Galiano Gold (GAU) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $159.7 million, up 40% quarter-over-quarter, driven by a 15% increase in gold production to 37,574 ounces and higher gold prices.

• Full-year gold production reached 121,191 ounces, in line with revised guidance and marking the fourth consecutive quarter of production growth.

• Maintained a strong safety record with no lost time injuries in Q4 2025 and 6.5 million hours worked without LTI.

• Ended FY 2025 with $108.3 million in cash and no debt, after a $25 million deferred payment to Gold Fields.

• Declared maiden underground mineral resources at Nkran and Abore, expanding future growth potential.

Financial highlights

• Q4 2025 gross revenue was $159.7 million, adjusted EBITDA $85.5 million, and adjusted net income per share $0.15.

• Q4 2025 operating cash flow was $55.8 million; cash and cash equivalents at year-end were $108.3 million.

• Q4 2025 AISC was $2,033/oz, down 11% sequentially and within guidance.

• Sustaining capex in Q4 2025 was $4.4 million, mainly for tailings expansion; $11.1 million spent on Nkran Cut 3 stripping.

• $75 million undrawn revolving credit facility established for added liquidity.

Outlook and guidance

• FY 2026 gold production guidance is 140,000–160,000 ounces, a 25% increase over FY 2025, with production weighted to the second half.

• FY 2026 AISC is forecast at $2,000–$2,300/oz, reflecting higher royalty burdens from elevated gold prices and potential changes in Ghana's royalty regime.

• Development capital for 2026 is projected at $100–$140 million, with $17–19 million budgeted for exploration and 65,000 meters of drilling targeted.

• Production expected to be weighted toward the second half of 2026 as higher-grade ore is accessed.

• Aggressive exploration program planned, focusing on Abore and Esaase drilling and regional targets.