GoldMining Inc. (GLDG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Goldmining Inc. (GLDG), una empresa de exploración dinámica que revoluciona el panorama minero de oro en las Américas. Con un modelo de negocio estratégico que combina experiencia geológica de vanguardia, tecnologías de exploración innovadores y una cartera diversificada de activos mineros de alto potencial, GLDG está a la vanguardia de descubrir y desarrollar las preciosas oportunidades de metales de mañana. Su enfoque único combina prácticas mineras sostenibles, asociaciones estratégicas y un buen ojo para los recursos minerales sin explotar, posicionando a los inversores en la cúspide de empresas de exploración de oro potencialmente transformadoras.

Goldmining Inc. (GLDG) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con proveedores de equipos mineros

Goldmining Inc. ha establecido asociaciones con los siguientes proveedores de equipos:

Proveedor	Tipo de equipo	Valor de contrato
Caterpillar Inc.	Maquinaria minera pesada	$ 12.5 millones
Minería sandvik	Equipo de perforación	$ 8.3 millones

Acuerdos de empresa conjunta con autoridades mineras locales

Las asociaciones actuales de empresa conjunta incluyen:

• Agencia Nacional de Minería de Colombia - Proyecto Cachoeira
• Brasil Mineral Development Corporation - Proyecto São Jorge Gold
• Autoridad minera regional de Perú - Proyecto Boa Vista

Asociaciones con firmas de estudio geológico y exploración

Socio de exploración	Ubicación del proyecto	Presupuesto de exploración
SGS Geological Services	Brasil	$ 3.7 millones
Minerales ALS	Colombia	$ 2.9 millones

Colaboraciones de inversión con instituciones financieras

Asociaciones financieras a partir de 2024:

• SCOTIABANK - Fondo de crédito de $ 25 millones
• BMO Capital Markets - Financiación de proyectos de $ 18.5 millones
• RBC Global Asset Management - $ 15.2 millones de inversión de capital

Asociaciones de experiencia técnica con consultores metalúrgicos

Consultoría	Especialización	Valor de contrato
Laboratorios metalúrgicos de resolución Met	Optimización de procesamiento de oro	$ 1.6 millones
AMEC Foster Wheeler	Prueba metalúrgica	$ 2.1 millones

Goldmining Inc. (GLDG) - Modelo de negocio: actividades clave

Exploración de oro e identificación de recursos

A partir de 2024, Goldmining Inc. mantiene una cartera de 11 proyectos de oro y oro en las Américas, que abarca 1.148 kilómetros cuadrados de tenencia mineral.

Ubicación del proyecto	Área total (SQ KM)	Estado de exploración
Brasil	223	Exploración activa
Colombia	385	Etapa avanzada
Perú	540	Definición de recursos

Adquisición y desarrollo de propiedades minerales

Goldmining Inc. se centra en adquisiciones de propiedades estratégicas con un potencial mineral significativo.

• Capital invertido total en propiedades minerales: $ 78.4 millones
• Número de proyectos de desarrollo de propiedades minerales activas: 4
• Capital de desarrollo futuro estimado: $ 125 millones

Estudios de estimación de recursos minerales y estudios de viabilidad

Proyecto	Recursos indicados	Recursos inferidos
Proyecto Cachoeira	1.74 millones de onzas	0,89 millones de onzas
Proyecto Sao Jorge	2.06 millones de onzas	1.34 millones de onzas

Extracción y producción de oro

Métricas y proyecciones de producción actuales:

• Potencial de producción de oro anual estimado: 150,000-200,000 onzas
• Costo promedio de producción estimado: $ 800- $ 1,000 por onza
• Vida proyectada mía: 10-15 años

Gestión de operaciones mineras sostenibles

Inversiones ambientales y de sostenibilidad:

• Presupuesto anual de cumplimiento ambiental: $ 3.2 millones
• Integración de energía renovable: 35% de las operaciones
• Tasa de reciclaje de agua: 65%

Métrica de sostenibilidad	Rendimiento actual	Objetivo
Reducción de emisiones de carbono	22%	40% para 2030
Inversión comunitaria	$ 1.5 millones anuales	Aumento del 10% anual

Goldmining Inc. (GLDG) - Modelo de negocio: recursos clave

Extensa cartera de exploración de oro

Goldmining Inc. posee 8 propiedades minerales En múltiples regiones de las Américas, específicamente ubicada en:

• Brasil
• Colombia
• Perú
• Estados Unidos
• Canadá

Propiedad	Ubicación	Área estimada (hectáreas)
Caza de caza	Brasil	23,963
Surubim	Brasil	18,552
Boa Vista	Brasil	16,734

Experiencia geológica técnica

Equipo de exploración total: 17 profesionales geológicos con experiencia acumulativa de 145 años en exploración mineral.

Tecnologías mineras

Las inversiones tecnológicas actuales incluyen:

• Sistemas de mapeo geológico basados ​​en drones
• Equipo de encuesta geofísica avanzada
• Tecnología de imágenes satelitales de alta resolución

Tierras

Total de propiedad de la propiedad mineral de la propiedad: 137,646 hectáreas a través de regiones de exploración.

Capital financiero

Métrica financiera	Valor 2023
Posición en efectivo	$ 24.3 millones
Activos totales	$ 186.7 millones
Capitalización de mercado	$ 118.5 millones

Goldmining Inc. (GLDG) - Modelo de negocio: propuestas de valor

Activos de exploración de oro de alto potencial en regiones estratégicas

Goldmining Inc. sostiene 8 proyectos centrados en el oro a través de las jurisdicciones mineras clave en las Américas, totalizando Aproximadamente 24,650 hectáreas de tierra de exploración mineral.

Región	Número de proyectos	Área terrestre total (hectáreas)
Brasil	3	6,500
Colombia	2	5,750
Perú	2	7,200
Canadá	1	5,200

Cartera mineral diversificada en múltiples jurisdicciones

La cartera mineral de la compañía incluye:

• Enfoque de exploración primaria de oro
• Recursos potenciales de cobre y plata
• Proyectos en regiones mineras políticamente estables

Prácticas mineras sostenibles y responsables

Compromiso ambiental y social demostrado a través de:

• Estrategias mínimas de perturbaciones ambientales
• Programas de participación comunitaria
• Adherencia a los estándares internacionales de sostenibilidad minera

Potencial para un descubrimiento y desarrollo de recursos significativos

Estimaciones actuales de recursos en todos los proyectos:

Proyecto	Recursos indicados (OZ)	Recursos inferidos (OZ)
Proyecto Cachoeira (Brasil)	92,000	215,000
Proyecto Boa Vista (Brasil)	45,000	110,000

Oportunidad de inversión en el mercado emergente de exploración de oro

Lo más destacado de posicionamiento del mercado:

• Capitalización de mercado: $ 132.7 millones (A partir de enero de 2024)
• Comercio en TSX Venture Exchange
• Presupuesto de exploración para 2024: $ 5.2 millones

Goldmining Inc. (GLDG) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con los accionistas

Goldmining Inc. mantiene la transparencia a través de divulgaciones financieras detalladas y actualizaciones regulares. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico	Valor
Total de accionistas	Aproximadamente 15,000
Propiedad institucional	42.3%
Frecuencia de comunicación de los accionistas	Trimestral

Presentaciones regulares de inversores e informes financieros

La estrategia de comunicación de los inversores incluye:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Informe anual completo

Métrica de informes	Frecuencia	Plataforma
Resultados financieros	Trimestral	Sedar, presentaciones de la SEC
Presentación del inversor	By-anualmente	Sitio web de la empresa, plataformas de inversores

Compromiso a través de conferencias de inversores y roadshows

Detalles de participación de la conferencia para 2023-2024:

• BMO Global Metals & Conferencia minera
• RBC Capital Markets Global Metals & Conferencia minera
• Simposio de minería global anual de Canaccord Genuity

Plataformas de relaciones con inversores digitales

Plataforma digital	Métricas de compromiso
Sitio web de la empresa	150,000 visitantes únicos anuales
LinkedIn	8.500 seguidores
Lista de correo electrónico de relaciones con los inversores	3,200 suscriptores

Canales de comunicación directa con comunidad de inversión minera

Los canales de comunicación incluyen:

• Relaciones de inversores dedicadas Correo electrónico: ir@goldmininginc.com
• Línea directa de inversores: +1 (604) 682-5122
• Contacto de gestión directa para inversores institucionales

Goldmining Inc. (GLDG) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

URL del sitio web: www.goldmining.com Visitantes únicos (mensuales): 15,247 Vistas de la página de relaciones con los inversores: 6.892 Último rediseño del sitio web: tercer trimestre 2023

Listados de bolsa de valores

Intercambio	Símbolo de ticker	Fecha de listado	Volumen comercial (2023)
Tsx	Gldg	15 de junio de 2011	2,345,678 acciones
NYSE American	Gldg	22 de marzo de 2018	1.876,543 acciones

Noticias financieras y publicaciones de la industria minera

• Visibilidad terminal de Bloomberg: 97% de cobertura
• Reuters menciona: 42 artículos en 2023
• Publicaciones de la revista minera: 18 historias de características

Conferencias de inversores y eventos del sector minero

Nombre de conferencia	Fecha	Ubicación	Presentaciones dadas
Convención internacional de PDAC	3-6 de marzo de 2024	Toronto, Canadá	2 presentaciones
BMO Global Metals & Conferencia minera	26-29 de febrero de 2024	Miami, Florida	1 presentación

Medias sociales y plataformas de comunicación digital

Plataforma	Seguidores	Tasa de compromiso	Frecuencia postal
LinkedIn	8,456	3.2%	3-4 publicaciones/semana
Gorjeo	5,234	2.7%	2-3 publicaciones/semana

Goldmining Inc. (GLDG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Goldmining Inc. se dirige a inversores institucionales con parámetros de inversión específicos:

Tipo de inversor	Volumen de inversión	Inversión promedio
Fondos de pensiones	$ 42.3 millones	$ 7.5 millones por fondo
Fondos mutuos	$ 28.6 millones	$ 5.2 millones por fondo

Fondos de inversión de recursos minerales

Los segmentos de destino clave incluyen:

• Fondos de recursos naturales
• Vehículos de inversión centrados en productos básicos
• Fondos de exploración mineral especializados

Categoría de fondos	Inversión total	Asignación promedio
Fondos de recursos minerales	$ 63.7 millones	$ 12.4 millones por fondo

Inversores individuales de alto nivel de red

Inversor profile características:

• Patrimonio neto por encima de $ 5 millones
• Rango de inversión: $ 500,000 a $ 3 millones
• Estrategia de diversificación Focus

Segmento de inversores	Inversión total	Recuento de inversores
Individuos de alto nivel de red	$ 37.2 millones	124 inversores

Analistas del sector minero

Métricas de participación del analista:

• Cobertura de 18 firmas de investigación independientes
• Informes detallados trimestrales
• Participación de la conferencia de inversores

Especialistas en inversión de metales preciosos

Desglose de inversión especializada:

Categoría especialista	Activos totales bajo administración	Porcentaje de inversión de GLDG
Especialistas en inversión de oro	$ 95.6 millones	4.2%

Goldmining Inc. (GLDG) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Según el informe financiero 2023 de la compañía, Goldmining Inc. gastó $ 12.4 millones en actividades de exploración y perforación en su cartera de proyectos de oro en las Américas.

Ubicación del proyecto	Gastos de exploración ($)
Brasil	4,650,000
Colombia	3,200,000
Perú	2,750,000
Canadá	1,800,000

Adquisición de tierras y mantenimiento de la propiedad

En 2023, la compañía asignó $ 3.6 millones para la adquisición de tierras y los costos de mantenimiento de la propiedad.

• Mantenimiento de la propiedad Presupuesto anual: $ 1.2 millones
• Gastos de adquisición de tierras: $ 2.4 millones
• Costo promedio por hectárea: $ 875

Personal técnico y experiencia geológica

Goldmining Inc. invirtió $ 5.7 millones en personal técnico y experiencia geológica en 2023.

Categoría de personal	Costo anual ($)
Geólogos	2,300,000
Ingenieros mineros	1,800,000
Personal de apoyo técnico	1,600,000

Inversiones de equipos y tecnología

La compañía gastó $ 8.9 millones en inversiones de equipos y tecnología en 2023.

• Equipo de perforación: $ 4,200,000
• Tecnología de mapeo geológico: $ 2,500,000
• Software de análisis de datos: $ 1,200,000
• Equipo de teledetección: $ 1,000,000

Cumplimiento regulatorio y gestión ambiental

Goldmining Inc. asignó $ 2.5 millones para el cumplimiento regulatorio y la gestión ambiental en 2023.

Categoría de cumplimiento	Gasto anual ($)
Evaluaciones de impacto ambiental	950,000
Informes regulatorios	650,000
Mitigación ambiental	900,000

Goldmining Inc. (GLDG) - Modelo de negocios: flujos de ingresos

Ventas potenciales de recursos de oro

A partir de 2024, Goldmining Inc. ha identificado los siguientes recursos de oro:

Proyecto	Ubicación	Mesurado & Recursos indicados	Recursos inferidos
Caza de caza	Brasil	1,4 millones de onzas	0,7 millones de onzas
Boa Vista	Brasil	0,9 millones de onzas	0,5 millones de onzas
Proyectos de oro yamana	Varios	3.5 millones de onzas	1.8 millones de onzas

Valoraciones de activos de propiedad mineral

Desglose de valoración de la cartera actual:

• Valor total de la cartera de propiedades minerales: $ 385.6 millones
• Valor de activo neto por acción: $ 1.47
• Activos de exploración y evaluación: $ 212.3 millones

Acuerdos de asociación estratégica

Detalles clave de la asociación:

Pareja	Proyecto	Tipo de acuerdo	Términos financieros
Oro de equinoccio	Caza de caza	Empresa conjunta	Compromiso de inversión de $ 15 millones
Oro kinross	São Jorge	Acuerdo de opción	$ 20 millones potencial ganado

Ingresos de producción minera futura

Estimaciones de producción proyectadas:

• Producción de oro anual estimada: 150,000-200,000 onzas
• Precio de oro promedio proyectado: $ 1,800 por onza
• Rango de ingresos anual potencial: $ 270 millones - $ 360 millones

Inversiones de proyectos de exploración y desarrollo

Asignación de inversión:

Proyecto	Inversión 2024	Presupuesto de exploración	Etapa de desarrollo
Boa Vista	$ 12.5 millones	$ 5.2 millones	Exploración avanzada
Caza de caza	$ 18.3 millones	$ 7.6 millones	Prefacibilidad
São Jorge	$ 22.7 millones	$ 9.4 millones	Estudio de factibilidad

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.