General Precious Metals
GoldMining Inc. (TSX: GOLD)(NYSE-Amer: GLDG) CEO Alastair Still on Unlocking 32 Million Gold-Equivalent Ounces Across the Americas
Gerardo Del Real: This is Gerardo Del Real… live from the Beaver Creek Precious Metals Summit 2021. Joining me today is the CEO of GoldMining Inc. — Mr. Alastair Still. Alastair, how are you?
Alastair Still: I'm doing well. Great to be here, thanks!
Gerardo Del Real: You have the most appropriate ticker for a gold mining company in the entire space: GOLD [on the Toronto Stock Exchange].
Alastair Still: Yeah, exactly! The ticker name says it all. The company name says it all. We're all about gold and gold mining properties, and we're pretty excited about the portfolio we have in advancing those and showing the market, really, the value that underpins this company of ours.
Gerardo Del Real: So I have to get your take on the gold space. We obviously are going through what's now a 13-month consolidation. Seems like we're putting a pretty good floor right at that $1,800 level.
Most producers are extremely profitable at current prices. Companies like yourself with huge asset bases have got to look attractive to those majors right now. What are your thoughts on the gold space? Do you like it?
Alastair Still: Oh, I'm loving it right now! And as you say, $1,800 is a great gold price for us. We've just completed technical reports. We've updated resources in our material properties. We used a $1,600 gold price so anything above that is gravy for us. We've shown good margins… good solid profitability at $1,600… $1,800 looks great!
Gerardo Del Real: For people that are not familiar with the business model, can you just provide a brief overview of the asset base and just how diversified the jurisdiction risk is because I think that's something that the company has done brilliantly.
You used a bear market for several years to acquire assets for pennies on the dollar. And I think now it's starting to pay off, right?
Alastair Still: Oh, absolutely! Our team, led by our chairman, Amir Adnani, have really assembled a world-class portfolio of projects entirely within the Americas. We're in Canada, US, Peru, Colombia and Brazil.
And those projects accumulate to 16 million Measured and Indicated gold equivalent ounces and another 16 million Inferred gold equivalent ounces. Really second to none in our space. That has us excited! Those assets required very, very sharp times in the market… very opportunistic buys. That really sets us up now to start unlocking value.
Our shareholders would have recently seen, earlier this year, we took small royalties on our assets. We wrote them on to a new company called Gold Royalty Corp. Launched that through a very successful IPO. That's a growing entity.
GoldMining is left holding 20 million shares in that company; a great, solid addition to our balance sheet. And that's just one of the type of investments, or unlocking catalyst, that we see going forward where we create value from that huge portfolio we have.
Gerardo Del Real: What do the next several quarters look like?
Alastair Still: Well, we've gone through a bit of a transition where I've come into a company which I want to make sure we have a solid foundation on. So we've spent several months now… we've put together new technical reports… we've put out new resource statements on all five of our material properties. That really underpins everything we do.
With a good, solid resource base, we can build upon that. We've also now launched into three PEA studies. We're doing a PEA study on our Yellow Knife project, our La Mina project, and our São Jorge project. So those studies should be out in the next quarter.
And as well, we're starting to gear ourselves up for our first exploration program — our first drilling program — which we'll have some more news on in the next couple of months later this year. So some pretty exciting catalysts.
The projects are starting to move along. We're starting to get more information. We're getting some more comfort in those assets. And we're pretty excited.
Gerardo Del Real: So just to be clear… 32 million gold equivalent ounces across all categories. You’ve got the gold royalty portion of the portfolio; you're drilling; you have updated 43-101s, and the cash position is currently at…?
Alastair Still: Cash position is just over $3 million last quarter. Drilling is to start in the next quarter… not quite there yet but we're getting there. And this is really a turnaround for the company, which has accumulated these assets. Now it's harvest mode. We start to unlock the value and show, really, the market what we've got in our bank of assets here.
Gerardo Del Real: Alastair, thank you so much for your time. Appreciate it!
Alastair Still: Yeah, pleasure to be here. Thanks for having me.Click here to see more from GoldMining Inc.