Galiano Gold (GAU) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with gold production of 34,747 oz, record revenues of $167M, and no lost-time injuries for over 12 months and 8.8 million hours worked.

• Maintained a robust cash position of $115M and total liquidity of $190M, including an undrawn $75M revolving credit facility.

• Expanded exploration programs and budgets at Esaase and Abore, with five drill rigs active and positive initial drilling results.

• Continued development at Nkran Cut 3 and secured a four-year extension with mining contractor Rabotec.

• Operations are funding growth initiatives and mine life extension.

Financial highlights

• Record Q1 2026 revenues of $166.5M–$167M and operating cash flows of $46.7M–$47M.

• Adjusted EBITDA reached $93.4M, and adjusted net income per share was $0.11.

• AISC for Q1 2026 was $2,361/oz, with margin at $1,760/oz, reflecting higher royalties from Ghana's new regime.

• Operating costs remained well-controlled despite inflationary pressures; mining costs at Abore & Esaase were $3.73/t, processing costs $12.79/t.

• Net income attributable to shareholders was $32.7M ($0.13 per share), compared to a net loss in Q1 2025.

Outlook and guidance

• FY 2026 gold production guidance maintained at 140,000–160,000 oz, with H1 targeting the upper end of 60,000–70,000 oz.

• AISC guidance for 2026 reiterated at $2,300–$2,600/oz due to Ghana's amended royalty law.

• Additional mining fleet mobilization at Nkran Cut 3 in Q2 is expected to increase mined volumes.

• Exploration and growth capital spending to increase through 2026, with a significant cash flow inflection expected in 2027 as hedges roll off.

• Exploration budget at Esaase expanded by $7.5M to support 33,000m of drilling.