GoldMining Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here is not about the share price, nor about the balance sheet, which is solid for an explorer with no debt and tradable stakes. Red would be wrong: there is no going-concern warning, the auditor issued a clean opinion, and management sees the next twelve months covered by cash, securities and the at-the-market program. What remains open is the core operating question: whether 13 million ounces ever become a mine depends on Titiribi and its mining restriction and on US$725 million of investment that GoldMining does not have. On top come the ties to Gold Royalty, which holds royalties on the main projects and would share in any production. Green would only be possible with secured funding for one project and clarity at Titiribi. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
GoldMining is a gold explorer without revenue, with a large resource base, no debt and four significant listed stakes. The mid-year letter’s statement that cash and securities cover almost the entire market value holds up only partly as of October 9, 2026: the U.S. GoldMining stake, the biggest in June, is itself an explorer, another cannot be sold on the market until February 2027, and their value has dropped sharply since June 2026. At the October 9, 2026, close of C$1.28, the company is worth about C$275 million. Not investment advice.
Balance sheet and stakes
No long-term debt, shareholders’ equity of C$226.6 million (May 31, 2026); four significant listed stakes worth about C$202 million on October 9, 2026.
Projects and studies
13.15 million gold-equivalent ounces measured and indicated, new studies for São Jorge and La Mina (2026). About 60 percent of resources sit at Titiribi, where the municipality has restricted mining since 2021; no reserves.
Cash and funding
C$12.6 million operating cash outflow in the six months ended May 31, 2026; own cash excluding U.S. GoldMining C$13.3 million. Funded by continuous share sales; the program expires December 8, 2026.
Entanglements
Gold Royalty holds royalties on La Mina, Titiribi, São Jorge and Whistler; its CEO is co-chairman of GoldMining, and the annual report flags possible conflicts of interest.
Path to a mine
US$725 million in initial capital for São Jorge and La Mina per the studies, almost four times the market value on October 9, 2026; the MD&A says growth depends on external financing.
Worth Noting
This analysis was triggered by the forum rankings of wallstreet-online (as of October 13, 2026); we track the company under its home listing GOLD (Toronto Stock Exchange) as GOLD.TO. It was not a hit in our in-house stock scanner. The U.S. symbol GOLD belongs to Gold.com, not GoldMining.
GoldMining is an SEC filer under the Canadian MJDS (CIK 1538847): annual report on Form 40-F, interim reports on Form 6-K. We reviewed the annual report of 02/27/2026 and the interim report as of 05/31/2026 (6-K of 07/14/2026) plus all filings through 10/06/2026. The interim report as of 08/31/2026 was not yet available on 10/13/2026.
Calculated values are our estimates: value of the stakes on 10/09/2026 from share counts as of 05/31/2026 times closing price (U.S. values at C$1.4257 per US$, Australian Mines at C$0.99 per A$), before taxes; market value from 214,799,168 shares times C$1.28; sum-of-the-parts C$274.9M minus C$202.0M minus C$13.3M.
Study values (after-tax NPV at a 5 percent discount rate) are company figures from preliminary economic assessments that partly rely on inferred resources; they are neither reserves nor a forecast.
Stock Watch
This analysis is as of October 13, 2026. Stock Watch will tell you what's changed at GOLD.TO since then.
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Price history
Chart
Interactive price chart (TradingView).
Last price: 1.30 C$ (As of: October 13, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Sector comparison: Basic Materials
| Company | Market cap (C$B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| GoldMining Inc GOLD.TO | 0.3 | – | – | – | 0.0 | – | – |
| Heliostar Metals Ltd HSTR.TO | 0.7 | 17.1 | – | – | 35.2 | – | – |
| Mogotes Metals Inc. MOG.TO | 0.2 | – | – | – | 0.0 | – | – |
| Aurania Resources Ltd ARU.TO | 0.0 | – | – | – | 0.0 | – | – |
| Median of companies shown | 0.3 | – | – | – | 0.0 | – | – |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Quarters
Quarterly Figures
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Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.05 | 0.00 | 0 | – | – | -8 | -8 |
| 2024: Q4 | – | – | 0 | – | – | -5 | -6 |
| 2025: Q1 | -0.02 | -41.80 | 0 | – | – | -4 | -4 |
| 2025: Q2 | -0.01 | 66.70 | 0 | – | – | -5 | -5 |
| 2025: Q3 | 0.00 | 103.80 | 0 | – | – | -16 | -16 |
| 2025: Q4 | -0.04 | – | 0 | – | – | -7 | -7 |
| 2026: Q1 | -0.03 | -50.00 | 0 | – | – | -6 | -6 |
| 2026: Q2 | -0.04 | -295.00 | 0 | – | – | -6 | -7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
AI classification
AI Rating
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
The company
About the Company
GoldMining Inc., ein Mineralexplorationsunternehmen, ist in der Akquisition, Exploration und Erschließung von Projekten in Kanada, den Vereinigten Staaten, Brasilien, Kolumbien und Peru tätig. Das Unternehmen erkundet Gold-, Kupfer-, Silber- und Uranvorkommen. Zu seinen Hauptprojekten zählen das zu 100 Prozent gehaltene Goldprojekt La Mina, das zwei Konzessionen mit einer Fläche von 3.208 Hektar südwestlich von Medellín im Departamento Antioquia, Kolumbien, umfasst; das zu 100 Prozent gehaltene Gold-Kupfer-Projekt Titiribi mit einer Fläche von 3.919 Hektar südwestlich von Medellín im Departamento Antioquia, Kolumbien; das zu 100 Prozent gehaltene Goldprojekt São Jorge, das acht Explorationsgenehmigungen mit insgesamt 46.485 Hektar im Goldbezirk Tapajós im brasilianischen Bundesstaat Pará umfasst; sowie das Gold-Kupfer-Projekt Whistler mit einer Gesamtfläche von 53.700 Acres nordwestlich von Anchorage in Alaska, USA. Das Unternehmen firmierte früher als Brazil Resources Inc. und änderte seinen Namen im Dezember 2016 in GoldMining Inc. GoldMining Inc. wurde 2009 gegründet und hat seinen Sitz in Vancouver, Kanada.
- ISIN
- CA38149E1016
Data as of: October 13, 2026 · symbol.source_foreign
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.