GoldMining (GOLD) AI Stock Analysis

• Market Cap: $436.07M
• Dividend Yield: N/A
• Average Volume (3M): 637.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: N/A
• EPS Growth: 37.78%
• Country: CA
• Employees: 33
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.04
• Shares Outstanding: 213,757,480
• 10 Day Avg. Volume: 529,014
• 30 Day Avg. Volume: 637,345
• PEG Ratio: 0.62
• Price to Book (P/B): 1.76
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -17.23
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.31K
• Enterprise Value/Ebitda: -38.60
• 1Y Price Target: $3.80
• Price Target Upside: 86.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.18
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: C$2.00 ▼(-1.96% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held back primarily by weak financial performance—no revenue, ongoing losses, and continued cash burn—despite a strong, low-debt balance sheet. Technicals are a meaningful positive with price above major moving averages and a positive MACD, while valuation is constrained by negative earnings and no dividend yield data.

Positive Factors

Low Leverage / Strong Balance Sheet

Extremely low debt and a materially larger equity base provide durable financial flexibility for a non‑producing explorer. This reduces default and interest risks, allows funding of exploration and technical studies from capital markets on better terms, and supports long development timelines without heavy fixed obligations.

Project Portfolio & Strategic Stakes

A diversified portfolio of development-stage gold and gold‑copper projects plus equity stakes in related firms provides optionality and multiple value catalysts. Advancing several projects spreads geological and permitting risk, while minority stakes offer non‑operating upside and strategic partnerships that can be monetized or leveraged over multi‑year cycles.

Lean Operating Footprint

A small corporate headcount indicates a lean overhead structure typical of exploration-focused firms, enabling more capital to be directed toward field programs and studies. This contractor/scalable model preserves cash and limits fixed costs, which is important during prolonged development phases and funding volatility.

Negative Factors

No Revenue / Persistent Operating Losses

The company currently generates no operating revenue and records sizable operating losses, meaning it must rely on capital markets or asset monetization to fund operations. Over multi‑year horizons, lack of revenue prolongs dependence on external financing and increases dilution and execution risk before value is realized from projects.

Chronic Cash Burn

Consistent negative operating and free cash flow signals ongoing cash consumption from exploration and development activities. This persistent burn reduces runway, heightens the probability of future equity or debt raises, and creates funding pressure that can force asset sales or delay projects, constraining long‑term value creation.

Negative Returns on Capital

Even after expanding its capital base, the company has been unable to convert invested capital into positive returns. Persistent negative ROE reflects execution and project maturation risk; if projects fail to progress to production or be monetized, capital will be consumed without shareholder returns for an extended period.

GoldMining Business Overview & Revenue Model

Company Description

GoldMining Inc., a mineral exploration company, focuses on the acquisition, exploration, and development of gold assets in the Americas. It also operates a diversified portfolio of resource-stage gold and gold-copper projects in Canada, the United States, Brazil, Colombia, and Peru. The company's principal projects include La Mina Gold Project and Titiribi Gold-Copper Project located in Colombia; Whistler Gold-Copper Project located in Alaska, United States; and São Jorge Gold Project located in the State of Pará, northeastern Brazil. The company was formerly known as Brazil Resources Inc. and changed its name to GoldMining Inc. in December 2016. GoldMining Inc. was incorporated in 2009 and is headquartered in Vancouver, Canada.

How the Company Makes Money

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GoldMining Financial Statement Overview

Summary

Operating fundamentals are weak: no revenue reported across the period, persistent operating losses (TTM EBIT about -$25.6M) and net losses (TTM about -$13.5M), plus consistently negative operating/free cash flow (TTM about -$31.8M). Offsetting this, the balance sheet is strong with extremely low leverage (TTM debt-to-equity ~0.002) and a larger equity base versus 2024, which supports liquidity and flexibility despite negative returns.

Income Statement

The company reports no revenue across the period provided (including TTM (Trailing-Twelve-Months)), while operating losses remain persistent and sizable (TTM EBIT of about -$25.6M). Net losses continue in TTM (about -$13.5M), although they improved versus the 2023–2024 annual losses. A notable outlier is 2021, which shows a large net profit and positive EBIT, but profitability was not sustained, underscoring earnings volatility and weak underlying operating momentum.

Balance Sheet

The balance sheet is a relative strength: leverage is extremely low in the most recent periods (TTM debt-to-equity ~0.002), providing meaningful financial flexibility. Equity and assets increased sharply versus 2024 (equity roughly doubled), improving the capital base. The key weakness is returns: return on equity remains negative in TTM and most years, reflecting that the company is not currently converting its capital base into profits.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow in every period shown, including TTM (operating and free cash flow about -$31.8M). Cash burn has generally worsened versus 2022 and 2020, despite some year-to-year variability. While free cash flow was less negative than net income in several years, the overall picture is continued cash outflow, which can increase reliance on external funding over time.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Feb 2023	Feb 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-346.00K	-331.00K	-237.00K	-210.00K	-186.00K
EBITDA	-25.54M	-23.70M	-23.20M	-13.41M	-11.19M
Net Income	-13.48M	-25.29M	-28.76M	-13.20M	100.36M
Balance Sheet
Total Assets	237.96M	120.96M	136.88M	147.33M	200.16M
Cash, Cash Equivalents and Short-Term Investments	26.38M	11.88M	21.59M	8.35M	11.71M
Total Debt	498.00K	387.00K	395.00K	9.08M	12.65M
Total Liabilities	8.36M	5.80M	4.46M	12.24M	24.45M
Stockholders Equity	226.79M	113.76M	129.24M	135.09M	175.70M
Cash Flow
Free Cash Flow	-23.22M	-23.18M	-23.39M	-11.13M	-7.97M
Operating Cash Flow	-23.22M	-22.53M	-22.72M	-10.99M	-7.92M
Investing Cash Flow	2.04M	-1.04M	-3.76M	-6.42M	-2.39M
Financing Cash Flow	34.38M	13.35M	39.88M	13.91M	12.77M

GoldMining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.04
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GOLD, the sentiment is Negative. The current price of 2.04 is below the 20-day moving average (MA) of 2.16, below the 50-day MA of 2.15, and above the 200-day MA of 1.67, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 43.32 is Neutral, neither overbought nor oversold. The STOCH value of 21.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GOLD.

GoldMining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GOLD	54 Neutral	$436.07M	―	-8.36%	―	―	37.78%
RDS	54 Neutral	C$311.89M	192.23	-2.68%	―	―	-74.07%
MFG	54 Neutral	C$320.63M	-25.26	-22.27%	―	―	50.13%
TUD	53 Neutral	C$468.79M	-64.29	-2.28%	―	―	62.97%
SIG	53 Neutral	C$385.40M	-39.83	-10.44%	―	―	-69.66%
BYN	52 Neutral	C$553.52M	-44.17	-5.60%	―	―	-445.00%

GoldMining Corporate Events

GoldMining Taps Veteran Engineer Imola Götz to Steer Project Development Push

GoldMining Inc. has appointed veteran mining engineer Imola Götz as Vice President, Project Development, tasking her with overseeing engineering, procurement, construction management and project controls across its portfolio of resource-stage assets in the Americas. With more than 30 years of international experience at major miners and royalty companies, and recognized credentials as a Professional Engineer and Qualified Person, Götz’s arrival is framed by management as a pivotal move to help shift GoldMining’s core projects from exploration toward development and unlock greater asset value for stakeholders.

Her background includes mine planning, strategic business planning and economic evaluations for underground and open-pit operations, as well as academic and industry contributions on technical and leadership topics, including women’s leadership in mining. Both Götz and CEO Alastair Still emphasize that she joins at an inflection point for the company’s portfolio, underlining GoldMining’s intent to translate its financial position and technical bench strength into more advanced project pipelines in key gold jurisdictions.

The most recent analyst rating on (TSE:GOLD) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on GoldMining stock, see the TSE:GOLD Stock Forecast page.

GoldMining Highlights Positive PEA Milestone at Alaska Whistler Project

GoldMining has hailed a positive initial economic assessment completed by its majority-owned subsidiary U.S. GoldMining on the Whistler gold-copper project in Alaska. Management says the study supports its long-term vision for the asset and underscores the value of GoldMining’s more than 74% indirect stake, as U.S. GoldMining advances exploration and project planning under Canadian NI 43-101 standards.

The PEA offers a preliminary view of Whistler’s development options and economic potential but remains subject to significant assumptions and typical exploration and permitting risks. GoldMining cautioned that actual outcomes could differ materially, yet the milestone strengthens the project’s profile within its diversified portfolio and may bolster the company’s strategic positioning in North American gold-copper development.

The most recent analyst rating on (TSE:GOLD) stock is a Buy with a C$2.80 price target. To see the full list of analyst forecasts on GoldMining stock, see the TSE:GOLD Stock Forecast page.

GoldMining Files Annual Financial Reports and Disclosure for 2025

GoldMining Inc. has filed its annual financial statements, management’s discussion and analysis, annual information form and its annual report for the year ended November 30, 2025. These filings, which provide updated details on the company’s financial position, operations and portfolio of gold and gold-copper projects, are now accessible to investors through Canadian and U.S. regulatory platforms as well as the company’s website, enhancing disclosure and transparency for stakeholders.

The most recent analyst rating on (TSE:GOLD) stock is a Buy with a C$2.80 price target. To see the full list of analyst forecasts on GoldMining stock, see the TSE:GOLD Stock Forecast page.

GoldMining Extends Deep Gold Mineralization and Identifies Large New Target at São Jorge Project in Brazil

GoldMining Inc. reported new assay results from its 2025 diamond core drilling program at the São Jorge Project in Brazil, including a deep intercept of 19 metres grading 1.00 g/t gold within a broader 73-metre zone beneath the current resource pit shell, one of the deepest intercepts recorded on the project. Additional shallow mineralized intervals were encountered at the northwest extension of the São Jorge deposit, while 2025 induced polarization geophysical work outlined a more than 1-kilometre-long high chargeability anomaly at the William South target, whose geophysical signature is comparable in scale to the existing deposit and is slated for drilling in 2026. The company completed 9,533 metres of drilling in 2025, above plan and on budget, and says the combined drilling and geophysical data support the potential to extend the known São Jorge resource at depth and along strike and to uncover new discoveries across its large land position in the rapidly emerging Tapajós gold district, potentially strengthening its growth profile and regional footprint.

The most recent analyst rating on (TSE:GOLD) stock is a Buy with a C$2.80 price target. To see the full list of analyst forecasts on GoldMining stock, see the TSE:GOLD Stock Forecast page.

GoldMining Taps Veteran Mining Financier Martin Dumont for Corporate Development and IR Role

GoldMining Inc. has appointed Martin Dumont as Vice President, Corporate Development and Investor Relations, adding a seasoned finance and mining-sector professional to its executive team. Dumont, whose background spans corporate development at Sandstorm Gold Royalties, equity research at BMO Capital Markets, and investor relations and operations finance roles at IAMGOLD, is expected to help advance GoldMining’s strategic initiatives, strengthen its capital markets and investor outreach, and support efforts to unlock greater value from the company’s portfolio of gold and gold‑copper assets across the Americas.

The most recent analyst rating on (TSE:GOLD) stock is a Buy with a C$2.80 price target. To see the full list of analyst forecasts on GoldMining stock, see the TSE:GOLD Stock Forecast page.