Galiano Gold

GAU

Gold · Basic Materials

Price

$1.72

-0.04 (-2.27%)

Market Cap

$449.3M

Exchange

New York Stock Exchange American

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+15.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 224.7M (2021) → 258.4M (2025)

Galiano Gold is a mining company that digs gold out of the ground and sells it. Its main operation is the Asanko Gold Mine, located in Ghana, West Africa — one of the larger gold mines in that region. The company sells gold to refiners and bullion dealers, and its revenue depends almost entirely on the global price of gold.

Galiano earns money by producing and selling physical gold, so its profits rise and fall with gold prices. The company operates primarily in Ghana and is relatively small, with a market cap around $500 million. Its competitive position depends on keeping mining costs low enough to stay profitable when gold prices dip — a challenge for any single-asset miner. The biggest risk the company faces is its reliance on one mine, meaning any operational disruption, permitting issue, or reserve depletion at Asanko could significantly hurt its business.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+114.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+220.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

31.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$123M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Galiano Gold grew revenue 114% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

55.7%

Premium pricing power — 55.7% gross margin

Operating Margin

52.5%

Excellent — 52.5% operating margin

ROCE

33.7%

Exceptional — 33.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+93.8%

Fast-growing sales (93.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

601%

Turns 601% of profit into real cash

FCF Margin

9.5%

Modest free cash flow (9.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

28.24x

Comfortably covers interest (28.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

16.4x

Fair value — P/E 16.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+14.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.4 → 2.1)

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Dividends

Not applicable for this business.

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