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Galiano Gold (GAU) Updates on ASM Operations, Shares Gain
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Shares of Galiano Gold Inc. (GAU - Free Report) have gained 1.7% since it announced on Jun 30 that it awarded a mining contract in accordance with its plans to resume hard rock mining operations at its Asanko Gold Mine (“AGM”). The company expects the resumption of operations.
Located in the Asankrangwa gold belt in Ghana, this mining project is a joint venture between Gold Fields Ltd. (GFI - Free Report) and Galiano. The JV is managed and operated by Galiano.
The JV partners selected a preferred contractor to resume mining operations at the AGM after conducting a competitive tender process. The mining of the Abore deposit is expected to start in the fourth quarter. However, the higher-grade mill feed is expected to be accessible in the second quarter of 2024.
The mining fleet at Abore and Miradani North has been optimized to 100-ton haul trucks. This will help drive productivity and scheduling benefits, while offsetting the impacts of current inflationary pressures.
In an updated life of mine plan published earlier this year, Galiano projected an 8.5-year mine life, with a strong after-tax net present value of $343 million. This projection assumed a gold price of $1,700 an ounce.
Galiano expects the annual gold production at the mine to nearly double from the 2023 guidance of 100,000-120,000 ounces per year to 250,000 ounces per year for 2025. The company aims to make AGM a significant gold mine in Ghana, with an average annual output of 220,000 ounces per year over its eight-and-a-half-year life.
Price Performance
In the past year, Galiano’s shares have gained 49.3% compared with the industry’s growth of 17.8%.
L.B. Foster has an average trailing four-quarter earnings surprise of 140.5%. The Zacks Consensus Estimate for FSTR’s fiscal 2023 earnings is pegged at 53 cents per share. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. Its shares gained 11% in the last year.
The Zacks Consensus Estimate for Osisko Gold Royalties’ fiscal 2023 earnings per share is pegged at 47 cents. Earnings estimates have moved 6.8% north in the past 60 days. OR’s shares have gained 50.9% in the past year.
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Galiano Gold (GAU) Updates on ASM Operations, Shares Gain
Shares of Galiano Gold Inc. (GAU - Free Report) have gained 1.7% since it announced on Jun 30 that it awarded a mining contract in accordance with its plans to resume hard rock mining operations at its Asanko Gold Mine (“AGM”). The company expects the resumption of operations.
Located in the Asankrangwa gold belt in Ghana, this mining project is a joint venture between Gold Fields Ltd. (GFI - Free Report) and Galiano. The JV is managed and operated by Galiano.
The JV partners selected a preferred contractor to resume mining operations at the AGM after conducting a competitive tender process. The mining of the Abore deposit is expected to start in the fourth quarter. However, the higher-grade mill feed is expected to be accessible in the second quarter of 2024.
The mining fleet at Abore and Miradani North has been optimized to 100-ton haul trucks. This will help drive productivity and scheduling benefits, while offsetting the impacts of current inflationary pressures.
In an updated life of mine plan published earlier this year, Galiano projected an 8.5-year mine life, with a strong after-tax net present value of $343 million. This projection assumed a gold price of $1,700 an ounce.
Galiano expects the annual gold production at the mine to nearly double from the 2023 guidance of 100,000-120,000 ounces per year to 250,000 ounces per year for 2025. The company aims to make AGM a significant gold mine in Ghana, with an average annual output of 220,000 ounces per year over its eight-and-a-half-year life.
Price Performance
In the past year, Galiano’s shares have gained 49.3% compared with the industry’s growth of 17.8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Galiano currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are L.B. Foster Company (FSTR - Free Report) and Osisko Gold Royalties Ltd (OR - Free Report) . FSTR flaunts a Zacks Rank #1 (Strong Buy) at present and OR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
L.B. Foster has an average trailing four-quarter earnings surprise of 140.5%. The Zacks Consensus Estimate for FSTR’s fiscal 2023 earnings is pegged at 53 cents per share. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. Its shares gained 11% in the last year.
The Zacks Consensus Estimate for Osisko Gold Royalties’ fiscal 2023 earnings per share is pegged at 47 cents. Earnings estimates have moved 6.8% north in the past 60 days. OR’s shares have gained 50.9% in the past year.