Galiano Gold Inc (TSE:GAU)
TSX:GAU
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Galiano Gold
(TSX:GAU)
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Rating:69Neutral
Price Target:
C$4.00
▲(12.99% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by improving fundamentals (strong revenue momentum, better operating/free cash flow, and moderate leverage). Valuation is supportive via a low P/E. Offsetting factors are inconsistent bottom-line profitability/negative ROE and near-term cost headwinds highlighted on the earnings call (higher AISC guidance and royalty-driven pressure), while technicals are constructive but not decisively strong.
Positive Factors
Improving cash generation
Operating and free cash flow have moved materially higher versus prior periods, with positive FCF and TTM growth. Durable cash generation supports funding of exploration, sustaining capital, and debt servicing in a cyclical gold business, reducing refinancing risk and enabling optionality.
Negative Factors
Higher royalty regime raising AISC
A structural change in Ghana's royalty regime increases per‑ounce cash costs and reduces margins across price cycles. Persistently higher royalties compress operating leverage, lower incremental cash flow per ounce and may require higher long‑run realized prices to sustain prior free cash flow levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Operating and free cash flow have moved materially higher versus prior periods, with positive FCF and TTM growth. Durable cash generation supports funding of exploration, sustaining capital, and debt servicing in a cyclical gold business, reducing refinancing risk and enabling optionality.
Read all positive factors
Galiano Gold (GAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$827.45M
Dividend YieldN/A
Average Volume (3M)703.92K
Price to Earnings (P/E)5.1
Beta (1Y)2.36
Revenue Growth93.16%
EPS GrowthN/A
CountryCA
Employees431
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.11
Shares Outstanding261,024,100
10 Day Avg. Volume535,763
30 Day Avg. Volume703,920
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)3.01
Price to Sales (P/S)1.44
P/FCF Ratio13.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.05Price Target Upside42.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.58
Revenue Forecast (FY)C$616.66M
Galiano Gold Business Overview & Revenue Model
Company Description
Galiano Gold Inc. engages in the exploration, development, and production of gold properties. The company's primary asset is the Asanko Gold Mine located in Ghana, West Africa. The company was formerly known as Asanko Gold Inc. and changed its nam...
How the Company Makes Money
Galiano Gold makes money primarily by producing and selling gold from its interest in the Asanko Gold Mine in Ghana. Revenue is generated when gold produced by the operation is sold, with Galiano recognizing its share of sales and cash flows accor...
Galiano Gold Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and financial picture: record revenues, strong cash generation, robust liquidity, ongoing production that is tracking to guidance, and meaningful exploration upside with an increased budget and accelerated drilling programs. Key challenges include unrealized hedge losses affecting reported earnings, a materially higher royalty regime that raised AISC guidance by roughly $300–$600/oz depending on assumptions, and short-term inflationary pressures (diesel and increased stripping) that create near-term cost headwinds. On balance, management presented clear catalysts (hedge roll-off, reserve expansion, Abore underground potential) that support an improving cash flow outlook.Positive Updates
Strong Safety Record
No lost-time injuries in Q1; LTI-free period extended to more than 12 months. Lost time injury frequency rate (LTIFR) 0 and total recordable injury frequency rate (TRIFR) 0.11 per 1 million hours worked.
Negative Updates
Hedge Losses Impacting Headline Earnings
Reported headline earnings were reduced by unrealized losses on hedges; although only ~45k oz remain to settle, these losses have materially affected reported earnings in the period.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Safety Record
No lost-time injuries in Q1; LTI-free period extended to more than 12 months. Lost time injury frequency rate (LTIFR) 0 and total recordable injury frequency rate (TRIFR) 0.11 per 1 million hours worked.
Read all positive updates
Company Guidance
The company reiterated full‑year production guidance of 140,000–160,000 ounces (H1 guidance 60,000–70,000 oz) after reporting Q1 production of ~34.5–34.7k oz and sales just over 34k oz, noting ore tonnes mined +6% QoQ and total tonnes mined +9% (Enkran volumes +8%); it expects strip ratios at Abore to fall and ore feed/grades to improve into H2. Cost guidance was revised to AISC $2,300–$2,600/oz (previously $2,000–$2,300/oz) reflecting the new Ghana sliding‑scale royalty (currently ~12%) partially offset by a reduction in the growth & sustainability levy from 3% to 1% (the regime could have added roughly $375/oz); Q1 revenue was $166M with operating cash flow of $47M, cash of $115M and an undrawn $75M revolver (total liquidity ~ $190M), and about 45k oz of hedges remain to be settled. Exploration guidance was increased (2026 budget raised from $17M to $25M): Assassi drilling expanded to 33.4k m (2.5k m completed in Q1, now 5 rigs) to target reserve growth at a deposit with a 532k oz reserve and >1.7M oz inferred resource, and Abore drilling has completed ~11.6k of a 30k m plan (maiden underground resource released) to grow underground resources ahead of a planned reserve update in early 2027.Galiano Gold Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 537.43M | 455.61M | 231.34M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 260.74M | 181.24M | 77.88M | 0.00 | 0.00 | 0.00 |
| EBITDA | 245.70M | 222.58M | 37.35M | -17.15M | 40.60M | -60.19M |
| Net Income | 29.93M | -29.80M | 6.12M | 26.09M | 40.81M | -22.46M |
Balance Sheet | ||||||
| Total Assets | 651.69M | 597.96M | 500.35M | 213.30M | 179.89M | 136.20M |
| Cash, Cash Equivalents and Short-Term Investments | 115.02M | 108.13M | 105.78M | 55.27M | 56.11M | 53.52M |
| Total Debt | 32.37M | 57.24M | 38.87M | 203.00K | 314.00K | 419.00K |
| Total Liabilities | 390.10M | 376.71M | 252.58M | 12.38M | 6.20M | 3.43M |
| Stockholders Equity | 254.61M | 218.46M | 243.46M | 200.92M | 173.69M | 132.76M |
Cash Flow | ||||||
| Free Cash Flow | 51.80M | 47.30M | -11.15M | -3.67M | 1.78M | -14.44M |
| Operating Cash Flow | 180.15M | 164.23M | 55.75M | -3.63M | 1.78M | -12.94M |
| Investing Cash Flow | -155.52M | -146.38M | 5.79M | 2.86M | 1.03M | 3.91M |
| Financing Cash Flow | -18.69M | -17.51M | -10.60M | -108.00K | -130.00K | 441.00K |
Galiano Gold Technical Analysis
Negative
3.54
Price Trends
3.46
Negative
3.72
Negative
3.46
Negative
Market Momentum
>-0.01
Negative
41.47
Neutral
56.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GAU, the sentiment is Negative. The current price of 3.54 is above the 20-day moving average (MA) of 3.34, above the 50-day MA of 3.46, and above the 200-day MA of 3.46, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.47 is Neutral, neither overbought nor oversold. The STOCH value of 56.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GAU.
Galiano Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | C$873.21M | 3.11 | 65.00% | 2.78% | 71.23% | 115.27% | |
69 Neutral | C$827.45M | 5.06 | -13.37% | ― | 93.16% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | C$1.72B | -30.36 | -58.35% | ― | ― | -74.71% | |
47 Neutral | C$1.18B | -10.34 | -125.35% | ― | ― | -53.20% |
* Basic Materials Sector Average
TSE:GAU
Galiano Gold
3.17
1.27
66.84%
TSE:OMG
Omai Gold Mines
2.63
2.21
518.82%
TSE:ATX
ATEX Resources Inc
3.15
1.10
53.66%
TSE:THX
Thor Explorations
1.31
0.72
122.79%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.