GAU - Galiano Gold: Tracking Slightly Behind FY2021 Guidance

• Galiano Gold is one of the worst-performing gold stocks this year, down 28% year-to-date vs. a 19% decline for its benchmark.
• This poor year-to-date performance follows significant underperformance the past few years, with Galiano Gold sitting at lower levels than it was in Q2 2018 with the gold price below $1,350/oz.
• The lackluster performance can be attributed to a recent increase in cost guidance, resulting in significant declines in all-in sustaining cost margins on a year-over-year basis.
• Given the continued poor operating performance, I would view any rallies back above the US$1.00 level as selling opportunities, with this area now being new resistance vs. prior support.

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