(P) - People

Amir Adnani, Chairman and Founder:

Amir is likely a familiar name to you if you’ve been following the junior resource industry for a while. If not, you should be following him.

He has been pegged as one of the future leaders in mining by Fortune Magazine, Mining Journal and has attracted some of the largest funds in the world as investors.

Amir founded GoldMining Inc at the tail end of the Global Financial Crisis, originally with a focus on gold projects in Brazil.

While the gold markets were in a bear market (trading under $1,300 per ounce), Amir put together an incredible portfolio of assets with aggregate global measured and indicated resources of 11.4 Million oz gold and inferred resources of 13.8 Million oz gold across all its project portfolio¹.

Best of all, he did so by increasing the shareholders’ exposure to gold in the ground per share on every acquisition, instead of diluting shareholders

On top of that Amir has protected the treasury, having not done a financing since 2016. The company has no debt and has now attracted some of the largest names in the gold space as investors of the company.

Like the industry titans like Ross Beaty and Lukas Lundin before him, Amir has brought incredible value out of the mothership, GoldMining Inc. that will further create shareholder value.

This is all because of Amir’s ability to create a strong portfolio of world class gold assets during a time when the assets were available. And by maintaining a sound balance sheet when others diluted their shareholders without any progress.

Amir has attracted some of the highest quality names to the GoldMining team to help advance the assets wholly owned by GoldMining and to run Gold Royalty Corp (GRC).

As the company disclosed – Gold Royalty provides an additional and non-dilutive layer of value for existing shareholders. We’ll talk more about Gold Royalty later.

David Garofalo, Chairman and CEO of Gold Royalty Corp. and Advisory Board Member of GoldMining:

GoldMining recently announced that David Garofalo, formerly CEO of GoldCorp (until its merger with Newmont in 2019), had joined Gold Royalty as its Chairman, President and CEO and joined GoldMining as an advisory board member.

David has an impressive 30-year track record in mining. In addition to being GoldCorp's CEO, he was also CEO of Hudbay Minerals and presided over its emergence as a leading metals producer.

Very few in the industry ever achieve that level of success. David could’ve chosen any company to get involved with and he chose to become CEO of Gold Royalty Corp (subsidiary of GoldMining).

We will touch on this later, but this is truly incredible for shareholders of GoldMining to have someone like David lead the charge of Gold Royalty Corp and be on the advisory board of GoldMining.

Warren Gilman, Director of Gold Royalty Corp.:

Warren was regarded as the mining industry’s top investment banker when he was Vice Chairman of CIBC World Markets with his partner Don Lindsay.

Don left CIBC to be CEO of Canada’s largest diversified miner Teck and Warren ended up partnering with Asia’s richest man at the time, Li Ka-shing, to run CEF Holdings.

Warren Gilman is a mining engineer who co-founded CIBC’s Global Mining Group in 1988. During his 26 years at CIBC, Warren advised the largest mining companies in the world including BHP, Rio Tinto, Anglo American, Noranda, Falconbridge, Meridian Gold, China Minmetals, Jinchuan and Zijin.

He has been responsible for some of the largest equity capital markets financings in Canadian mining history.

Garnet Dawson, CEO of GoldMining and Director:

With over three decades of global experience working in the mining sector in both exploration and development/production stories, Garnet brings a wealth of operational expertise with him to Goldmining.

Garnet doesn’t just have C-level experience. He’s a geologist by training, having worked his way up the executive ladder over his career, and is still a registered P.Geo. So, he doesn’t just talk the talk – he knows how to walk the walk as well.

Paulo Pereira, President:

Paulo came into the picture from GoldMining’s earlier days as Brazil Resources. He is trained as a geologist in Brazil, with over 25 years of experience in the mining sector in America.

He spent two decades of that with the De Beers Group where he served as Senior Project Manager and then Divisional Manager for Canada.

Other Notables

The management team also has some heavy hitters on the board, ranging from former Canadian MP Herb Dhaliwal to Mário Garnero – who held senior positions with Brasilinvest and Garnero Group for the past 30 years. Brasilinvest is a strategic partner of GoldMining and is a leading merchant bank in Brazil.

(R) Resources

GoldMining shareholders are exposed to a large portfolio of gold resources across its projects and exposure to Gold Royalty Corp. and its unique value proposition.

GoldMining’s global aggregate resource base across all projects includes 11.4 Million ounces of gold Measured and Indicated and 13.8 Million ounces in the Inferred resource category.

In the investment business, everyone talks about being a contrarian, meaning buying quality assets when they are out of favour. But very few actually do it.

Amir is one of the few who actually went out and bought quality assets and was able to finance the acquisitions when gold was below $1,350.

The best visual I’ve seen that truly shows this forward thinking and execution ability of Amir Adnani is from the company’s own PowerPoint.

This visual shows that Amir was able to acquire for $81 million what was valued at over 10 times that just a few years before, at $850 million*.

GoldMining’s strategy for the first business is simple:

Acquire gold projects in mining-friendly jurisdictions that have already been drilled, derisked and have existing gold resource estimates.

With the weak gold price in 2013, Amir and his team saw the opportunity to buy quality, low cost gold assets across the Americas.

Currently, GoldMining owns:

7 projects in Brazil,
3 in Colombia,
3 In North America (Canada and U.S.), and
1 in Peru.

These 14 gold projects have a total of 11.4 million ounces of gold measured & indicated and 13.8 million ounces inferred across their portfolio.

They’re all located in politically safe jurisdictions, from a relative standpoint, with access to infrastructure like roads and electricity nearby.

In total, these 14 gold projects have seen 686,861 meters of drilling collectively – well in excess of $100 million worth of exploration dollars.

To put that amount of drilling into perspective, that’s the distance from Boston to Washington DC.

If you were to walk all 686,861 meters it would take you almost 6 days with no breaks (at a pace of 12 minutes per km).

That’s a lot of drilling!

First, let’s break down GoldMining’s project portfolio²:

In Colombia, GoldMining has its three assets located in the prolific Mid-Cauca gold belt.

This belt contains many existing large deposits such as AngloGold’s former La Colosa deposit, which held an inferred resource of 24 million ounces of gold.

Titiribi is the standout asset of the GoldMining portfolio here, with 4.6 million ounces of gold measured and indicated, and a further 3.3 million ounces inferred.

The gold is near surface making it easier and cheaper to mine.

It’s worth noting that Titiribi was once owned by one of Tom Kaplan’s group of companies, NovaCopper (now Trilogy Metals).

Tom is the Chairman of the Board for both NovaGold (a US$4 billion market cap gold producer) and the Electrum Group (one of the world’s largest natural-resource-focused private investment firms).

Tom also founded Leor Exploration and Production, which was an oil and gas company that ended up selling its natural gas assets to Encana for US$2.55 billion back in 2007.

Tom’s a very smart guy with the track record to back it up, his team only finances top tier assets and NovaCopper bought out the original owners of Titiribi (Sunward Resources) back in early 2015.

In the following months however, gold continued to crater, hitting multi-year lows near the end of 2015.

NovaCopper decided to focus on their Alaskan copper assets, & Amir and his team came in and began negotiating a deal for the assets.

GoldMining got a project that had over $50 million spent on developing and proving out the asset. There’d been 145,000 meters of diamond drilling already done by prior operators.

Titiribi cost them a little over $13 million at the time (in 5 million shares and 1 million warrants).

That was a steal of a deal.

To put that into perspective, during the height of the last gold bull market, Sunward Resources (the original owner, whose only asset was Titiribi) was valued as high as $334 million.

That’s what GoldMining’s entire portfolio is currently trading at, and they have 13 more projects on the go…

NORTH AMERICA

GoldMining’s primary North American assets include the Yellowknife gold project in Canada as well as projects in Alaska and Idaho. They also have a uranium project that was part of an earlier acquisition package, but we won’t go into detail about that here.

Yellowknife, the Canadian asset, is comprised of several properties north of the city of Yellowknife, in the famous Yellowknife Greenstone Belt.

This is a massive 121 square kilometer land package with a cumulative total of over 231,000 meters of historical drilling done, located in a district that contains several past producing multi-million-ounce mines.

With only 1.1 million ounces of gold measured and indicated and 739,000 ounces of gold inferred in the resource estimate, there’s plenty of potential to expand here for any prospective buyer or JV partner.

GoldMining’s Alaskan project, Whistler, is located 150km northwest of Anchorage.

This project has 1.77 million ounces of gold indicated and 4.6 million ounces inferred (nearly 10 million ounces of gold equivalent total including both the silver and the copper), and still has plenty of drill targets to follow up on.

Almaden, the Idaho asset, is their latest acquisition and is just a few hours north of Boise. This project is known to contain gold and could be another Idaho gem-like Liberty Gold’s Black Pine gold asset.

Even better, previous drilling only goes down to an average depth of 75 meters, leaving potential for future resource growth.

PERU

Next is their Peruvian Crucero project, which contains almost 1 million ounces in the indicated category and slightly over 1 million ounces in the inferred category. This project saw over 16 years of exploration and development and 23,000 meters of drilling prior to GoldMining’s acquisition.

It’s located in the relatively underexplored Puno Orogenic Gold Belt in southeastern Peru and has a lot of exploration upside.

The Royalty Opportunity

For the second business, GoldMining has created net smelter return (NSR) royalties, ranging from 0.5% to 2%, on 14 of its gold projects and incorporated them into a subsidiary, Gold Royalty Corp.

This is a HUGE Deal, and yet the markets have been sleeping on this.

It’s such a big deal that David Garofalo, whose previous job was CEO of one of the world’s largest gold producers, is the new CEO of Gold Royalty Corp.

Here’s a Gold Royalties Overview / Refresher:

Getting a gold mine from exploration stage to production stage is a massive investment that doesn't always lead to success. You’ll often see capital expenditures in the hundreds of millions of dollars, and even in the billions.

All that money has to come from somewhere – and gold royalty companies provide one possible source of that capital.

Instead of charging interest for a loan like a bank might, gold royalty companies provide an upfront payment to the company that’s trying to build a gold mine.

In return, the owner of the mine promises a % of the mine’s production or revenue to the royalty company.

Usually, such an agreement lasts through the mine’s entire lifetime of production.

Royalty deals can be attractive to companies trying to build a mine because they don’t generally have to pay any money back until the mine is finished and production begins.

Of course, these deals can be extremely beneficial to the royalty company as well. They get direct exposure to the price of gold, yet nearly all of the risk involved is shouldered by the mining company instead.

To see just how well this model works out for royalty companies, take a look at the chart below, which compares the performance of the four largest gold royalty companies with the Van Eck Gold Miners ETF, and the price of gold itself:

(F) Future

At this point, you might be asking yourself: “It’s great that GoldMining is making all these acquisitions, but where’s the return?”

All along, this was only the start of their game plan.

Since inception, GoldMining has been operating in what you could consider to be the first stage of its business plan – acquiring high quality resource stage gold assets on the cheap.

The second stage of their business plan is, naturally, selling or partnering away their gold projects while unlocking the incredible value of their GRC subsidiary that will be run by David Garofalo.

It’s a testament to Amir Adnani’s business acumen that he was able to purchase and hold all these assets without any royalties on the core gold projects. And now that value will be unlocked for existing shareholders.

GoldMining has been acquiring assets for the last decade in a buyers’ market for gold projects.

That hasn’t changed recently, even with gold beginning to heat up. GoldMining picked up their newest asset, the Almaden gold project in Idaho, just earlier this March.

This brought in an additional 0.9 million ounces of gold resource in the indicated category and 0.16 million ounces of gold in the inferred category to their portfolio for just $1.15 million, half in cash and half in shares.

In terms of dilution, it was a 4.5% increase in their gold resource for an increase of less than 0.3% in their shares outstanding.

GoldMining has 146 million shares outstanding, which is quite reasonable given how they’ve built their way up to a multi-million-ounce resource portfolio of gold projects partly by issuing shares.

Currently, management and insiders own about 16% of the float. This is due to the accretive acquisitions they have made over the years to deliver value for all the shareholders

It makes sense here given the gradual dilution as they built out their project portfolio.

But a quick look at the shareholder list yields some familiar names as well – Rick Rule’s Sprott Global, Marin Katusa’s KCR Fund, IAMGOLD, and of course director Mário Garnero’s Brasilinvest Group.

These are all quality established names in the resource sector. These are the heavy hitters that we like investing alongside in any gold stock. Big names and funds like these don’t write checks without taking a good look under the hood first.

(T) Triggers

We are at all time highs in the spot price of gold. I don’t know of another junior with this large of a resource base that’s attracted such names as David Garofalo, Warren Gilman, Rick Rule and Doug Casey to the shareholder registry.

The immediate catalyst for shareholders is when the team led by David Garofalo pull the trigger and spin out Gold Royalty Corp. I don’t know when or how that will happen but looking at the peer comparisons above, it’s easy to see that shareholders will be rewarded.

In addition, every day as current mines are depleted, the existing resource in the GoldMining portfolio becomes more valuable.

The company has no debt, so no need to do an equity financing here, and there’s many near term catalysts that will reward existing shareholders.

This is a very exciting story and one everyone should be paying attention to. I know I am.

GoldMining’s CEO Amir Adnani is Hosting an Exclusive & Interactive Presentation on August 25 at 1:15pm PST

Click This LINK to Secure your Spot as Capacity is Limited

RSVP Now to Reserve your Seat

Regards,

Jay Martin,

CEO - Cambridge House International

Notice to Readers: Cambridge House publishes corporate profiles based on its assessment of the interest that its readers will have in them. Cambridge House is paid a fee by each corporation profiled. Cambridge house principals may from time to time buy and sell securities in the profiled corporations. Opinions expressed in this profile as they relate to the potential for projects, expectations about possible corporate spin-offs and potential for share appreciation are the personal opinions of the principals of Cambridge House. This profile is not intended to be a prospectus or other similar disclosure document and Cambridge House cannot assume responsibility for its accuracy or completeness. Cambridge House is a publisher, not an investment advisor and nothing in the profile should be interpreted as investment advice. Full disclosure of GoldMining’s business and projects, including risk factors relating to the corporation and its business can be found at www.sedar.com. Paulo Pereira, President of GoldMining, is the Qualified Person whose responsibility for this profile is limited to factual geo-technical matters only including the discussions of geological targets, deposit grades, and resource estimates.

1 See GoldMining's Annual Information Form for the year ended November 30, 2019 (which can be found here) and the individual project technical reports referenced therein and available on SEDAR for important information on each project.

2 Comparable analysis is for perspective only and is a common mythology by analysts. Mineral resources across different jurisdictions and projects are not necessarily apple to apple comparison since each project has its own unique characteristics.

* The chart is purely illustrative purposes. Past market values of the company's that held its projects is not intended to be indicative of future results.

The aggregated resource information is provided for informational purposes. It goes without saying that each project is unique, with its own specific factors and other considerations. See GoldMining's Annual Information Form for the year ended November 30, 2019 (which can be found here https://www.goldmining.com/investors/financials/) and the individual project technical reports referenced therein and available on SEDAR for important information on each project.

"A Gold and Royalty Double Play"

GOLDMINING INC.

TSX: GOLD

OTC: GLDLF