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Explorer 'Gearing Up to Increase Resource Base' on Colombia Project
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The expected updated resource estimate is discussed in a ROTH Capital Partners report.

In a Feb. 3 research note, ROTH Capital Partners analyst Jake Sekelsky reported that GoldMining Inc. (GOLD:TSX) has "a strong balance sheet with catalysts on the horizon."

The nearest upcoming potential stock mover, Sekelsky highlighted, is an updated resource estimate on GoldMining's recently acquired Yarumalito project in Colombia, at which 18,540 meters were drilled historically. "Based on the historic resource estimate and exploration work at the project, we believe the project could host a significant resource base," he added. As far as an impact on the company overall, it could boost its current worldwide resource to more than 28 million ounces of gold. The Yarumalito resource update is expected in Q1/20.

Sekelsky also noted that GoldMining could develop Yarumalito and its nearby La Mina and Titiribi gold projects in Colombia using a "hub-and-spoke strategy." Further, this land package could be attractive to larger mining companies in the future.

In other news, Sekelsky wrote, GoldMining recently exercised outstanding warrants and thereby added CA$5.5 million to the balance sheet. "We believe the recent warrant exercise removed an overhang from the stock and note that the company is now well-funded to execute on its stated objectives for 2020," the analyst commented.

Sekelsky concluded that "GoldMining remains well positioned to advance its portfolio of gold assets in the Americas, with particular emphasis on its Colombian assets."

ROTH has a Buy rating and a CA$4.50 per share price target on Goldmining, whose stock is trading at around CA$1.63 per share.

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Disclosures from ROTH Capital Partners, GoldMining Inc., Company Note, February 3, 2020

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Shares of GoldMining Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.





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