Galiano Gold (GAU) Mining Forum Americas 2026 summary

Operating outlook

• 2026 production target: 140,000–160,000 oz; AISC: $2,300–$2,600/oz. YTD production reached 69.1 koz, with guidance on track.

• 2027 production is expected to rise ~20% YoY, supported by higher-grade Abore ore; Nkran Cut 3 is expected to bring a further production inflection from 2029+.

• Nkran’s highest-grade reserve material is expected to reach the mill in late 2028, lifting production significantly above the 2026 target.

• The hedge rolls off in Dec 2026, leaving 2027 production fully exposed to gold prices; material cash-flow increases are expected in 2027–28.

Operational and financial performance

• Debt-free with $105.9M cash and an undrawn $75M revolving credit facility; total liquidity was reported at $180M.

• Q2 operating cash flow reached $31.9M, supporting investment and exploration.

• Nkran Cut 3 pre-stripping advanced, with 6.1 Mt of waste mined in Q2 and $22.1M invested during the quarter.

• Q2 recorded zero lost-time or recordable injuries; more than 11 million hours LTI-free.

Resource and reserve development

• Dec. 31, 2025 reserves totaled 1.97 Moz Au (47.5 Mt at 1.29 g/t); measured and indicated resources totaled 3.44 Moz Au at 1.33 g/t.

• Esaase has 532 koz of reserves and 1.72 Moz of indicated and inferred resources; ~34,000 m of drilling targets resource-to-reserve conversion, with estimates expected in Q1 2027.

• Abore has high-grade mineralization below the reserve shell, extends 1.8 km along strike and remains open at depth; underground adit permitting is underway, with construction targeted for 2027.

• Underground opportunities and mine-life expansion are being evaluated at Esaase and Abore.