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Category: Junior: Late Stage Developer
Rating: 3.50   (Likely 5 Bagger as of 02/05/2017)
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 08/21/2017 CAD 1.650 -0.020 2.400 - 1.470 155,398
OTCMKTS:GLDLF 08/21/2017 USD 1.3100 -0.0100 2.5400 - 1.1000 164,964
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Don's Summary (from last analysis - 02/05/2017)

Goldmining Inc. (previously Brazil Resources) is a relatively new company trying to build their first mine. They have a good management team with influential people on the board. Their stated focus is to acquire advanced stage projects and bring them into production. In 2012, they acquired the Cachoeira project. After their initial drilling, the resource size increased from 750,000 oz to 1.3 million oz at 1.2 gpt. Since then they have not attempted to move it to 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. They acquired both projects very cheap.

They 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 $209 million.

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 with their 4 solid projects and more on the way.


Note: 5/10/2017. Acquired the Yellowknife project for 4 million shares from Tyhee Gold. Tyhee Development Corp has an advanced project in Canada (although located in the infrastructure challenged NW Territories). The Yellowknife project (35,000 acres) is a 2.2 million oz resource (2 gpt), 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.


Note: 5/31/2017. 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.

General Details

Financial 02/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $209.25M $177.33M 02/05/2017 $-31.92M
Total Assets: $26.27M $56.30M 05/31/2017 $30.03M
Total Liabilities: $1.35M $1.77M 05/31/2017 $0.42M
Current Assets: $16.88M $13.85M 05/31/2017 $-3.03M
Current Liabilities: $1.11M $1.53M 05/31/2017 $0.42M
Total Debt: $0.23M $0.00M 05/31/2017 $-0.23M
Cash: $16.11M $13.22M 05/31/2017 $-2.89M
Enterprise Value: $193.37M $164.11M 03/15/1975 $-29.26M
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: 02/05/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 02/05/2017 0.00%
Misc 02/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $1.550 $1.314 16:08 on 08/21/2017 $-0.24
Shares Outstanding: 118,000,000 126,120,000 05/31/2017 8,120,000
Shares Fully Diluted: 135,000,000 135,000,000 02/05/2017 0
Insider Ownership: n/a 25% 02/14/2017 25%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2020 02/05/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
02/05/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
02/05/2017 0
Initial CapEx (Outstanding): n/a n/a 02/05/2017 n/a
Funding Option: n/a n/a 02/05/2017 n/a
Documentation: none PEA 02/14/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 02/05/2017
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 02/05/2017 0.00M
Measured & Indicated: 7.00M 7.00M 02/05/2017 0.00M
Inferred: 9.00M 9.00M 02/05/2017 0.00M
Reserves & Resources: 16.00M 16.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 02/05/2017 0.00M
Measured & Indicated: 4.48M 4.48M 02/05/2017 0.00M
Inferred: 3.60M 3.60M 02/05/2017 0.00M
Reserves & Resources: 8.08M 8.08M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 02/05/2017 $0.00
Extra Operating Cost: n/a n/a 02/05/2017 $0.00
Average Grade: 0.80 g/t 0.80 g/t 02/05/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 02/14/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 10.00M 10.00M 02/05/2017 0.00M
Annual Production: 3,000,000oz. 300,000oz. 02/14/2017 -2,700,000oz.
Cash Cost: $800 $800 02/05/2017 $0
Extra Operating Cost: $400 $400 02/05/2017 $0
SILVER 02/05/2017
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 02/05/2017 0.00M
Measured & Indicated: n/a n/a 02/05/2017 0.00M
Inferred: n/a n/a 02/05/2017 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 02/05/2017 0.00M
Measured & Indicated: n/a n/a 02/05/2017 0.00M
Inferred: n/a n/a 02/05/2017 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 02/05/2017 $0.00
Extra Operating Cost: n/a n/a 02/05/2017 $0.00
Average Grade: n/a n/a 02/05/2017 n/a
Recovery Rate: n/a n/a 02/05/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 02/05/2017 0.00M
Annual Production: n/a n/a 02/05/2017 n/a
Cash Cost: n/a n/a 02/05/2017 n/a
Extra Operating Cost: n/a n/a 02/05/2017 n/a

Property

Last Analysis Data  (02/05/2017)
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 Titiribi 100% (guess) 3,900 Open Pit show
8 million oz deposit.
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
02/05/2017
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
02/05/2017
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.): 7.00M 7.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 43.68M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.48M 4.48M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 27.95M
Maximum Profit (Gold): $61.78M $282.24M n/a $220.46M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $61.78M $282.24M n/a $220.46M
Max Profit / Current MCap: 0.295 1.592 n/a 1.296
Max Profit Per Share (Gold): $0.46 $2.09 n/a $1.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.46 $2.09 n/a $1.63
Total Free Profit Per Share: $0.00 $0.44 n/a $0.44
FD Mkt. Cap / Gold Eq.: $46.71 $39.58 n/a $-7.12
FD Mkt. Cap / Silver Eq.: $0.67 $0.52 n/a $-0.15
FD Mkt. Cap / Per Metal
as % Spot Price:
3.83% 3.07% n/a -0.76%

Reserves &
Resources
02/05/2017
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.): 16.00M 16.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 99.83M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.08M 8.08M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 50.42M
Maximum Profit (Gold): $111.42M $509.04M n/a $397.62M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $111.42M $509.04M n/a $397.62M
Max Profit / Current MCap: 0.532 2.871 n/a 2.338
Max Profit Per Share (Gold): $0.83 $3.77 n/a $2.95
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.83 $3.77 n/a $2.95
Total Free Profit Per Share: $0.00 $2.12 n/a $2.12
FD Mkt. Cap / Gold Eq.: $25.90 $21.95 n/a $-3.95
FD Mkt. Cap / Silver Eq.: $0.37 $0.29 n/a $-0.08
FD Mkt. Cap / Per Metal
as % Spot Price:
2.12% 1.70% n/a -0.42%

Future Valuation (Cash Flow & Totals)

Totals 02/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,478.28M $1,563.48M n/a $85.20M
Mkt. Cap: $209.25M $177.33M n/a $-31.92M
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: 1,692% 2,015% n/a 323%
Annual
Production
Gold: 3,000,000 oz. 300,000 oz. n/a -2,700,000 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 20.93 17.73 n/a -3.19
Silver Eq. Reserves: 0.84 0.71 n/a -0.13
Gold Eq. Production: 69.75 591.12 n/a 521.36
Silver Eq. Production: 2.79 23.64 n/a 20.85
P&P
Reserves
(oz.)
Gold: 10.00M 10.00M 02/05/2017 n/a
Silver: n/a n/a 02/05/2017 n/a
Gold Eq.: 10.00M 10.00M 02/05/2017 n/a
Silver Eq.: 250.00M 250.00M 02/05/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.074 0.074 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.074 0.074 n/a n/a
Silver Eq.: 1.852 1.852 n/a n/a
Cash Flow 02/05/2017
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: $35.46M $16.20M n/a $-19.26M
Multiple @ current prices: 5.90 10.95 n/a 5.05
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $2,340.00M $234.00M n/a $-2,106.00M
Multiple @ future prices: 0.09 0.76 n/a 0.67
Growth @ future prices: 0.00% 0.00% n/a 0.00

Defaults

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