Goldmining Inc. (GLDG): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Goldmining Inc. (GLDG), uma empresa de exploração dinâmica que revolucionava a paisagem de mineração de ouro nas Américas. Com um modelo de negócios estratégico que combina experiência geológica de ponta, tecnologias inovadoras de exploração e um portfólio diversificado de ativos de mineração de alto potencial, a GLDG fica na vanguarda de descobrir e desenvolver as preciosas oportunidades de metal de amanhã. Sua abordagem única combina práticas sustentáveis ​​de mineração, parcerias estratégicas e um olhar atento a recursos minerais inexplorados, posicionando os investidores à beira de empreendimentos de exploração de ouro potencialmente transformadores.

Goldmining Inc. (GLDG) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fornecedores de equipamentos de mineração

A Goldmining Inc. estabeleceu parcerias com os seguintes fornecedores de equipamentos:

Fornecedor	Tipo de equipamento	Valor do contrato
Caterpillar Inc.	Máquinas de mineração pesada	US $ 12,5 milhões
Mineração de Sandvik	Equipamento de perfuração	US $ 8,3 milhões

Acordos de joint venture com autoridades de mineração local

As parcerias atuais de joint venture incluem:

• Agência de Mineração Nacional da Colômbia - Projeto Cachoeira
• Brasil Mineral Development Corporation - Projeto São Jorge Gold
• Autoridade de Mineração Regional do Peru - Projeto Boa Vista

Parcerias com empresas de pesquisa e exploração geológicas

Parceiro de exploração	Localização do projeto	Orçamento de exploração
SGS Geological Services	Brasil	US $ 3,7 milhões
ALS Minerais	Colômbia	US $ 2,9 milhões

Colaborações de investimentos com instituições financeiras

Parcerias financeiras em 2024:

• Scotiabank - Linha de crédito de US $ 25 milhões
• BMO Capital Markets - Financiamento de projetos de US $ 18,5 milhões
• RBC Global Asset Management - US $ 15,2 milhões em investimento em ações

Parcerias de especialização técnica com consultores metalúrgicos

Empresa de consultoria	Especialização	Valor do contrato
Met Solve Metallurgical Laboratories	Otimização do processamento de ouro	US $ 1,6 milhão
AMEC Foster Wheeler	Testes metalúrgicos	US $ 2,1 milhões

Goldmining Inc. (GLDG) - Modelo de negócios: Atividades -chave

Exploração de ouro e identificação de recursos

A partir de 2024, a Goldmining Inc. mantém um portfólio de 11 projetos de ouro e ouro em toda as Américas, abrangendo 1.148 quilômetros quadrados de posse mineral.

Localização do projeto	Área total (km2)	Status de exploração
Brasil	223	Exploração ativa
Colômbia	385	Estágio avançado
Peru	540	Definição de recursos

Aquisição e desenvolvimento de propriedades minerais

A Goldmining Inc. se concentra em aquisições estratégicas de propriedades com potencial mineral significativo.

• Total investido capital em propriedades minerais: US $ 78,4 milhões
• Número de projetos ativos de desenvolvimento de propriedades minerais: 4
• Capital futuro estimado de desenvolvimento: US $ 125 milhões

Estimação de recursos minerais e estudos de viabilidade

Projeto	Recursos indicados	Recursos inferidos
Projeto Cachoeira	1,74 milhão de onças	0,89 milhão de onças
Projeto São Jorge	2,06 milhões de onças	1,34 milhão de onças

Extração e produção de ouro

Métricas e projeções atuais de produção:

• Potencial anual estimado de produção de ouro: 150.000-200.000 onças
• Custo médio estimado de produção: US $ 800 a US $ 1.000 por onça
• Life minha projetada: 10-15 anos

Gerenciamento de operações de mineração sustentável

Investimentos ambientais e de sustentabilidade:

• Orçamento anual de conformidade ambiental: US $ 3,2 milhões
• Integração de energia renovável: 35% das operações
• Taxa de reciclagem de água: 65%

Métrica de sustentabilidade	Desempenho atual	Alvo
Redução de emissões de carbono	22%	40% até 2030
Investimento comunitário	US $ 1,5 milhão anualmente	Aumentar 10% anualmente

Goldmining Inc. (GLDG) - Modelo de negócios: Recursos -chave

Portfólio de exploração de ouro extenso

Goldmining Inc. possui 8 propriedades minerais Em várias regiões nas Américas, especificamente localizadas em:

• Brasil
• Colômbia
• Peru
• Estados Unidos
• Canadá

Propriedade	Localização	Área estimada (hectares)
Cachoeira	Brasil	23,963
Surrubim	Brasil	18,552
Boa Vista	Brasil	16,734

Experiência geológica técnica

Equipe total de exploração: 17 profissionais geológicos com experiência cumulativa de 145 anos em exploração mineral.

Tecnologias de mineração

Os investimentos tecnológicos atuais incluem:

• Sistemas de mapeamento geológico baseado em drones
• Equipamento avançado de pesquisa geofísica
• Tecnologia de imagem por satélite de alta resolução

Propriedades terrestres

Total Mineral Property Land Holdings: 137.646 hectares nas regiões de exploração.

Capital financeiro

Métrica financeira	2023 valor
Posição em dinheiro	US $ 24,3 milhões
Total de ativos	US $ 186,7 milhões
Capitalização de mercado	US $ 118,5 milhões

Goldmining Inc. (GLDG) - Modelo de negócios: proposições de valor

Ativos de exploração de ouro de alto potencial em regiões estratégicas

Goldmining Inc. mantém 8 projetos focados em ouro através das principais jurisdições de mineração nas Américas, totalizando Aproximadamente 24.650 hectares de terra de exploração mineral.

Região	Número de projetos	Área terrestre total (hectares)
Brasil	3	6,500
Colômbia	2	5,750
Peru	2	7,200
Canadá	1	5,200

Portfólio mineral diversificado em várias jurisdições

O portfólio mineral da empresa inclui:

• Foco de exploração primária de ouro
• Recursos potenciais de cobre e prata
• Projetos em regiões de mineração politicamente estáveis

Práticas de mineração sustentáveis ​​e responsáveis

Compromisso ambiental e social demonstrado através de:

• Estratégias mínimas de perturbação ambiental
• Programas de envolvimento da comunidade
• Aderência aos padrões internacionais de sustentabilidade de mineração

Potencial para descoberta e desenvolvimento significativos de recursos

Estimativas atuais de recursos entre projetos:

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

Oportunidade de investimento no mercado emergente de exploração de ouro

Posicionamento do mercado destaca:

• Capitalização de mercado: US $ 132,7 milhões (em janeiro de 2024)
• Negociação no TSX Venture Exchange
• Orçamento de exploração para 2024: US $ 5,2 milhões

Goldmining Inc. (GLDG) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com os acionistas

A Goldmining Inc. mantém a transparência por meio de divulgações financeiras detalhadas e atualizações regulares. A partir do quarto trimestre 2023, a empresa informou:

Métrica	Valor
TOTAL ACTONTADORES	Aproximadamente 15.000
Propriedade institucional	42.3%
Frequência de comunicação dos acionistas	Trimestral

Apresentações regulares de investidores e relatórios financeiros

A estratégia de comunicação do investidor inclui:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Relatório Anual Abrangente

Métrica de relatório	Freqüência	Plataforma
Resultados financeiros	Trimestral	Sedar, registros da SEC
Apresentação do investidor	Bi-semestralmente	Site da empresa, plataformas de investidores

Engajamento por meio de conferências e roadshows de investidores

Detalhes da participação da conferência para 2023-2024:

• BMO Global Metals & Conferência de Mineração
• RBC Capital Markets Global Metals & Conferência de Mineração
• Simpósio anual de mineração anual de Canaccord Genuity

Plataformas de relações com investidores digitais

Plataforma digital	Métricas de engajamento
Site da empresa	150.000 visitantes únicos anuais
LinkedIn	8.500 seguidores
Lista de e -mail de relações com investidores	3.200 assinantes

Canais de comunicação direta com a comunidade de investimentos em mineração

Os canais de comunicação incluem:

• Relações com investidores dedicados E -mail: ir@goldmininginc.com
• Linha direta de investidores: +1 (604) 682-5122
• Contato de gestão direta para investidores institucionais

Goldmining Inc. (GLDG) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

URL do site: www.goldmining.com Visitantes únicos (mensalmente): 15.247 Visualizações de página de relações com investidores: 6.892 Último Site Redesign: Q3 2023

Listagens de bolsas de valores

Intercâmbio	Símbolo do ticker	Data de listagem	Volume de negociação (2023)
TSX	Gldg	15 de junho de 2011	2.345.678 ações
NYSE AMERICANO	Gldg	22 de março de 2018	1.876.543 ações

Publicações da indústria de notícias financeiras e mineração

• Visibilidade do terminal da Bloomberg: 97% de cobertura
• Reuters menciona: 42 artigos em 2023
• Publicações de Mining Journal: 18 histórias

Conferências de investidores e eventos do setor de mineração

Nome da conferência	Data	Localização	Apresentações feitas
Convenção Internacional do PDAC	3-6 de março de 2024	Toronto, Canadá	2 apresentações
BMO Global Metals & Conferência de Mineração	26-29 de fevereiro de 2024	Miami, Flórida	1 apresentação

Mídias sociais e plataformas de comunicação digital

Plataforma	Seguidores	Taxa de engajamento	Pós -frequência
LinkedIn	8,456	3.2%	3-4 postagens/semana
Twitter	5,234	2.7%	2-3 postagens/semana

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

Investidores institucionais

A partir do quarto trimestre 2023, a Goldmining Inc. tem como alvo investidores institucionais com parâmetros específicos de investimento:

Tipo de investidor	Volume de investimento	Investimento médio
Fundos de pensão	US $ 42,3 milhões	US $ 7,5 milhões por fundo
Fundos mútuos	US $ 28,6 milhões	US $ 5,2 milhões por fundo

Fundos de investimento em recursos minerais

Os principais segmentos de destino incluem:

• Fundos de recursos naturais
• Veículos de investimento focados em commodities
• Fundos especializados de exploração mineral

Categoria de fundo	Investimento total	Alocação média
Fundos de recursos minerais	US $ 63,7 milhões	US $ 12,4 milhões por fundo

Investidores individuais de alta rede

Investidor profile Características:

• Patrimônio líquido acima de US $ 5 milhões
• Faixa de investimento: US $ 500.000 a US $ 3 milhões
• Foco em estratégia de diversificação

Segmento de investidores	Investimento total	Contagem de investidores
Indivíduos de alta rede	US $ 37,2 milhões	124 investidores

Analistas do setor de mineração

Métricas de engajamento de analistas:

• Cobertura por 18 empresas de pesquisa independentes
• Relatórios Trimestrais detalhados
• Participação da Conferência de Investidores

Especialistas preciosos de investimento em metal

Redução especializada em investimentos:

Categoria especializada	Total de ativos sob gestão	Porcentagem de investimento GLDG
Especialistas em investimentos de ouro	US $ 95,6 milhões	4.2%

Goldmining Inc. (GLDG) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

De acordo com o relatório financeiro de 2023 da empresa, a Goldmining Inc. gastou US $ 12,4 milhões em atividades de exploração e perfuração em seu portfólio de projetos de ouro nas Américas.

Localização do projeto	Despesas de exploração ($)
Brasil	4,650,000
Colômbia	3,200,000
Peru	2,750,000
Canadá	1,800,000

Aquisição de terras e manutenção de propriedades

Em 2023, a empresa alocou US $ 3,6 milhões para a aquisição de terras e os custos de manutenção de propriedades.

• Orçamento anual de manutenção de propriedades: US $ 1,2 milhão
• Despesas de aquisição de terras: US $ 2,4 milhões
• Custo médio por hectare: US $ 875

Pessoal técnico e experiência geológica

A Goldmining Inc. investiu US $ 5,7 milhões em pessoal técnico e experiência geológica em 2023.

Categoria de pessoal	Custo anual ($)
Geólogos	2,300,000
Engenheiros de Mineração	1,800,000
Equipe de suporte técnico	1,600,000

Investimentos de equipamentos e tecnologia

A empresa gastou US $ 8,9 milhões em investimentos em equipamentos e tecnologia em 2023.

• Equipamento de perfuração: US $ 4.200.000
• Tecnologia de mapeamento geológico: US $ 2.500.000
• Software de análise de dados: US $ 1.200.000
• Equipamento de sensoriamento remoto: US $ 1.000.000

Conformidade regulatória e gestão ambiental

A Goldmining Inc. alocou US $ 2,5 milhões para conformidade regulatória e gestão ambiental em 2023.

Categoria de conformidade	Despesa anual ($)
Avaliações de impacto ambiental	950,000
Relatórios regulatórios	650,000
Mitigação ambiental	900,000

Goldmining Inc. (GLDG) - Modelo de negócios: fluxos de receita

Vendas potenciais de recursos de ouro

A partir de 2024, a Goldmining Inc. identificou os seguintes recursos de ouro:

Projeto	Localização	Medido & Recursos indicados	Recursos inferidos
Cachoeira	Brasil	1,4 milhão de onças	0,7 milhão de onças
Boa Vista	Brasil	0,9 milhão de onças	0,5 milhão de onças
Projetos de ouro de Yamana	Vários	3,5 milhões de onças	1,8 milhão de onças

Avaliações de ativos da propriedade mineral

Avaliação atual da portfólio Avaliação:

• Valor total da carteira de propriedades minerais: US $ 385,6 milhões
• Valor líquido do ativo por ação: US $ 1,47
• Ativos de exploração e avaliação: US $ 212,3 milhões

Acordos de parceria estratégica

Detalhes da parceria -chave:

Parceiro	Projeto	Tipo de contrato	Termos financeiros
Equinox Gold	Cachoeira	Consórcio	US $ 15 milhões de compromisso de investimento
Kinross Gold	São Jorge	Contrato de opção	US $ 20 milhões em potencial ganho

Futuras receitas de produção de mineração

Estimativas de produção projetadas:

• Produção anual estimada de ouro: 150.000-200.000 onças
• Preço médio de ouro projetado: US $ 1.800 por onça
• Receita anual potencial: US $ 270 milhões - US $ 360 milhões

Investimentos de projeto de exploração e desenvolvimento

Alocação de investimento:

Projeto	Investimento 2024	Orçamento de exploração	Estágio de desenvolvimento
Boa Vista	US $ 12,5 milhões	US $ 5,2 milhões	Exploração avançada
Cachoeira	US $ 18,3 milhões	US $ 7,6 milhões	Pré-viabilidade
São Jorge	US $ 22,7 milhões	US $ 9,4 milhões	Estudo de viabilidade

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.