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Alastair Still, President and CEO of GoldMining Inc. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 15, 2026

Summary

Assembling good projects when nobody else is bidding, then improving them, is the optionality strategy the interview credits for value creation.

Cash plus stakes in US GoldMining and Gold Royalty nearly equal GoldMining Inc.'s market cap, so its 20-million-ounce portfolio trades at little implied value.

Seven projects in Canada, Brazil, Colombia and Peru hold over 13 million indicated and 9 million inferred gold-equivalent ounces (metal values restated in gold terms).

A PEA (preliminary economic assessment) on the La Mina project in Colombia shows a $1 billion NPV (net present value) at a $2,500 gold price.

News flow centers on drilling at San Jorge in Brazil, near G Mining's newly producing mine, with internal economics studies beginning.

Key points on G Mining Ventures

  • The guest notes G Mining has just brought a mine into production in the same Brazilian jurisdiction as GoldMining's San Jorge project, describing it as a 200,000-ounce-per-year producer.

Key points on Newmont

  • The guest calls Newmont the world's largest gold miner and says GoldMining drew two senior hires from it: US Goldmining CEO Tim Smith and a new VP of exploration.
  • The guest says he served as project director building Newmont's Cerro Negro underground mine in Argentina, which he says produced over half a million ounces of gold in its first full calendar year.

Key points on US Goldmining

  • The guest says GoldMining owns 74% of NASDAQ-listed US Goldmining, which is exploring and developing a gold-copper project in Alaska.
  • He says the company was created just over three years ago through an IPO of an asset from inside GoldMining's portfolio, a repeat of its value-unlocking model.
  • He says the company is led by Tim Smith, whom GoldMining lured from Newmont to advance the Alaska asset.

Key points on Gold Royalty Corp

  • The guest says GoldMining owns just under 10% of the NYSE-listed, cash-flowing royalty company, which he last noted was worth about $800 million on a 100% basis.
  • He says Gold Royalty was created by spinning royalties on GoldMining's portfolio into a new vehicle that raised $90 million in its IPO, which he calls a market endorsement of the portfolio.
  • He says the company now holds more than 250 royalties and generates cash every quarter, which it will look to deploy, possibly leading to an eventual dividend.
  • He credits David Garofalo as the leader brought in to run the company at its creation.

David Garofalo's takeaways

  • Top takeaway The guest credits David Garofalo as the leader brought in to run Gold Royalty Corp when it was created from royalties on GoldMining's portfolio.

Alastair Still's takeaways

  • Top takeaway Still argues GoldMining's cash and equity stakes nearly equal its sub-$400 million market cap, so the market is effectively valuing its roughly 20 million ounces of resources at close to zero.
  • He contends the company is in harvest mode rather than passive: assets bought around $1,000/oz gold are being actively drilled and studied, with gold above $4,500/oz as of the May 2026 interview.
  • He points to the April 2026 La Mina PEA ($1 billion NPV) and the advancing San Jorge project in Brazil as the near-term value drivers.
  • He argues the company is on the cusp of taking studies to the next development decision, supported by this year's hires of a VP of exploration from Newmont and its first VP of project development.
  • He invites shareholders to contact him directly and says he will attend the July 2026 Rule Symposium in Boca Raton to meet investors in person.

Rick Rule's takeaways

  • Top takeaway Rule frames GoldMining as a classic optionality play he has favored for decades: buy a portfolio of assets when nobody else cares, then work to improve them.
  • He draws out the sum-of-the-parts point that cash plus marketable securities nearly equal to the market cap implies the mineral projects are not yet reflected in the share price.
  • He promotes his July 2026 symposium by stressing that sponsors own shares of every public-company exhibitor, presenting it as a vetting guarantee, alongside an unconditional money-back guarantee.

Tim Smith's takeaways

  • Top takeaway The guest says Tim Smith was lured from Newmont, the world's largest gold miner, to lead US Goldmining's gold-copper project in Alaska.