GoldMining's Crucero Project: Unlocking Multi-Metal Value with Gold-Antimony Synergy in a Strategic Commodity Landscape

GoldMining Inc. (TSX: GMD) has long been a standout in the junior gold space, but its Crucero Project in southeastern Peru is now poised to redefine its value proposition. By integrating antimony—a critical industrial metal with surging strategic demand—into its resource model, the Crucero Project transitions from a conventional gold play to a dual-metal asset with significant economic and geopolitical upside. This shift not only enhances the project's profitability but also aligns it with global trends in supply chain resilience and energy transition.

The Gold-Antimony Synergy: A Dual-Metal Play with Enhanced Economics

GoldMining's Crucero Project has historically been defined by robust gold resources: 993,000 ounces in the Indicated category and 1,147,000 ounces in the Inferred category at a 0.4 g/t Au cut-off. However, recent validation of antimony mineralization across 79 drill holes has revealed a compelling secondary metal stream. Antimony values, when converted to gold-equivalent (AuEq) using the formula AuEq = Au grade + 3.52 × Sb grade, significantly boost the project's metal content. For instance, the DDH-45 intercept (6.79 g/t AuEq) includes 6.53 g/t Au and 0.07% Sb, while DDH-37 (4.34 g/t AuEq) combines 0.92 g/t Au with 0.97% Sb. These results suggest that antimony could add 30–50% to the project's AuEq value, depending on the cut-off grade and recovery assumptions.

The economic implications are profound. At current antimony prices (June 2025: $48,615/MT in the U.S., $42,070/MT in Japan), even modest antimony grades translate into meaningful revenue. GoldMining's preliminary recovery estimates—100% for gold, 70% for antimony—further underscore the project's viability. With antimony's role in high-margin applications like flame retardants, lead-acid batteries, and defense-grade alloys, the Crucero Project is no longer just a gold asset; it's a strategic supplier of a critical industrial metal.

Strategic Value in a Geopolitical Hotspot

Antimony's strategic importance has surged in 2025, driven by its indispensable role in defense, energy storage, and electronics. The U.S. Department of Defense classifies antimony as a Tier 1 critical mineral, while the EU's Critical Raw Materials Act prioritizes its secure supply. China, which controls ~78% of global antimony processing capacity, has recently restricted exports, exacerbating supply tightness. This has pushed prices to multi-year highs (up 300% since 2024) and spurred governments to diversify sources.

GoldMining's Crucero Project, located in politically stable Peru, offers a rare opportunity to tap into this demand. Unlike many antimony projects in politically volatile regions, Crucero's 100% ownership and historical exploration data (657 trench assays, 17,000+ lab records) provide a solid foundation for rapid resource expansion. The project's dual-metal profile also insulates it from single-commodity volatility, a critical advantage in today's fragmented market.

Resource Expansion Potential and Technical Momentum

The Crucero Project's geological model reveals two phases of mineralization: a lower-grade, bulk-tonnage system from isoclinal folding and a higher-grade, brittle-deformation phase with remobilized gold and antimony. The latter, though smaller in volume, is richer in both metals and aligns with the project's current drill intercepts. This suggests that the resource is underexplored, particularly at depth and along strike.

GoldMining's validation of 29 additional drill holes—expanding the dataset to 79—has already revealed continuity in mineralization. With antimony assays still being compiled, the company is on track to release an updated resource estimate that could elevate AuEq ounces by 20–30%. This technical momentum, combined with the project's proximity to infrastructure (roads, power), positions it as a prime candidate for a near-term feasibility study.

Investment Implications: A Dual-Metal Play with Tailwinds

The Crucero Project's dual-metal model offers a compelling risk-rebalance for investors. While gold provides a stable base case, antimony's strategic value and price trajectory create a high-margin upside. At current antimony prices, the project's AuEq could rise to 1.5–2.0 g/t, potentially increasing its net present value (NPV) by 40–60%.

For investors, the Crucero Project represents a rare combination of technical potential, strategic relevance, and market timing. With GoldMining trading at a discount to its peers and the Crucero Project's resource expansion underway, the stock is well-positioned to benefit from both gold and antimony price cycles. A near-term resource upgrade and positive feasibility study could catalyze a re-rating of the company's valuation.

Conclusion: A Dual-Metal Catalyst in a Critical Commodity Era

GoldMining's Crucero Project is more than a gold play—it's a strategic supplier of antimony in a world increasingly focused on supply chain security. By leveraging its dual-metal potential, the company is addressing both economic and geopolitical demand drivers. For investors seeking exposure to a high-grade, underappreciated project with strong expansion potential, Crucero offers a compelling case. As antimony prices remain elevated and global demand accelerates, GoldMining's ability to unlock this value could redefine its role in the critical minerals landscape.

Investment Thesis: Buy GoldMining (GMD) for its Crucero Project's dual-metal upside, strategic alignment with antimony demand, and potential for resource expansion. Target price: $1.50/share (30% upside from current levels).