GGGOF - Galane Gold Still Trading Slightly Above 1x On EBITDA

• The Mupane mine has been sold, and allowed for about $1 million in deleveraging.
• The Galaxy mine is the main event, and production should go to 27k oz in the phase 2, which offers $36 million EBITDA from that mine with other reserves available.
• The Summit acquisition requires a restart, and preliminary assessments are happening this month. It could add another $11 million EBITDA.
• With an EV of $37 million, the company trades slightly above 1x on the Galaxy EBITDA alone.
• There's operating leverage to the gold price, which is somewhat exposed to rising rates, but it's definitely a limited buy only due to liquidity.

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