GAU - Galiano Gold: Tracking Slightly Ahead Of FY2021 Guidance

• Galiano Gold released its preliminary Q1 results last week and reported quarterly production of ~60,000 ounces.
• This translated to a 9% drop in production year-over-year, but the mine was lapping a tough year-over-year comp with its second-best quarter to date in Q1 2020.
• While Galiano Gold looks cheap at less than 7x FY2021 annual EPS estimates, a discount is warranted given that it's a single-asset mine in a Tier-3 jurisdiction.
• Therefore, I believe there are much better ways to play the sector, and I wouldn't get interested in the stock unless it drops below US$1.00.

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