Free cash flow remains persistently negative, with quarterly outflows frequently exceeding $5 million and an OCF/NI ratio that reached -43.68 in 2025Q3, highlighting a disconnect between accounting results and cash requirements.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 |
|---|
| Cash from Operations | -34.07M | -23.19M | -22.53M | -21.83M | -10.99M | -7.92M | -7.59M | -4.62M | -5.23M | -5.57M | -5.22M | -3.2M | -4.86M | -4.88M | -4.19M | -2.39M | -581.49K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -171.76% | -2.94% | -3.19% | -98.73% | -38.78% | -4.33% | -64.09% | 11.56% | 6.06% | -6.52% | -63.27% | 34.21% | 0.33% | -16.35% | -75.3% | -311.48% | - |
| Net Income | -15.56M | -13.46M | -27.35M | -30.45M | -13.2M | 100.18M | -11.09M | -6.22M | -6.6M | -7.73M | -7.54M | -4.22M | -5.05M | -5.5M | -4.54M | -3.15M | -674.78K |
| Depreciation & Amortization | 495.92K | 345.6K | 331K | 202K | 210K | 185.62K | 275.16K | 213.41K | 270.57K | 288.74K | 236.58K | 108.49K | 62.51K | 41K | 22.22K | 6.21K | 0 |
| Stock-Based Compensation | 2.91M | 0 | 2.3M | 3.29M | 2.39M | 3.01M | 2.62M | 1.28M | 1.08M | 1.67M | 1.35M | 496.32K | -2.11K | 64.14K | 635.33K | 491.87K | 0 |
| Deferred Taxes | -11.77M | -9.83M | 168K | 4.9M | -1.22M | 9.01M | 231.42K | 65.48K | 28.92K | 34K | 67.26K | 386.17K | 164.99K | 22.94K | 0 | 0 | 0 |
| Other Non-Cash Items | 616.9K | 986.85K | -556K | 229.04K | 77K | -120.95M | 16K | 19.86K | 14.13K | 8.94K | 7.03K | -127.83K | -33.97K | -25.53K | -24.92K | 0 | 0 |
| Working Capital Changes | -2.53M | -1.23M | 2.58M | -1.04K | 755K | 641.22K | 353.02K | 12.38K | -24.85K | 157.69K | 649.36K | 152.3K | -6.22K | 519.38K | -289.67K | 255.93K | 93.29K |
| Change in Receivables | -130.98K | -157.82K | 240K | -220K | -334K | -5.88K | 7.84K | 72.07K | 38.98K | -27.58K | -47.09K | 18.27K | 68 | 122 | 54 | 0 | 0 |
| Change in Inventory | 0 | 0 | -12K | -37K | 334K | 5.88K | -7.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -493K | 0 | -156K | 37K | 729K | 1.21M | 712.83K | 0 | 0 | 0 | 735.91K | 438.14K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 919.12K | 2.03M | -1.04M | -3.76M | -6.42M | -2.39M | -1.29M | -286.74K | -121.82K | -2.36M | -254.52K | -330.61K | -638.47K | -412.33K | -948.82K | -81.8K | -25K |
| Capital Expenditures | 0 | 0 | -549K | -1.85M | -145K | -56.3K | -955.07K | -152.07K | -106.82K | -2.33M | -138.42K | -150.17K | -145.62K | -412.33K | -948.82K | -61.26K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -206K | -42K | -78K | -2.71M | 10.39K | -151.7K | -15K | -26.76K | -116.1K | -180.44K | -193.65K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.12M | 54.94K | -99K | 30K | -6.28K | 380K | -350K | 17.03K | -15 | -27 | -116 | -180 | -299.2K | 0 | 0 | 0 | 0 |
| Cash from Financing | 44.64M | 34.34M | 13.35M | 38.99M | 13.91M | 12.77M | 11.33M | 1.65M | 1.06M | 546.83K | 25.37M | 4.26M | 6.13M | -1.89K | 4.7M | 2.28M | 6.65M |
| Debt Issued (Net) | -86K | 0 | -110K | -9.7M | -139K | 11.5M | 288.08K | 0 | 0 | 0 | -300K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 45.26M | 34.46M | 13.42M | 25.51M | 17.99M | 1.27M | 7.46M | 1.65M | 1.07M | 540.47K | 25.63M | 4.28M | 6.11M | 0 | 4.49M | 2.27M | 6.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -567.92K | -118.86K | 39K | 23.19M | -3.94M | -5K | 3.58M | 0 | -8.82K | 6.36K | 46.31K | -20.89K | 19.23K | -1.89K | 206.58K | 2.88K | 0 |
| Net Change in Cash | -9.04M | 1.34M | -9.71M | 13.38M | -3.33M | 2.47M | 2.72M | -3.17M | -4.32M | -7.38M | 19.89M | 646.54K | 572.68K | -5.29M | -442.77K | -199.15K | 6.05M |
| Free Cash Flow | -34.07M | -23.19M | -23.18M | -23.68M | -11.13M | -7.97M | -8.54M | -4.78M | -5.33M | -7.9M | -5.36M | -3.35M | -5.01M | -5.29M | -5.14M | -2.45M | -581.49K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -45.7% | -0.07% | 2.12% | -112.72% | -39.62% | 6.67% | -78.86% | 10.48% | 32.43% | -47.23% | -60.08% | 33.12% | 5.35% | -2.9% | -109.59% | -322.01% | - |
| FCF per Share | -0.16 | -0.12 | -0.12 | -0.14 | -0.07 | -0.05 | -0.06 | -0.03 | -0.04 | -0.06 | -0.05 | -0.04 | -0.07 | -0.13 | -0.13 | -0.06 | -0.01 |
| FCF Conversion (FCF/Net Income) | 2.19x | 1.72x | 0.89x | 0.76x | 0.83x | -0.08x | 0.68x | 0.74x | 0.79x | 0.72x | 0.70x | 0.76x | 0.97x | 0.89x | 0.92x | 0.76x | 0.88x |
| Interest Paid | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 929K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operational Cash Burn
As reported in financial statements, GLDG exhibits a persistent disconnect between net income and operating cash flow, with the 2025Q3 period showing an OCF/NI ratio of -43.68, highlighting that accounting profits are largely decoupled from the company's actual cash-based operational requirements and ongoing burn.
The extreme volatility in the OCF/NI ratio suggests that net income is heavily influenced by non-cash items or equity-method accounting gains rather than operational efficiency. Investors should monitor this divergence as it indicates that reported earnings provide little insight into the company's actual liquidity needs.
Based on recent SEC filings, GLDG's free cash flow remains consistently negative, with quarterly outflows frequently exceeding $5 million, underscoring the company's reliance on external financing to sustain its exploration activities in the absence of any meaningful revenue generation from its mineral property portfolio.
The persistent negative FCF trajectory confirms that the company is currently in a capital-consuming phase with no immediate path to self-funding. This trend warrants investigation into how long current cash reserves can support the existing burn rate before further dilutive equity issuance becomes necessary.
According to the provided data, GLDG maintains negligible capital expenditure levels, with most quarters showing near-zero investment, which reflects the company's strategy of holding assets rather than actively developing them into producing mines that would require significant, recurring capital outlays for infrastructure and equipment.
The lack of meaningful CAPEX suggests that the company is avoiding the heavy capital intensity typical of the mining industry, likely to preserve cash. However, this also implies that the projects are not being aggressively advanced toward production, which may limit the potential for near-term value realization.
As indicated by the company's reported figures, working capital changes are highly erratic, with fluctuations such as the $2.4 million swing in 2024Q4, suggesting that the company's cash position is sensitive to the timing of payables and other short-term liabilities inherent in its exploration-focused business model.
These swings in working capital appear to be a primary driver of short-term liquidity variance rather than operational success. Analysts should monitor these movements as they may mask the underlying cash burn rate during periods of aggressive project maintenance or administrative scaling.
Based on the provided cash flow statements, stock-based compensation has reached as high as $2.2 million in a single quarter, which effectively masks the true economic cost of operations by shifting the burden of compensation from cash outflows to long-term shareholder dilution.
While SBC preserves cash in the short term, it represents a significant hidden cost that investors must account for when evaluating the company's true burn rate. This practice suggests that management is prioritizing cash conservation at the expense of future equity value for existing shareholders.
Quick answers to the most common questions about buying GLDG stock.
GoldMining Inc. (GLDG) generated $-23.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GoldMining Inc. (GLDG) reported negative free cash flow of $23.2M in 2025, indicating capital requirements exceeded cash from operations.
GoldMining Inc. (GLDG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.