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Category: Junior: Late Stage Developer
Rating: 3.50   (Likely 5 Bagger as of 10/10/2017)
Risk: Moderate
Goldmining Inc
www: www.goldmining.com     email: info@goldmining.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
CVE:GOLD 10/19/2017 CAD 1.580 0.080 2.800 - 1.430 115,793
OTCMKTS:GLDLF 10/19/2017 USD 1.2424 0.0334 2.1700 - 1.1500 161,771
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Don's Summary (from last analysis - 10/10/2017)

Goldmining Inc. (previously Brazil Resources) stated strategy is to acquire advanced stage projects. They have done an incredible job achieving that strategy. In 2012, they acquired the Cachoeira project. After their initial drilling, the resource size increased from 750,000 oz to 1.3 million oz (1.2 gpt). Since then they have not attempted to move it to production, or advance any of their other projects towards production.

In 2013, they acquired Brazil Gold and their 1.7 million oz Sao Jorge project. This may now become their first mine. It has a PEA to produce 100,000 oz at $650 cash costs. The after-tax IRR is 33% at $1300 gold, thus it is very economic. I'm waiting for them to give guidance that a feasiblity study is under way. They have $16 million in cash and no debt.

In 2015, they acquired the Whistler project in Alaska from Kiska Metals. It is a 5 million oz deposit (.5 gpt), with copper offsets.

In 2016, they acquired the Titiribi project in Colombia from Nova Copper. It is an 8 million oz deposit (.5 gpt), with copper offsets.

In 2017, they acquired the Yellowknife project in Canada (Northwest Territories) for 4 million shares from Tyhee Gold. It is a 2.2 million oz (2 gpt) resource on 35,000 acres with significant exploration potential. The feasibility study calls for producing 100,000 oz for 15 years. It is not economic to finance at current gold prices, with a 20% pretax IRR at $1400 gold. That's around a 10% IRR post-tax at $1300 gold.

In 2017, they acquired the La Mina project (1.5 million oz) from Bellhaven Gold & Copper for $10 million by issuing shares. They gave Bellhaven shareholders 6% ownership of Goldmining Inc. They only paid a 20% premium, which was fantastic deal for Goldmining Inc.

In 2017, they acquired the Crucero project in 2017 for 3.5 million shares and $750,000. The price they paid was a steal. It is an advanced 2 million oz (1 gpt) deposit. It's on 4,600 acres in Peru.

They also have several large properties in Brazil: Maua (25,000 acres), Pireneus (250,000 acres), Apa (500,000 acres), and Artulandia (12,000 acres). Once they get some cash flow, this will likely be a growth company. Their FD market cap has exploded from $36 million to $194 million, but it is still very cheap versus their resources.

I think this is a company with potential to become a very large company, once they decide to become development company. They have 800,000 acres of exploration targets and an aggressive management team. I get the feeling that they are not for sale (insiders own 25%) and want to grow this company. My concern is that they appear to be more about deal making than mine building. I'm starting to think it is ironic that they renamed their company to Goldmining Inc. I'm not sure they want to be a mining company. However, worst case I think they will be a 5 bagger from their large projects and potentially more on the way. Once gold prices rise, they are going to have several large advanced economic projects.


Note: 9/16/2017. The jurisdiction for their Titiribi project in Colombia is considering banning all mining. If it passes, not only will Goldmining Inc's share price take a hit, but all development/exploration stocks in Colombia will get downward pressure. Each jurisdiction in Colombia can decide if they want mining.

General Details

Financial 10/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $194.58M $192.24M 10/10/2017 $-2.34M
Total Assets: $56.58M $56.61M 10/10/2017 $0.03M
Total Liabilities: $1.78M $1.78M 10/10/2017 $0.00M
Current Assets: $13.92M $13.93M 10/10/2017 $0.01M
Current Liabilities: $1.54M $1.54M 10/10/2017 $0.00M
Total Debt: $0.00M $0.00M 10/10/2017 $0.00M
Cash: $13.29M $13.30M 10/10/2017 $0.01M
Enterprise Value: $181.29M $178.94M 09/02/1975 $-2.35M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 10/10/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/10/2017 0.00%
Misc 10/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $1.280 $1.265 15:10 on 10/19/2017 $-0.02
Shares Outstanding: 131,000,000 131,000,000 10/10/2017 0
Shares Fully Diluted: 152,000,000 152,000,000 10/10/2017 0
Insider Ownership: n/a 25% 10/10/2017 25%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2022 10/10/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
10/10/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
10/10/2017 0
Initial CapEx (Outstanding): n/a n/a 10/10/2017 n/a
Funding Option: n/a n/a 10/10/2017 n/a
Documentation: none PEA 10/10/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 10/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 10/10/2017 0.00M
Measured & Indicated: 8.00M 8.00M 10/10/2017 0.00M
Inferred: 10.00M 10.00M 10/10/2017 0.00M
Reserves & Resources: 18.00M 18.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 10/10/2017 0.00M
Measured & Indicated: 5.12M 5.12M 10/10/2017 0.00M
Inferred: 4.00M 4.00M 10/10/2017 0.00M
Reserves & Resources: 9.12M 9.12M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/10/2017 $0.00
Extra Operating Cost: n/a n/a 10/10/2017 $0.00
Average Grade: 0.80 g/t 0.80 g/t 10/10/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 10/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 10.00M 10.00M 10/10/2017 0.00M
Annual Production: 300,000oz. 300,000oz. 10/10/2017 0oz.
Cash Cost: $800 $800 10/10/2017 $0
Extra Operating Cost: $400 $400 10/10/2017 $0
SILVER 10/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 10/10/2017 0.00M
Measured & Indicated: n/a n/a 10/10/2017 0.00M
Inferred: n/a n/a 10/10/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 10/10/2017 0.00M
Measured & Indicated: n/a n/a 10/10/2017 0.00M
Inferred: n/a n/a 10/10/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/10/2017 $0.00
Extra Operating Cost: n/a n/a 10/10/2017 $0.00
Average Grade: n/a n/a 10/10/2017 n/a
Recovery Rate: n/a n/a 10/10/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 10/10/2017 0.00M
Annual Production: n/a n/a 10/10/2017 n/a
Cash Cost: n/a n/a 10/10/2017 n/a
Extra Operating Cost: n/a n/a 10/10/2017 n/a

Property

Last Analysis Data  (10/10/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Gurupi Belt, Brazil Cachoeira 100% 12,000 n/a show
1.3 million oz deposit. Should get a PEA soon,
Development Tapajos Region, Brazil Sao Jorge 100% n/a Open Pit show
The Sao Jorge project is progressing towards production. They released an updated 43-101 in January 2013 with 1.7 million oz at 1.5 gpt.
Exploration Brazil Apa 100% (guess) 200,000 n/a n/a
Exploration Brazil Artulandia 100% (guess) 5,000 n/a n/a
Exploration Mato Grosso State, Brazil Batistao 100% n/a n/a n/a
Exploration Tapajos Region, Brazil Boa Vista 85% n/a n/a n/a
Exploration Mato Grosso State, Brazil Colider 100% n/a n/a n/a
Exploration Gurupi Belt, Brazil Maua 100% 10,000 n/a n/a
Exploration Gurupi Belt, Brazil Montes Aureas 100% n/a n/a n/a
Exploration Tapajos Region, Brazil Ouro Mil 0% n/a n/a n/a
Exploration Brazil Pireneus 100% (guess) 10,000 n/a n/a
Exploration Tapajos Region, Brazil Surubim 100% n/a n/a n/a
Exploration Brazil Tapajos Regional 100% n/a n/a n/a
Exploration Gurupi Belt, Brazil Trinta 100% n/a n/a n/a
Exploration Colombia, Colombia La Garrucha 100% (guess) n/a Open Pit show
Early exploration
Exploration Medellin, Colombia La Mina 100% n/a Open Pit show
PEA with a $320 million capex.

100,000 oz of production for 10 years.

Exploration potential to increase production.

Low cash cost of $500 per oz (dependent on copper demand).
Exploration Colombia, Colombia Titiribi 100% (guess) 3,900 Open Pit show
8 million oz deposit.
Exploration La Mesa, Panama Pitaloza 100% n/a n/a show
125,000 acres. Early exploration.
Exploration Alaska, USA Whistler 100% (guess) 17,000 Open Pit show
6 million oz deposit and growing.
Total Land Package Size (ha): 257,900  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Gurupi Belt, Brazil Cachoeira 100% 12,000 n/a show
1.3 million oz deposit. Should get a PEA soon,
Development Tapajos Region, Brazil Sao Jorge 100% n/a Open Pit show
The Sao Jorge project is progressing towards production. They released an updated 43-101 in January 2013 with 1.7 million oz at 1.5 gpt.
Exploration Brazil Apa 100% (guess) 200,000 n/a n/a
Exploration Brazil Artulandia 100% (guess) 5,000 n/a n/a
Exploration Mato Grosso State, Brazil Batistao 100% n/a n/a n/a
Exploration Tapajos Region, Brazil Boa Vista 85% n/a n/a n/a
Exploration Mato Grosso State, Brazil Colider 100% n/a n/a n/a
Exploration Gurupi Belt, Brazil Maua 100% 10,000 n/a n/a
Exploration Gurupi Belt, Brazil Montes Aureas 100% n/a n/a n/a
Exploration Tapajos Region, Brazil Ouro Mil 0% n/a n/a n/a
Exploration Brazil Pireneus 100% (guess) 10,000 n/a n/a
Exploration Tapajos Region, Brazil Surubim 100% n/a n/a n/a
Exploration Brazil Tapajos Regional 100% n/a n/a n/a
Exploration Gurupi Belt, Brazil Trinta 100% n/a n/a n/a
Exploration Colombia, Colombia La Garrucha 100% (guess) n/a Open Pit show
Early exploration
Exploration Medellin, Colombia La Mina 100% n/a Open Pit show
PEA with a $320 million capex.

100,000 oz of production for 10 years.

Exploration potential to increase production.

Low cash cost of $500 per oz (dependent on copper demand).
Exploration Colombia, Colombia Titiribi 100% (guess) 3,900 Open Pit show
8 million oz deposit.
Exploration La Mesa, Panama Pitaloza 100% n/a n/a show
125,000 acres. Early exploration.
Exploration Alaska, USA Whistler 100% (guess) 17,000 Open Pit show
6 million oz deposit and growing.
Total Land Package Size (ha): 257,900  

Profitability (by resource)

Proven &
Probable
10/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
n/a n/a n/a 0.00%
Measured &
Indicated
10/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -4.20M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.12M 5.12M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -2.69M
Maximum Profit (Gold): $314.32M $298.19M n/a $-16.13M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $314.32M $298.19M n/a $-16.13M
Max Profit / Current MCap: 1.615 1.551 n/a -0.064
Max Profit Per Share (Gold): $2.07 $1.96 n/a $-0.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.07 $1.96 n/a $-0.11
Total Free Profit Per Share: $0.47 $0.38 n/a $-0.09
FD Mkt. Cap / Gold Eq.: $38.00 $37.55 n/a $-0.46
FD Mkt. Cap / Silver Eq.: $0.50 $0.50 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
2.95% 2.93% n/a -0.03%

Reserves &
Resources
10/10/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 18.00M 18.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -9.45M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 9.12M 9.12M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -4.79M
Maximum Profit (Gold): $559.88M $531.15M n/a $-28.73M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $559.88M $531.15M n/a $-28.73M
Max Profit / Current MCap: 2.877 2.763 n/a -0.114
Max Profit Per Share (Gold): $3.68 $3.49 n/a $-0.19
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.68 $3.49 n/a $-0.19
Total Free Profit Per Share: $2.08 $1.91 n/a $-0.17
FD Mkt. Cap / Gold Eq.: $21.34 $21.08 n/a $-0.26
FD Mkt. Cap / Silver Eq.: $0.28 $0.28 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
1.66% 1.64% n/a -0.01%

Future Valuation (Cash Flow & Totals)

Totals 10/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,761.57M $1,755.42M n/a $-6.16M
Mkt. Cap: $194.58M $192.24M n/a $-2.34M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $3,750.00M $3,750M n/a $0M
FD Mkt. Cap Growth: 1,827% 1,851% n/a 23%
Annual
Production
Gold: 300,000 oz. 300,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 19.46 19.22 n/a -0.23
Silver Eq. Reserves: 0.78 0.77 n/a -0.01
Gold Eq. Production: 648.59 640.79 n/a -7.80
Silver Eq. Production: 25.94 25.63 n/a -0.31
P&P
Reserves
(oz.)
Gold: 10.00M 10.00M 10/10/2017 n/a
Silver: n/a n/a 10/10/2017 n/a
Gold Eq.: 10.00M 10.00M 10/10/2017 n/a
Silver Eq.: 250.00M 250.00M 10/10/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.066 0.066 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.066 0.066 n/a n/a
Silver Eq.: 1.645 1.645 n/a n/a
Cash Flow 10/10/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $0.00M $0.00M n/a $0.00M
Current Multiple: 0.00 0.00 n/a 0.00
F
U
T
U
R
E
@ current prices: $15.79M $14.98M n/a $-0.81M
Multiple @ current prices: 12.33 12.84 n/a 0.51
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $234.00M $234.00M n/a $0.00M
Multiple @ future prices: 0.83 0.82 n/a -0.01
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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