2026
• Banyan Gold, "Advances AurMac Toward a PEA with Engagement of Leading Mining Consultants…", 7 July 2026
• Banyan Gold, "Continues to Delineate High-Grade in Powerline Southwest…", 13 July 2026
• Banyan Gold, "Intersects High-Grade Mineralization at Newly Identified Roaring Fork Zone, Visible Gold at Seattle Creek Zone…", 28 July 2026

Important Disclosures, Conflicts of Interest and Disclaimer

Nature of the communication and conflict of interest: This article is a compensated advertising and marketing communication (advertorial) and is not independent investment research. SRC Swiss Resource Capital AG receives compensation from GoldMining Inc. and Banyan Gold Corp. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence the selection of the companies discussed and the manner in which they are presented.

Conflict-of-interest disclosure pursuant to Article 20 of Regulation (EU) No 596/2014 (MAR), Commission Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author holds no shares in the issuers discussed. The net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed is less than 0.5% of the respective issuer’s issued share capital. No issuer discussed holds an interest of 5% or more in SRC Swiss Resource Capital AG. Compensated relationship: investor relations consulting and communications agreements with both issuers. No scheduled update of this article is planned; any statutory obligations to correct or update information remain unaffected. The relevant circumstances and publicly available information are those existing at the editorial cut-off on 7 August 2026 at 12:30 p.m. Zurich/Berlin.

Methodology, sources and classification: Market and company information was obtained from the publications identified in the source list. Facts, company statements, scientific and technical information, forward-looking information and editorial assessments have been distinguished in the wording. Market prices, historical data, study metrics and company objectives are not price targets or trading signals.

No personal investment advice: The information provided is for general informational purposes only. It is not tailored to any person’s investment objectives, financial circumstances or risk tolerance and does not constitute personal investment advice, an invitation, an offer or a solicitation to buy or sell securities or other financial instruments. Investment decisions should be based solely on the reader’s own review and, where appropriate, independent professional advice.

Risks: Securities of natural-resources, mining, exploration and project-development companies involve substantial risks. These include, in particular, gold-price, commodity-market, currency, liquidity, financing, dilution, exploration, resource-estimation, permitting, construction, operating, environmental, political, regulatory and country-specific risks. Projects may fail technically or economically, exceed schedules or cost budgets, or require additional capital on terms that may be disadvantageous to existing shareholders. Losses, including a total loss of the capital invested, are possible. Past performance, historical market prices or technical studies are not reliable indicators of future results.

Forward-looking information and scientific and technical information: This article contains forward-looking information, company objectives and scientific and technical information. Such information is based on assumptions, estimates and expectations as of the relevant publication dates; actual results may differ materially due to known and unknown risks. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Preliminary Economic Assessments are preliminary in nature and may include Inferred Mineral Resources that are considered too geologically speculative for economic considerations to be applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of a PEA will be realized. The QP reviews referred to above relate solely to the respective primary-source disclosures; SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Accuracy, completeness and external content: The content was prepared with editorial care on the basis of the sources identified and considered reliable. Nevertheless, no representation or warranty is made as to its accuracy, completeness, currency or continued availability. Mandatory statutory liability remains unaffected. The operators of external websites are solely responsible for their content. Linked content was reviewed when the link was created; ongoing monitoring without specific indications of an infringement is not reasonably practicable. Links will be removed if unlawful content becomes known.

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The general disclaimer of SRC Swiss Resource Capital AG also applies: resource-capital.ch/de/disclaimer-agb/