Galiano Gold (GAU)


Market Price (8/8/2026): $2.07 | Market Cap: $540.9 MilSector: Materials | Industry: Gold

Galiano Gold (GAU)


Market Price (8/8/2026): $2.07
Market Cap: $540.9 Mil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 93%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%

Megatrend and thematic drivers
Megatrends include Global Economic Instability & Store of Value, and Resource Extraction & Management. Themes include Inflation Hedging Assets, Precious Metals Mining, Show more.

Weak multi-year price returns
2Y Excs Rtn is -23%

Key risks
GAU key risks include [1] heavy dependency on its single Asanko Gold Mine, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 93%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%
4 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%
5 Megatrend and thematic drivers
Megatrends include Global Economic Instability & Store of Value, and Resource Extraction & Management. Themes include Inflation Hedging Assets, Precious Metals Mining, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -23%
7 Key risks
GAU key risks include [1] heavy dependency on its single Asanko Gold Mine, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/7/2026

Galiano Gold (GAU) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Increased All-In Sustaining Costs (AISC) due to new royalties.

Galiano Gold's all-in sustaining costs (AISC) for fiscal Q2 2026 (ended June 30, 2026) rose to $2,473 per ounce, marking a 10% increase year-over-year compared to fiscal Q2 2025 and a 5% increase from fiscal Q1 2026. This increase was primarily driven by Ghana's new sliding-scale royalty framework, which pushes royalty rates up to 12% at prevailing gold prices.

2. Impairment to liquidity from restricted cash.

The company's liquidity was impacted by a court-ordered garnishee of $25.9 million in fiscal Q2 2026, which restricted approximately 24% of its total cash balance of $105.9 million as of June 30, 2026. This was related to a contractual dispute with a former service provider.

Show more
Updated on 8/7/2026

Galiano Gold (GAU) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Increased All-In Sustaining Costs (AISC) due to new royalties.

Galiano Gold's all-in sustaining costs (AISC) for fiscal Q2 2026 (ended June 30, 2026) rose to $2,473 per ounce, marking a 10% increase year-over-year compared to fiscal Q2 2025 and a 5% increase from fiscal Q1 2026. This increase was primarily driven by Ghana's new sliding-scale royalty framework, which pushes royalty rates up to 12% at prevailing gold prices.

2. Impairment to liquidity from restricted cash.

The company's liquidity was impacted by a court-ordered garnishee of $25.9 million in fiscal Q2 2026, which restricted approximately 24% of its total cash balance of $105.9 million as of June 30, 2026. This was related to a contractual dispute with a former service provider.

3. Operational setbacks and rising unit mining costs.

Galiano Gold experienced operational challenges during fiscal Q2 2026, including unplanned maintenance issues such as a ball mill gearbox failure and ongoing primary crusher repairs, which affected mill availability. Concurrently, unit mining costs at the Abore and Esaase deposits increased by 27% year-over-year to $4.56 per tonne in fiscal Q2 2026, largely due to higher diesel prices and increased drill and blast costs associated with mining a greater proportion of fresh rock.

4. Slight miss on analyst earnings expectations.

The company reported adjusted earnings per share of $0.09 for fiscal Q2 2026, which was slightly below the analyst consensus of $0.10. Revenue for the quarter, at $156.6 million, also fell short of the $159 million estimate, contributing to a cautious investor sentiment despite overall strong revenue growth year-over-year.

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Stock Movement Drivers

Fundamental Drivers

The -11.2% change in GAU stock from 4/30/2026 to 8/7/2026 was primarily driven by a -33.0% change in the company's P/S Multiple.
(LTM values as of)43020268072026Change
Stock Price ($)2.322.06-11.2%
Change Contribution By: 
Total Revenues ($ Mil)44859733.3%
P/S Multiple1.30.9-33.0%
Shares Outstanding (Mil)260261-0.6%
Cumulative Contribution-11.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/7/2026
ReturnCorrelation
GAU-11.2% 
Market (SPY)7.6%56.6%
Sector (XLB)2.7%50.7%

Fundamental Drivers

The -22.6% change in GAU stock from 1/31/2026 to 8/7/2026 was primarily driven by a -53.8% change in the company's P/S Multiple.
(LTM values as of)13120268072026Change
Stock Price ($)2.662.06-22.6%
Change Contribution By: 
Total Revenues ($ Mil)35359769.3%
P/S Multiple2.00.9-53.8%
Shares Outstanding (Mil)259261-1.0%
Cumulative Contribution-22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/7/2026
ReturnCorrelation
GAU-22.6% 
Market (SPY)12.1%54.5%
Sector (XLB)7.8%58.9%

Fundamental Drivers

The 54.9% change in GAU stock from 7/31/2025 to 8/7/2026 was primarily driven by a 116.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258072026Change
Stock Price ($)1.332.0654.9%
Change Contribution By: 
Total Revenues ($ Mil)276597116.1%
P/S Multiple1.20.9-27.2%
Shares Outstanding (Mil)257261-1.6%
Cumulative Contribution54.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/7/2026
ReturnCorrelation
GAU54.9% 
Market (SPY)23.4%35.8%
Sector (XLB)22.2%40.3%

Fundamental Drivers

The 233.4% change in GAU stock from 7/31/2023 to 8/7/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238072026Change
Stock Price ($)0.622.06233.4%
Change Contribution By: 
Total Revenues ($ Mil)05979.2233720368547763E17%
Net Income Margin (%)∞%12.2% 
P/E Multiple2.77.4170.6%
Shares Outstanding (Mil)225261-13.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/7/2026
ReturnCorrelation
GAU233.4% 
Market (SPY)74.9%21.8%
Sector (XLB)30.2%30.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GAU Return-38%-26%81%31%106%-23%73%
Peers Return19%-6%9%22%163%5%315%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
GAU Win Rate33%42%67%50%83%38% 
Peers Win Rate47%38%53%57%78%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GAU Max Drawdown-57%-53%-28%-39%-34%-52% 
Peers Max Drawdown-34%-38%-30%-30%-21%-40% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, AEM, GOLD, KGC, AU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

How Low Can It Go

EventGAUS&P 500
2025 US Tariff Shock
  % Loss-19.5%-18.8%
  % Gain to Breakeven24.3%23.1%
  Time to Breakeven3 days79 days
2024 Yen Carry Trade Unwind
  % Loss-25.7%-7.8%
  % Gain to Breakeven34.6%8.5%
  Time to Breakeven73 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.7%-9.5%
  % Gain to Breakeven18.7%10.5%
  Time to Breakeven23 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.0%-6.7%
  % Gain to Breakeven23.4%7.1%
  Time to Breakeven21 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.3%-24.5%
  % Gain to Breakeven97.2%32.4%
  Time to Breakeven322 days427 days
2020 COVID-19 Crash
  % Loss-23.5%-33.7%
  % Gain to Breakeven30.7%50.9%
  Time to Breakeven31 days140 days

Compare to NEM, AEM, GOLD, KGC, AU

In The Past

Galiano Gold's stock fell -19.5% during the 2025 US Tariff Shock. Such a loss loss requires a 24.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGAUS&P 500
2024 Yen Carry Trade Unwind
  % Loss-25.7%-7.8%
  % Gain to Breakeven34.6%8.5%
  Time to Breakeven73 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.3%-24.5%
  % Gain to Breakeven97.2%32.4%
  Time to Breakeven322 days427 days
2020 COVID-19 Crash
  % Loss-23.5%-33.7%
  % Gain to Breakeven30.7%50.9%
  Time to Breakeven31 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-34.4%-19.2%
  % Gain to Breakeven52.4%23.8%
  Time to Breakeven222 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.7%-12.2%
  % Gain to Breakeven32.8%13.9%
  Time to Breakeven19 days62 days
2014-2016 Oil Price Collapse
  % Loss-44.2%-6.8%
  % Gain to Breakeven79.2%7.3%
  Time to Breakeven372 days15 days
2013 Taper Tantrum
  % Loss-38.7%-0.2%
  % Gain to Breakeven63.2%0.2%
  Time to Breakeven151 days1 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-25.7%-15.4%
  % Gain to Breakeven34.6%18.2%
  Time to Breakeven43 days125 days
2008-2009 Global Financial Crisis
  % Loss-91.1%-53.4%
  % Gain to Breakeven1024.4%114.4%
  Time to Breakeven320 days1085 days

Compare to NEM, AEM, GOLD, KGC, AU

In The Past

Galiano Gold's stock fell -19.5% during the 2025 US Tariff Shock. Such a loss loss requires a 24.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Galiano Gold (GAU)

Galiano Gold Inc. (GAU) is a Canadian-headquartered mining company primarily focused on the exploration, development, and production of gold. Its core business revolves around identifying, developing, and operating gold properties to extract this precious metal, which serves as its sole commodity product.

The company's key operational asset and main production site is the Asanko Gold Mine, located in Ghana, West Africa. Galiano Gold operates within the global commodities market, with its gold production typically sold to metal refiners and bullion dealers who then supply various end-use markets, including jewelry, investment, and industrial applications worldwide.

AI Analysis | Feedback

Here are 1-3 brief analogies for Galiano Gold (GAU):

  • Think of it as a focused Barrick Gold, primarily operating one gold mine in Ghana.
  • It's a gold producer, much like a smaller, Ghana-focused Kinross Gold.

AI Analysis | Feedback

  • Gold: Galiano Gold explores, develops, and produces gold from its mining operations, primarily the Asanko Gold Mine in Ghana.

AI Analysis | Feedback

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  • Bigrock Mining Ghana Ltd.

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Matt Badylak President & Chief Executive Officer

Matt Badylak was appointed President & CEO of Galiano Gold on June 14, 2021, having previously served as the Executive Vice President and Chief Operating Officer. He is a mining professional with two decades of extensive experience in senior management and operational planning across various global locations, including Australia, Mongolia, China, Canada, Turkey, and Ghana. Before joining Galiano in 2020, Mr. Badylak held the position of General Manager Kisladag with Eldorado Gold, a mid-tier gold producer, where he also served in senior management roles such as Managing Director - China Operations and General Manager Tanjianshan. He is recognized for building strong, results-oriented teams and implementing cost-saving and operational efficiency programs. Matt holds a Bachelor of Science in Extractive Metallurgy and a Bachelor of Science in Chemistry from Murdoch University.

Matt Freeman Executive Vice President & Chief Financial Officer

Matt Freeman, who joined Galiano in 2020, holds the role of Executive Vice President and Chief Financial Officer, overseeing the company's financial strategy, planning, analysis, accounting, financial reporting, tax, and treasury functions. He possesses extensive financial experience and deep knowledge of the mining sector, with a successful track record in senior roles. Notably, he served as CFO of Energold Drilling, where he successfully navigated a corporate restructuring. Prior to that, Mr. Freeman held senior financial positions at SSR Mining, playing a crucial financial role in its growth to a mid-tier gold producer and leading initiatives in financial reporting, risk management, treasury management, and M&A activities. He holds a BA/MA from Oxford University and the ICAEW designation.

Michael Cardinaels Executive Vice President & Chief Operating Officer

Michael Cardinaels serves as the Executive Vice President and Chief Operating Officer at Galiano Gold.

Charles Amoah Executive Vice President and Managing Director, Asanko Gold Ghana Ltd.

Charles Amoah is the Executive Vice President and Managing Director of Asanko Gold Ghana Ltd. He holds a PhD in Mineral Engineering from the University of Mines and Technology in Tarkwa, Ghana. With expertise in managing mining operations, mineral engineering, metallurgy, and stakeholder relations, Mr. Amoah has been involved with the Asanko Gold Mine and its predecessor companies since 2012. He progressed from General Manager – Operations with PMI to Executive General Manager of the mine, where he led the team through permitting, construction, commissioning, and into operation.

Sean Gregersen Vice President, Corporate Development

Sean Gregersen joined Galiano Gold as Director of Corporate Development in April 2023 and is currently the Vice President, Corporate Development. He brings over 15 years of experience in the gold mining industry. Mr. Gregersen holds both a B.Sc. and an M.Sc. in Mining Engineering from Queen's University. His prior experience includes serving as Manager of Business Development with Eldorado Gold, where he contributed to the rapid growth of the mid-tier company through acquisition and development initiatives.

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AI Analysis | Feedback

Galiano Gold Inc. (GAU) faces several key risks to its business, primarily stemming from its operational environment and commodity market exposure.

  1. Operational Instability and Geopolitical Risks in Ghana: Galiano Gold's primary asset, the Asanko Gold Mine in Ghana, is susceptible to operational disruptions due to community conflicts, illegal mining activities, and the broader political and regulatory landscape in the region. Recent incidents have forced the temporary suspension of operations at key producing plants, raising uncertainty about the company's ability to meet production guidance. Clashes between local communities and security personnel at the mine site, sometimes involving fatalities, highlight significant social and security challenges. Furthermore, the company is exposed to potential changes in Ghana's mining and tax laws, such as the increase in the Growth and Sustainability Levy, which can impact profitability.

  2. Gold Price Volatility and Cost Management: The profitability and financial outlook of Galiano Gold are highly dependent on sustained strong gold prices. However, gold prices are historically volatile and can experience prolonged periods of decline. The company has also experienced net losses exacerbated by realized and unrealized losses from gold hedging agreements. Operational pressures, including harder ore processing and lower mobile crusher availability, have contributed to rising All-in Sustaining Costs (AISC), impacting overall financial performance and potentially squeezing margins.

  3. Mineral Reserve and Resource Uncertainty: The long-term viability of Galiano Gold is tied to the value of its mineral reserves and resources. There is a risk that mineral reserve and resource estimates may change or prove to be inaccurate, and metallurgical recoveries may not be economically viable. Declining ore grades also pose a risk to future project viability and production efficiency.

AI Analysis | Feedback

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AI Analysis | Feedback

Galiano Gold Inc. (GAU) operates in the gold mining sector, with its primary asset being the Asanko Gold Mine in Ghana, West Africa. Therefore, the addressable market for its main product, gold, can be assessed on both a global and regional (West Africa/Ghana) scale.

The global gold market demonstrates significant size and projected growth. In 2024, the global gold market was valued at approximately USD 291.68 billion. It is projected to reach USD 400 billion by the end of 2030, exhibiting a compound annual growth rate (CAGR) of 6.51% during the 2025-2030 forecast period. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70% from 2026. Another estimate projects the market to grow from 5.1 kilotons in 2026 to 7.25 kilotons by 2031, at a 7.30% CAGR.

Regionally, West Africa is a significant contributor to the global gold market, accounting for nearly 20% of global gold output. Specifically, Ghana, where Galiano Gold's operations are located, is Africa's leading gold producer. In 2024, Ghana's gold exports surged to USD 11.6 billion. By April 2025, Ghana recorded historic gold exports of USD 897.6 million for that month alone.

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Galiano Gold Inc. (GAU) is expected to drive future revenue growth over the next two to three years through a combination of increased gold production, successful exploration leading to expanded resources and reserves, and the processing of higher-grade ore, all within a potentially favorable gold price environment.

  1. Increased Gold Production: Galiano Gold anticipates a significant increase in gold ounces produced from its Asanko Gold Mine (AGM) in Ghana. The company provided 2026 production guidance of 140,000 to 160,000 ounces, representing an approximate 25% year-on-year increase from 2025 production levels. This growth is supported by operational improvements such as the commissioning and optimization of a secondary crusher, which has enhanced plant performance and mill throughput. Further, long-term plans project average annual gold production of up to 240,000 to 254,000 ounces through to 2031, with a peak of 275,000 ounces by 2029.
  2. Exploration Success and Resource/Reserve Expansion: The company has an aggressive exploration strategy to unlock the full potential of the AGM. Galiano plans to invest at least C$17 million in gold exploration in Ghana in 2026, marking a 70% year-on-year increase in its initial exploration budget, aimed at expanding reserves. Significant drilling programs are planned for key deposits like Abore (30,000 meters) and Esaase (9,000 meters) in 2026, with updated resource and reserve estimates expected by 2027. This exploration success is crucial for extending the mine life and underpinning future production increases.
  3. Processing of Higher-Grade Ore: Future revenue growth is also expected from processing higher-grade mill feed. This includes aggressive waste stripping at the Nkran deposit, planned for 2026, to access high-grade ore at depth. Additionally, higher grades are anticipated from deeper elevations at both Abore and Esaase in the coming years, which are expected to contribute significantly to increased gold production.
  4. Favorable Gold Price Environment: While not directly controlled by the company, a sustained favorable gold price environment significantly impacts Galiano Gold's revenue. Higher average gold sales prices were a primary driver of increased revenue and cash flow for the company in fiscal year 2025. A continued strong gold market would provide a tailwind for revenue growth in the next 2-3 years.

AI Analysis | Feedback

Outbound Investments

  • Galiano Gold acquired an additional 45% interest in the Asanko Gold Mine from Gold Fields on March 4, 2024.
  • The company paid $25.0 million to Gold Fields Limited during Q4 2025 to settle the first deferred acquisition cost payment.

Capital Expenditures

  • Galiano Gold capitalized $33.2 million in development pre-stripping costs at Nkran Cut 3 for the full year 2025.
  • Planned development capital spend for Nkran in 2026 is between $100 million and $120 million, focused on advancing stripping at Nkran Cut 3.
  • The company's 2026 exploration budget is $17 million, with plans for at least 65,000 meters of drilling to expand underground reserves at Abore and open-pit reserves at Esaase.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GAUNEMAEMGOLDKGCAUMedian
NameGaliano .Newmont Agnico E.Gold.com Kinross .Anglogol. 
Mkt Price2.06112.98178.8243.5127.6496.2269.86
Mkt Cap0.5120.389.71.232.948.940.9
Rev LTM59725,76714,52623,0208,47111,82513,175
Op Inc LTM26414,2308,4751404,4095,9205,164
FCF LTM109,7334,5492073,0824,4713,776
FCF 3Y Avg35,2352,939851,9202,1762,048
CFO LTM14912,6287,4172204,4566,1825,319
CFO 3Y Avg888,3425,166983,1073,5243,315

Growth & Margins

GAUNEMAEMGOLDKGCAUMedian
NameGaliano .Newmont Agnico E.Gold.com Kinross .Anglogol. 
Rev Chg LTM92.8%25.2%50.3%109.4%39.5%54.6%52.5%
Rev Chg 3Y Avg-32.1%34.4%47.0%29.4%41.1%34.4%
Rev Chg Q60.9%15.1%35.0%244.0%29.5%27.0%32.3%
QoQ Delta Rev Chg LTM11.0%3.2%7.3%46.8%6.4%5.9%6.8%
Op Inc Chg LTM244.2%77.0%91.4%201.5%87.8%112.0%101.7%
Op Inc Chg 3Y Avg820.9%148.9%78.0%34.0%147.4%122.3%134.8%
Op Mgn LTM44.2%55.2%58.3%0.6%52.0%50.1%51.1%
Op Mgn 3Y Avg24.2%36.1%44.6%0.7%36.7%34.8%35.5%
QoQ Delta Op Mgn LTM1.0%1.2%1.4%0.3%1.8%2.3%1.3%
CFO/Rev LTM25.0%49.0%51.1%1.0%52.6%52.3%50.0%
CFO/Rev 3Y Avg24.6%38.8%48.2%0.5%47.6%39.8%39.3%
FCF/Rev LTM1.6%37.8%31.3%0.9%36.4%37.8%33.8%
FCF/Rev 3Y Avg-0.3%22.7%26.6%0.4%28.1%22.2%22.4%

Valuation

GAUNEMAEMGOLDKGCAUMedian
NameGaliano .Newmont Agnico E.Gold.com Kinross .Anglogol. 
Mkt Cap0.5120.389.71.232.948.940.9
P/S0.94.76.20.13.94.14.0
P/Op Inc2.08.510.68.57.58.38.4
P/EBIT2.88.910.27.07.37.77.5
P/E7.414.015.314.810.412.913.4
P/CFO3.69.512.15.47.47.97.7
Total Yield13.5%8.1%7.4%8.5%10.2%14.1%9.3%
Dividend Yield0.0%0.9%0.9%1.7%0.5%6.3%0.9%
FCF Yield 3Y Avg0.8%6.5%4.9%11.2%9.4%7.0%6.8%
D/E0.10.00.00.60.00.00.0
Net D/E-0.0-0.0-0.00.5-0.1-0.0-0.0

Returns

GAUNEMAEMGOLDKGCAUMedian
NameGaliano .Newmont Agnico E.Gold.com Kinross .Anglogol. 
1M Rtn11.4%21.2%23.4%5.4%19.9%20.5%20.2%
3M Rtn-20.2%-2.8%-7.2%-3.7%-12.2%-9.0%-8.1%
6M Rtn-21.4%-1.6%-8.7%-20.7%-13.6%-4.7%-11.1%
12M Rtn37.3%65.3%32.9%99.4%48.1%74.9%56.7%
3Y Rtn233.0%203.0%292.6%27.3%471.5%471.8%262.8%
1M Excs Rtn5.6%16.3%17.2%1.5%11.4%14.6%13.0%
3M Excs Rtn-24.3%-5.9%-10.3%-5.2%-14.7%-8.6%-9.4%
6M Excs Rtn-29.3%-9.6%-19.3%-27.0%-25.4%-13.7%-22.4%
12M Excs Rtn17.9%45.8%11.0%76.2%26.3%52.0%36.1%
3Y Excs Rtn182.0%125.0%217.3%-50.0%455.9%399.9%199.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320182017
Asanko Gold Mine (AGM)4482310  
Corporate function   162256
Total4482310162256


Assets by Segment
$ Mil20232022202120202019
Corporate function213180136204145
Total213180136204145


Price Behavior

Price Behavior
Market Price$2.06 
Market Cap ($ Bil)0.5 
First Trading Date01/02/2008 
Distance from 52W High-42.3% 
   50 Days200 Days
DMA Price$1.94$2.43
DMA Trenddowndown
Distance from DMA6.1%-15.2%
 3M1YR
Volatility59.9%72.6%
Downside Capture327.88225.48
Upside Capture166.78209.15
Correlation (SPY)56.0%35.9%
GAU Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta1.572.242.572.682.010.95
Up Beta2.631.902.012.411.981.00
Down Beta3.002.833.033.191.750.99
Up Capture24%127%180%223%375%106%
Bmk +ve Days11223567138427
Stock +ve Days11192960131359
Down Capture135%254%283%231%156%93%
Bmk -ve Days11212859114326
Stock -ve Days11212858108353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GAU
GAU40.3%72.5%0.77-
Sector ETF (XLB)22.6%17.8%0.9940.5%
Equity (SPY)23.3%12.8%1.3636.0%
Gold (GLD)28.5%28.4%0.8765.6%
Commodities (DBC)32.9%19.8%1.329.4%
Real Estate (VNQ)14.2%13.8%0.727.6%
Bitcoin (BTCUSD)-44.2%42.9%-1.2324.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GAU
GAU15.0%62.7%0.48-
Sector ETF (XLB)6.7%19.1%0.2429.5%
Equity (SPY)13.5%17.2%0.6122.4%
Gold (GLD)18.6%18.6%0.8151.5%
Commodities (DBC)8.2%19.6%0.3120.4%
Real Estate (VNQ)2.3%18.9%0.0217.8%
Bitcoin (BTCUSD)8.8%53.0%0.3515.6%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GAU
GAU-6.8%65.1%0.17-
Sector ETF (XLB)10.1%20.7%0.4322.8%
Equity (SPY)15.4%17.9%0.7317.3%
Gold (GLD)12.1%16.2%0.6147.0%
Commodities (DBC)7.4%18.0%0.3320.2%
Real Estate (VNQ)4.8%20.7%0.2015.0%
Bitcoin (BTCUSD)58.2%66.2%0.988.2%

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Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 630202643.6%
Average Daily Volume2.8 Mil
Days-to-Cover Short Interest1.1 days
Basic Shares Quantity261.3 Mil
Short % of Basic Shares1.2%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/20266-K
03/31/202605/14/20266-K
12/31/202503/12/202640-F
09/30/202511/07/20256-K
06/30/202508/14/20256-K
03/31/202505/15/20256-K
12/31/202403/17/202540-F
09/30/202411/08/20246-K
06/30/202408/08/20246-K
03/31/202405/03/20246-K
12/31/202303/26/202440-F
09/30/202311/14/20236-K
06/30/202308/02/20236-K
03/31/202305/04/20236-K
12/31/202203/29/202340-F
09/30/202211/09/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/20266-K
03/31/202605/14/20266-K
12/31/202503/12/202640-F
09/30/202511/07/20256-K
06/30/202508/14/20256-K
03/31/202505/15/20256-K
12/31/202403/17/202540-F
09/30/202411/08/20246-K
06/30/202408/08/20246-K
03/31/202405/03/20246-K
12/31/202303/26/202440-F
09/30/202311/14/20236-K
06/30/202308/02/20236-K
03/31/202305/04/20236-K
12/31/202203/29/202340-F
09/30/202211/09/20226-K
06/30/202208/12/20226-K
03/31/202205/06/20226-K
12/31/202103/30/202240-F
09/30/202111/10/20216-K
06/30/202108/12/20216-K
03/31/202105/05/20216-K
12/31/202003/26/202140-F
09/30/202011/06/20206-K
06/30/202007/30/20206-K
03/31/202005/07/20206-K
12/31/201903/18/202040-F
09/30/201911/07/20196-K

Investor Activity (13F)

Updated Aug 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$16.0 Mil2.8%37Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Aegis Financial Corp$16.0 Mil2.8%37Hold13F
Core Cache Last Updated: 8/7/2026