GoldMining Inc. (TSX: GOLD)(NYSE-Amer: GLDG) CEO Alastair Still on Advancing the 125,000-hectare Rea Uranium Project in Canada’s Prolific Athabasca Basin in a Red-Hot Uranium AND Gold Market


Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of GoldMining Inc. — here to talk about, in part, uranium — Mr. Alastair Still. Alastair, how are you doing?

Alastair Still: I'm doing very well, thanks, Gerardo. Happy to be here with you today.

Gerardo Del Real: Well, let's get right into it. You and I had the pleasure of catching up at the Beaver Creek Precious Metals Conference a couple of months ago, and we talked about the substantial resource space across all categories that GoldMining boasts and the leverage to gold. 

We just had gold push through the US$2,000 per ounce level. It's kind of going back and forth…  but it's clearly, to me anyway, setting up a new base. You have plenty of exposure on the gold side for investors and speculators that want liquidity and want the leverage. But you also have had, tucked away in the gold mining portfolio, a pretty substantial uranium project. 

We chatted a bit off-air. We're seeing some house legislation here in the US, and I think it’s going to apply to North America here soon. And we have uranium also pushing the US$85 per pound level here aftermarket. So it's an exciting time in the uranium space. I wanted to have you on to talk about this pretty unique land package that you have.

Alastair Still: Yeah, absolutely. And certainly, traditionally, people would think of GoldMining Inc. as being just that; a company with projects that are based in gold. And that has been our forte and our strength, and we continue to advance those projects and unlock value and have great optionality to the price of gold. 

But we also thought it was time to let people know about what is often an unheard of project in our portfolio because we haven't been active on it due to our focus on gold. And that is, of course, our Rea uranium project. And this is a project that we've had for a number of years, close to 10 years, since the acquisition of Brazilian Gold in 2013. 

So this project was actually staked and located at a time before many of the major discoveries in the western Athabasca Basin such as those at Triple R and the Arrow deposits by the likes of NexGen and Fission Uranium.

Before those deposits even became household names, we had this large uranium package in our portfolio. What we've done now, we’ve started to unlock and unbundle items from our portfolio consistent with our strategy of doing it with our gold projects. We've created value for our shareholders by adding strength to the balance sheet by creating publicly traded companies such as Gold Royalty Corporation and US GoldMining Inc. 

And this is yet another chapter… having a very diverse portfolio where we can unlock great value for our shareholders in what happens to be one of the richest uranium deposit regions on the planet. 

The Athabasca Basin is home to some of the world's richest uranium mines and contains approximately 15% of the world's annual uranium production at grades that can average about 10 to 20 times the global average. So a terrific area to have a very substantial land package in.

Gerardo Del Real: You own 75% of the project. The remaining 25% is owned by a uranium giant. You want to touch on who owns the other 25% because I find that pretty convenient given the fact that the project surrounds their deposit?

Alastair Still: Yeah, absolutely. Our 25% partner on the project is Orano Canada. And our large regional land package, which is about 125,000 hectares — so that's an incredible size project — surrounds their existing high-grade deposit, the Dragon Lake deposit that's owned by Orano. 

So we have the regional land package, which we've interpreted and we've done geophysical sampling on. We see targets that extend beyond the extension along the Maybelle River Shear Zone that emanate from the Dragon Lake deposit. So we think it's highly productive ground. 

We're an early-stage exploration project. But in some of the productive ground that we have with the geological work we've put in place, we're pretty excited about getting some programs going on this project in the new year.

Gerardo Del Real: You've done an amazing job as a company. And you touched on this briefly; creating value, spinning out assets, rolling them into individual companies. Is there a thought, given the fact that your name is GoldMining Inc. and the focus has always been predominantly on the gold side, is there a discussion going on internally about potentially spinning it out and unlocking some more of that value?

Alastair Still: I'll just say at this point in time, we're keeping all of the options open. We want to make sure we can create the best value for our shareholders. We think we have a great track record of doing that with our existing portfolio of projects. 

We look at the fundamentals of this company, and it’s really quite simple. You've got an exceptional portfolio of assets — gold and copper rich — but we've now highlighted a very substantial uranium property as well. We've got strong assets. We've got a very strong and experienced team with decades of experience in the industry working with some of the biggest producing gold companies in the world. So a good strong team with technical strength and experience. 

And we've backed that up with a very strong balance sheet, which has a number of significant equity holdings as well as cash to shore that up. So a combination of a strong team, strong assets, and a strong balance sheet, we think, is an ideal combination for moving our assets forward.

Gerardo Del Real: Well said and well played Alastair… keeping it close to the vest as always! I suspect you and I will be chatting often in 2024. Have yourself a great holiday, Christmas, New Years, and, again, looking forward to having you back on for what I think is going to be an epic, epic 2024 in the uranium and the gold space.

Alastair Still: Thanks, Gerardo. I’ll look forward to providing further updates in the new year. All the best for the holiday season.

Gerardo Del Real: Thank you, Cheers.

Alastair Still: Bye now.

Click here to see more from GoldMining Inc.