Galiano Gold Reports First Quarter 2026 Results

• Galiano Gold reported Q1 2026 results after market close on May 13, 2026
• Produced 34,747 oz gold, a 68% YoY increase, and sold 34,181 oz at record $4,857/oz
• Revenue surged to $166.5M; net income of $32.7M ($0.13/share) vs. loss of $26.8M in Q1 2025
• Adjusted EBITDA $93.4M; cash flow from operations $46.7M; cash balance $114.9M with no debt
• AISC of $2,361/oz, down 6% YoY, but FY2026 AISC guidance revised higher to $2,300–$2,600/oz due to Ghana royalty framework change
• Nkran Cut 3 development advancing, Esaase exploration budget expanded by $7.5M to 33,000m
• All operations recorded zero lost-time injuries in the quarter

• This report marks a decisive operational turnaround from a net loss position to substantial profitability, underscoring the company’s leverage to a record gold price environment
• Historically, 2025 was troubled: Q1 2025 net loss, a fatal community incident in September 2025 that suspended Esaase operations, a Q3 2025 guidance cut, and elevated costs. The Q1 2026 results demonstrate recovery of production momentum and cost discipline
• The prior flow of positive news — maiden underground resources at Nkran/Abore (April 2026), inclusion in the GDXJ (March 2026), and high-grade Abore drill hits — had already built market confidence. This earnings release confirms that operational execution is on track and that the company is generating significant free cash flow
• Negative: AISC guidance increase from $2,000–$2,300 to $2,300–$2,600 adds a modest headwind. The revision is sovereign-driven, highlighting Ghana risk, but at current gold prices margins remain robust
• The company is on pace to deliver the forecast ~25% production increase for FY2026. While the quarterly beat may not be entirely unexpected given gold price trends, the magnitude of the profit swing and the debt-free, cash‑rich balance sheet represent a material positive development for a mid‑tier producer of this size

• Galiano Gold Inc. (NYSE-A: GAU) is a Canadian-based gold producer with a single operating asset — the Asanko Gold Mine (AGM) in Ghana, West Africa
• The AGM comprises the Nkran (past-producing pit now undergoing Cut 3 expansion), Abore, Esaase, and satellite deposits. Ore is processed through a 5.8 Mt/yr capacity CIL plant
• As of April 2026, AGM‘s Proven & Probable Mineral Reserves stand at 47.5 Mt at 1.29 g/t Au for 1.97 million ounces
• Maiden underground resources were declared at Nkran and Abore: 3.4 Mt indicated at 2.74 g/t (303 koz) and 6.5 Mt inferred at 2.52 g/t (525 koz). These provide a new growth avenue
• Management team led by President & CEO Matt Badylak and VP Exploration Chris Pettman, P.Geo.