GoldMining Inc. (GLDG) Cash Flow Statement
Where GLDG’s cash came from and went, FY2025
November 30, 2025 · Canadian dollars- Cash from operations
- −C$23.2M
- Capital expenditures
- C$0
- Free cash flow
- −C$23.2M
- Returned to shareholders
- —
- Change in cash
- C$1.3M cash at year-end C$4.5M
Cash from operations
−C$23.2M
Investments (net)
+C$858,000
Acquisitions & other
+C$1.2M
Net borrowing (repayment)
−C$119,000
Shares issued
+C$34.1M
Other financing
+C$404,142
Currency & other
−C$11.8M
Change in cash
C$1.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GLDG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
GLDG cash flow trends, FY2023–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$21.8MFY2023 | −C$23.2MFY2025 | — | |
| Capital expenditures | C$1.8MFY2023 | C$0FY2025 | −100.0% | |
| Free cash flow | −C$23.7MFY2023 | −C$23.2MFY2025 | — | |
| Stock-based compensation | C$3.3MFY2023 | C$3.0MFY2025 | −5.0%/yr | |
| Dividends paid | C$5.8MFY2023 | C$0FY2024 | −100.0% | |
| Share buybacks (net) | C$3.4MFY2023 | C$0FY2024 | −100.0% |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLDG cash flow by activity
OperatingInvestingFinancingChange in cash
GLDG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GLDG cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −C$13.5M | −C$27.3M | −C$30.4M |
| Depreciation & amortization | C$345,598 | C$331,000 | C$202,000 |
| Stock-based compensation | C$3.0M | C$2.3M | C$3.3M |
| Change in working capital | −C$1.2M | C$2.6M | −C$1,040 |
| Other non-cash items | −C$11.8M | −C$388,000 | C$5.1M |
| Cash from operating activities | −C$23.2M | −C$22.5M | −C$21.8M |
| Investing activities | |||
| Capital expenditures | C$0 | −C$648,000 | −C$1.8M |
| Investments (net) | C$858,000 | −C$1.0M | −C$3.8M |
| Acquisitions & other investing | C$1.2M | C$648,000 | C$1.8M |
| Cash from investing activities | C$2.0M | −C$1.0M | −C$3.8M |
| Financing activities | |||
| Dividends paid | — | C$0 | −C$5.8M |
| Share repurchases & issuance (net) | — | C$0 | −C$3.4M |
| Net borrowing (repayment) | −C$119,000 | −C$110,000 | −C$9.7M |
| Shares issued | C$34.1M | C$13.4M | C$46.3M |
| Other financing | C$404,142 | C$39,000 | C$11.6M |
| Cash from financing activities | C$34.3M | C$13.4M | C$39.0M |
| Summary | |||
| Net change in cash | C$1.3M | −C$9.7M | C$13.4M |
| Cash at end of period | C$4.5M | C$12.0M | C$21.7M |
| Free cash flow | −C$23.2M | −C$23.2M | −C$23.7M |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$11.4M | −C$9.3M | −C$6.6M | −C$6.9M | −C$7.6M | −C$2.6M | −C$4.9M | −C$9.4M | −C$9.5M | −C$5.5M | −C$2.6M | −C$6.7M |
| Depreciation & amortization | C$115,292 | C$94,000 | C$88,990 | C$59,930 | C$93,869 | C$87,000 | C$88,000 | C$85,000 | C$84,000 | C$85,000 | C$84,794 | C$78,367 |
| Stock-based compensation | — | C$1.2M | C$1.9M | C$777,000 | C$2.2M | C$721,000 | C$1.1M | C$65,000 | C$289,000 | C$692,000 | C$1.3M | C$885,000 |
| Change in working capital | C$833,347 | C$47,000 | −C$872,917 | C$529,385 | −C$1.8M | −C$427,000 | −C$245,000 | C$2.4M | −C$528,000 | −C$954,000 | C$179,000 | C$2.3M |
| Other non-cash items | −C$2.4M | C$1.7M | −C$841,095 | −C$1.4M | −C$9.2M | −C$2.2M | −C$208,000 | C$1.9M | C$1.5M | −C$30,000 | −C$2.7M | −C$2.1M |
| Cash from operating activities | −C$12.8M | −C$6.2M | −C$6.4M | −C$7.0M | −C$16.2M | −C$4.5M | −C$4.2M | −C$5.0M | −C$8.1M | −C$5.7M | −C$3.7M | −C$5.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$142,599 | −C$544,349 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | −C$162,000 | −C$262,000 | −C$224,000 | −C$156,000 |
| Investments (net) | — | — | — | C$0 | C$1.8M | C$192,000 | C$0 | −C$5,000 | −C$131,000 | −C$387,000 | −C$521,000 | −C$521,000 |
| Acquisitions & other investing | C$302,391 | C$487,349 | −C$1.3M | — | C$192,000 | C$0 | — | C$0 | C$162,000 | C$262,000 | C$224,000 | C$610,000 |
| Cash from investing activities | C$159,792 | −C$57,000 | −C$1.3M | — | C$2.0M | C$192,000 | — | −C$5,000 | −C$131,000 | −C$387,000 | −C$521,000 | −C$67,000 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 | C$0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | C$0 | C$0 | — | — | C$0 |
| Net borrowing (repayment) | — | −C$31,000 | −C$30,000 | −C$30,000 | −C$30,000 | −C$29,000 | −C$30,000 | −C$29,000 | −C$27,000 | — | — | — |
| Shares issued | C$0 | C$1.3M | C$9.5M | C$25.0M | C$6.3M | C$1.3M | C$1.4M | C$5.3M | C$2.2M | C$5.2M | C$752,000 | C$752,000 |
| Other financing | C$7.4M | C$311,000 | −C$445,846 | C$414,487 | C$2.7M | C$0 | C$0 | C$10,000 | C$22,000 | −C$26,000 | −C$21,000 | C$5.4M |
| Cash from financing activities | C$7.4M | C$1.6M | C$9.0M | C$25.4M | C$8.9M | C$1.3M | C$1.4M | C$5.3M | C$2.2M | C$5.2M | C$731,000 | C$6.2M |
| Summary | ||||||||||||
| Net change in cash | C$2.1M | −C$4.7M | −C$545,491 | C$196,590 | −C$5.5M | −C$3.2M | −C$2.6M | C$778,000 | −C$6.1M | −C$824,000 | −C$3.5M | C$902,000 |
| Cash at end of period | C$11.5M | C$21.4M | C$3.8M | C$4.5M | C$6.5M | C$6.1M | C$9.4M | C$12.0M | C$11.2M | C$17.4M | C$18.2M | C$21.7M |
| Free cash flow | −C$13.0M | −C$6.7M | −C$6.4M | −C$7.0M | −C$16.2M | −C$4.5M | −C$4.2M | −C$5.0M | −C$8.3M | −C$5.9M | −C$4.0M | −C$5.6M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
GLDG cash generation
In fiscal 2025 (ended November 30, 2025), GoldMining generated -C$23.2 million of cash from operations and spent C$0 on capital expenditures, leaving free cash flow of -C$23.2 million. Cash and equivalents rose by C$1.3 million over the year.
Related: GLDG income statement, GLDG balance sheet. See the GLDG stock overview for the latest quote and news.
GLDG cash flow FAQ
What is GoldMining's free cash flow?
GoldMining's free cash flow was -C$23.2 million in fiscal 2025: -C$23.2 million of operating cash flow minus C$0 of capital expenditures It was -C$23.2 million a year earlier..
How much cash does GoldMining generate from operations?
GoldMining generated -C$23.2 million of cash from operating activities in fiscal 2025.