CompaniesGAU
Overview
GAU
Galiano Gold
Basic MaterialsGoldMiningSingle-AssetZero Debt
$2.25-1.7%
Market Cap
$525M
SEC EDGAR (0001377757) / company IR
P/E (TTM)
8.0×
via financials
Rev Growth YoY
88.8%
+88.8%SEC filing
Gross Margin
42.0%
SEC filing
FCF Yield
15.0%
calculated
Upside to FV
+51.1%
vs fair value
Conviction
4/5Debt-free single-asset gold miner (Asanko, Ghana) printing cash at $4,500/oz — 14–16% FCF yield and a mill-expansion catalyst.
Research Depth
ScreeningDeep DiveFull Model
Updated 14d ago
Thesis
Galiano owns 90% of the Asanko gold mine in Ghana (government 10% free carry), runs zero long-term debt, and carried $114.9M cash with $32.7M net income in Q1 2026. AISC is high ($2,300–2,600/oz) but at $4,500/oz gold the FCF yield is 14–16%. It trades at ~4.19× forward P/E and ~0.58× P/NAV — the cheapest EV/EBITDA in its peer group. A mill-expansion feasibility study and a 2027 hedge expiry (~$84M/yr unlocked) are the next value steps. Single-asset risk is the trade-off for the cash generation.
Bull Case
Balance SheetZero long-term debt, $114.9M cash, $75M undrawn revolver (~$190M liquidity); Q1 2026 net income $32.7M.
FCF14–16% FCF yield at current gold; revenue +88.8% YoY; Q1 adj. EBITDA ~$93.4M (+364% YoY).
Catalyst2026 guidance 140–160K oz (+25%); hedge expiry early 2027 unlocks ~$84M/yr; underground 828 koz at 2.5–2.8 g/t is a free call option.
Valuation~0.58× P/NAV vs peers 0.8–1.2×; ~2.77× EV/EBITDA vs ~5.4× peer average — cheapest in the group.
Bear Case
ConcentrationSingle asset, single jurisdiction (Ghana) — no diversification; any pit-wall or community disruption hits 100% of output.
CostHigh-cost producer (AISC $2,300–2,600, revised up for the Ghana royalty); margins compress fast if gold falls.
Payments$30M Gold Fields payment due Dec 2026 for the 90% ownership.
Key Metrics
Market Cap
$525M
SEC EDGAR (0001377757) / company IR
Enterprise Value
$410M
calculated
Revenue (TTM)
$420M
SEC filing
P/E (TTM)
8.0×
via financials
Forward P/E
4.2×
consensus
P/S (TTM)
1.2×
via financials
P/B
1.1×
via financials
EV/EBITDA
2.8×
calculated
PEG
0.3×
calculated
Revenue Growth
88.8%
SEC filing
Gross Margin
42.0%
SEC filing
Operating Margin
30.0%
SEC filing
Net Margin
24.0%
SEC filing
Free Cash Flow
$80M
SEC filing
FCF Yield
15.0%
calculated
Debt / Equity
0.0×
SEC filing
Current Ratio
3.0×
SEC filing
Short Interest
1.2%
exchange
Institutional Own.
40.0%
13F
Insider Own.
4.0%
proxy
Shares Out.
233.0M
SEC filing
Float
224.0M
exchange
Valuation
Price vs Fair Value
Bear$1.50
Base$3.40
Bull$5.00
Now $2.25
Bear Case
$1.50
Gold to $3,000; high AISC squeezes margin; single-asset disruption
Base Case
$3.40
Steady Asanko output at ~$4,000 gold; 0.58× P/NAV holds
Bull Case
$5.00
Mill expansion + $4,500–5,400 gold + hedge expiry
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches Deep Dive.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| GAU | $600M | 4.2× | 1.2× | 2.8× | +89.0% | 42.0% | 24.0% |
| DPM | $8.9B | — | — | — | — | — | — |
| CXB | $1.8B | — | — | — | — | — | — |
| TXG | C$7.9B | — | — | — | — | — | — |
| BTG | $5.5B | 11.0× | 2.9× | 5.0× | +118.0% | 48.0% | 18.0% |
Financials
Income statement pending
Awaiting SEC filing backfill.
Balance sheet pending
Awaiting SEC filing backfill.
Cash flow pending
Awaiting SEC filing backfill.
Source: SEC EDGAR (0001377757), Q1 2026 release. AISC $2,361/oz Q1; reserves 1.97 Moz P&P (47.5 Mt @ 1.29 g/t). Statement backfill pending.
Catalysts
By Jun 30
Product
Additional Abore drill results
Bonanza grades (53m @ 3.9 g/t, 32m @ 4.7 g/t already) — resource expansion.
Aug '26
Product
Asanko mill-expansion feasibility / Q2 earnings
If positive, production/cost re-rating.
Early 2027
Macrohigh relevance
Hedge expiry — ~$84M/yr unlocked
45K oz cap @ $3,060 expires; at $4,500+ gold = margin expansion.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Single-asset / single-jurisdiction | Execution | High | Medium | Any Asanko or Ghana disruption hits 100% of output. |
| High AISC ($2,300–2,600) | Market/Macro | Medium | Medium | Margins compress quickly on a gold pullback. |
| $30M Gold Fields payment (Dec 2026) | Dilution/Capital | Low | High | Final payment for the 90% ownership; covered by liquidity. |
Technical Snapshot
52-Week Range
$1.40$2.25$2.60
RSI (14)
52
neutral
50-Day MA
$2.20
+2.3%above
200-Day MA
$1.85
+21.6%above
Avg Vol (30d)
2.1M
+5%vs average
Support Levels
$2.10$1.85
Resistance Levels
$2.40$2.60
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages — connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| Gold Fields | ~20% (largest) | 20% | -19.5pp | Sep 2025 |
Insider Activity
104 institutional holders (~40% of float). Director Paul Wright bought ~$149K at $2.17 (May 2026); short interest 1.18%; added to GDXJ March 2026.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Paul Wright (Director) | Director | Buy | ~69K | $2.17 | 2026-05-19 | $149K |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| GAU | $600M | 4.2× | 1.2× | 2.8× | +89.0% | 42.0% | 24.0% |
| DPM | $8.9B | — | — | — | — | — | — |
| CXB | $1.8B | — | — | — | — | — | — |
| TXG | C$7.9B | — | — | — | — | — | — |
| BTG | $5.5B | 11.0× | 2.9× | 5.0× | +118.0% | 48.0% | 18.0% |
Research Notes
2026-06-02Internal
Note: not Aris Mining
CEO Greg McCunn. Single asset: Asanko, Ghana (no Colombian mines). Distinct from Aris — a common ticker confusion. Verified data: AISC ~$1,354, cash $117.6M, production 106,676 oz.