GoldMining Inc.

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GOLD: Consolidating Assets in the Americas; Initiating with a Buy We are initiating coverage of Goldmining with a Buy rating and C$4.50 per share price target. The company is focused on acquiring gold projects with existing resource bases at a price below the cost of discovery. Utilizing this business model, Goldmining has made seven acquisitions since 2012. Goldmining owns a portfolio of assets including Titiribi and La Mina in Colombia, Whistler in Alaska, Yellowknife in Canada, and a suite of assets in Brazil, anchored by the development-stage São Jorge Project.

■ We believe Goldmining has a significant resource base that is set to expand. The company’s acquisition-based strategy has resulted in Goldmining accumulating a significant global resource base totaling 29.9 million gold equivalent ounces ounces since the company’s first acquisition in Brazil in 2012. In our view, management should continue to focus on expanding the company’s resource base through additional acquisitions in the Americas, with a focus on gold projects that host resource bases above 1.0 million ounces.

■ Achieving district scale in Colombia. Goldmining currently owns the Titiribi and La Mina projects located along the Mid-Cauca belt in Colombia. Together, the two projects host 11.1 million AuEq ounces in a country where mining activity is beginning to ramp up. Newmont Mining (NEM – NC) recently invested $109 million for a 19.9% interest in Continental Gold (CGL – NC) and its Buriticá Project in Colombia. In our view, a major’s interest in the country bodes well for Goldmining, as we believe the potential to consolidate Titiribi and La Mina into a single project could exist.

■ Providing investors leverage to a rising gold price. In our view, Goldmining's strategy of consolidating assets with existing resource bases should provide investors with strong leverage to gold prices. We expect the company to maintain an acquisitive stance with a disciplined focus on expanding its resource base going forward.

■ Valuation. Our valuation is based on a sum-of-the-parts methodology including NAV analysis at São Jorge using a 10% discount rate and an insitu valuation method for the remainder of Goldmining's assets. We assign a $25 per ounce in-situ valuation for Measured and Indicated gold equivalent resources and $10 per ounce in Inferred resources. In total, we arrive at a final valuation of C$716.9 million or C$4.49 per share, which we round to arrive at our price target of C$4.50 per share.

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