GoldMining Inc. (GLDG) is scheduled to report quarterly earnings Friday, as investors weigh falling gold prices against the longer-term value of the company’s mineral properties.

Gold has recently pulled back after climbing above $4,000 an ounce.

But prices remain historically high.

And that could be important for companies like GoldMining.

Unlike traditional mining companies, GoldMining doesn’t operate producing mines.

Instead, it has spent years acquiring gold and copper properties across the Americas, many purchased when gold prices were considerably lower.

As gold becomes more expensive, those properties could become more valuable.

The company controls millions of ounces of gold resources across Brazil, Colombia, Canada, Peru, and the United States.

Two projects, La Mina in Colombia and São Jorge in Brazil, have preliminary studies estimating potential after-tax values of approximately $1 billion and $532 million, respectively.

Those estimates are not guaranteed. Building mines requires enormous investment, and the studies depend on assumptions about metal prices, costs, and production.

But GoldMining doesn’t necessarily have to build the mines itself.

Several of its properties are located near existing mines, roads, and electrical infrastructure.

That could make them attractive acquisition or partnership opportunities for larger mining companies.

And the company continues to develop its portfolio.

On Tuesday, GoldMining announced nearly 400 meters of continuous gold-copper mineralization at its Yarumalito project in Colombia.

Three additional drilling results are pending.

Meanwhile, GoldMining has reported substantial holdings of cash and publicly traded securities, giving investors another way to evaluate the company beyond its underground resources.

Friday’s earnings report should provide an updated picture of those holdings and the company’s spending.

But there are risks.

Exploration costs money and projects can take decades to develop.

But still, the longer-term outlook for gold deserves attention.

Growing government debt, monetary expansion, and demand from central banks could support gold prices over time.

If prices remain elevated, larger mining companies may become more interested in acquiring deposits.

That could benefit companies that accumulated mineral properties when gold was cheaper.

But investors should be careful not to confuse rising commodity prices with guaranteed investment returns.

GoldMining’s properties may be worth considerably more than the stock market currently recognizes.

Or the market may be correctly discounting the costs, risks, and time required to turn those properties into cash.

Friday’s report won’t settle that question.

But with more drilling results expected soon, investors may get a clearer picture of what GoldMining’s properties could eventually be worth.