Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe


Resource Firm Selects Experienced CEO for Royalty Subsidiary
Research Report

Share on Stocktwits


A Haywood Securities report states GoldMining's management "continues to impress with its ability to attract high-profile talent."

In an Aug. 5 research note, Haywood analyst Colin Healey reported that GoldMining Inc. (GOLD:TSX; GLDLF:OTCQX) appointed a new chairman and CEO for its royalty subsidiary, Gold Royalty Corp.

David Garofalo, a highly visible and successful executive who has overseen the development of numerous projects into producing mining operations, will head Gold Royalty and will serve on the advisory board of GoldMining Inc., Healey noted. "Mr. Garofalo's reputation and credibility are major assets to GOLD."

"GoldMining's management team is one of its core strengths, with its creativity and capital markets experience. Today's announcement furthers this as Mr. Garofalo brings significant experience to the Company's recently formed Gold Royalty Corp. and the GoldMining Advisory Board with an impressive resume which includes oversight of the development of 'over a dozen projects into producing mine,'" Healey wrote.

The analyst noted "Gold Royalty Corp, was formed earlier this summer as GoldMining took the first step in positioning its portfolio for increased visibility to investors of royalty streaming companies which tend to trade at substantial premiums to their respective NAVs (average of 2.0x NAV)."

The addition of Garofalo, Healey commented, will garner Gold Royalty more exposure and accelerate development of its royalty portfolio.

"We expect Mr. Garofalo to continue to build out Gold Royalty's portfolio, tapping extensive relevant expertise," added Healey.

Haywood has a Buy rating and a CA$4.25 per share target price on GoldMining, the stock of which is currently trading at around CA$2.26 per share.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: GoldMining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of GoldMining, a company mentioned in this article.

Disclosures from Haywood Securities, GoldMining Inc, August 5, 2020

Analyst Certification: I, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures
The following Important Disclosures apply for GoldMining Inc.: N/A

Research policy available here.

Want to read more about Gold and Base Metals investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe