General Precious Metals
GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG) CEO Alastair Still on IPO Launch of U.S. GoldMining Inc. & Tripling of Resources at La Mina Gold-Silver-Copper Project
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of GoldMining Inc. — Mr. Alastair Still — live from BMO [BMO Capital Markets’ 32nd Global Metals, Mining & Critical Minerals Conference - Feb 26 to March 1]. Alastair, how are you?
Alastair Still: I am excellent today. Thanks very much for having me on, Gerardo. Pleasure to be here.
Gerardo Del Real: Great to have you back on. First and foremost, let's get right into BMO; the conference, the sentiment. We talked a bit off air. I've had reports that it's very well attended and that it's busy. What's your take on what you've seen thus far?
Alastair Still: Absolutely. This is about as busy as I've ever seen it here, and I've been going to this show for some 15 years. A lot of cautious optimism in the air. There's a lot of attendees, lots of investors, lots of presenting companies. It's generally a very good vibe and a very busy time here.
Gerardo Del Real: Well, listen, gold has been playing peekaboo with the US$2,000/oz level for the past, it seems like, 12 to 18 months, right? We had a really good run up that I thought was going to lead to a breakout. And I still do believe it’s going to lead to a breakout, although I think we're a few weeks to a few months away. But we're sitting there right at US$1,825/oz, which is a great, great floor if this is indeed the floor.
GoldMining has always been brilliant at executing and positioning its shareholders to benefit from those turns higher when the gold price does finally turn. You just announced the launch of the U.S. GoldMining IPO. I understand that it was very well received. And then, back in late January, you tripled the gold equivalent Inferred resource estimate at the La Mina project to 1.45 million ounces.
So again, GoldMining is doing what it does best: positioning shareholders for those pivots. Can you speak to both those pieces of news there?
Alastair Still: Well, absolutely. I mean, exciting news on both fronts. And I think they both speak to, very much, the optionality and the diversity of our portfolio and the different opportunities we have to continue to unlock value. We'll start with the earlier announcement in January. We had a tremendous successful exploration drill program at La Mina throughout 2022.
We compiled those results, and we came out with a new 43-101 resource in January. And as you saw on the news headlines, we tripled the Inferred resource. That deposit has grown to the size and quality that it's attracting a lot of attention now. So that was a great success for us.
And with the drilling cost that we've put into that, we discovered those ounces somewhere between US$1 to US$2 per ounce, which is a tremendous value add for our company and our shareholders. And we're going to move right into the next phase, which is the PEA on that project, which should be owed around mid-year this year, which will even firm up the economics and show people the value we've created there.
On the second news, it just came out this week, which is tremendously exciting for all of us, is, of course, the IPO announcement — the launch of U.S. GoldMining Inc. We've been discussing this and showing people the value of our Whistler project for some time. We've now taken it to the market. We're launching this with a tremendous reception to it.
It was great to see that GoldMining, the parent company, outperformed the market yesterday. We were up over 6% when the comparable index, the GDXJ, was up less than 1%. So that’s a good indication that the market liked it. GoldMining Inc. will be retaining a very large share position, almost 80% post-financing, and we are attempting to raise US$20 million with a great offering priced at US$10 a share; it comes with a full warrant priced at US$13 at the tradable warrant valid for three years.
So exciting times. There's a lot of action and a lot of interest down here on our new launch this week.
Gerardo Del Real: I suspect this isn't the last time we're going to be chatting this year. I know there's a lot going on behind the scenes as there always is with you and GoldMining. Alastair, I'll let you get back to it. Thank you so much for your time. Anything else to add to that?
Alastair Still: No, pleasure to be here. We look forward to getting this offering closed. There's a tremendous appetite for it, which is great to see. And I know that our team has been working hard in the background not only for the launch but preparing ourselves for the upcoming drill program.
We're going to get right into that drill program this summer; get our camp activated. So stay tuned for some very exciting news not just on Whistler but on our other portfolio of assets as well.
Gerardo Del Real: Well, I know you'll be at PDAC [Prospectors & Developers Association of Canada Conference] next week. Anybody that is wanting some great gold exposure, I always consider GoldMining as top tier when it comes to leverage to a rising gold price. I encourage everyone to stop by the booth if you happen to be in Toronto. Alastair, we'll see you next week in person. Thanks again for the chat.
Alastair Still: Yeah, always a pleasure, Gerardo. Look forward to seeing you next week at PDAC.
Gerardo Del Real: Alright, see you there.
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