GoldMining Inc: Advancing Multiple High-Grade Gold Projects Across the Americas in the 2022 Gold Bull Market

TSX: GOLD | NYSE-American: GLDG


Gold is extending gains in 2H 2022!

In a matter of months, the price of the yellow metal has risen from ~US$1,600 per ounce to currently above US$1,700.

Share prices of select gold exploration firms are booming as well, including GoldMining Inc. (TSX: GOLD)(NYSE-American: GLDG).

GOLD shares have now risen from the ~C$1 level to currently above C$1.25… and it’s only the very beginning!

You see, the GoldMining team, led by CEO Alastair Still, knows a thing or two about acquiring tens of millions of gold ounces on-the-cheap in safe mining jurisdictions throughout the Americas.

You’re about to hear directly from the CEO — who, by the way, hails from the who’s-who of gold producing giants such as Newmont, Placer Dome, Agnico Eagle, and Kinross — in just a moment.

Yet, before we get to that…

Following a decade of underinvestment in the gold industry — and with Au prices languishing — the GoldMining team was able to systematically assemble an industry-leading portfolio of resource-stage gold and gold-copper projects in safe mining jurisdictions throughout the Americas.

Fast-forward a few years, and the company now controls a jaw-dropping 32.4 million gold-equivalent ounces across all categories in the United States, Canada, Brazil, Colombia, and Peru.

THAT AMOUNT OF GOLD TOPS NEARLY EVERY OTHER JUNIOR GOLD FIRM IN EXISTENCE TODAY!

The projects that comprise GoldMining’s epic haul were largely considered subeconomic when they were acquired at US$1,100 to US$1,300 per ounce gold.

Today, at US$1,700-plus an ounce gold — and rising — these projects are all of a sudden much more interesting, and potentially lucrative, from both a future production standpoint and as potential acquisition targets for larger producers seeking to add precious gold ounces to their balance sheets.

Poised for growth, GoldMining Inc. seized on a down-market for gold, built a giant asset base at low gold prices, and is now advancing its projects through the various stages of exploration and development to the benefit of GOLD/GLDG shareholders.

 

A Focus on Advanced-Stage Gold Projects

The gold landscape has seen a dramatic transformation since GoldMining Inc. completed its first acquisition in 2012. Back then, sentiment for the yellow metal was quite poor with gold languishing in the US$1,100 to US$1,300 per ounce range.

Today, that narrative has flipped with the yellow metal trading above US$1,700 an ounce with indicators pointing to even higher prices for the traditional safe-haven asset as rampant inflation continues to chip away at the global financial house-of-cards.

 

The Proper Acquisition Mindset

The GoldMining team was essentially put together for the stated purpose of exploiting gold’s previous downturn — knowing the cycle would eventually turn in their favor.

It now has… and the investment community is taking notice!

The GoldMining team hit the ground running, scooping up no less than 11 advanced-stage gold projects in 5 countries throughout the Americas. Mind you, 9 of the 11 were acquired during the 2012-16 gold slump at $1,100 to $1,300 per ounce gold.

Altogether, GoldMining has now amassed a jaw-dropping 32.4 million ounces of 43-101 gold-equivalent resources — far more than any other junior resource company we can think of.

The table below — showing the peak market caps of some of the key companies GoldMining has brought into its portfolio to-date — tells the story well.

Combining for a peak market cap of C$850 million — GoldMining was able to pick up this entire group of exploration companies and their related projects for a grand total of just C$81 million!

That’s roughly 10 cents on the dollar!

Also revealing is the vast amount of prior exploration GoldMining has essentially inherited along with the projects. Cumulatively, these projects represent approximately C$283 million spent on prior exploration and drilling — resulting in substantial 43-101-compliant gold resources across the board.

The image (below) is yet another clear indicator of GoldMining’s unmatched gold-project acquisition acumen.

The first thing to note is the geographic diversification of GoldMining’s projects, which was management’s stated plan from the outset.

The company now holds advanced-stage gold projects in 5 mining-friendly countries: United States, Canada, Brazil, Colombia, and Peru. 

The second thing is… HOW MUCH GOLD the company now controls.

GoldMining Inc. boasts a combined gold-equivalent resource of 32.4 million ounces — 16.2 million ounces in the Measured & Indicated (M&I) category and another 16.2 million ounces in the Inferred category — all spread across the Americas in safe mining jurisdictions.


The Importance of Jurisdiction Cannot be Overstated

Jurisdiction is of paramount concern to both gold companies and resource stock speculators alike. 

That’s because the market typically applies a “political discount” to projects and companies operating in countries — such as China, Venezuela, Kenya et al — that lack government-mandated protections for foreign mining investment.

Additionally, the GoldMining team has been highly successful in acquiring projects located in areas of large-scale regional activity. Again, this is all by design.

From the start, management has been astutely aware of the distinct advantages of working in active production zones where you have much larger companies — including intermediate and major producers — developing an area’s mineral reserves.

That’s the type of environment where you typically witness large-scale area plays emerging along with heightened M&A activity with which to drive share values higher.

GoldMining Now Controls a Combined 43-101 Resource of 32,400,000 Gold-Equivalent Ounces!

GoldMining Inc. is an extraordinarily well-run junior exploration firm boasting a 10-plus year operating history of fiscal responsibility to shareholders.

Think about it: It’s rare to see a pre-production company with even 5 million ounces of gold in the ground. GoldMining’s 32 million-plus gold-equivalent ounces puts it in a completely different ballpark.

When you factor in size, scale, and geographic diversification — it’s hard to imagine ANY junior mineral exploration firm even coming close to equaling GoldMining’s acquisition success over the last several years.

The math is simple: In today’s climate of US$1,700+ gold, it’s simply no longer feasible to acquire that much gold at such little cost.

GoldMining’s 32.4 million ounces make the company highly leveraged to the price of the yellow metal, which should make for very happy GOLD/GLDG shareholders in today’s strengthening gold bull market.

The company has been delivering a steady stream of development news across its impressive resource inventory of ~32 million gold-equivalent ounces (M&I plus Inferred).

 

Let’s take a look at a few of the company’s key projects

La Mina Gold-Copper Project, Antioquia, Colombia:

On 12 January 2022, GoldMining Inc. released a positive first-pass PEA on the 3,200-hectare La Mina project, located in Colombia’s prolific Mid-Cauca Belt.

The study envisions an open pit mining scenario at a production rate of 102,000 gold-equivalent ounces per annum over a 10.4-year mine life from the La Cantera and Middle Zone deposits with additional potential via further advancement of the La Garrucha deposit area.

The PEA estimates an after-tax NPV of US$232 million and IRR of 14.5% at an all-in sustaining cost (AISC) of US$698 per ounce of gold. 

GoldMining CEO, Alastair Still — whom you’re about to hear from directly — commented via press release:

“We are extremely pleased with the positive economics demonstrated by this PEA on La Mina. This study represents a milestone for the Company as we have produced our first PEA and continue to advance our projects to unlock value for our shareholders and local stakeholders. With current metal prices well above the US$1,600 per ounce gold and US$3.39 per pound copper used in the PEA, the Project is highly leveraged to enhanced economics. We are also highly encouraged by the opportunities to build upon this PEA, including drill-ready targets at the nearby La Garrucha deposit which, on the last hole (LME–1106) drilled by the previous operator yielded 271 metres of 1.03 grams per tonne (g/t) gold and 0.13% copper.” 

La Mina — which has advanced infrastructure in place including roads, power, and an available workforce — boasts a low capital intensity of just under US$300 million. 

A recently completed phase-one, 5-hole, 3,500-meter drill program on the La Garrucha target produced a number of impressive intercepts, including:

  • 0.73 grams per tonne gold equivalent (g/t AuEq) over 431 meters
  • 1.01 g/t AuEq over 118 meters; including
  • 1.47 g/t AuEq over 13 meters

Importantly, the La Garrucha target is situated less than a kilometer to the east of the existing mineral resources at La Mina, demonstrating excellent geological continuity and a higher-grade core of the mineralized system.

The phase-one program successfully discovered extensions of previously identified gold-copper porphyry mineralization at La Garrucha and nearly doubled the strike and depth of the system, which remains open to the southeast and at-depth.

Those results — along with drilling from historic exploration programs — will be used to initiate an updated mineral resource estimate for La Mina in Q4 2022 followed by an updated PEA in 2023.


Titiribi Gold-Copper Project, Antioquia, Colombia: 

GoldMining’s 100%-owned Titiribi and La Mina projects are situated just 17 km apart in Colombia’s Mid-Cauca Belt, which is emerging as an attractive region for major mining companies as evidenced by recent investments by Newmont, Agnico Eagle, and Wheaton Precious Metals.

The 3,920-hectare Titiribi project hosts gold-copper epithermal mineralization similar to other porphyry centers in the Mid-Cauca Belt.

Nearby gold projects in the region include San Matias (Cordoba Minerals and HPX Exploration), Buritica (Continental Gold), Zancudo (IAMGOLD and Gran Colombia), and Nuevo Chaquiro (Anglogold Ashanti and B2Gold).

The Titiribi project boasts M&I mineral resources of 5.54 million ounces of gold and 1,061.2 million pounds of copper (434.6 million tonnes grading 0.40 g/t gold and 0.11% copper). 

The project also contains Inferred mineral resources of 3.15 million ounces of gold and 212.6 million pounds of copper (241.9 million tonnes grading 0.41 g/t gold and 0.04% copper). 

The close proximity of the Titiribi and La Mina properties is expected to create potential synergies and scale as the GoldMining team continues to advance the projects. 

As noted, the company has released a positive first-pass PEA on La Mina with phase-one drilling underway and is currently preparing a fully-funded drill program for Titiribi.


São Jorge Gold Project, Pará State, Brazil: 

In Q4 2021, GoldMining released infill assays from its recently completed core sampling program at the 100%-owned, 46,000-hectare São Jorge Gold Project located in Pará State, Brazil.

The program — which focused on previously unsampled core intervals from historical drilling — returned highlight intervals up to 1.06 g/t gold over 7.6 meters in saprolite.

The GoldMining team is in the process of completing a PEA on the São Jorge project, which boasts a current Indicated resource of 0.71 million gold ounces at 1.55 g/t plus 0.72 million gold ounces Inferred at 1.27 g/t.

The aim of the forthcoming PEA will be to further evaluate the economic potential of an open pit operation and to advance opportunities to upgrade and expand the current resource base. 

The release of the latest round of infill sampling results should prove valuable in the identification of new targets at São Jorge; additional results from the sampling program are available here.


Whistler Gold-Silver-Copper, Alaska, USA:

GoldMining Inc. has created a new subsidiary, U.S. GoldMining Inc., to focus on advancing the company’s Whistler Gold-Silver-Copper project in mining-friendly Alaska.

The company’s board is putting in motion a strategy to list U.S. GoldMining Inc. as a separate public company via IPO — a process that will likely be completed in the next 4 to 6 months. The new subsidiary will have a dedicated team and an experienced board of directors to advance the Whistler project — which will become the flagship asset of the new entity. 

The massive 170 sq km Whistler project is situated along a prolific geological trend northwest of Anchorage.

The project, which has seen 70,000 meters of historical drilling, has the potential for high-grade epithermal mineralization similar to other porphyry deposits in the area.

Already, the project boasts Indicated mineral resources of 1.94 million ounces of gold, 8.33 million ounces of silver, and 422.0 million pounds of copper (118.2 million tonnes grading 0.51 g/t gold, 2.19 g/t silver, and 0.16% copper). 

The project contains additional Inferred mineral resources of 4.67 million ounces of gold, 16.06 million ounces of silver, and 711.4 million pounds of copper (317.0 million tonnes grading 0.46 g/t gold, 1.58 g/t silver, and 0.10% copper).


Yellowknife Gold Project, Northwest Territories, Canada

GoldMining has released an amended technical report for its 100%-owned, 12,240-hectare Yellowknife Gold Project situated in one of Canada’s highest-grade gold belts — the Yellowknife Greenstone Belt. 

The Yellowknife project comprises several properties — Nicholas Lake, Ormsby, Goodwin Lake, Clan Lake, and Big Sky — and covers portions of the Yellowknife Greenstone Belt from 17 to 100 km north of the town of Yellowknife.

The project is on-trend with three of the highest-grade gold mines in Canada:

  • Giant Mine: 8.1 Moz @ +0.5 oz/t 
  • Con Mine: 6.1 Moz @ +0.5 oz/t 
  • Discovery Mine: 1 Moz @ +1 oz/t

The Yellowknife project boasts Indicated mineral resources of 1.06 million ounces of gold (14.11 million tonnes grading 2.33 g/t gold) plus Inferred mineral resources of 0.74 million ounces of gold (9.30 million tonnes grading 2.47 g/t gold).

Altogether, with a foundation of more than 32 million gold-equivalent ounces (M&I plus Inferred) spread across the Americas, GoldMining is progressing on multiple fronts and should have quite a lot of news flow throughout 2022.  

 

Almaden Gold Project, Idaho, USA  

In Q3 2022, GoldMining completed the grant option of its Idaho-based Almaden gold project to NevGold Corp. for total cash and/or share consideration of up to C$16.5 million. 

GoldMining has now received initial consideration of C$3.0 million via the receipt of 4,444,444 common shares of NevGold; a strategic investment. Future cash and/or share payments to GoldMining to include:

  • Additional payments of C$6.0 million related to the option
  • Contingent payments of up to C$7.5 million tied to project milestones 

Keep in mind also that the GoldMining team picked up the Almaden project two years ago for just C$1.15 million and, with the closing of the option agreement with NevGold, will continue to maintain direct exposure to any future advancement of the project — as will GOLD/GLDG shareholders.

 

GoldMining Inc. Spins Out Gold Royalty Corp.

In Q1 2021, GoldMining completed the successful IPO launch of Gold Royalty Corp. (NYSE-American: GROY).

gold-royalty-logo.png

The spinout was met with a ton of investor enthusiasm with Gold Royalty raising nearly US$100 million via the IPO.   

GoldMining Inc. is the largest shareholder of Gold Royalty Corp. with 20 million GROY shares on the balance sheet.  

GROY currently trades north of US$3 per share, which equates to over US$60 million in liquid assets for GoldMining Inc. at current prices. 

GoldMining Inc. shareholders, thereby, maintain indirect ownership via the company’s 49% equity stake in GROY, which boasts a current market value of approximately US$400 million.


Exclusive Interview with GoldMining Inc. CEO Alastair Still

GoldMining’s seasoned management team, led by CEO Alastair Still, has the company well-positioned for growth.

Our own Gerardo Del Real of Digest Publishing had the opportunity to sit down with Alastair — along with GoldMining’s vice president of exploration Tim Smith — at the 2022 Precious Metals Summit in beautiful Beaver Creek, Colorado.

Inside, they delve into GoldMining’s intelligent strategy for building long-term value for shareholders, including the recently completed drilling at La Mina and the upcoming launch of US GoldMining Inc., which will focus on advancing the Whistler project, Alaska.

We hope you’ll enjoy the conversation.

 

Gerardo Del Real

Gerardo Del Real: This is Gerardo Del Real with Digest Publishing here at the 2022 Beaver Creek Precious Metal Summit. Joining me today is the CEO of GoldMining Inc., Mr. Alastair Still, and the VP of Exploration of GoldMining Inc., Mr. Tim Smith.

Gentlemen, how are you today?

Tim Smith

Tim Smith: Great.

Alastair Still

Alastair Still: Yeah, great to be here again. Thanks for having us, Gerardo.

Gerardo Del Real

Gerardo Del Real: The timing is excellent. You had some spectacular news this morning out of Colombia. I believe you drilled into something like 431 meters of 0.73 grams per tonne gold equivalent. Is that accurate?

Tim Smith

Tim Smith: Spot on.

Alastair Still

Alastair Still: That's exactly right, and I think it's an exciting time because I think back to a year ago when we were chatting here, Gerardo, and we were talking about all the catalysts that were coming up for GoldMining Inc. And it's so refreshing a year later to be able to update people on those things.

And of course, the drilling in Colombia at our La Mina project is very exciting. It's our first drill program. We've completed that now. We announced those very exciting results this morning. That's building upon a mineralized porphyry system, which we think can grow into a new resource. We're going to start that resource work later this year.

We still have one more hole to release; we're excited about that hole. That should come out in the next week or two. We've also announced plans to have a new joint venture partner on our project in Idaho with Almaden Resources. We crystallized good value there.

And the big news — and Tim can provide further information on this too — is we've taken the exciting step of taking our Whistler Project in Alaska, and we're preparing that into a new company called US GoldMining Inc. Very excited about that, and very excited to be ready to launch that publicly.

Gerardo Del Real

Gerardo Del Real: Tim, I know that's a project you absolutely love. And I want to talk about why. But I have to commend the team at GoldMining because if there was ever a criticism from me about the company, it was that the company was amazing at executing and buying ounces for pennies on the dollar — far cheaper than you could discover them.

And I think Amir and the team at GoldMining did a brilliant job of executing that during a brutal bear market. You now have a resource base that, on a peer-to-peer basis in the junior space, is not really matched, right?

Alastair Still

Alastair Still: Exactly.

Gerardo Del Real

Gerardo Del Real: But the one critique that I always had was, when are we going to see if these deposits can grow… when are we going to see studies around economics and potential economics?

And I have to give it to you gentlemen, this 2022 has been, I think, the busiest year with the drill bit for GoldMining. And it sounds like, Tim, 2023 might surpass it.

Tim Smith

Tim Smith: We've got big plans going forward for sure. We're moving into harvest mode here. Amazing portfolio across the Americas. And yes, to go back to Whistler, especially excited about Whistler. We see the spinout of US GoldMining, as we announced back in February, as a great way to unlock value on that particular asset.

It's a big porphyry just 100 miles northwest of Anchorage. It's the closest big project to Anchorage. And one of the major catalysts there is that the government has started funding a study into a roads resources program. So that's going to lead us into that project and help us catalyze the advancement of that project going forward.

Gerardo Del Real

Gerardo Del Real: You've mentioned big plans for 2023. Alastair, how do you see it shaping up?

Alastair Still

Alastair Still: Well, I think 2023 really builds upon what we've done in 2022. I think we've done a few key steps. And as you say, we've got this great foundational base of resources picked up for basically pennies on the dollar, very opportune moments, and now it's about unlocking value in that portfolio.

That's exactly what we're going to do going forward. US GoldMining Inc. and Whistler play a big piece of that, so stay tuned this fall that will build upon a launch as we go into 2023 for major activities on the project. We're going to continue on our studies.

This drilling we've announced this morning at La Mina — very exciting results — that builds upon a new resource. That will lead into an update of the PEA. We started our first PEA on La Mina earlier this year, and it showed very good economics; C$340 million NAV; good solid returns. And now, we're growing that so we'll see developments on that.

And of course, keep an eye out for more on the JVs. We really like the model of some of our non-core assets; finding someone who can do work on them and advance those projects along. And again, part of that strategy, we want to keep delivering value from this extensive portfolio in the Americas.

Gerardo Del Real

Gerardo Del Real: Firing on all fronts, ladies and gentlemen. Tim, Alastair, thank you very much.

Alastair Still

Alastair Still: Pleasure to be here. Thanks, Gerardo.

Tim Smith

Tim Smith: Thanks.

 

An Opportunity in GOLD

It’s hardly a coincidence that GoldMining Inc. trades under the symbol GOLD on the Toronto Stock Exchange! 

The company also uplisted to the NYSE-American exchange in 2021 where it trades under the symbol GLDG.

GoldMining has amassed a veritable treasure trove of the yellow metal and is now poised to move up substantially on any future rallies in the gold price.

You heard directly from GoldMining CEO, Alastair Still. He says,

“We have one of the largest resource bases of any of our peers. In fact, a resource base that's comparable to intermediates or even major size companies with over 16 million gold-equivalent Measured & Indicated resources on a further 16 million gold-equivalent Inferred ounces. That's a big resource base in itself, and that gives us great leverage to the price of gold.”

As you can see, gold is in a confirmed bull market… rallying from US$1,300 to US$1,700+ an ounce since Q2 2019.

And keep in mind also that the healthiest bull markets are ones that grind upward — not shoot straight up — and the above chart indeed shows that gold is grinding its way higher.

With gold flexing its muscles, it’s easy to see the value of owning shares in a company like GoldMining Inc., which is highly-leveraged to the price of the yellow metal.

 

A Focus on Value

In the resource sector, you’re only as good as the people running the show — and we believe GoldMining Inc. has the right personnel at the controls to build value for GOLD/GLDG shareholders going forward.

It’s a team that’s highly committed to building long-term value for its shareholders — and the proof is in the numbers. The company currently has over US$100 million of liquid assets on its balance sheet and hasn’t needed to go to the markets to raise capital since 2016.

It’s that type of sound corporate governance that has allowed the company to amass an astounding 32.4 million gold-equivalent ounces (M&I plus Inferred) for mere pennies on the dollar.

For investors seeking exposure to a rising gold market — GoldMining Inc. holds tremendous upside potential from current price levels as it advances its suite of high-potential gold projects throughout the Americas.

GoldMining Inc. trades on the Toronto Stock Exchange under the symbol GOLD and on the NYSE-American under the symbol GLDG.

Learn more about GoldMining Inc. and sign up to its investor list by clicking here.

And click here to get real-time updates from the company on their Twitter feed.

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— Resource Stock Digest Research

 

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