MeritValue

U.S. GoldMining Inc.

USGOdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

U.S. GoldMining Inc. earns about -1494% on invested capital, but has diluted owners by 28% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$1.74M1−$9.36M2−$8.49M3−$6.99M3
Operating cash flow−$1.32M4−$9.43M5−$7.75M6−$5.84M6
Capital expenditure—$113,3837$171,8368—
Free cash flow (derived)—−$9.54M5−$7.92M6—
Total debt————
Cash & equivalents$54,5089$11.4M10$3.88M11$7.38M11
Diluted shares9.9M11.5M12.4M12.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.98
your share of equity
Profit it earned you last year
−$5.5
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.98 of net worth that earned you −$5.5 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1494% avg · 4y
FY22 —FY23 -911%FY24 -1187%FY25 -2384%

It earned an average -1494% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+28% shares · 4y

Share count is up 28% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-11-30 · accession 0001493152-24-007434 (NetIncomeLoss)
  2. 10-K · period ending 2023-11-30 · accession 0001641172-25-000962 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-011885 (NetIncomeLoss)
  4. 10-K · period ending 2022-11-30 · accession 0001493152-24-007434 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-11-30 · accession 0001641172-25-000962 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-011885 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-11-30 · accession 0001641172-25-000962 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011885 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-11-30 · accession 0001493152-24-007434 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2023-11-30 · accession 0001641172-25-000962 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-011885 (CashAndCashEquivalentsAtCarryingValue)