GoldMining Inc.

GoldMining Inc. is a junior gold development company headquartered in Vancouver, Canada, operating primarily in South America. The company's portfolio consists of 7 projects, comprising 3 development and 4 advanced exploration projects. Key assets include La Mina and Titiribi. The company operates as a public mineral exploration entity focused on the acquisition and development of resource-stage assets. Its business model is centered on building a diversified portfolio through a disciplined acquisition strategy, without generating operating income or cash flow from its properties. Operations are primarily funded through equity financings. The organization relies on specialized skills and knowledge in geology, geochemistry, mine and plant engineering, drilling, mineral processing, and metallurgy to advance its projects. The operational approach involves advancing assets through technical studies, including metallurgical test work involving flotation and cyanidation, to determine processing viability. The enterprise competes for mineral-rich properties, technical expertise, labor, and capital against companies with greater resources. A key operational characteristic is the cyclical management of its portfolio, where assets may be advanced or maintained pending favorable improvements in resource market conditions, based on evaluations of potential value enhancement.

The long-term growth strategy is premised on acquiring and developing assets through a disciplined execution model. This involves advancing the existing portfolio, actively pursuing partnerships and joint ventures, and continuously evaluating accretive acquisition opportunities alongside potential spin-outs and property divestitures. Management seeks to leverage resource market conditions to enhance the value of each acquisition and to unlock latent value from assets within the current portfolio. A core component of the financial strategy involves utilizing at-the-market (ATM) equity programs to provide ongoing liquidity for operational needs, project maintenance, and strategic initiatives. The company identifies and plans additional work, such as technical studies and economic assessments, to direct resources toward enhancing value at each project. This approach allows for flexibility, with the decision to advance or hold projects being based on a number of factors, including the potential for value enhancement from additional exploration or development work.

Executive leadership includes a Co-Chairman who is also the Chief Executive Officer of a public royalty company and another Co-Chairman who is the Chief Executive Officer of a public uranium company. The Chief Executive Officer also serves as a director of a key subsidiary and the Director of Technical Services for the affiliated royalty company. The Vice President of Exploration also serves as the Chief Executive Officer of the same key subsidiary. The board of directors consists of 7 members. Governance is structured through 4 primary committees: the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee, and the Safety and Sustainability Committee. All 3 members of the Audit Committee are independent and financially literate. The company manages potential conflicts of interest arising from the multiple external executive and board roles held by its officers and directors through its Code of Business Conduct and Ethics and adherence to corporate law, which requires directors to declare any conflicts and potentially abstain from voting on related matters.

The organization's approach to sustainability is overseen at the board level by a dedicated Safety and Sustainability Committee, which provides recommendations to management and supports board oversight. The company has formalized its commitments through a suite of environmental and social policies, including a comprehensive Health & Safety, Environmental & Social Policy and a separate Diversity Policy. These policies outline principles for responsible practices, environmental protection, and transparent stakeholder engagement for all employees, consultants, and suppliers. The company demonstrates transparency by publishing an annual Sustainability Report, which presents its performance on sustainability initiatives and outlines future strategy and goals. This report is guided by a materiality assessment to identify relevant topics and aligns its objectives with the United Nations' Sustainable Development Goals. The commitment to integrate environmental, social, and safety factors into the business strategy is a stated organizational priority.

The corporate structure has been actively managed through strategic transactions, including divestitures and partial spin-outs. In April 2023, the company's subsidiary, U.S. GoldMining Inc., which holds the Whistler Project, completed an initial public offering and listed on the Nasdaq, establishing it as a separate publicly traded entity in which the parent company retains an approximate 79.3% ownership stake. The company completed the sale of its Almaden Project to a subsidiary of NevGold Corp., a transaction finalized in January 2024, through which it received shares and became the largest shareholder of NevGold with an approximate 29.4% interest at the time. The organization also participates in several joint ventures. It holds a 75% interest in the Rea Project, with Orano Canada Inc. holding the remaining 25%. Additionally, the company holds an 84.05% interest in the Boa Vista Gold joint venture and a 51% interest in a joint venture for the Montes Áureos and Trinta Projects. These arrangements reflect a strategy of utilizing partnerships and divestitures to advance assets and unlock value within the portfolio.