Galiano Gold (GAU) Q3 2025 earnings summary

Executive summary

• Gold production rose to 32,533 ounces in Q3 2025, a 7% increase from Q2, driven by higher grades and throughput after commissioning a secondary crusher in July.

• Revenue reached $114.2 million, up 17% quarter-over-quarter and 61% year-over-year, supported by improved gold prices and production.

• Operations were impacted by a security incident at Asasi/Esaase in September, causing a temporary halt and equipment damage; mining resumed in November.

• Exploration at Abore delivered strong results, with over 11,000 meters drilled and new high-grade zones discovered, including at Abore North.

• The company maintains a strong safety record, with no lost-time injuries in Q3 and over 4.2 million man-hours since the last incident.

Financial highlights

• Net revenue for Q3 was $114.2 million, a 17% increase from Q2 and 61% higher year-over-year.

• Income from mine operations was $48.2 million, with adjusted EBITDA of $37.8 million and cash flow from operations of $40.4 million.

• Cash and cash equivalents stood at $116.4 million at quarter-end, with no debt.

• All-in sustaining costs (AISC) were $2,283/oz in Q3, with full-year guidance raised to $2,200–$2,300/oz due to higher royalties and lower production.

• $12 million was spent on Nkran/Encran pre-stripping in Q3, with $22.1 million year-to-date.

Outlook and guidance

• FY 2025 gold production guidance revised to 120,000–125,000 ounces, reflecting the Asasi/Esaase disruption and updated Abore understanding.

• AISC for the year is now expected between $2,200 and $2,300 per ounce.

• Further throughput and cost improvements are anticipated in Q4 as secondary crusher optimization continues.

• Mineral reserve and resource update is planned for early 2026.

• Eight-year mine life projected, not including exploration upside.