GoldMining(GLDG) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended August 31, 2025, GoldMining Inc. reported an operating loss of CAD 7,598,000, compared to an operating loss of CAD 8,125,000 for the same period in 2024, showing an improvement of 6.5%[6] - The net loss for the period was CAD 103,000 for Q3 2025, a significant reduction from CAD 9,480,000 in Q3 2024, indicating a decrease of 98.9%[6] - Total comprehensive income for the nine months ended August 31, 2025, was CAD 51,887,000, compared to a loss of CAD 26,151,000 for the same period in 2024, reflecting a turnaround[6] - For the nine months ended August 31, 2025, GoldMining reported a net loss of CAD 7,610,000, a decrease from a net loss of CAD 17,951,000 in the same period of 2024, representing a 57.6% improvement[11] - Total operating loss for the three months ended August 31, 2025, was $7,598 thousand, a decrease of 6.5% compared to $8,125 thousand for the same period in 2024[100] - For the nine months ended August 31, 2025, total operating loss was $17,500 thousand, an increase of 7.1% from $16,334 thousand in the prior year[102] Assets and Equity - As of August 31, 2025, GoldMining Inc. reported total assets of CAD 182,622,000, an increase from CAD 120,961,000 as of November 30, 2024, representing a growth of 51.1%[3] - The company's issued capital increased to CAD 196,570,000 as of August 31, 2025, up from CAD 190,785,000 as of November 30, 2024, a rise of 3.9%[3] - The total equity attributable to shareholders increased to CAD 176,915,000 from CAD 113,759,000, marking a growth of 55.5%[3] - The total number of issued shares increased to 200,225,530 as of August 31, 2025, from 190,785,000 at the end of the same period in 2024, reflecting an increase of 4.8%[9] Cash Flow and Financing Activities - The company's cash and cash equivalents decreased to CAD 6,462,000 from CAD 11,880,000, a decline of 45.6%[3] - Cash used in operating activities for the nine months ended August 31, 2025, was CAD 16,239,000, compared to CAD 17,521,000 in 2024, indicating a reduction of 7.3%[11] - The company generated cash from financing activities amounting to CAD 8,924,000 for the nine months ended August 31, 2025, compared to CAD 8,070,000 in 2024, reflecting a 10.6% increase[11] - The company reported a net proceeds of CAD 4,959,000 from its At-the-Market offering, net of issuance costs, for the nine months ended August 31, 2025[11] Exploration and Investment - Exploration and evaluation assets remained stable at CAD 56,713,000 as of August 31, 2025, compared to CAD 56,547,000 as of November 30, 2024[3] - GoldMining's investment in exploration and evaluation assets was CAD 0 for the nine months ended August 31, 2025, compared to CAD 306,000 in 2024, indicating a strategic shift in investment focus[11] - Exploration expenditures for the nine months ended August 31, 2025, totaled $5,334,000, down from $7,078,000 in the same period of 2024[32] - The company entered into an earn-in agreement with Australian Mines Limited for the Boa Vista Gold Project, allowing AUZ to acquire up to an 80% interest for aggregate cash and equity payments of up to $7 million[104] Tax and Deferred Income - Deferred income tax expense for the nine months ended August 31, 2025, was CAD 9,230,000, compared to a recovery of CAD 292,000 in 2024, indicating a significant change in tax position[11] - Deferred income tax recovery for the nine months ended August 31, 2025, was $9,230 thousand, compared to a deferred income tax expense of $292 thousand in the same period of 2024[102] Share-Based Compensation - Share-based compensation expenses were CAD 2,189,000 for the nine months ended August 31, 2025, slightly down from CAD 2,233,000 in 2024, a decrease of 2.0%[11] - The share-based compensation expense recognized for options during the nine months ended August 31, 2025, was $686, compared to $1,562 for the same period in 2024[58] - The share-based compensation expense recognized for RSRs during the nine months ended August 31, 2025, was $835, an increase from $434 in the same period of 2024[63] Subsidiary Performance - U.S. GoldMining's cash used in operating activities for the nine months ended August 31, 2025, was $5,470, a decrease from $7,795 in 2024[67] - U.S. GoldMining's cash and cash equivalents and restricted cash totaled $3,634 thousand as of August 31, 2025, with working capital of $5,961 thousand[88] - U.S. GoldMining's outstanding common stock purchase warrants totaled 1,740,992 with a weighted average exercise price of US$13.00 as of August 31, 2025[78] Market Activity - U.S. GoldMining Inc. completed its initial public offering on April 24, 2023, with shares listed on Nasdaq under symbols "USGO" and "USGOW"[14] - Subsequent to August 31, 2025, the Company sold 6,645,220 ATM Shares under the 2024 ATM Program for gross proceeds of approximately CAD 12.68 million[118] - U.S. GoldMining filed a prospectus supplement to increase the maximum number of shares issuable, allowing for up to US$7.6 million in sales[119]