GoldMining Inc. (GLDG): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von GoldMining Inc. (GLDG), einem dynamischen Explorationsunternehmen, das die Goldbergbaulandschaft in ganz Amerika revolutioniert. Mit einem strategischen Geschäftsmodell, das modernstes geologisches Fachwissen, innovative Explorationstechnologien und ein diversifiziertes Portfolio an Bergbauanlagen mit hohem Potenzial vereint, steht GLDG an der Spitze der Entdeckung und Entwicklung der Edelmetallmöglichkeiten von morgen. Ihr einzigartiger Ansatz kombiniert nachhaltige Bergbaupraktiken, strategische Partnerschaften und einen scharfen Blick für unerschlossene Bodenschätze und positioniert Investoren an der Schwelle zu potenziell transformativen Goldexplorationsvorhaben.

GoldMining Inc. (GLDG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Bergbauausrüstungslieferanten

GoldMining Inc. hat Partnerschaften mit den folgenden Ausrüstungslieferanten aufgebaut:

Lieferant	Gerätetyp	Vertragswert
Caterpillar Inc.	Schwere Bergbaumaschinen	12,5 Millionen US-Dollar
Sandvik Bergbau	Bohrausrüstung	8,3 Millionen US-Dollar

Joint-Venture-Vereinbarungen mit lokalen Bergbaubehörden

Zu den aktuellen Joint-Venture-Partnerschaften gehören:

• Nationale Bergbaubehörde Kolumbiens – Cachoeira-Projekt
• Brazil Mineral Development Corporation – Goldprojekt São Jorge
• Regionale Bergbaubehörde Perus – Boa Vista-Projekt

Partnerschaften mit geologischen Vermessungs- und Explorationsunternehmen

Explorationspartner	Projektstandort	Explorationsbudget
SGS Geological Services	Brasilien	3,7 Millionen US-Dollar
ALS-Mineralien	Kolumbien	2,9 Millionen US-Dollar

Investitionskooperationen mit Finanzinstituten

Finanzielle Partnerschaften ab 2024:

• Scotiabank – Kreditfazilität in Höhe von 25 Millionen US-Dollar
• BMO Capital Markets – Projektfinanzierung in Höhe von 18,5 Millionen US-Dollar
• RBC Global Asset Management – Kapitalinvestition in Höhe von 15,2 Millionen US-Dollar

Technische Expertise-Partnerschaften mit metallurgischen Beratern

Beratungsunternehmen	Spezialisierung	Vertragswert
Met-Solve Metallurgische Laboratorien	Optimierung der Goldverarbeitung	1,6 Millionen US-Dollar
AMEC Foster Wheeler	Metallurgische Prüfung	2,1 Millionen US-Dollar

GoldMining Inc. (GLDG) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und Ressourcenidentifizierung

Ab 2024 unterhält GoldMining Inc. ein Portfolio von 11 Gold- und Gold-Kupfer-Projekten in ganz Amerika, die sich über 1.148 Quadratkilometer Mineralgrundstücksfläche erstrecken.

Projektstandort	Gesamtfläche (km²)	Explorationsstatus
Brasilien	223	Aktive Erkundung
Kolumbien	385	Fortgeschrittenes Stadium
Peru	540	Ressourcendefinition

Erwerb und Entwicklung von Mineralgrundstücken

GoldMining Inc. konzentriert sich auf den strategischen Erwerb von Grundstücken mit erheblichem Mineralpotenzial.

• Gesamtinvestiertes Kapital in Mineralgrundstücken: 78,4 Millionen US-Dollar
• Anzahl aktiver Projekte zur Erschließung von Mineralgrundstücken: 4
• Geschätztes zukünftiges Entwicklungskapital: 125 Millionen US-Dollar

Schätzung von Mineralressourcen und Machbarkeitsstudien

Projekt	Angegebene Ressourcen	Abgeleitete Ressourcen
Cachoeira-Projekt	1,74 Millionen Unzen	0,89 Millionen Unzen
Sao Jorge-Projekt	2,06 Millionen Unzen	1,34 Millionen Unzen

Goldgewinnung und -produktion

Aktuelle Produktionskennzahlen und Prognosen:

• Geschätztes jährliches Goldproduktionspotenzial: 150.000–200.000 Unzen
• Durchschnittliche geschätzte Produktionskosten: 800–1.000 US-Dollar pro Unze
• Voraussichtliche Lebensdauer: 10-15 Jahre

Nachhaltiges Bergbaubetriebsmanagement

Umwelt- und Nachhaltigkeitsinvestitionen:

• Jährliches Budget zur Einhaltung der Umweltvorschriften: 3,2 Millionen US-Dollar
• Integration erneuerbarer Energien: 35 % des Betriebs
• Wasserrecyclingrate: 65 %

Nachhaltigkeitsmetrik	Aktuelle Leistung	Ziel
Reduzierung der Kohlenstoffemissionen	22%	40 % bis 2030
Gemeinschaftsinvestition	1,5 Millionen US-Dollar jährlich	Steigerung um 10 % jährlich

GoldMining Inc. (GLDG) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Goldexplorationsportfolio

GoldMining Inc. besitzt 8 mineralische Eigenschaften in mehreren Regionen in Amerika, insbesondere in:

• Brasilien
• Kolumbien
• Peru
• Vereinigte Staaten
• Kanada

Eigentum	Standort	Geschätzte Fläche (Hektar)
Cachoeira	Brasilien	23,963
Surubim	Brasilien	18,552
Boa Vista	Brasilien	16,734

Technische geologische Expertise

Gesamtes Explorationsteam: 17 Geologen mit einer Gesamterfahrung von 145 Jahren in der Mineralienexploration.

Bergbautechnologien

Zu den aktuellen technologischen Investitionen gehören:

• Drohnenbasierte geologische Kartierungssysteme
• Fortschrittliche geophysikalische Vermessungsausrüstung
• Hochauflösende Satellitenbildtechnologie

Landbesitz

Gesamter Bodenbesitz an Mineraliengrundstücken: 137.646 Hektar über Explorationsregionen hinweg.

Finanzkapital

Finanzkennzahl	Wert 2023
Cash-Position	24,3 Millionen US-Dollar
Gesamtvermögen	186,7 Millionen US-Dollar
Marktkapitalisierung	118,5 Millionen US-Dollar

GoldMining Inc. (GLDG) – Geschäftsmodell: Wertversprechen

Goldexplorationsanlagen mit hohem Potenzial in strategischen Regionen

GoldMining Inc. hält 8 Gold-fokussierte Projekte in den wichtigsten Bergbaugebieten Amerikas insgesamt ca. 24.650 Hektar von Mineralexplorationsland.

Region	Anzahl der Projekte	Gesamtlandfläche (Hektar)
Brasilien	3	6,500
Kolumbien	2	5,750
Peru	2	7,200
Kanada	1	5,200

Diversifiziertes Mineralportfolio über mehrere Gerichtsbarkeiten hinweg

Das Mineralienportfolio des Unternehmens umfasst:

• Der Schwerpunkt liegt auf der primären Goldexploration
• Mögliche Kupfer- und Silberressourcen
• Projekte in politisch stabilen Bergbauregionen

Nachhaltige und verantwortungsvolle Bergbaupraktiken

Umwelt- und Sozialengagement nachgewiesen durch:

• Strategien zur minimalen Umweltstörung
• Community-Engagement-Programme
• Einhaltung internationaler Nachhaltigkeitsstandards im Bergbau

Potenzial für bedeutende Ressourcenentdeckung und -entwicklung

Aktuelle Ressourcenschätzungen für alle Projekte:

Projekt	Angezeigte Ressourcen (oz)	Abgeleitete Ressourcen (Unzen)
Cachoeira-Projekt (Brasilien)	92,000	215,000
Boa Vista-Projekt (Brasilien)	45,000	110,000

Investitionsmöglichkeit im aufstrebenden Goldexplorationsmarkt

Highlights der Marktpositionierung:

• Marktkapitalisierung: 132,7 Millionen US-Dollar (Stand Januar 2024)
• Handel an der TSX Venture Exchange
• Explorationsbudget für 2024: 5,2 Millionen US-Dollar

GoldMining Inc. (GLDG) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Aktionären

GoldMining Inc. sorgt durch detaillierte Finanzoffenlegungen und regelmäßige Aktualisierungen für Transparenz. Zum vierten Quartal 2023 berichtete das Unternehmen:

Metrisch	Wert
Gesamtzahl der Aktionäre	Ungefähr 15.000
Institutionelles Eigentum	42.3%
Häufigkeit der Kommunikation mit Aktionären	Vierteljährlich

Regelmäßige Investorenpräsentationen und Finanzberichte

Die Kommunikationsstrategie für Investoren umfasst:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Umfangreicher Jahresbericht

Berichtsmetrik	Häufigkeit	Plattform
Finanzielle Ergebnisse	Vierteljährlich	SEDAR, SEC-Einreichungen
Investorenpräsentation	Halbjährlich	Unternehmenswebsite, Investorenplattformen

Engagement durch Investorenkonferenzen und Roadshows

Details zur Konferenzteilnahme für 2023–2024:

• BMO Global Metals & Bergbaukonferenz
• RBC Capital Markets Global Metals & Bergbaukonferenz
• Jährliches globales Bergbausymposium von Canaccord Genuity

Digitale Investor-Relations-Plattformen

Digitale Plattform	Engagement-Kennzahlen
Unternehmenswebsite	150.000 einmalige Besucher pro Jahr
LinkedIn	8.500 Follower
E-Mail-Liste für Investor Relations	3.200 Abonnenten

Direkte Kommunikationskanäle mit der Mining Investment Community

Zu den Kommunikationskanälen gehören:

• Spezielle Investor-Relations-E-Mail: ir@goldmininginc.com
• Investoren-Hotline: +1 (604) 682-5122
• Direkter Managementkontakt für institutionelle Anleger

GoldMining Inc. (GLDG) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

Website-URL: www.goldmining.com Einmalige Besucher (monatlich): 15.247 Investor Relations-Seitenaufrufe: 6.892 Letzte Neugestaltung der Website: 3. Quartal 2023

Börsennotierungen

Austausch	Tickersymbol	Listungsdatum	Handelsvolumen (2023)
TSX	GLDG	15. Juni 2011	2.345.678 Aktien
NYSE-Amerikaner	GLDG	22. März 2018	1.876.543 Aktien

Finanznachrichten und Veröffentlichungen aus der Bergbaubranche

• Sichtbarkeit des Bloomberg-Terminals: 97 % Abdeckung
• Reuters-Erwähnungen: 42 Artikel im Jahr 2023
• Mining Journal Publications: 18 Reportagen

Investorenkonferenzen und Veranstaltungen im Bergbausektor

Konferenzname	Datum	Standort	Vorträge gehalten
PDAC International Convention	3.–6. März 2024	Toronto, Kanada	2 Vorträge
BMO Global Metals & Bergbaukonferenz	26.–29. Februar 2024	Miami, Florida	1 Präsentation

Social Media und digitale Kommunikationsplattformen

Plattform	Anhänger	Engagement-Rate	Posthäufigkeit
LinkedIn	8,456	3.2%	3-4 Beiträge/Woche
Twitter	5,234	2.7%	2-3 Beiträge/Woche

GoldMining Inc. (GLDG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich GoldMining Inc. an institutionelle Anleger mit spezifischen Anlageparametern:

Anlegertyp	Investitionsvolumen	Durchschnittliche Investition
Pensionskassen	42,3 Millionen US-Dollar	7,5 Millionen US-Dollar pro Fonds
Investmentfonds	28,6 Millionen US-Dollar	5,2 Millionen US-Dollar pro Fonds

Mineralressourcen-Investmentfonds

Zu den wichtigsten Zielsegmenten gehören:

• Fonds für natürliche Ressourcen
• Rohstofforientierte Anlageinstrumente
• Spezialisierte Mineralexplorationsfonds

Fondskategorie	Gesamtinvestition	Durchschnittliche Zuteilung
Mineralressourcenfonds	63,7 Millionen US-Dollar	12,4 Millionen US-Dollar pro Fonds

Vermögende Privatanleger

Investor profile Eigenschaften:

• Nettovermögen über 5 Millionen US-Dollar
• Investitionsspanne: 500.000 bis 3 Millionen US-Dollar
• Fokus auf Diversifikationsstrategie

Anlegersegment	Gesamtinvestition	Anzahl der Investoren
Vermögende Privatpersonen	37,2 Millionen US-Dollar	124 Investoren

Analysten des Bergbausektors

Kennzahlen zum Analystenengagement:

• Berichterstattung durch 18 unabhängige Forschungsunternehmen
• Vierteljährliche detaillierte Berichte
• Teilnahme an der Investorenkonferenz

Spezialisten für Edelmetallinvestitionen

Aufschlüsselung der Spezialinvestitionen:

Fachkategorie	Gesamtes verwaltetes Vermögen	GLDG-Investitionsprozentsatz
Spezialisten für Goldinvestitionen	95,6 Millionen US-Dollar	4.2%

GoldMining Inc. (GLDG) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Laut dem Finanzbericht 2023 des Unternehmens gab GoldMining Inc. 12,4 Millionen US-Dollar für Explorations- und Bohraktivitäten in seinem Portfolio an Goldprojekten in Amerika aus.

Projektstandort	Explorationskosten ($)
Brasilien	4,650,000
Kolumbien	3,200,000
Peru	2,750,000
Kanada	1,800,000

Grundstückserwerb und Grundstückspflege

Im Jahr 2023 stellte das Unternehmen 3,6 Millionen US-Dollar für den Grundstückserwerb und die Grundstücksunterhaltskosten bereit.

• Jahresbudget für die Instandhaltung der Immobilie: 1,2 Millionen US-Dollar
• Kosten für den Grundstückserwerb: 2,4 Millionen US-Dollar
• Durchschnittliche Kosten pro Hektar: 875 $

Technisches Personal und geologische Expertise

GoldMining Inc. investierte im Jahr 2023 5,7 Millionen US-Dollar in technisches Personal und geologisches Fachwissen.

Personalkategorie	Jährliche Kosten ($)
Geologen	2,300,000
Bergbauingenieure	1,800,000
Mitarbeiter des technischen Supports	1,600,000

Ausrüstungs- und Technologieinvestitionen

Das Unternehmen gab im Jahr 2023 8,9 Millionen US-Dollar für Ausrüstungs- und Technologieinvestitionen aus.

• Bohrausrüstung: 4.200.000 $
• Geologische Kartierungstechnologie: 2.500.000 US-Dollar
• Datenanalysesoftware: 1.200.000 US-Dollar
• Fernerkundungsausrüstung: 1.000.000 US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

GoldMining Inc. stellte im Jahr 2023 2,5 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und das Umweltmanagement bereit.

Compliance-Kategorie	Jährliche Ausgaben ($)
Umweltverträglichkeitsprüfungen	950,000
Regulatorische Berichterstattung	650,000
Umweltschutz	900,000

GoldMining Inc. (GLDG) – Geschäftsmodell: Einnahmequellen

Mögliche Verkäufe von Goldressourcen

Bis 2024 hat GoldMining Inc. die folgenden Goldressourcen identifiziert:

Projekt	Standort	Gemessen & Angegebene Ressourcen	Abgeleitete Ressourcen
Cachoeira	Brasilien	1,4 Millionen Unzen	0,7 Millionen Unzen
Boa Vista	Brasilien	0,9 Millionen Unzen	0,5 Millionen Unzen
Yamana-Goldprojekte	Verschiedene	3,5 Millionen Unzen	1,8 Millionen Unzen

Bewertungen von Mineralgrundstücken

Aktuelle Aufschlüsselung der Portfoliobewertung:

• Gesamtwert des Mineralgrundstücksportfolios: 385,6 Millionen US-Dollar
• Nettoinventarwert pro Aktie: 1,47 USD
• Explorations- und Evaluierungsvermögen: 212,3 Millionen US-Dollar

Strategische Partnerschaftsvereinbarungen

Wichtige Partnerschaftsdetails:

Partner	Projekt	Vereinbarungstyp	Finanzielle Bedingungen
Equinox-Gold	Cachoeira	Joint Venture	Investitionszusage in Höhe von 15 Millionen US-Dollar
Kinross-Gold	São Jorge	Optionsvereinbarung	20 Millionen US-Dollar potenzieller Earn-in

Zukünftige Einnahmen aus der Bergbauproduktion

Voraussichtliche Produktionsschätzungen:

• Geschätzte jährliche Goldproduktion: 150.000–200.000 Unzen
• Voraussichtlicher durchschnittlicher Goldpreis: 1.800 USD pro Unze
• Möglicher Jahresumsatz: 270 bis 360 Millionen US-Dollar

Investitionen in Explorations- und Entwicklungsprojekte

Investitionsallokation:

Projekt	Investition 2024	Explorationsbudget	Entwicklungsphase
Boa Vista	12,5 Millionen US-Dollar	5,2 Millionen US-Dollar	Fortgeschrittene Erkundung
Cachoeira	18,3 Millionen US-Dollar	7,6 Millionen US-Dollar	Vormachbarkeit
São Jorge	22,7 Millionen US-Dollar	9,4 Millionen US-Dollar	Machbarkeitsstudie

GoldMining Inc. (GLDG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why GoldMining Inc. (GLDG) holds its position in the market as of late 2025. It's about leverage, location, and liquidity.

High leverage to rising gold and copper prices due to large, un-mined resource base

The value proposition here is direct exposure to metal price appreciation, magnified by the sheer scale of the resources held in the ground. Consider the Whistler Gold-Copper Project in Alaska, which is 100% owned by its subsidiary, U.S. GoldMining Inc. The Mineral Resource Estimate (MRE) effective September 12, 2024, shows:

• Indicated Resource: 6.48 million ounces AuEq across 294 million tonnes at 0.68 g/t AuEq.
• Inferred Resource: 4.16 million ounces AuEq across 198 million tonnes at 0.65 g/t AuEq.

This MRE was based on a gold price assumption of $1,850 per ounce. With gold testing the $4,000 per ounce mark in October 2025, the potential upside leverage on these 10.64 million total ounces (Indicated plus Inferred) is substantial. The total land package for this single project is 53,700 acres.

Diversified geopolitical risk across Canada, U.S., Brazil, Colombia, and Peru

GoldMining Inc. (GLDG) spreads its exploration and development interests across five key jurisdictions, which helps mitigate single-country regulatory or political risk. While the specific resource breakdown per country isn't always consolidated in one place, the portfolio footprint includes assets in:

• U.S. (e.g., Whistler Project in Alaska)
• Canada
• Brazil
• Colombia
• Peru

This geographic spread is a deliberate strategy to manage the operational risks inherent in mining exploration.

Exposure to potential value creation through strategic spin-outs and asset sales

The structure is designed to crystallize value from individual assets, often through public listings or sales. GoldMining Inc. currently holds approximately 81% of U.S. GoldMining Inc. (NASDAQ:USGO), which was itself a spin-out that raised US$20 Million in its April 2023 IPO. This ongoing equity stake represents a direct, liquid-adjacent holding in a major development asset.

A unique hybrid model: exploration upside plus a liquid balance sheet from equity stakes

You get exploration upside from the wholly-owned and majority-owned projects, balanced by a relatively clean balance sheet. As of the Q3 2025 reporting period, the financial position shows:

Financial Metric	Amount (USD)
Cash & Cash Equivalents	$5.18 million
Total Debt	$234,386
Net Cash Position	$4.95 million
Debt / Equity Ratio	0.00
Current Ratio	3.02

The company is not burdened by significant debt, which is key when facing negative operating results, such as the forecasted annual EBIT of -17MM for the year ending 2025-12-31. The market capitalization stood at $290.31 million based on recent data.

Access to a massive, long-term gold-copper resource, like the Whistler Project

The Whistler Project is the flagship example of this massive resource access. The MRE, based on September 12, 2024 data, totals 10.64 million gold equivalent ounces across three deposits: Whistler, Raintree West, and Island Mountain. The project's land package covers 217.5 square kilometers. The exploration program in 2025 focused on expanding this resource base through scout drilling across the 5 x 5 km Whistler - Raintree mineral system.

GoldMining Inc. (GLDG) - Canvas Business Model: Customer Relationships

You're looking at how GoldMining Inc. (GLDG) manages its relationship with its most critical stakeholders-investors and capital providers-as of late 2025. This isn't about selling widgets; it's about maintaining confidence in a long-term resource development story.

Investor Relations (IR) team providing regular updates on exploration and financials.

The Investor Relations function for GoldMining Inc. is centered on continuous disclosure, especially given the exploration-stage nature of the business. You see this commitment in their regular news flow. For instance, they released news on November 12, 2025, detailing an expansion of their portfolio with a new 'Colíder' Exploration Concession in Brazil, and on October 20, 2025, reporting initial drill results and confirming new targets at the São Jorge Project. The IR team also ensures transparency around governance, having released the 2024 Sustainability Report on September 24, 2025.

The communication cadence is designed to keep the market informed on operational milestones, which directly impacts investor sentiment. The company also actively engages through multimedia content, such as videos released in early December 2025 discussing new opportunities at São Jorge and an early November 2025 video detailing their multi-asset strategy, cash, and royalty stakes.

Participation in mining showcases and investor conferences, like Red Cloud's 2025 Fall Mining Showcase.

Direct engagement at industry events is key to relationship building. GoldMining Inc. announced its participation in Red Cloud's Fall Mining Showcase, held in Toronto on November 4 & 5, 2025. CEO Alastair Still was scheduled to present on November 5th at 9:40 AM Eastern Standard time. This follows prior engagement, such as their presentation at the Denver Gold Forum Americas 2025 on September 15, 2025.

Proactive communication with shareholders regarding strategic asset advancements.

Shareholders are kept abreast of developments across the entire portfolio, which spans Canada, the U.S.A., Brazil, Colombia, and Peru. A core part of this communication involves updates on their strategic investments, which are significant assets held on the balance sheet. As of late 2025 filings, GoldMining Inc. held approximately:

• 21.5 million shares of Gold Royalty Corp. (NYSE American: GROY).
• 9.9 million shares of U.S. GoldMining Inc. (NASDAQ: USGO).
• 24.6 million shares of NevGold Corp. (TSXV: NAU).

Transactional relationship with capital markets for financing and equity programs.

The relationship with capital markets is fundamentally transactional, focused on securing the necessary capital to advance its resource-stage projects. GoldMining Inc. has a renewed at-the-market (ATM) equity program allowing the sale of up to US$50 million in common shares, which is set to be effective until December 24, 2025. This program is syndicated and led by BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. Furthermore, the company has a shelf registration statement providing for the potential sale of securities up to an aggregate offering price of $100,000,000.

Here's a snapshot of the market context surrounding these transactions as of early December 2025:

Metric	Value (As of Dec 4, 2025)	Source/Context
TSX Closing Price (GOLD)	$1.98	December 4, 2025, last trading day prior to Dec 5 filing
NYSE American Closing Price (GLDG)	US$1.41	December 4, 2025, last trading day prior to Dec 5 filing
Shares Outstanding (Approximate)	208.52M	Late 2025 data point
ATM Program Maximum Size	US$50 million	Effective until December 24, 2025

The use of proceeds from such programs is clearly communicated: funding exploration and development, completing minimum work programs, maintaining property rights, funding future acquisitions, and providing working capital.

Maintaining transparency through public filings and financial statements.

Transparency is maintained through mandatory regulatory filings. GoldMining Inc. filed an Amendment No. 1 to its Form F-10 Registration Statement with the SEC on December 5, 2025. For quarterly financial performance, the latest report discussed was the Q3 2025 earnings, announced on October 17, 2025.

The financial performance for the period ending August 31, 2025, showed specific figures:

• Total Q3 2025 earnings were -$74.64 thousand.
• Q3 2025 Earnings Per Share (EPS) was $0.00, representing a 100% year-over-year increase from the prior year's EPS of -$0.04.
• Net profit for the twelve months ending August 31, 2025, was -$12.07 million.

Furthermore, the company's majority-owned subsidiary, U.S. GoldMining Inc., released its unaudited financial statements for the same quarter (Q3 2025) on October 10, 2025, noting an operating loss decrease to $7.6M from $8.1M in Q3 2024, and exploration expenses reduced to $3.8M from $5.1M year-over-year. GoldMining Inc. directs stakeholders to SEDAR+ for copies of incorporated documents, which can be requested without charge from the Chief Financial Officer.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

GoldMining Inc. (GLDG) - Canvas Business Model: Channels

You're looking at how GoldMining Inc. gets its information and its assets in front of the market, which is crucial for a resource-stage company. The channels they use are primarily about liquidity, transparency, and marketing a complex portfolio of projects.

Primary Stock Exchanges: NYSE American (GLDG) and TSX (GOLD)

The dual listing is a core channel for capital access and investor reach across North America. You need to watch both to get the full picture of market sentiment and liquidity. As of early December 2025, the trading activity shows distinct pricing and volume characteristics between the two venues.

Here's a quick look at the exchange data near the end of 2025:

Exchange Metric	TSX (GOLD)	NYSE American (GLDG)
Price (Approx. Dec 4/5, 2025)	$1.980 CAD	$1.46 USD
52-Week Range	$0.980 to $2.500	$0.710 to $1.79
Shares Outstanding (Approx.)	24,644,386	N/A (Implied float based on market cap)
Market Capitalization (Approx. Oct 2025)	$46.82 million CAD	Implied lower based on USD price
Analyst Consensus (GLDG)	N/A	Moderate Buy (1 Analyst)
Analyst Price Target (GLDG Avg.)	N/A	$3.75 USD

The analyst consensus for the NYSE American listing (GLDG) showed a Moderate Buy rating based on 1 analyst rating as of late November 2025. The average 12-month price target from those analysts was $3.75, representing a forecasted upside of 156.85% from the $1.46 closing price on December 5, 2025. Trading on December 5, 2025, saw 3 million GLDG shares trade for approximately $4.57 million. It's defintely a key access point for US-based capital.

Corporate Website and Public Filings (SEDAR+, SEC)

The corporate website, www.goldmining.com, serves as the central hub for all official documentation. You must check the regulatory filings for the hard numbers supporting the asset story. GoldMining Inc. filed its annual financial statements, MD&A, Annual Information Form (AIF), and its annual report on Form 40-F for the year ended November 30, 2024, on February 27, 2025. These documents are the primary source for the resource statement and financial position, available on www.sedarplus.ca and www.sec.gov/EDGAR.

The asset portfolio, which is the core value driver, is detailed across multiple jurisdictions, which the filings confirm:

• Resource-stage gold and gold-copper projects in Canada, the U.S.A., Brazil, Colombia, and Peru.
• Principal projects include La Mina (Colombia), Titiribi (Colombia), Whistler (U.S.A.), and São Jorge (Brazil).
• Ownership of approximately 21.5 million shares of Gold Royalty Corp. (GROY).
• Ownership of approximately 9.9 million shares of U.S. GoldMining Inc. (USGO).
• Ownership of approximately 19.1 million shares of NevGold Corp. (NAU) as of October 2025 (or 26.7 million shares as of February 2025).

Investor Presentations and Corporate Videos

Marketing the value of this diversified portfolio happens through targeted events and published materials. The Corporate Presentation dated December 2025 is the most current narrative you should review. These presentations are the vehicle for translating the raw data from the filings into an investment thesis.

Key recent marketing touchpoints include:

• CEO Alastair Still presented at Red Cloud's Fall Mining Showcase on November 5th, 2025.
• A video titled 'Inside GoldMining's Multi-Asset Gold Strategy: Cash, Royalty Stakes & Big Exploration Plans' was released around November 03, 2025.
• Presentations at the Denver Gold Forum Americas on September 15, 2025.

Financial News Wires and Industry-Specific Media

Press releases are the immediate channel for material news, distributed via wires like Newsfile, PR Newswire, and Canada Newswire. These ensure broad, timely dissemination to the financial community. A recent example of this channel in action was the announcement on November 12, 2025, regarding the expansion of their asset portfolio in Brazil with the new 'Colíder' Exploration Concession in Mato Grosso State. Another key release was the drill results confirmation for the São Jorge Project on October 20, 2025.

Direct Communication via Email Newsletters

For sustained engagement, GoldMining Inc. uses direct digital outreach. You can subscribe to their investment newsletter directly from the corporate website to receive updates straight to your inbox. This channel allows for more direct communication of corporate developments, bypassing the general news flow to reach interested parties.

Finance: review the December 2025 Corporate Presentation for updated cash position as of November 30, 2025, by next Tuesday.

GoldMining Inc. (GLDG) - Canvas Business Model: Customer Segments

You're looking at the investor base for GoldMining Inc. (GLDG), which is heavily weighted toward the individual market participant.

The ownership structure as of late 2025 shows that retail investors hold approximately 93.07% of the common shares, while institutional investors account for the remaining 6.93% ownership stake. There are a total of 73 institutional owners and shareholders that have filed 13D/G or 13F forms with the SEC.

Speculative and growth-focused institutional investors seeking high gold price leverage are attracted to the company's resource-stage portfolio, which includes projects like Whistler in Alaska and São Jorge in Brazil. Key institutional holders include Van Eck Associates Corp, which owns 7,261,309 shares as of September 30, 2025. The company's strategy to de-risk assets through drilling and studies aims to attract joint-venture participation from major mining companies, which is a key exit strategy for this segment.

Retail investors looking for exposure to junior gold exploration and development are the largest component of the shareholder base. The stock trades on the NYSE American under GLDG, with a closing price on December 4, 2025, of US$1.41. The company's fully diluted share count stood at 215.9 M as of its August 31, 2025 filing.

Strategic mining companies interested in acquiring large, resource-stage projects are a target segment, as GoldMining Inc. applies systematic exploration to enhance economic prospects before seeking monetization. The company's portfolio includes projects with significant resource estimates, such as the Titiribi project in Colombia, which has 7,880,000 Measured & Indicated (M&I) ounces and 3,620,000 Inferred ounces of gold equivalent. The company's total debt on the balance sheet as of May 2025 was minimal, reported at approximately $0.25 million USD.

Royalty and streaming companies, such as Gold Royalty Corp. (GROY), are directly engaged through GoldMining Inc.'s strategic investments. GoldMining Inc. owns approximately 21.5 million shares of Gold Royalty Corp., with the value of this holding reported at $132.3 M as of the August 31, 2025 filing date. This segment benefits from GoldMining Inc.'s strategy of spinning out royalty portfolios.

Financial analysts and investment banks covering the basic materials sector provide valuation benchmarks for this customer segment. According to 2 analysts, the average rating for GLDG stock is a 'Strong Buy'. The consensus 12-month stock price target is $3.5, representing a potential upside of 139.73% from the latest price. The company reported $0.00 in consensus revenue forecast for the 2025 fiscal year, which is standard for a pre-production explorer.

Here is a snapshot of the key financial and ownership metrics relevant to these customer segments:

Metric	Value	Date/Context
Retail Investor Ownership Percentage	93.07%	Late 2025
Institutional Investor Ownership Percentage	6.93%	Late 2025
Total Institutional Owners Filing 13F/G	73	Late 2025
Cash and Cash Equivalents	$6.46 M	August 31, 2025
Total Debt	$0.0 M	2025 Fiscal Year
Shares of Gold Royalty Corp. Owned	21.5 million	Late 2025
Value of GROY Holdings	$132.3 M	As of Nov 28, 2025
Analyst Consensus Rating	Strong Buy	Based on 2 analysts
12-Month Price Target	$3.5	Late 2025

The company's strategy involves advancing projects like the La Mina Gold Project in Colombia, which has 1,150,000 M&I ounces of gold. The total issued and outstanding common shares were 200.2 M as of August 31, 2025.

GoldMining Inc. (GLDG) - Canvas Business Model: Cost Structure

You're looking at the cost side of GoldMining Inc. (GLDG)'s business, which is heavily weighted toward activities that don't generate immediate revenue, typical for a resource-stage explorer. This structure reflects the capital-intensive nature of proving up mineral assets.

The costs are dominated by exploration and evaluation, which are inherently variable but represent the core cash burn before any production revenue starts flowing. This pre-production status is what drives the negative operating results you see in the financials.

Here's a look at some of the key reported expenditures from the recent quarters of 2025:

Cost Component	Period	Amount
General and Administrative (G&A) Expenses	Q2 2025	$3.8 million
Exploration Spending	Q2 2025	$1.6 million
Operating Loss	Q3 2025	-$7.6 million

The exploration and evaluation activities are high fixed costs because they involve long-term commitments like drilling programs, geological studies, and securing land packages, even if the actual cash outflow varies quarter-to-quarter based on program timing. You see this reflected in the steady exploration spend.

Also, consider the administrative overhead. GoldMining Inc. (GLDG) operates across multiple jurisdictions in the Americas, which means the General and Administrative (G&A) expenses include significant costs for:

• Corporate management and technical teams.
• Professional fees for legal and accounting services.
• Regulatory compliance costs for maintaining multi-jurisdictional listings and filings.

The resulting operating loss of -$7.6 million in Q3 2025 clearly shows the current cost structure is entirely supported by financing activities and strategic asset realization, not operations. Honestly, for a company at this stage, that loss is the expected cost of building an asset portfolio.

Finance: draft 13-week cash view by Friday.

GoldMining Inc. (GLDG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of GoldMining Inc. (GLDG) as of late 2025, which is heavily weighted toward non-operational, strategic financial activities, given the company remains pre-production. This is typical for a mineral exploration and development entity focused on asset appreciation and financing its portfolio.

The primary sources of cash inflow, outside of capital raises, are tied directly to the value realization of its strategic investments. Here's a breakdown of the key revenue stream components:

• Revenue from Gold Production: $0 in trailing twelve-month revenue from gold production, as GoldMining Inc. is pre-production. The company's focus is on exploration and development, not current output.

• Investment Income from Strategic Holdings: Income derived from the significant equity stake held in Gold Royalty Corp. (GROY). GoldMining Inc. owns approximately 21.5 million shares of Gold Royalty Corp. (GROY). However, Gold Royalty Corp. (GROY) reports a trailing twelve-month dividend yield of 0.00% as of November 9, 2025, with the last declared dividend being $0.0100 per share back on June 30, 2023. Therefore, the realized dividend income component is currently $0.

• Gains from Strategic Equity Stakes: Realized profits from selling or marking-to-market investments in other mining entities. A concrete example from the second quarter of 2025 was a net gain of $295,000 from the stake in NevGold Corp..

• Proceeds from Capital Markets: Cash generated by selling shares to the public. In the second quarter of 2025, GoldMining Inc. raised $2.6 million through its At-The-Market (ATM) equity program. The company has a renewed ATM program authorized up to US$50 million, effective until December 24, 2025.

• Proceeds from Warrant and Option Exercises: Funds received from holders exercising their rights to purchase GoldMining Inc. common shares at a predetermined price. Specific proceeds for this category in 2025 are not explicitly detailed in the latest available reports.

To give you a clearer picture of the financial activity driving these revenue streams, look at the key figures from the most recently reported quarter and TTM period:

Revenue/Gain Component	Amount/Status	Period/Context
Trailing Twelve-Month Revenue (Production)	$0.00	TTM ending August 31, 2025
Net Gain from NevGold Equity	$295,000	Q2 2025
ATM Equity Program Proceeds	$2.6 million	Q2 2025
GROY Dividend Income	$0	Based on GROY's recent dividend history
Warrant/Option Exercise Proceeds	Data Not Explicitly Quantified	2025 Period

It's important to note that while the company's operational revenue is zero, its comprehensive income can be positive due to these non-cash and realized investment gains. For instance, long-term investments, primarily in Gold Royalty Corp. (GRC), generated $15.8 million in unrealized gains in Q2 2025, pushing comprehensive income to a positive $5.6 million for that quarter.

The reliance on the ATM program shows GoldMining Inc. is actively managing its liquidity to fund its core business of exploration and property maintenance, which is a necessary step before any gold production revenue materializes. Finance: draft 13-week cash view by Friday.