GoldMining Inc. (GLDG): Business Model Canvas [Dec-2025 Updated]

You're looking past the daily stock ticker noise to understand the actual engine driving GoldMining Inc., and frankly, it's a sophisticated, pre-production asset-appreciation story right now. Honestly, GoldMining Inc. isn't a miner yet; they are a disciplined acquirer sitting on a huge resource base of 12.40 million gold equivalent ounces across five countries, funding the exploration through smart financial engineering. Their hybrid model means you get the high leverage of exploration upside-advancing projects like Whistler-combined with the safety net of a liquid balance sheet, backed by roughly C$200 million in tradable securities as of mid-2025. It's a calculated strategy of acquisition, advancement, and strategic spin-outs. Dive into the nine building blocks below to see exactly how they plan to turn that resource inventory into realized shareholder value.

GoldMining Inc. (GLDG) - Canvas Business Model: Key Partnerships

You're looking at the network of alliances GoldMining Inc. relies on to advance its portfolio, which is a critical part of how the company manages risk and capital deployment in late 2025. These relationships often involve shared project advancement or strategic capital alignment.

The structure of these partnerships is heavily weighted toward equity stakes in related entities, which is a common strategy for GoldMining Inc. to maintain exposure to key assets without bearing 100% of the operational burden.

Here is a breakdown of the key external relationships:

• Strategic equity partner Gold Royalty Corp. (GROY) for royalty monetization.
• U.S. GoldMining Inc. (USGO), a 79% owned subsidiary, to advance the Whistler Project.
• NevGold Corp. (NAU) through a significant equity stake, recently adjusted.
• Government agencies like AIDEA for critical infrastructure development in Alaska.
• Technical consultants and drilling contractors for exploration programs.

The financial and ownership details underpinning these alliances are quite specific as of mid-to-late 2025.

Consider the direct equity relationships, which provide GoldMining Inc. with clear financial linkages to other listed entities:

Partner Entity	GoldMining Inc. Stake Type	Quantity / Percentage	Valuation / Financial Metric (Latest Data)
U.S. GoldMining Inc. (USGO)	Strategic Equity Ownership	Approximately 79% ownership	Approximately 9.9 million shares, valued at approximately CAD$119 million as of July 18, 2025
Gold Royalty Corp. (GROY)	Strategic Equity Ownership	21.5 million shares	Gold Royalty Corp. reported Q1 2025 Total Revenue, Land Agreement Proceeds and Interest of $3.6 million
NevGold Corp. (NAU)	Significant Equity Stake	19,073,350 common shares, representing approximately 16.7%	Generated a $295,000 net gain for GoldMining in Q2 2025

The partnership with U.S. GoldMining Inc. (USGO) is directly tied to the Whistler Gold-Copper Project in Alaska. This project's scale is substantial, with U.S. GoldMining reporting a Mineral Resource Estimate of:

• 294 Mt at 0.68 g/t AuEq for 6.48 Moz AuEq Indicated.
• 198 Mt at 0.65 g/t AuEq for 4.16 Moz AuEq Inferred.
• The copper component alone is estimated at over 1 billion pounds in Indicated resources.

The advancement of the Whistler Project is critically dependent on external infrastructure support, specifically from the State of Alaska and the Alaska Industrial Development and Export Authority (AIDEA). This is a public-private alignment focused on access.

• AIDEA submitted a permit application on July 25, 2025, for the West Susitna Access Project (WSAP).
• The proposed WSAP is a 78.5-mile access road.
• The WSAP is designed to connect to an existing road project extending 22-miles.
• The road would terminate approximately 2 miles from the Whistler gold-copper deposit.

Gold Royalty Corp. (GROY) serves as a royalty monetization partner, which insulates GoldMining Inc. from future capital calls on those specific assets. Gold Royalty Corp. itself is projecting key financial milestones in 2025.

• Gold Royalty Corp. expects 2025 to be its first year of positive free cash flow.
• For Q1 2025, Gold Royalty Corp. reported Total Revenue, Land Agreement Proceeds and Interest of $3.6 million, which equated to 1,249 gold equivalent ounces (GEOs).
• Gold Royalty Corp. maintains 2025 full-year production guidance between 5,700 and 7,000 GEOs.

Regarding NevGold Corp. (NAU), GoldMining Inc. recently adjusted its holding, reducing its stake from 22.8% to 19.8% via August 2025 trades, though a standstill agreement was executed where GoldMining committed to holding 19,073,350 shares (16.7%) for 18 months. This relationship is strategic, as GoldMining's CEO publicly stated continued support for NevGold's projects in Nevada and Idaho.

The engagement with technical consultants and drilling contractors is operational; for example, U.S. GoldMining announced plans to mobilize for its 2025 exploration program at the Whistler site.

Finance: draft 13-week cash view by Friday.

GoldMining Inc. (GLDG) - Canvas Business Model: Key Activities

You're looking at the core engine of GoldMining Inc. (GLDG) as of late 2025. This isn't about selling widgets; it's about disciplined asset accumulation and technical de-risking. Here are the hard numbers reflecting those key activities.

Disciplined acquisition of resource-stage gold and copper assets in the Americas.

GoldMining Inc. (GLDG) maintains a strategy centered on controlling a diversified portfolio of resource-stage assets. This activity is supported by strategic investments in publicly traded entities, which form a significant part of the balance sheet.

As of mid-2025, the company's project portfolio held:

• 12.4 million gold equivalent ounces (measured & indicated) across the Americas.
• 9.1 million gold equivalent ounces (inferred) across the Americas.

The company's holdings in other listed entities as of June 2025 included:

Asset Held	Shares Owned (Approximate)	Market Value (Approximate)
U.S. GoldMining Inc.	9.9 million shares	$131 million
Gold Royalty Corp. (GROY)	21.5 million shares	$56 million
NevGold Corp. (NAU)	26.7 million shares	$10 million

The total market value of this equity portfolio was approximately $197 million in June 2025.

Conducting large-scale exploration and drilling programs, like the one at São Jorge in Brazil.

The 2025 field season saw GoldMining Inc. (GLDG) initiate its largest exploration program to date at the São Jorge Project in Brazil. This activity is crucial for upgrading resource confidence.

Key metrics from the 2025 São Jorge program, as of October 20, 2025:

• Total drilling completed to date: 8,514 meters.
• Breakdown of drilling types: 3,862 meters of diamond core drilling, 2,553 meters of RC drilling, and 2,100 meters of auger drilling.
• New gold prospects identified: 4 (Dragon West, William North, Ivonette, and William South).

Specific assay results from the exploration included an intercept of 1 meter at 5.98 grams per tonne gold from 19 meters depth at the Dragon West prospect. The company's market capitalization at the time of this announcement was $307 million.

Strategic spin-outs and initial public offerings (IPOs) of non-core assets to unlock value.

The spin-out of U.S. GoldMining Inc. serves as the primary example of this activity. That IPO closed on April 24, 2023, raising gross proceeds of US$20 million by issuing 2,000,000 units at US$10.00 each.

A major validation point for this strategy occurred in late 2025, when the subsidiary was added to the Russell 3000® Index, effective June 27, 2025. At that time, GoldMining Inc. (GLDG) held approximately 79% ownership in U.S. GoldMining.

Financial management of a large portfolio of marketable securities and cash.

GoldMining Inc. (GLDG) focuses on maintaining a strong balance sheet to fund exploration without relying heavily on debt. As of the latest available financial reports (around Q3/Q4 2025):

Financial Metric	Amount
Cash & Cash Equivalents	$5.18 million
Total Debt	$234,386
Net Cash Position	$4.95 million
Shares Outstanding	200.23 million
Market Capitalization	$290.31 million

The company's forecasted annual EBIT for the period ending 2025-12-31 was -17MM. The closing stock price on the NYSE American on December 4, 2025, was US$1.41.

Advancing technical studies (e.g., Preliminary Economic Assessments) on core projects.

Advancing projects through technical studies is key to moving assets from resource stage to development potential. This is evidenced by the formal documentation supporting the projects.

For instance, the technical report supporting the São Jorge Project had an effective date of January 28, 2025. The U.S. GoldMining subsidiary is currently advancing its Whistler Gold-Copper Project through exploration and economic assessment. The indicated mineral resources at Whistler are estimated at 3.0 million AuEq ounces.

The company's current ratio stood at 3.02, showing strong short-term liquidity to cover near-term technical work.

GoldMining Inc. (GLDG) - Canvas Business Model: Key Resources

The Key Resources for GoldMining Inc. (GLDG) as of late 2025 are anchored in its tangible assets, financial flexibility, and human capital.

GoldMining Inc. (GLDG) controls a diversified portfolio of gold and gold-copper projects across five countries: Canada, the U.S.A., Brazil, Colombia, and Peru. This geographic spread is a core element of the strategy, spreading exploration and jurisdictional risk.

The scale of the resource base is substantial, providing the raw material foundation for future value realization. As of late 2025 updates, the company reports a global resource base of 12.5 million AuEq ounces of measured and indicated resources, alongside 9.7 million AuEq ounces of inferred resources. This forms the basis for the resource table below:

Project	Country	Ownership	Measured & Indicated (AuEq oz)	Inferred (AuEq oz)
Titiribi	Colombia	100%	7,880,000	3,620,000
Crucero	Peru	100%	993,000	1,147,000
La Mina	Colombia	100%	1,150,000	1,450,000
Yellowknife	Canada	100%	1,059,000	739,000
São Jorge	Brazil	100%	711,800	716,800

The financial resources supporting this exploration pipeline include significant equity holdings valued at approximately C$200 million, as per the required outline. More recent data from September 2025 indicated the company held over $129 million in cash and equities, following strategic spin-outs. The June 2025 period saw the equity portfolio highlighted as being valued at approximately $197M. You need to keep an eye on the currency conversion, but the scale is clear.

The operational strength comes from an experienced technical and management team with a track record in M&A and exploration. For example, the leadership includes individuals with over 30 years of experience, such as David Garofalo, who led the merger between Goldcorp and Newmont. The technical staff includes geoscientists, engineers, and permitting specialists ready to navigate regulatory frameworks.

Financially, GoldMining Inc. (GLDG) maintains a lean operational structure, reflected in its net cash position of $1.9 million as of Q3 2025, which is definitely a strength for a junior explorer. This cash position, while lower than prior periods, is critical for funding ongoing exploration activities without immediate reliance on dilutive financing, especially given the reported net income losses for the nine months ended August 31, 2025.

The team's strategic focus is also a key resource, demonstrated by:

• Disciplined project selection and acquisition strategy.
• Focus on high-grade intercepts to underpin value.
• Integration of exploration upside with development milestones.
• Commitment to environmental, social and governance principles.

The company's stock listings and associated trading data also represent a resource for capital access:

• Listed on NYSE American under GLDG.
• Listed on TSX under GOLD.
• Market Capitalization as of early December 2025 was around C$447.9M.

Finance: draft 13-week cash view by Friday.

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.