GAU

Aegis Financial Overview: Aegis Financial is a small, internally owned firm focused on deep value investments in small caps, cyclicals, and commodities, managed by Scott Barbee, who emphasizes long-term results and aligns interests with clients.

Third Quarter Portfolio Activity: In the third quarter, Aegis made significant portfolio adjustments, including new positions in Cenovus Energy and North American Construction Group, while increasing stakes in Precision Drilling, Vermilion Energy, and Galiano Gold, reflecting a disciplined value management approach.

Investment Philosophy: Aegis targets undervalued assets in sectors like energy and mining, capitalizing on market mispricing and maintaining a concentrated portfolio, while managing risk through strategic trims and exits, such as reducing their position in Equinox Gold and exiting Peabody Energy.

Market Positioning: The firm is focused on acquiring hard assets at deep discounts, leveraging cash flow and operational strength in commodity markets, and avoiding trends like AI, instead opting for a patient investment strategy that rewards long-term value realization.

Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Galiano Gold Inc. and its officers/directors, urging affected investors to contact them.

Incident at Asanko Gold Mine: Galiano reported a confrontation at its Asanko Gold Mine in Ghana, resulting in civil unrest, a fatality, and damage to equipment, which led to a significant drop in the company's stock price.

Stock Price Impact: Following the incident announcement, Galiano's stock fell by 7.03%, closing at $2.38 per share on September 10, 2025.

Pomerantz LLP Background: Established over 85 years ago, Pomerantz LLP specializes in corporate, securities, and antitrust class litigation, known for advocating for victims of securities fraud and corporate misconduct.