Resource Firm Selects Experienced CEO for Royalty Subsidiary

Au Report

Source: Streetwise Reports 08/10/2020

A Haywood Securities report states GoldMining’s management “continues to impress with its ability to attract high-profile talent.”

In an Aug. 5 research note, Haywood analyst Colin Healey reported that GoldMining Inc. (GOLD:TSX; GLDLF:OTCQX) appointed a new chairman and CEO for its royalty subsidiary, Gold Royalty Corp.

David Garofalo, a highly visible and successful executive who has overseen the development of numerous projects into producing mining operations, will head Gold Royalty and will serve on the advisory board of GoldMining Inc., Healey noted. “Mr. Garofalo’s reputation and credibility are major assets to GOLD.”

“GoldMining’s management team is one of its core strengths, with its creativity and capital markets experience. Today’s announcement furthers this as Mr. Garofalo brings significant experience to the Company’s recently formed Gold Royalty Corp. and the GoldMining Advisory Board with an impressive resume which includes oversight of the development of ‘over a dozen projects into producing mine,'” Healey wrote.

The analyst noted “Gold Royalty Corp, was formed earlier this summer as GoldMining took the first step in positioning its portfolio for increased visibility to investors of royalty streaming companies which tend to trade at substantial premiums to their respective NAVs (average of 2.0x NAV).”

The addition of Garofalo, Healey commented, will garner Gold Royalty more exposure and accelerate development of its royalty portfolio.

“We expect Mr. Garofalo to continue to build out Gold Royalty’s portfolio, tapping extensive relevant expertise,” added Healey.

Haywood has a Buy rating and a CA$4.25 per share target price on GoldMining, the stock of which is currently trading at around CA$2.26 per share.

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Source:: The Gold Report