12 Best Canadian Penny Stocks to Buy According to Analysts

4. Galiano Gold Inc. (NYSEAMERICAN:GAU)  

Upside Potential: 253.85%  

Stock Price as of January 5: $1.30  

Number of Hedge Fund Holders: 7  

Galiano Gold Inc. (NYSEAMERICAN:GAU), headquartered in Vancouver, Canada, is a gold production and exploration company that operates and owns 90% of the Asanko Gold Mine located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.

Galiano Gold Inc. (NYSEAMERICAN:GAU) is focusing on optimizing its operations at the Asanko Gold Mine. The company has made significant progress in ramping up mining operations at the Abore pit, with a 32% increase in tons mined and a 13% increase in gold production in the third quarter of 2024. The company is also investing in new equipment and technology, including a mobile crushing unit at the Abore pit, which is expected to improve fragmentation and increase haul truckload volumes. Additionally, Galiano Gold Inc. (NYSEAMERICAN:GAU) is progressing with the construction of a secondary crushing unit, which will enable the company to maintain above-nameplate levels even when processing harder fresh raw material.

Galiano Gold Inc. (NYSEAMERICAN:GAU) is also advancing its exploration pipeline, with drilling focused on the Sky Gold B and Abore North targets. A follow-up drilling program at the Abore North target has been defined and is scheduled to commence in the upcoming months. The company is also updating its global mineral reserves and resources, which will provide a clear picture of the company’s resource base and inform its life of mine plan. The report will be released to the market in early 2025.