Rea Uranium

A project owned by



5 Critical Facts

  • C$163 Million in Cash and Equity Holdings with No Debt (MCAP $190 Million).
  • 10.7 Million Ounces of Gold and 1.2 Billion pounds of Copper in a 43-101 Measured and Indicated Resources all in the Americas.*
  • Exposure to one of the most exciting uranium exploration regions in the world with a Joint Venture with the third largest uranium producer in the world.
  • 5.19% of the stock owned by insiders and this management team has run multi-billion-dollar companies that have been sold. Past results do not reflect future performance.
  • An incredible portfolio in the Americas that was assembled over 15 years with hundreds of millions of dollars of historical expenditures by prior operators into projects that also includes 9.9 Million Gold Equivalent ounces in 43-101 Inferred Resources.

*See www.goldmining.com for additional information including global resource table.

There is an easy acronym that can be used to assess investments:

  • People,
  • Resources,
  • Operations,
  • Future,
  • Investors/Investments, and
  • Triggers.

As in the end, every investor’s goal is to P.R.O.F.I.T.

(P) - People

David Garofalo, Co-Chairman

After David Garofalo merged GoldCorp with Newmont in 2019 to make the world's largest gold miner, this company GoldMining was his next move. He orchestrated the spin-out of 14 royalties from GoldMining and created Gold Royalty Corp. GoldMining currently owns 15% of Gold Royalty (GROY.NYSE).

In 2023, GoldMining spun out its 100% owned large gold-copper project in Alaska (~~3.0-Million-ounce gold eq. M&I and 6.4-Million-ounce gold eq. Inf.) into U.S. GoldMining which is listed on the NASDAQ under the ticker USGO.

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. Before Hudbay he was the CFO for over a decade at Agnico Eagle, Canada’s oldest gold mining company.

Very few in the industry ever achieve that level of success. 

Alastair Still, CEO

Geologist with over 25 years of experience in corporate and project development, exploration and mine operations with Goldcorp, Placer Dome, and Kinross. Before joining as CEO of Gold Mining, Alistair was Director of Corporate Development at Newmont.

Paulo Pereira, President

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

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

Tim Smith, Vice President Exploration

Professional Geoscientist with over 25 years of experience in mineral exploration and mining. A track record of discovery and mine development of major gold systems in Australia and Canada with junior, mid-tier and major mining companies including Goldcorp and Newmont. Previously VP of Exploration with Kaminak Gold Corp where he led the field team to the discovery of the Coffee Gold Deposit in Yukon, Canada.

Other Notables

The team also includes some heavy hitters on the board including Herb Dhaliwal, the former Canadian Minister of Natural Resources and Mário Garnero – who held senior positions with Brasilinvest and Garnero Group for the past 30 years.

(R) - Resources

We believe this company is a value investor dream come true. It has a deep portfolio of gold and gold-copper resource-stage projects all in the Americas, cash, no debt, plus it owns large equity positions in publicly listed companies on the NYSE American and NASDAQ. 

All of this and the company also has a uranium project - an early-stage district scale land package in joint venture with the world’s third largest producer of uranium located in the Athabasca Basin, home to the world’s richest uranium mines and contains some of the largest and highest-grade uranium deposits on the planet.

A secret formula to help discover undervalued companies.

You can look at Enterprise Value ‘EV’ as the “takeover value” of a company. In addition, you can view EV as the value placed on all the assets owned by the company in question.

  • If an EV is high, there is considerable value placed on the assets by investors
  • If an EV is low, there is little to no value placed on the assets by investors

The current Enterprise Value for GoldMining is only $27M.

Market Cap

To put this value investment into perspective…

GoldMining owns 100% of the La Mina gold deposit. The most recent preliminary economic assessment (“PEA”) indicated an after-tax Net Present Value of C$369 million.  

PEA: The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. Mineral Resources used for the PEA include Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the projected economic performance will be realized. The purpose of the PEA is to demonstrate the economic viability of the La Mina Project, and the results are only intended as an initial, first-pass review of the Project economics based on preliminary information. 

The “market” is only placing C$27M on ALL of GoldMining’s assets.


Let that sink in for a moment because it is going to get more interesting…

Unappreciated by a lot of investors is that, GoldMining owns 75% of the Rea uranium project. Orano owns the other 25%.

Recall, Orano is the third largest uranium producer in the world. It is a gigantic 125,328-hectare property – that’s more than 20 times the size of Manhattan Island!

Most importantly though, it surrounds the high-grade Maybelle River deposit, which is owned by Orano and previously owned by Cameco (the world’s second largest producer).

The project has over 16,000 feet of drilling across 30+ drill holes. While other project results are not indicative of the area project, this is interesting to me.

There are 20 uranium exploration companies today which have zero uranium reserves or resources. The average market capitalization of those 20 companies is $23 million.

GoldMining’s global aggregate resource base across all projects includes 13.4 million ounces of gold equivalent Measured and Indicated and 9.9 million ounces gold equivalent in the Inferred resource category.

See the breakdown below and GoldMining’s Annual Information Form and project technical reports for important information regarding its projects.

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

We think GoldMining team is one of the few companies in the sector who went out and bought quality assets and was able to finance the acquisitions when commodity prices were in the dumps.

When GoldMining acquired Rea, uranium spot price was a fraction of what it is today.

GoldMining acquired most of its gold assets when gold prices were more than $500 below today’s prices.

To us this is textbook buying assets at dimes on the dollar.

We believe there’s no way one could acquire such a portfolio of assets today without paying hundreds of millions of dollars, multiples of the current Enterprise Value for the portfolio of projects owned by GoldMining.

(O) - Operations

The way to look at GoldMining is a company with four businesses:

  1. Cash and Equity Portfolio of $163 million:

    i. 15% ownership in Gold Royalty Corp (GROY.NYSE)
    ii. 80% ownership in US GoldMining (USGO.NYSE)
    iii. 22% ownership in NevGold (NAU.TSXV)
  2. La Mina Project with a PEA demonstrating an NPV of $369 Million After Tax

  3. Uranium exploration Joint Venture with Orano on the REA Project in Canada (which alone justifies the current enterprise value).

  4. Project Pipeline: 

  • The company has a diverse portfolio of no less than 8 large gold and gold-copper resource stage projects all in the Americas with over 13 million gold equivalent measured and indicated ounces and an additional 10 million gold equivalent inferred ounces. 

In addition, GoldMining is an 80% owner of US GoldMining which owns the large gold deposit ‘Whistler’ in Alaska.

In total, the GoldMining projects have had historical drilling totaling over 2 Million feet - in today's conditions that drilling cost alone would likely be more than $200 million worth of exploration.

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

If you were to walk all 2 million feet, it would take you almost 6 days with no breaks (at a pace of 7.45 miles per hour).

That is a lot of drilling!

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


GoldMining’s original roots started in Brazil. Currently there are 7 quality assets in the portfolio.

Of those seven projects, two have an established resource estimate.

This means that independent engineers have completed analysis on the project’s exploration work to date and identified gold mineralization that has reasonable prospects for economic extraction. 

The two projects that have a resource estimate are:

  • Cachoeira, and
  • Sao Jorge

Another five, Boa Vista, Surubim, Batistao, Montes Aureos, and Trinta are still early-stage projects that would require more drilling.

Boa Vista and Surubim have only been lightly drilled and explored.

São Jorge is located at the center of the Tapajos Gold District (the “Tapajos”), which is emerging as a world-class gold mining district attracting meaningful capital from some of the largest global resource financiers.

The Tapajos hosts multiple gold projects including producing mines, development projects and exploration properties over approximately 200 km along the Tocantinzinho - São Jorge Trend.


GoldMining’s three assets are located in the prolific Mid-Cauca gold belt.

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

La Mina and Titiribi are the standout assets of the GoldMining portfolio in Colombia.

Titiribi has 7.9 million ounces of gold measured and indicated, and a further 3.6 million ounces inferred.

The Titiribi asset is a project that had extensive money spent by previous operators on exploration to define the asset. There have been approximately 475,000 feet of exploration drilling already completed by prior operators.

To put that into perspective, during the last gold bull market, Titiribi was owned by Sunward Resources, which was controlled by billionaire Tom Kaplan. During the peak, Sunward Resources was valued as high as $334 million

GoldMining’s entire portfolio is currently trading at only C$190 million as of Oct 26, 2023 and owns C$163 million in cash and equity holdings. Plus the La Mina asset in Colombia which alone carries a Preliminary Economic Assessment (PEA) NAV of over C$360 million.

PEA: The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. Mineral Resources used for the PEA include Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the projected economic performance will be realized. The purpose of the PEA is to demonstrate the economic viability of the La Mina Project, and the results are only intended as an initial, first-pass review of the Project economics based on preliminary information. 


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


GoldMining’s primary North American assets include the Yellowknife gold project in Canada. Yellowknife, the Canadian asset, is comprised of several properties north of the city of Yellowknife, in the 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 1.1 million ounces of gold measured and indicated and 740,000 ounces of gold inferred in the resource estimate, there is plenty of potential to expand here for any prospective buyer or JV partner.

Another bold move David Garofalo and the team at GoldMining decided to do was spin out GoldMining’s 100% owned Alaskan project, Whistler into its own NASDAQ listed gold company called US GoldMining (USGO.NASDAQ).

The IPO successfully raised $20 million to fund exploration activities at the Whistler project and GoldMining continues to own 80% of that publicly listed company.

USGO Whistler project contains 3 million ounces of gold equivalent in the indicated category and 6.4 million ounces of gold equivalent in the inferred category.  The resource is categorized as “gold equivalent” because it contains silver and copper in the resource and it is an industry norm to use such nomenclature.

The Almaden project which is just a few hours north of Boise in Idaho is another project that this management team unlocked value by vending out into another company for consideration. GoldMining currently owns 22% of NevGold (NAU.TSXV) which will have to earn into the project by spending millions to meet certain milestones.

Not far from the Almaden project, Barrick Gold just recently invested over $20M into a junior company based on a porphyry copper discovery.  Previous drilling only goes down to an average depth of 245 feet, leaving potential for future resource growth.

With a large equity position in NevGold, GoldMining gets plenty of exposure to exploration upside on the property all while the work is fully funded by NevGold without any dilution to GoldMining.

The Hidden Royalty Opportunity

A major part of David Garofalo’s business plan was to expand the value proposition of a company that was spun out of GoldMining, called Gold Royalty Corp. which is listed on the NYSE American under the symbol GROY.NYSE.

GoldMining owns a 15% interest in Gold Royalty Corp.

Gold Royalty Corp. is currently trading less than 50% of its analysts ascribed NAV.

Meaning that if the company doubles in share price, it will still trade less than its Net Asset Value meaning in our opinion that there is a lot of potential upside still for GoldMining shareholders through their 15% ownership in GROY.

(F) - Future

Phase one of GoldMining business plan was to acquire high quality resource stage gold, silver, copper, and uranium assets on the cheap.

They succeeded.

The second stage of their business plan is, naturally, selling, spinning out, or partnering their gold projects while unlocking the incredible value for their GoldMining shareholders.

It is a testament to the GoldMining team’s business acumen such that the company was able to purchase and hold all these assets of gold, copper and uranium all with such impeccable timing.

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.

The table below shows the historical cost of buying gold deposits worldwide.

Now, let's drill a little bit deeper into those numbers. Companies are going to pay more for mines that are in operation, rather than those which are not operating. Since GoldMining’s assets are not in production yet, we need to drill deeper.

(I) - Investors / Investments

GoldMining has ~181 million shares outstanding, which is quite reasonable given how it built its way up to a multi-million-ounce resource portfolio of gold projects partly by issuing shares.

Currently, management and insiders own about 5% of the float. This is due to the accretive acquisitions they have made over the years to deliver value for all the shareholders.

They definitely have skin in the game. As the late and great Charlie Munger has famously stated “Show me the incentive and I’ll show you the outcome,” this management team’s incentive is clearly aligned with the shareholders.

(T) - Triggers

We are at all time highs in the spot price of gold.

We don’t know of another junior with this large of a resource base that’s attracted such names as to the shareholder registry. 

Every day as current mines are depleted, the existing resource in the GoldMining portfolio becomes more valuable in our opinion.

The company has no debt, over C$160 million cash, and equity holdings. 

Plus, there are potential near-term catalysts that will reward existing shareholders. We believe that all resources will be required as part of the energy transition and the Rea uranium project is just one of many projects that GoldMining plans on monetizing for shareholders to benefit from the current energy transition.

This is a very exciting story and one everyone should be paying attention to. We know we are. I encourage you to dig deep and review their public disclosures in full.


Carbon Credits Team.



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1 See GoldMining's Annual Information Form for the year ended November 30, 2022, and 2023 when available (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, 2022 and the most recent investor presentation (which can be found here https://goldmining.com/_resources/presentations/corporate-presentation.pdf?v=0.935) and the individual project technical reports referenced therein and available on SEDAR for important information on each project.

Disclosure: Owners, members, directors and employees of Carboncredits.com have/may have stock or option position in any of the companies mentioned: GLDG. Carboncredits.com receives compensation for this publication and has a business relationship with any company whose stock(s) is/are mentioned in this article. This content was reviewed and approved by GOLDMINING INC. Please read our Full RISKS and DISCLOSURE here.