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Galiano Gold
(NYSE MKT:GAU)
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Rating:69Neutral
Price Target:
C$3.50
▲(33.08% Upside)
Action:Reiterated
Date:08/20/26
The score is led by improved TTM profitability and a manageable balance sheet, supported by an attractive low P/E valuation. Offsetting factors include weaker cash-flow conversion (modest and recently declining free cash flow) and only mixed technical positioning (below the 200-day average). Earnings-call updates were generally constructive with guidance intact, but legal restricted-cash and operational cost/maintenance items temper the outlook.
Positive Factors
Production guidance maintained
Production near the upper end of the first-half range and unchanged annual guidance indicate operational execution remains broadly on plan. This supports revenue visibility while expected second-half grade and production improvements could strengthen output over the next several quarters.
Negative Factors
Weak free-cash-flow conversion
Positive cash generation is offset by modest and declining free cash flow relative to earnings. Heavy reinvestment, working-capital needs and mine development spending could constrain distributable cash and leave results more exposed to operational volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Production guidance maintained
Production near the upper end of the first-half range and unchanged annual guidance indicate operational execution remains broadly on plan. This supports revenue visibility while expected second-half grade and production improvements could strengthen output over the next several quarters.
Read all positive factors
Galiano Gold (GAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$816.17M
Dividend YieldN/A
Average Volume (3M)523.19K
Price to Earnings (P/E)8.5
Beta (1Y)2.62
Revenue Growth91.02%
EPS GrowthN/A
CountryCA
Employees11
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.27
Shares Outstanding261,591,770
10 Day Avg. Volume401,116
30 Day Avg. Volume523,188
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$4.93Price Target Upside87.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.56
Revenue Forecast (FY)C$648.25M
Galiano Gold Business Overview & Revenue Model
Company Description
Galiano Gold Inc. (GAU) is a gold mining company focused on the exploration, development, and production of mineral properties in Ghana, West Africa. The company’s primary interest is in the Asanko Gold Mine, a producing gold operation, where it p...
How the Company Makes Money
Galiano Gold makes money primarily by selling refined gold produced from its interest in the Asanko Gold Mine in Ghana. Revenue is generated when gold doré produced at the mine is sold, with reported revenue reflecting Galiano’s attributable share...
Galiano Gold Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operating and financial picture: production and safety results were strong, exploration and pre-stripping programs were meaningfully advanced with an expanded exploration budget, and the company remains debt free with substantial cash. Near-term challenges include a $26M restricted cash item from a legal dispute, maintenance-related throughput impacts, elevated diesel-driven costs and a timing shift in development spend. Management believes these issues are temporary and that 2027 represents a financial inflection point as hedges roll off and production ramps, so overall the positives outweigh the negatives.Positive Updates
Strong Production vs Guidance
Q2 production of ~34,400 ounces (34,391 oz reported) and first-half production just over 69,000 ounces, near the upper end of the previously communicated H1 range (60,000–70,000 oz). Full-year production guidance unchanged at 140,000–160,000 ounces.
Negative Updates
Restricted Cash Related to Legal Dispute
Approximately $26 million of cash became restricted at quarter-end due to a court order relating to a contractual dispute; management indicates it believes the restriction is contrary to an existing order and expects resolution but timing is uncertain.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Production vs Guidance
Q2 production of ~34,400 ounces (34,391 oz reported) and first-half production just over 69,000 ounces, near the upper end of the previously communicated H1 range (60,000–70,000 oz). Full-year production guidance unchanged at 140,000–160,000 ounces.
Read all positive updates
Company Guidance
The company reiterated full-year 2026 production guidance of 140,000–160,000 ounces and AISC guidance of $2,300–$2,600/oz after reporting Q2 production of ~34,400 oz (H1 ~69,000 oz, near the upper end of the prior 60,000–70,000 oz range) and Q2 sales just over 35,000 oz at a realized gold price of $4,432/oz; Q2 revenue was $156.6M, adjusted EBITDA $78.5M and adjusted EPS $0.09, with total cash of $105.9M (including ~$26M restricted) and cash from operations of $31.9M. Operational metrics included ~1.8 million tonnes of ore mined in Q2 at ~0.9 g/t, ~90% metallurgical recovery, 34,391 oz gold produced in the quarter, 6.1 million tonnes of waste (a 30% increase vs Q1), mill availability impacted by ball mill/crusher maintenance, $22.1M pre‑stripping in Q2 ($35.6M YTD), and strong safety results (≈11 million hours without an LTI and 456 incident‑free days). Exploration was stepped up (2026 budget raised to $25M from $17M) with the Esaase ~32,000 m infill program ~50% complete (13,748 m in Q2) and Abore drilling progressing (4,565 m in Q2, program ~54% complete); management expects grades and production to increase in H2, a 2027 cash‑flow inflection as hedges roll off and production rises, and Nkran Cut 3 to drive a potential >200,000 oz/year profile with meaningful ore contribution in late 2028–2029.Galiano Gold Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 592.65M | 455.61M | 231.34M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 285.83M | 181.24M | 77.88M | -143.00K | 0.00 | 0.00 |
| EBITDA | 286.14M | 222.58M | 37.35M | -17.15M | 40.60M | -60.19M |
| Net Income | 70.88M | -29.80M | 6.12M | 26.09M | 40.81M | -22.46M |
Balance Sheet | ||||||
| Total Assets | 718.33M | 597.96M | 500.35M | 213.30M | 179.89M | 136.20M |
| Cash, Cash Equivalents and Short-Term Investments | 105.77M | 108.13M | 105.78M | 55.27M | 56.11M | 53.52M |
| Total Debt | 74.46M | 37.08M | 38.87M | 203.00K | 314.00K | 419.00K |
| Total Liabilities | 387.57M | 376.71M | 252.58M | 12.38M | 6.20M | 3.43M |
| Stockholders Equity | 316.78M | 218.46M | 243.46M | 200.92M | 173.69M | 132.76M |
Cash Flow | ||||||
| Free Cash Flow | 37.56M | 47.30M | -11.15M | -3.67M | 1.78M | -14.44M |
| Operating Cash Flow | 175.94M | 164.23M | 55.75M | -3.63M | 1.78M | -12.94M |
| Investing Cash Flow | -166.48M | -146.38M | 5.79M | 2.86M | 1.03M | 3.91M |
| Financing Cash Flow | -18.26M | -17.51M | -10.60M | -108.00K | -130.00K | 441.00K |
Galiano Gold Technical Analysis
Positive
2.63
Price Trends
2.74
Positive
3.02
Positive
3.34
Negative
Market Momentum
0.09
Negative
65.75
Neutral
76.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GAU, the sentiment is Positive. The current price of 2.63 is below the 20-day moving average (MA) of 2.74, below the 50-day MA of 2.74, and below the 200-day MA of 3.34, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 65.75 is Neutral, neither overbought nor oversold. The STOCH value of 76.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
86 Outperform | C$886.54M | 3.31 | 52.47% | 6.01% | 29.42% | 47.07% | |
69 Neutral | C$816.17M | 8.52 | 29.16% | ― | 91.02% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$2.09B | -80.97 | -62.91% | ― | ― | -67.12% | |
46 Neutral | C$1.02B | -12.95 | -125.35% | ― | ― | -21.77% |
* Basic Materials Sector Average
TSE:GAU
Galiano Gold
3.21
0.28
9.56%
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25.78%
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55.13%
Galiano Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
Galiano Gold Maintains 2026 Guidance as Asanko Output and Growth Projects Advance
Positive
Aug 6, 2026
Galiano Gold reported a solid second quarter of 2026, producing 34,391 ounces of gold and 69,138 ounces year-to-date from the Asanko Gold Mine, in line with first-half guidance. The company maintained full-year production guidance of 140,000 to 16...
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.