GAU - Galiano Gold raised at BMO as stock price looks to have bottomed

Galiano Gold ( NYSE: GAU ) +3.8% in Tuesday's trading after BMO Capital upgraded shares to Market Perform from Underperform with a C$0.75 price target, up from C$0.50, saying the stock price appears to have bottomed following relatively better H1 operating results.

BMO analyst Raj Ray said Galiano ( GAU ) made changes to the operating protocol which helped improve recovery in Q2 to 84%, and the company was able to 92.4K oz of H1 production which drove increased full-year guidance to 140K-160K oz from 100K-120K oz previously.

While still waiting for internal metallurgical tests, Ray upgraded Galiano ( GAU ) as the downside looks limited at current levels and the stock price remains heavily discounted for a company with attributable annual production of 100K-120K oz and significant measured and indicated mineral resources.

Last week, Galiano Gold ( GAU ) reported Q2 adjusted earnings of $0.06/share on revenues of $85M .

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