GoldMining Inc.

GoldMining is led by CEO and President Alastair Still (appointed April 2021, assumed Presidency January 2026), a geologist with over 25 years of industry experience at Agnico Eagle, Kinross, Placer Dome, Goldcorp, and Newmont. Critically, he previously led exploration at Kaminak Gold's Coffee Gold Deposit in Yukon, which Goldcorp acquired for C$520M in 2016 — a genuine discovery and exit track record. Founder and Co-Chairman Amir Adnani built the mineral-banking model that assembled the current portfolio. Co-Chairman David Garofalo is the former CEO of Goldcorp and brings M&A credibility. The strategy is acquisition of resource-stage assets at distressed prices rather than grassroots discovery.

Insider ownership is a weak point. Gurufocus reports 0.00% insider ownership as of early 2026, though this appears to reflect the limitations of the data source rather than confirmed zero holdings. The 2025 Information Circular (AGM May 15, 2025) and SEDAR+ AIF filed February 27, 2025 would contain the definitive ownership table, but neither was accessible during this research session. The two founding directors, Garnet Dawson and Herb Dhaliwal, retired from management in January 2025 after over 10 years of service, reducing continuity. No confirmed insider buy transactions were identified via public databases.

The overall picture is a credible, experienced team with a strong acquisition track record and one prior exit (Coffee/Kaminak), but with unconfirmed insider ownership that appears low relative to best-in-class juniors. The strategic equity stakes in Gold Royalty Corp and US GoldMining demonstrate an ability to create value through corporate spin-outs, which is a distinct management skill. Score of 3 reflects solid team quality and track record without the alignment signal of verified significant insider ownership.

GoldMining holds a diversified portfolio of resource-stage projects with a reported global aggregate of approximately 12.4–16.2 million ounces AuEq in Measured and Indicated categories and 9.1–16.2 million ounces AuEq Inferred, depending on whether the Whistler and Titiribi copper-gold projects are included at AuEq conversion. Key resource estimates: (1) Titiribi, Colombia — 7.88Moz AuEq M&I (5.54Moz Au + 1,061Mlbs Cu) and 3.62Moz AuEq Inferred, no economic study on file; (2) Whistler, Alaska (via ~80%-owned USGO) — 6.48Moz AuEq Indicated (299Mt at 0.68g/t AuEq) + 4.16Moz AuEq Inferred, PEA completed March 2026; (3) La Mina, Colombia — 1.15Moz AuEq Indicated + 1.45Moz AuEq Inferred, PEA completed September 2023; (4) Crucero, Peru — 1.74Moz AuEq Indicated (42.7Mt at 1.26g/t, includes antimony credit) + 1.04Moz AuEq Inferred, MRE updated February 2026, no economic study; (5) São Jorge, Brazil — 624Koz Au Indicated (19.42Mt at 1.00g/t) + 129Koz Au Inferred (5.56Mt at 0.72g/t), MRE updated January 28, 2025 (NI 43-101 filed February 27, 2025 on SEDAR+); (6) Yellowknife and Almaden — resource-stage, no current PEA.

None of GoldMining's directly owned projects (i.e., excluding the USGO stake) have advanced beyond PEA stage. La Mina has the most advanced economic study (PEA filed September 2023, SEDAR+), but it is preliminary and includes a large inferred resource component (1.45Moz AuEq inferred vs 1.15Moz AuEq indicated). Crucero's February 2026 MRE update increased indicated ounces by ~75% and added antimony, but no economic study exists yet. São Jorge lacks any PEA despite multi-year exploration; the 2026 drill program is still expanding the resource footprint. Zero NI 43-101 reserves exist across the portfolio — no feasibility studies have been completed.

The geology score of 3 reflects the significant quantity of gold resources (collectively >20Moz AuEq across all projects), some economic validation via La Mina PEA and USGO Whistler PEA, and recent exploration success at Crucero and São Jorge. However, the portfolio is dominantly Indicated and Inferred with no reserves, all at PEA stage or earlier for GoldMining's direct holdings, and most projects remain in early development. The scale is impressive but not yet economically de-risked.

As of November 30, 2025 (fiscal year end), GoldMining had 213,757,471 common shares outstanding (up from ~189M at November 30, 2024, reflecting ATM issuances). The company reported cash and cash equivalents of approximately US$26.1M (approximately C$36M), plus approximately US$162.6M in equity and warrant holdings in US GoldMining Inc. (USGO) and warrants. Additional equity holdings include ~21.5M shares of Gold Royalty Corp (GROY, value ~US$80M at April 2026 prices of ~US$3.74/share) and ~19.1M shares of NevGold Corp. Total liquid and near-liquid assets (cash + GROY + USGO market value ~US$122M) are approximately US$228M. The balance sheet is debt-free with total shareholders equity of approximately C$117.9M and total liabilities of C$5.9M.

The annual operating burn rate is approximately C$13-14M per year (net loss C$13.48M in FY2025). With C$36M cash alone that is approximately 2.5 years of runway from cash — but the company's equity holdings in publicly traded GROY and USGO provide significant additional liquidity buffer and are worth far more than the stated cash position. The ATM program (renewed December 2025 for up to US$50M through December 2026) creates ongoing dilution risk and signals the company will continue funding exploration via share issuances. Shares outstanding grew by ~25M shares (~13%) in FY2025 via ATM and other issuances.

Capital structure is adequately funded and debt-free, with meaningful liquidity from equity stakes. The score of 3 reflects the absence of significant near-term cash pressure and the liquid equity cushion, offset by the active ATM program that will continue diluting shareholders, the lack of any revenue, ongoing share count growth, and the fact that the company's "cash" story is largely tied to the mark-to-market value of its stakes in USGO and GROY, both of which are themselves explorers exposed to gold price and sentiment volatility.

Near-term catalysts are present but none are imminent transformational events. The highest-impact catalyst is the Whistler PEA completed by US GoldMining (USGO) in March 2026, which produced a post-tax NPV5% of US$2.04B at $3,200/oz gold — this is already released and partially in the price. GoldMining's ~80% ownership of USGO means any progress toward a PFS at Whistler would be a significant re-rating event, but timeline for a PFS has not been disclosed. At São Jorge, a two-rig 8,000-metre 2026 drill program commenced late March 2026, targeting extensions of the William South zone and other high-priority targets identified in 2025 (including a 12m at 2.38g/t intercept announced April 6, 2026). Results from this program should flow through mid-2026.

At Crucero (Peru), the February 2026 MRE update included antimony for the first time and increased indicated ounces by 75%. No PEA is on the horizon but the project could advance toward one in 2026-2027. La Mina (Colombia) had a PEA in September 2023 and no confirmed PFS timeline has been disclosed. The La Mina drill program was active in 2024. GoldMining also holds the Rea Uranium Project (Alberta), for which an updated NI 43-101 technical report was filed May 2025, providing some uranium optionality. NevGold Corp (NAU:TSXV) is a separate optionality vehicle.

Catalysts are real and flowing in 2026 — Whistler PEA (completed), São Jorge drill results (ongoing), Crucero MRE update (completed) — but none of these constitute a near-term production decision or feasibility study delivery. The portfolio approach means that news is frequent but individually modest. Score of 3 reflects a rich pipeline of upcoming exploration and study catalysts in the 6-12 month window, with no single company-transforming event imminent in weeks.

Valuation requires a sum-of-the-parts (SOTP) approach given GoldMining's portfolio structure and equity stakes. Using April 2026 market data: shares outstanding 213.8M, stock price C$1.73 (USD ~$1.25 at ~1.38 CAD/USD), market cap ~C$370M (USD ~$268M). Liquid/near-liquid assets: USGO stake (~9.9M shares × US$12.32) = ~US$122M; GROY stake (~21.5M shares × US$3.74) = ~US$80M; cash ~US$26M; subtotal ~US$228M. Against a market cap of ~US$268M, the liquid assets alone support ~US$1.07/share USD, meaning the market is ascribing only ~US$40M (USD) of incremental value to the entire mineral resource portfolio — 20+ million ounces AuEq across La Mina, São Jorge, Crucero, Titiribi, Yellowknife, Almaden, and Whistler indirectly. On an EV/resource-oz basis this is exceptionally cheap at the resource level.

However, the highest-confidence NAV calculation is from the directly comparable PEAs. La Mina PEA: US$274M NPV at $1,750/oz gold — at current ~$3,200/oz gold this NAV would be substantially higher (perhaps US$500-600M), but applying a 50-60% PEA discount = ~US$200-240M attributable to GoldMining at 100% ownership. São Jorge: no PEA, apply 75% discount to inferred/indicated value (~624Koz Indicated × 50% confidence × $50/oz conservative = ~US$16M). Crucero: no PEA, similar early-stage, ~US$20-30M rough value. Titiribi (no PEA, 7.88Moz M&I): at $10/oz M&I inferred discount = ~US$79M. Total discounted project NAV: La Mina ~US$220M + USGO (80% × $2.04B NPV × 50% PEA discount = ~US$816M but already reflected in USGO stock at $122M market value) + Titiribi ~US$79M + others ~US$50M. The simplest honest approach is: liquid assets ~US$228M + conservatively discounted mineral assets ~US$150M = ~US$378M total NAV / 213.8M shares = ~US$1.77/share = ~C$2.44/share. Against a trading price of C$1.73, implied P/NAV ≈ 0.71x.

At 0.71x P/NAV against a PEA-stage discounted NAV, GoldMining trades at a discount to NAV. This is consistent with the PEA-only study tier and high inferred/indicated resource mix across the portfolio. Peer transactions for PEA-stage gold projects in Americas jurisdictions typically transact at US$20-60/oz M&I, and at US$40/oz applied to 12.4Moz AuEq M&I = ~US$496M for the mineral portfolio alone, which would imply significant upside from here. The acquisition score of 3 reflects the modest discount to NAV that is appropriate given PEA study tier, no reserves, high proportion of inferred ounces, and the complexity of the equity stake portfolio structure. Score would be higher if a PFS were imminent at La Mina or Titiribi.