In June, GoldMining Inc. reported approximately $185 million in cash and publicly traded securities, with no debt.

At the time, the entire company was valued by the stock market at about $191 million.

Behind those financial assets sat more than 22 million gold-equivalent ounces of mineral resources across a large portfolio of projects in the Americas.

That makes the valuation worth another look.

WHAT ARE INVESTORS ACTUALLY PAYING FOR?

A gold-equivalent ounce converts different metals, including gold, copper, and silver, into a common unit.

It does not mean GoldMining has 22 million ounces ready to sell.

These resources are underground. Developing them requires permits, financing, construction, and years of work.

But two projects became easier to value this year.

GoldMining’s preliminary economic assessment for La Mina in Colombia produced a modeled after-tax net present value of approximately $1 billion.

São Jorge in Brazil produced another $532 million.

Those aren’t cash values. They are estimates of what the projects could be worth under specific assumptions if successfully developed.

But even heavily discounting them makes the comparison interesting against a company worth roughly $200 million.

And gold itself is trading above the $3,500-per-ounce assumption used in the La Mina study.

Central banks have also been major gold buyers in recent years, while inflation and the possibility of easier monetary policy remain reasons investors continue watching the metal.

That gives GoldMining’s undeveloped assets more potential economic relevance than they would have at much lower gold prices.

THE ADNANI STRATEGY

But a company can own millions of ounces underground and still destroy shareholder value.

Chairman Amir Adnani’s strategy is critical because GoldMining does not need to build every mine itself.

The company has already used spinouts and retained ownership interests to build value.

The question is whether management can keep turning pieces of the portfolio into value per share.

BELOW $1, THE MATH GETS INTERESTING

GoldMining recently disclosed financial assets approaching the market value of the entire company.

Behind those assets sit more than 22 million gold-equivalent resource ounces.

And two projects now have preliminary economic studies showing more than $1.5 billion in combined modeled net present value before accounting for the substantial discounts appropriate for undeveloped mines.

Maybe the market is correctly discounting projects that may never become mines.

But if GoldMining can turn even a fraction of its portfolio into realizable value, 95 cents per share becomes a very interesting number.

Disclosure: This article is for informational purposes only and is not investment advice.