CompaniesGAU
S1Overview
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
S2Thesis
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.
S3Key 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
S4Valuation
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
S5Financials
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.
S6Catalysts
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.
S7Risks
| 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. |
S8Technical 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.
S9Ownership & 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 |
S10Peer Comparison
S11Research 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.