Galiano Gold (GAU) Q2 2026 earnings summary

Executive summary

• Produced 34,400 oz of gold in Q2 2026, bringing H1 output to 69,138 oz, near the upper end of guidance.

• Maintained a strong safety record with no lost time or recordable injuries; 456 consecutive incident-free days and 11 million hours worked without LTI.

• Full-year 2026 production guidance remains at 140,000–160,000 oz; AISC guidance unchanged at $2,300–$2,600/oz.

• Advanced key growth projects, including Nkran Cut 3 pre-stripping and ongoing drilling at Abore Underground and Esaase.

• Ended Q2 with $105.9M in cash (including $25.9M restricted due to a legal dispute), debt-free, and $75M undrawn revolving credit facility.

Financial highlights

• Q2 2026 revenue was $156.6M, up 61% year-over-year, driven by a 34% increase in gold price and 20% more ounces sold.

• Adjusted EBITDA reached $78.5M; adjusted EPS was $0.09 per share.

• Cash flow from operations was $31.9M, excluding restricted cash.

• Net income attributable to shareholders was $61.9M ($0.24/share) in Q2 2026.

• Q2 2026 income from mine operations was $92.8M, up from $24.7M in Q2 2025.

Outlook and guidance

• Full-year 2026 production and AISC guidance reaffirmed at 140,000–160,000 oz and $2,300–$2,600/oz.

• Production expected to increase in H2 2026 as Nkran Cut 3 development accelerates and higher ore grades are accessed.

• Production expected to increase further in 2027 as hedge program ends, allowing full exposure to gold price.