Galiano Gold (GAU) Q3 2026 earnings summary

Executive summary

• Q3 production rose 19% QoQ to 40,922 oz; operating cash flow was $57.0M, and 2026 production and AISC guidance remained on track.

• Debt-free balance sheet with $86.8M cash and equivalents, $25.9M restricted cash, and a $75M undrawn revolving credit facility.

Financial highlights

• Q3 revenue was $172.1M versus $114.2M in Q3 2025; adjusted EBITDA was $93.3M versus $40.2M.

• Net income attributable to common shareholders was $40.5M, versus a $38.6M loss in Q3 2025; basic EPS was $0.15 and adjusted EPS was $0.09.

• Operating cash flow was $57.0M versus $40.4M in Q3 2025, driven by higher gold prices and sales volumes, partly offset by royalties and income taxes.

• Q3 gross average gold sales price was $4,247/oz; average price including realized hedge losses was $3,557/oz.

• 9M revenue was $495.2M, net income was $135.1M ($0.52/share), and adjusted EBITDA was $265.7M.

Outlook and guidance

• FY 2026 production guidance remains 140,000–160,000 oz and AISC guidance $2,300–$2,600/oz; 9M production was 110,060 oz and AISC was $2,391/oz.

• Higher Abore grades are expected to support 2027 production growth; production is expected to be slightly higher, with 2027 guidance planned for early 2027.

• The remaining 15,000 oz hedge position is expected to settle in Q4 2026; hedge-book expiry is expected to increase gold-price exposure and support cash generation in 2027.

• Esaase resource and reserve updates are targeted for Q1 2027; Abore adit contractor selection is underway, with groundbreaking targeted for Q1 or late Q1/early Q2 2027.