We initiate coverage of Galiano Gold (“Galiano”), with a C$1.58/sh target, 88% above the current share price. Galiano holds a 45% interest in and is operator of the Asanko open pit gold mine in Ghana with guidance of 120koz-130koz in 2023 (H&Pe 124koz) at an all-in sustaining cost (“AISC”) of US$1,650/oz-US$1,750/oz (H&Pe US$1,665/oz). The mine is owned as a JV with Gold Fields (45%) and the Ghanain government (10%), with Galiano also being paid a management fee of >US$7m annually. The mine plan ....
