GoldMining Inc. Earnings Summary — Q1 2026

• GoldMining Inc. remains a pre-revenue exploration entity with no income from mining operations in Q1 2026.
• Net loss for the quarter was C$7.25 million, an increase in loss compared to the C$4.89 million loss in Q1 2025.
• Exploration expenses increased nearly threefold year-over-year to C$1.58 million from C$0.53 million in the prior year's quarter.
• Shareholder dilution continues, with basic shares outstanding rising 8.5% year-over-year to 212 million.
• The business model remains centered on capital markets activity and the monetization of stakes in spinoffs like GoldRoyalty Corp.
• Selling, general, and administrative (SG&A) costs slightly increased year-over-year to C$3.76 million, accounting for over 50% of total operating expenses.

Management maintains its 'gold optionality' strategy, focusing on resource acquisition and portfolio monetization rather than near-term production. The company continues to rely on strategic equity stakes and capital markets access to fund its exploration pipeline across the Americas.

Deteriorating

A widening net loss year-over-year and significant increases in exploration spending without accompanying revenue increase the urgency for successful asset monetization or equity raises.

The company’s financial health is tied strictly to its ability to raise capital and the valuation of its public subsidiaries. Ongoing operating losses are expected as exploration continues on its asset base in the Americas.