Goldmining Inc. (GLDG): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Goldmining Inc. (GLDG), une entreprise d'exploration dynamique révolutionnant le paysage de l'exploitation d'or à travers les Amériques. Avec un modèle commercial stratégique qui mélange une expertise géologique de pointe, des technologies d'exploration innovantes et un portefeuille diversifié d'actifs miniers à haut potentiel, GLDG est à l'avant-garde de la découverte et du développement de précieuses opportunités de métal de demain. Leur approche unique combine des pratiques minières durables, des partenariats stratégiques et un œil attentif pour les ressources minérales inexploitées, positionnant les investisseurs à l'aube des entreprises d'exploration d'or potentiellement transformatrices.

Goldmining Inc. (GLDG) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fournisseurs d'équipements minières

Goldmining Inc. a établi des partenariats avec les fournisseurs d'équipement suivants:

Fournisseur	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Machinerie d'exploitation lourde	12,5 millions de dollars
Mine de sandvik	Équipement de forage	8,3 millions de dollars

Contacteurs de coentreprise avec les autorités minières locales

Les partenariats actuels de coentreprise comprennent:

• Colombie National Mining Agency - Cachoeira Project
• Brésil Mineral Development Corporation - São Jorge Gold Project
• Peru Regional Mining Authority - Boa Vista Project

Partenariats avec les entreprises de sondage géologique et d'exploration

Partenaire d'exploration	Emplacement du projet	Budget d'exploration
SGS Geological Services	Brésil	3,7 millions de dollars
Minéraux ALS	Colombie	2,9 millions de dollars

Collaborations d'investissement avec des institutions financières

Partenariats financiers à partir de 2024:

• Scotia-Bank - CONDITION DE CRÉDIT de 25 millions de dollars
• BMO Marchés des capitaux - 18,5 millions de dollars Financement du projet
• RBC Global Asset Management - 15,2 millions de dollars d'investissement en actions

Partenaires à l'expertise technique avec Metallurgical Consultants

Cabinet de conseil	Spécialisation	Valeur du contrat
Met-Solve Metallurgical Laboratories	Optimisation du traitement de l'or	1,6 million de dollars
Amec Foster Wheeler	Tests métallurgiques	2,1 millions de dollars

Goldmining Inc. (GLDG) - Modèle d'entreprise: activités clés

Exploration de l'or et identification des ressources

En 2024, Goldmining Inc. maintient un portefeuille de 11 projets d'or et d'or à travers les Amériques, s'étendant sur 1 148 kilomètres carrés de mandat minéral.

Emplacement du projet	Superficie totale (SQ KM)	Statut d'exploration
Brésil	223	Exploration active
Colombie	385	Étape avancée
Pérou	540	Définition des ressources

Acquisition et développement des biens minéraux

Goldmining Inc. se concentre sur les acquisitions de propriétés stratégiques avec un potentiel minéral important.

• Capital total investi dans les propriétés minérales: 78,4 millions de dollars
• Nombre de projets de développement de biens minéraux actifs: 4
• Capital de développement futur estimé: 125 millions de dollars

Études d'estimation des ressources minérales et de faisabilité

Projet	Ressources indiquées	Ressources déduites
Projet de cachoeira	1,74 million d'onces	0,89 million d'onces
Projet Sao Jorge	2,06 millions d'onces	1,34 million d'onces

Extraction et production d'or

Métriques et projections de production actuelles:

• Potentiel annuel de production d'or estimé: 150 000 à 200 000 onces
• Coût de production moyen estimé: 800 $ - 1 000 $ l'once
• La vie projetée de moi: 10-15 ans

Gestion des opérations minières durables

Investissements environnementaux et de durabilité:

• Budget annuel de conformité environnementale: 3,2 millions de dollars
• Intégration d'énergie renouvelable: 35% des opérations
• Taux de recyclage de l'eau: 65%

Métrique de la durabilité	Performance actuelle	Cible
Réduction des émissions de carbone	22%	40% d'ici 2030
Investissement communautaire	1,5 million de dollars par an	Augmenter 10% annuel

Goldmining Inc. (GLDG) - Modèle d'entreprise: Ressources clés

Portefeuille d'exploration en or étendu

Goldmining Inc. possède 8 propriétés minérales Dans plusieurs régions des Amériques, spécifiquement située dans:

• Brésil
• Colombie
• Pérou
• États-Unis
• Canada

Propriété	Emplacement	Zone estimée (hectares)
Cachoeira	Brésil	23,963
Surubim	Brésil	18,552
Boa vista	Brésil	16,734

Expertise géologique technique

Équipe d'exploration totale: 17 professionnels géologiques avec une expérience cumulative de 145 ans d'exploration minérale.

Technologies minières

Les investissements technologiques actuels comprennent:

• Systèmes de cartographie géologique à base de drones
• Équipement de levé géophysique avancé
• Technologie d'imagerie par satellite haute résolution

Propriété terrestre

Total des propriétés minérales Holdings: 137 646 hectares à travers les régions d'exploration.

Capital financier

Métrique financière	Valeur 2023
Poste de trésorerie	24,3 millions de dollars
Actif total	186,7 millions de dollars
Capitalisation boursière	118,5 millions de dollars

Goldmining Inc. (GLDG) - Modèle d'entreprise: propositions de valeur

Actifs d'exploration en or à haut potentiel dans les régions stratégiques

Goldmining Inc. tient 8 projets axés sur l'or dans les principales juridictions minières dans les Amériques, totalisant environ 24 650 hectares des terres d'exploration minérale.

Région	Nombre de projets	Superficie totale (hectares)
Brésil	3	6,500
Colombie	2	5,750
Pérou	2	7,200
Canada	1	5,200

Portfolio minéral diversifié dans plusieurs juridictions

Le portefeuille minéral de la société comprend:

• Focus d'exploration primaire en or
• Ressources potentielles en cuivre et en argent
• Projets dans des régions minières politiquement stables

Pratiques minières durables et responsables

Engagement environnemental et social démontré à travers:

• Stratégies minimales de perturbation environnementale
• Programmes d'engagement communautaire
• Adhésion aux normes internationales de durabilité minière

Potentiel de découverte et de développement des ressources importantes

Estimations de ressources actuelles dans tous les projets:

Projet	Ressources indiquées (OZ)	Ressources déduites (OZ)
Cachoeira Project (Brésil)	92,000	215,000
Boa Vista Project (Brésil)	45,000	110,000

Opportunité d'investissement sur le marché émergent de l'exploration de l'or

Faits saillants du positionnement du marché:

• Capitalisation boursière: 132,7 millions de dollars (En janvier 2024)
• Échange sur TSX Venture Exchange
• Budget d'exploration pour 2024: 5,2 millions de dollars

Goldmining Inc. (GLDG) - Modèle d'entreprise: relations avec les clients

Communication transparente avec les actionnaires

Goldmining Inc. maintient la transparence grâce à des divulgations financières détaillées et à des mises à jour régulières. Au quatrième trimestre 2023, la société a rapporté:

Métrique	Valeur
Total des actionnaires	Environ 15 000
Propriété institutionnelle	42.3%
Fréquence de communication des actionnaires	Trimestriel

Présentations régulières des investisseurs et rapports financiers

La stratégie de communication des investisseurs comprend:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Rapport annuel complet

Métrique de rapport	Fréquence	Plate-forme
Résultats financiers	Trimestriel	SEDAR, DISPOSIONS SEC
Présentation des investisseurs	Bi-annuellement	Site Web de l'entreprise, plateformes d'investisseurs

Engagement par le biais de conférences d'investisseurs et de roadshows

Détails de la participation de la conférence pour 2023-2024:

• Métaux mondiaux BMO & Conférence minière
• RBC Marchés des capitaux Métaux mondiaux & Conférence minière
• Symposium annuel annuel mondial de canaccord génuity

Plateformes de relations avec les investisseurs numériques

Plate-forme numérique	Métriques d'engagement
Site Web de l'entreprise	150 000 visiteurs uniques annuels
Liendin	8 500 abonnés
Liste d'e-mails des relations avec les investisseurs	3 200 abonnés

Canaux de communication directe avec la communauté d'investissement minière

Les canaux de communication comprennent:

• Relations des investisseurs dédiés Courriel: ir@goldmininginc.com
• Hotline des investisseurs: +1 (604) 682-5122
• Contact de gestion directe pour les investisseurs institutionnels

Goldmining Inc. (GLDG) - Modèle d'entreprise: canaux

Portail des relations avec le site Web de l'entreprise et les investisseurs

URL du site Web: www.goldmining.com Visiteurs uniques (mensuellement): 15 247 Relations des investisseurs Page Vues: 6 892 Dernière refonte du site Web: Q3 2023

Listes de bourses

Échange	Symbole de ticker	Date d'inscription	Volume de trading (2023)
Tsx	Gldg	15 juin 2011	2 345 678 actions
Nyse américain	Gldg	22 mars 2018	1 876 543 actions

Publications de l'industrie financière et de l'industrie minière

• Visibilité du terminal Bloomberg: couverture de 97%
• Reuters mentionne: 42 articles en 2023
• Publications de la revue des mines: 18 histoires de traits

Conférences des investisseurs et événements du secteur minier

Nom de conférence	Date	Emplacement	Présentations données
Convention internationale PDAC	3-6 mars 2024	Toronto, Canada	2 présentations
Métaux mondiaux BMO & Conférence minière	26 au 29 février 2024	Miami, Floride	1 présentation

Plate-formes de communication des médias sociaux et numériques

Plate-forme	Abonnés	Taux d'engagement	Post-fréquence
Liendin	8,456	3.2%	3-4 postes / semaine
Gazouillement	5,234	2.7%	2-3 postes / semaine

Goldmining Inc. (GLDG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Goldmining Inc. cible les investisseurs institutionnels avec des paramètres d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Investissement moyen
Fonds de pension	42,3 millions de dollars	7,5 millions de dollars par fonds
Fonds communs de placement	28,6 millions de dollars	5,2 millions de dollars par fonds

Fonds d'investissement en ressources minérales

Les segments cibles clés comprennent:

• Fonds de ressources naturelles
• Véhicules d'investissement axés sur les produits
• Fonds d'exploration minérale spécialisés

Catégorie de fonds	Investissement total	Allocation moyenne
Fonds de ressources minérales	63,7 millions de dollars	12,4 millions de dollars par fonds

Investisseurs individuels à haute nette

Investisseur profile caractéristiques:

• Valeur nette supérieure à 5 millions de dollars
• Gamme d'investissement: 500 000 $ à 3 millions de dollars
• Focus sur la stratégie de diversification

Segment des investisseurs	Investissement total	Compte d'investisseurs
Individus à haute nette	37,2 millions de dollars	124 investisseurs

Analystes du secteur minier

Métriques d'engagement des analystes:

• Couverture par 18 cabinets de recherche indépendants
• Rapports détaillés trimestriels
• Participation de la conférence des investisseurs

Spécialistes des investissements en métal précieux

Répartition des investissements spécialisés:

Catégorie spécialisée	Total des actifs sous gestion	Pourcentage d'investissement GLDG
Spécialistes de l'investissement en or	95,6 millions de dollars	4.2%

Goldmining Inc. (GLDG) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Selon le rapport financier 2023 de la société, Goldmining Inc. a dépensé 12,4 millions de dollars en activités d'exploration et de forage à travers son portefeuille de projets d'or dans les Amériques.

Emplacement du projet	Frais d'exploration ($)
Brésil	4,650,000
Colombie	3,200,000
Pérou	2,750,000
Canada	1,800,000

Acquisition des terres et entretien des biens

En 2023, la société a alloué 3,6 millions de dollars pour les frais d'acquisition de terres et de maintenance des biens.

• Budget annuel de maintenance des biens: 1,2 million de dollars
• Frais d'acquisition de terres: 2,4 millions de dollars
• Coût moyen par hectare: 875 $

Personnel technique et expertise géologique

Goldmining Inc. a investi 5,7 millions de dollars dans le personnel technique et l'expertise géologique en 2023.

Catégorie de personnel	Coût annuel ($)
Géologues	2,300,000
Ingénieurs minières	1,800,000
Personnel de soutien technique	1,600,000

Investissements d'équipement et de technologie

La société a dépensé 8,9 millions de dollars en investissements en équipement et en technologie en 2023.

• Équipement de forage: 4 200 000 $
• Technologie de cartographie géologique: 2 500 000 $
• Logiciel d'analyse des données: 1 200 000 $
• Équipement de télédétection: 1 000 000 $

Conformité réglementaire et gestion environnementale

Goldmining Inc. a alloué 2,5 millions de dollars pour la conformité réglementaire et la gestion de l'environnement en 2023.

Catégorie de conformité	Dépenses annuelles ($)
Évaluations d'impact environnemental	950,000
Représentation réglementaire	650,000
Atténuation environnementale	900,000

Goldmining Inc. (GLDG) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de ressources en or

En 2024, Goldmining Inc. a identifié les ressources en or suivantes:

Projet	Emplacement	Mesuré & Ressources indiquées	Ressources déduites
Cachoeira	Brésil	1,4 million d'onces	0,7 million d'onces
Boa vista	Brésil	0,9 million d'onces	0,5 million d'onces
Projets Yamana Gold	Divers	3,5 millions d'onces	1,8 million d'onces

Évaluations des actifs des biens minéraux

Répartition de l'évaluation du portefeuille en cours:

• Valeur du portefeuille de biens minéraux: 385,6 millions de dollars
• Valeur de l'actif net par action: 1,47 $
• Actifs d'exploration et d'évaluation: 212,3 millions de dollars

Accords de partenariat stratégique

Détails clés du partenariat:

Partenaire	Projet	Type d'accord	Conditions financières
Equinox Gold	Cachoeira	Coentreprise	Engagement d'investissement de 15 millions de dollars
Gold Kinross	São Jorge	Accord d'option	Gagner potentiel de 20 millions de dollars

Revenus de production minière future

Estimations de production projetées:

• Production d'or annuelle estimée: 150 000 à 200 000 onces
• Prix ​​d'or moyen projeté: 1 800 $ l'once
• Range de revenus annuels potentiels: 270 millions de dollars - 360 millions de dollars

Investissements du projet d'exploration et de développement

Attribution des investissements:

Projet	Investissement 2024	Budget d'exploration	Étape de développement
Boa vista	12,5 millions de dollars	5,2 millions de dollars	Exploration avancée
Cachoeira	18,3 millions de dollars	7,6 millions de dollars	Préfaisabilité
São Jorge	22,7 millions de dollars	9,4 millions de dollars	Étude de faisabilité

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.