Galiano Gold (GAU) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2025, with a 46% increase in gold production quarter-on-quarter and significant year-over-year growth in revenue, profitability, and cash flow.

• Maintained a robust safety record with no lost-time or recordable injuries, and improved safety metrics per million hours worked.

• Commissioned the secondary crusher ahead of schedule, positioning for improved throughput and production in H2 2025.

• Advanced key projects, including a new carbon regeneration kiln and ongoing modifications to downstream equipment.

Financial highlights

• Q2 2025 revenue reached $97.3M, up 52% year-over-year, with an average realized gold price of $3,317/oz and a 45% increase in realized prices.

• Net income was $21.6M ($0.07/share); adjusted net income was $21.1M ($0.08/share); adjusted EBITDA was $39.9M.

• Cash flow from operations totaled $35.8M, with free cash flow of $5.6M, up 700% from Q1.

• Cash and cash equivalents stood at $115M as of June 30, 2025, with no debt.

• All-in sustaining costs (AISC) decreased 10% sequentially to $2,251/oz sold.

Outlook and guidance

• On track to meet the lower end of 2025 gold production guidance of 130,000–150,000 oz, with further AISC reductions expected as production increases in H2.

• AISC for FY 2025 expected at the higher end of guidance due to external cost pressures and lower production.

• Aggressive exploration planned at Abore and greenfield targets, supported by a $10M exploration budget.

• Ramping up Nkran mining volumes and mill throughput to 5.8Mtpa following secondary crusher commissioning.