The updated PEA demonstrates robust economics with strong leverage to current metal prices. Traders should watch for potential re-rating as the company advances toward a pre-feasibility study. Key catalysts include the Phase 1 drilling program ($1.7M) targeting resource expansion and metallurgical optimization work. Monitor for any permitting or community engagement developments in Colombia.
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Executive Summary
GoldMining Inc. filed an updated NI 43-101 technical report and Preliminary Economic Assessment (PEA) for its La Mina gold-copper project in Colombia. The PEA outlines a conventional open-pit operation with a 15,000 tpd processing plant, projecting an after-tax NPV (5%) of $1.0 billion and an after-tax IRR of 32.2% under base-case metal prices ($3,500/oz Au, $4.70/lb Cu, $40/oz Ag). The project has total Indicated resources of 33.8 million tonnes grading 0.73 g/t Au, 2.08 g/t Ag, and 0.21% Cu, and Inferred resources of 56.2 million tonnes grading 0.58 g/t Au, 2.32 g/t Ag, and 0.14% Cu.
Key Facts
- After-tax NPV (5%) of $1,001.5 million and after-tax IRR of 32.2% under base-case metal prices ($3,500/oz Au, $4.70/lb Cu, $40/oz Ag).
- At spot prices ($4,775/oz Au, $5.75/lb Cu, $77/oz Ag), after-tax NPV increases to $1,804.1 million with an IRR of 49.1%.
- Total Indicated resources: 33.8 Mt grading 0.73 g/t Au, 2.08 g/t Ag, 0.21% Cu (793,550 oz Au, 159.4 Mlbs Cu).
- Total Inferred resources: 56.2 Mt grading 0.58 g/t Au, 2.32 g/t Ag, 0.14% Cu (1,049,348 oz Au, 171.4 Mlbs Cu).
- Life-of-mine production: 1.2 Moz Au, 195 Mlbs Cu, 2.6 Moz Ag over 11.2 years.
- Initial capital expenditure estimated at $523.3 million with a payback period of 2.7 years.
- LOM cash cost of $872/oz Au and AISC of $1,045/oz Au (by-product basis).
- Metallurgical recoveries projected at 91% for Au, 80% for Cu, and 64% for Ag.
- Phase 1 work program budgeted at $4.55 million for resource expansion, metallurgical testing, and geotechnical studies.
Financial Impact
After-tax NPV of $1.0 billion (base case) to $1.8 billion (spot price) on $523.3 million initial capex; 11.2-year mine life producing 1.2 Moz Au, 195 Mlbs Cu, 2.6 Moz Ag.
Risk Factors
- High proportion of Inferred Mineral Resources (62% of total tonnes) in the mine plan, which are too speculative for conversion to reserves.
- No site-specific geotechnical or hydrological studies completed; pit slope assumptions (47.5 degrees) may not be achievable.
- No comprehensive environmental baseline studies or ESIA completed; permitting timeline uncertain.
- Colombian operating jurisdiction carries political, security, and regulatory risks.
- No off-take agreements or smelter contracts negotiated; concentrate marketing assumptions are preliminary.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-019781 |
| Exhibit: ex_973476.htm | 0001437749-26-019781 |
| Exhibit: ex_973531.htm | 0001437749-26-019781 |
| Exhibit: ex_973532.htm | 0001437749-26-019781 |
| Exhibit: ex_973475.htm | 0001437749-26-019781 |
| Document: gldmn20260602_6k.htm | 0001437749-26-019781 |
| Document: 0001437749-26-019781-index-headers.html | 0001437749-26-019781 |
| Document: 0001437749-26-019781-index.html | 0001437749-26-019781 |
| Document: 0001437749-26-019781.txt | 0001437749-26-019781 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $0.7527 | awaiting T+20 | — | $0.7400 (−1.69%) |
Oct 23, 2026 3d ago | Press Release | $0.7527 | awaiting T+20 | — | $0.7400 (−1.69%) |
Oct 14, 2026 12d ago | 6-K | $0.7900 | awaiting T+20 | — | $0.7400 (+6.33%) |
Oct 14, 2026 12d ago | 6-K | $0.8200 | awaiting T+20 | — | $0.7400 (−9.76%) |
Oct 6, 2026 20d ago | 6-K | $0.9000 | awaiting T+20 | — | $0.7400 (−17.78%) |
Jul 22, 2026 13w ago | 6-K | $0.8639 $1.06 | ▲ +22.70% | ▲ +19.80% | $0.7400 (−14.34%) |
Jul 14, 2026 14w ago | 6-K | $0.8491 $1.04 | ▲ +22.48% | ▲ +20.14% | $0.7400 (−12.85%) |
Jun 25, 2026 17w ago | 6-K | $0.8920 $0.8343 | ▼ −6.47% | ▼ −7.00% | $0.7400 (−17.04%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.9400 $0.9047 | ▼ −3.76% | ▼ −5.65% | $0.7400 (−21.28%) |
Jun 8, 2026 20w ago | 6-K | $0.9348 $0.9541 | ▲ +2.06% | ▲ +0.43% | $0.7400 (−20.84%) |
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