U.S. GoldMining Inc.

Single-asset, pre-revenue gold-copper exploration company majority-owned by GoldMining Inc.

Strengths

• Strong liquidity (current ratio 13.6x, 74th pct) with ~$7.4M cash and minimal debt
• Backing of 74%-owner GoldMining Inc.

Risks

• No revenue or reserves and deeply negative returns (ROE -92%, ROA -83%)
• Sole dependence on the exploration-stage Whistler Project; speculative, high-risk business
• Ongoing need for additional financing to fund development

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Chronic dilutionShare count +12%/yr over 2y (dilution, book value/share -49%)