Galiano Gold Inc GAU

MaterialsMetals & MiningCanada

Last close 2.77 CAD on Nov 2, 2026, −20.6% year to date

Quant rating

Quant rating A Rank 11 of 154 in Materials

Growth B 32 of 154
Valuation A 5 of 154
Quality A 8 of 154
Revisions C 78 of 154
Momentum B 53 of 154

Wall Street consensus Buy (2.25)Average target 5.82 CAD +110.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 727M
Enterprise value: 734M
52-week range: 2.35 – 4.91
3-year range: 0.71 – 4.91
Dividend yield: –
Beta (5 years): 1.66
Shares outstanding: 262M
Next earnings: Nov 5, 2026

About the company

Galiano Gold Inc. owns the Asanko Gold Mine, which is located in Ghana, West Africa. The Asanko Gold Mine (AGM) is a multi-deposit complex, with four main open-pit mining areas: Abore, Miradani North, Nkran and Esaase, and multiple satellite deposits, situated on the Asankrangwa Gold Belt, and a 5.8 metric tons per annum carbon-in-leach processing plant. The Asanko Gold Mine holds the land package within the belt, with over 21,000 hectares of tenure on this prospective and under-explored portion of central Ghana. The Abore is located along the haulage road between Obotan and Esaase, over 15 kilometers north of the mill. Miradani North is designed to be mined in two phases to help advance the high-grade ore and manage relocation costs associated with the Tontokrom village to the south. The Asankrangwa gold belt is located within the Kumasi basin. The AGM also owns various exploration licenses across the highly prospective and underexplored Asankrangwa Gold Belt.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	451	333	0	0	0	–
Revenue growth	35.5%	–	–	–	–	–
EPS (basic, normalized)	0.30	0.24	0.16	0.04	−0.39	–
EPS growth	23.2%	50.1%	296.6%	–	–	–
Gross margin	20.1%	33.7%	–	–	–	26.9%
Net margin	−8.9%	2.6%	–	–	–	−3.1%
ROE	−12.7%	2.8%	13.9%	26.6%	−41.5%	−2.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	119
Current ratio	1.23x
Long-term debt (mil)	79.9
Net debt (mil)	7.2
Total equity (mil)	450
Net debt / equity	0.02x
Net debt / EBITDA	0.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	451	+35.5%	1.6x	248	+124.0%	3.0x	0.30	+23.2%	9.3x
2026	933	+107.1%	0.8x	446	+79.9%	1.6x	0.56	+88.0%	4.9x
2027	1,196	+28.2%	0.6x	682	+53.0%	1.1x	1.08	+91.2%	2.6x
2028	1,190	−0.5%	0.6x	609	−10.8%	1.2x	1.05	−2.9%	2.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	933	−0.4%	+1.9%	+4.9%	0.56	0.0%	−31.5%	−34.4%
2027	1,196	0.0%	−0.8%	−1.5%	1.08	0.0%	−15.2%	−25.6%
2028	1,190	0.0%	−1.5%	+2.0%	1.05	0.0%	−22.7%	−22.6%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	31.7	64.0	71.1	64.6	–	–	114	160	167	184
Sales mean (mil)	66.0	–	78.0	77.0	–	–	115	142	130	159
Surprise	−52.0%	–	−8.8%	−16.2%	–	–	−0.7%	+12.4%	+28.1%	+15.6%
EPS reported	0.03	0.03	0.07	0.02	0.01	0.08	−0.01	0.15	0.11	0.23
EPS mean	0.00	0.05	0.03	0.06	0.04	0.04	0.11	0.10	0.12	0.10
Surprise	–	−43.7%	+110.0%	−68.0%	−75.0%	+113.3%	−109.1%	+55.2%	−8.3%	+142.1%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GAU Galiano Gold Inc	727M	0.03x	−8.9%	1.63x	4.9x	2.6x	1.6x	1.1x
GFIJ Gold Fields Limited	43.5B	–	40.8%	3.72x	7.8x	6.6x	4.0x	3.5x
NEM Newmont Corporation	158.6B	−0.23x	31.3%	3.19x	11.9x	10.9x	6.5x	6.3x
EQX Equinox Gold Corp.	16.5B	0.21x	−1.0%	1.25x	9.4x	6.9x	5.3x	3.8x
GMIN G Mining Ventures Corp	11.8B	−0.65x	49.6%	3.57x	26.7x	21.7x	17.7x	12.0x
DPM DPM Metals Inc.	11.0B	−1.36x	38.8%	2.74x	10.2x	8.7x	7.4x	6.4x
Mean		−0.40x	25.1%	2.68x	11.8x	9.6x	7.1x	5.5x
Median		−0.23x	35.1%	2.97x	9.8x	7.8x	5.9x	5.0x

Technical analysis

1M−1.8%
3M+14.0%
1Y−17.6%
3Y+264.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Galiano Gold Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	451	333	0	0	0	0
Cost of revenue	360	220	–	–	–	–
Gross profit	90.6	112	0	0	0	0
Selling, general & administrative expenses	34.5	28.6	20.1	14.8	16.8	18.6
Research & development	5.8	8.8	2.7	1.9	0.8	–
Depreciation/amortization	0.2	0.2	0.2	0.2	0.2	0.2
Interest expense (income), operating	0	−5.5	−41.9	−63.0	65.1	−75.3
Unusual expense (income)	0	22.4	0.5	−8.1	9.6	–
Other operating expenses	0	−1.4	−7.6	−7.3	−6.4	−6.3
Operating income	50.2	59.1	26.2	61.5	−86.2	62.8
Net interest income (expense)	7.4	−32.3	8.4	−6.2	−0.8	10.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−15.7	−14.5	0	0	0	0
Net income before taxes	41.8	12.3	34.5	55.3	−87.0	73.0
Provision for taxes	84.1	–	–	–	–	–
Minority interest	2.1	−3.5	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−40.2	8.8	34.5	55.3	−87.0	73.0
Extraordinary items	–	–	–	–	–	–
Net income	−40.2	8.8	34.5	55.3	−87.0	73.0
EBIT, normalized	50.2	76.0	−15.3	−9.6	−11.4	−12.5
EBITDA, normalized	154	114	−15.1	−9.4	−11.2	−12.3
Basic EPS, normalized	0.30	0.24	0.16	0.04	−0.39	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Galiano Gold Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	149	152	73.2	76.0	67.6	79.1
Receivables	14.9	12.1	1.4	2.4	9.3	3.6
Total inventory	97.2	61.6	–	–	–	–
Prepaid expenses	16.7	12.3	1.0	1.0	1.0	0.7
Other current assets	0	0	0	0	0	0
Total current assets	277	238	75.6	79.4	77.9	83.4
Property, plant & equipment	533	474	0.3	0.4	2.7	0.8
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	0	207	164	91.5	175
Note receivable	–	–	–	–	–	–
Other long-term assets	11.3	7.7	0	0	0	0
Total assets	822	720	283	244	172	259
Liabilities
Accounts payable	30.5	–	–	–	–	–
Payable/accrued	–	92.5	11.5	5.9	3.2	4.5
Accrued expenses	70.3	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	23.1	22.9	0.2	0.1	0.1	0.1
Other current liabilities	179	43.9	4.2	1.8	0	0
Total current liabilities	303	159	15.9	7.9	3.3	4.6
Long-term debt	27.8	33.0	0.1	0.3	0.4	0.5
Minority interest	3.8	6.2	–	–	–	–
Other liabilities	187	171	0.4	0.3	0.6	0.9
Total liabilities	522	369	16.4	8.4	4.3	6.0
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	850	886	768	785	732	737
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−550	−536	−502	−550	−565	−484
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	300	350	266	235	168	253
Total liabilities & shareholders' equity	822	720	283	244	172	259

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Galiano Gold Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−42.3	12.3	34.5	55.3	−87.0	73.0
Depreciation, depletion & amortization	86.3	34.1	0.2	0.2	0.2	0.2
Deferred taxes	31.6	–	–	–	–	–
Non-cash items	181	53.6	−42.0	−62.7	79.6	−83.3
Changes in working capital	−39.9	−19.9	2.5	9.6	−9.1	1.9
Cash from operations	217	80.2	−4.8	2.4	−16.3	−8.2
Investing activities
Capital expenditures	−158	−99.1	0	0	−1.9	−0.1
Other investing cash flows	−29.6	107	3.8	1.4	6.8	48.4
Cash from investing	−188	8.3	3.8	1.4	4.9	48.3
Financing activities
Financing cash flow items	−4.8	−0.1	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−23.6	−15.2	−0.1	−0.2	0.6	−0.7
Cash from financing	−28.4	−15.2	−0.1	−0.2	0.6	−0.7
Foreign exchange effects	3.0	−0.6	0	−0.1	−0.1	0
Net change in cash	3.5	72.6	−1.1	3.5	−10.9	39.5
Free cash flow	58.5	−19.0	−4.9	2.4	−18.2	−8.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.