On Thursday, H.C. Wainwright maintained a Buy rating on shares of GoldMining Inc. (NYSE:GLDG), while increasing the price target to $5.50 from the previous $5.25. With the stock currently trading at $0.84, InvestingPro data shows significant potential upside based on analyst consensus targets ranging from $2.69 to $5.03. The adjustment follows GoldMining's recent disclosure of promising assay results from its 2024 drilling program at the São Jorge project.
On November 11, GoldMining Inc. reported significant findings from its auger drill program, which included the discovery of several new gold-in-bedrock targets beneath high-tenor surface soil anomalies. The peak assay results have exceeded initial expectations, uncovering multiple shallow weathered bedrock intercepts with gold concentrations over 1 gram per tonne (gpt). According to InvestingPro, the company maintains a strong liquidity position with a current ratio of 4.19, providing financial flexibility for its exploration activities. InvestingPro subscribers can access 6 additional key insights about GLDG's financial position.
Highlighted drill results from the São Jorge project include 1.0 meter (m) at 10.2gpt gold from a depth of 14.0m, 5.0m at 2.78gpt gold from 10.0m, and 3.0m at 1.05gpt gold from 12.0m. These outcomes have led management to identify at least three high-tenor gold-in-bedrock targets within the William South zone that justify additional exploration.
Despite these promising developments, only 13% of the project's gold-in-soil anomalies have undergone testing with auger drilling. With a market capitalization of $161.87 million and operating with moderate debt levels, GoldMining Inc. is expected to proceed with systematic auger drilling in 2025, with the aim of uncovering new targets and potentially expanding the gold resources at São Jorge through deeper follow-up drilling.
The firm's ongoing exploration efforts and the potential for resource expansion at São Jorge have reinforced H.C. Wainwright's positive outlook on GoldMining Inc., as reflected in the revised price target and reiterated Buy rating.
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