Rankings Commodities & uranium GoldMining
GoldMining
58
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Business model−7
- Capital allocation−5
Strengths
- Net cash and securities+4
- Documented project value+1
How the score is built
From 100 to 58, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.02 CAD
- Median analyst target
- 4.30 CAD
- Upside to median
- +321.6%
- Analysts
- 4
- Target range
- 4.30 – 4.30 CAD
- 52-week change
- −47%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−22 of −30
- −10MarginNo revenue; operating loss of CAD 30.9m and FCF −27.7m TTM (incl. U.S. GoldMining), ROIC −18%. The loss is counted only here.
- −7Business modelProject bank model: for over 10 years the company has bought and assembled ounces (13.1m oz AuEq M&I and 9.0m oz inferred), but has never built a mine. The value is to be realised via spin-offs or sales, not through its own operations.
- −5Capital allocationOngoing dilution via ATM program of up to USD 50m (until 8/12-2026); 4.29m shares sold in Q1 FY26 alone, and the share count rose 7.5% in a year. Spin-offs of Gold Royalty and U.S. GoldMining have nonetheless created value.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own history and sum-of-partsP/B 1.23 vs 1.7–2.2 in 2021–25; the market value (CAD 281m) roughly equals cash, securities and the U.S. GoldMining holding (approx. 264m), so the projects outside Whistler are priced at almost zero. Cheap, but the holding discount is structural.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −5JurisdictionA large part of the portfolio is in Colombia (La Mina, Titiribi, Yarumalito), Brazil and Peru, where permits and local opposition often delay projects; La Mina is still in the environmental approval phase.
- −4Financing of WhistlerThe Whistler PEA requires approx. USD 1.3bn in initial capital – over 10 times U.S. GoldMining's market cap – so development means massive dilution in the subsidiary or a sale.
- −4Dependence on other stocksMore than half of the asset value is listed shares (Gold Royalty, U.S. GoldMining); a fall in them hits GoldMining directly. Long-term investments fell from CAD 148m to 97m in H1 FY26 (partly reclassified as current).
- −3Insiders and share price performanceChairman Amir Adnani sold 141,775 shares at 2.02 CAD in January 2026 (tax-related); insiders own only 3.7%, and the share price is −23% over 52 weeks.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4Net cash and securitiesDebt-free with about USD 185m in cash and listed securities (24/6-2026) against a market cap of about USD 191m at the time – a real floor under the price.
- +1Documented project valueThree PEAs with combined NPV5 of approx. USD 3.5bn (Whistler 2.0bn, La Mina 1.0bn, São Jorge 532m with IRR 42%).
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). GoldMining is a project bank without production: gold-copper projects in Alaska (Whistler via the subsidiary U.S. GoldMining, about 74%), Brazil (São Jorge), Colombia (La Mina, Titiribi, Yarumalito), Peru, Canada and the USA, plus a large shareholding in Gold Royalty. Stockanalysis consolidates U.S. GoldMining, so cash and burn also include the subsidiary's figures. Price CAD 1.31 and market cap CAD 281.4m (214.8m shares) from stockanalysis 2/10-2026; Nordnet showed DKK 1,346m. Sum-of-parts is my own estimate: cash and short-term securities 81.6m + long-term investments (primarily Gold Royalty shares) 96.6m at 31/5-2026 + about 74% of U.S. GoldMining's market cap (about CAD 96m) − the subsidiary's own cash ≈ CAD 264m, i.e. about CAD 1.23 per share. The company itself reported about USD 185m in cash and listed securities at 24/6-2026. P/B makes limited sense, as exploration is expensed. Short interest and the largest individual owners have only been partially investigated.
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