Galiano Gold Reports Fourth Quarter and Full Year 2025 Results

Executive Summary

• Galiano Gold Inc. reported its Q4 and Full Year 2025 operating and financial results for the Asanko Gold Mine (AGM) in Ghana, highlighting strong production growth, record quarterly gold prices, and significant cost reductions.
• The company achieved a record quarterly average gold sales price of $4,164/oz in Q4 2025, driving gross revenue to $159.7 million for the quarter and $447.8 million for the full year.
• Galiano announced FY 2026 guidance forecasting a ~25% increase in gold production (140,000–160,000 oz) and provided detailed capital expenditure plans for Nkran Cut 3 development and exploration.

Key Details

• Financial Performance (Q4 2025):
  • Gross Revenue: $159.7 million.
  • Income from Mine Operations: $51.1 million.
  • Adjusted Income from Mine Operations: $68.6 million.
  • Adjusted Net Income: $0.15 per share (basic).
  • Adjusted EBITDA: $85.5 million.
  • Cash Flow from Operating Activities: $55.8 million.
  • Cash Position: $108.3 million with no debt.
• Financial Performance (FY 2025):
  • Gross Revenue: $447.8 million.
  • Income from Mine Operations: $66.0 million.
  • Adjusted Income from Mine Operations: $140.6 million.
  • Adjusted Net Income: $0.23 per share (basic).
  • Adjusted EBITDA: $182.2 million.
  • Cash Flow from Operating Activities: $158.0 million.
• Production & Operations (Q4 2025):
  • Gold Produced: 37,574 ounces (15% increase vs Q3 2025).
  • Gold Sold: 38,276 ounces at a record average price of $4,164/oz.
  • Ore Mined: 1.6 million tonnes at 0.9 g/t Au.
  • Ore Milled: 1.4 million tonnes at 1.0 g/t Au with 91% metallurgical recovery.
  • Plant Performance: Secondary crusher commissioned; December 2025 milling achieved nameplate annual capacity of 5.8 Mt.
• Production & Operations (FY 2025):
  • Gold Produced: 121,191 ounces (5% increase vs FY 2024).
  • Gold Sold: 127,134 ounces at an average price of $3,516/oz.
  • Ore Mined: 5.8 million tonnes at 0.9 g/t Au.
  • Ore Milled: 4.9 million tonnes at 0.9 g/t Au with 90% recovery.
• Costs:
  • All-In Sustaining Costs (AISC): $2,033/oz in Q4 2025 (11% lower than Q3 2025).
  • FY 2025 AISC: $2,233/oz (within revised guidance of $2,200–$2,300/oz).
• Capital Expenditures:
  • Q4 2025 Sustaining Capital: $4.4 million (primarily tailings facility expansion).
  • Q4 2025 Development Capital: $0.7 million (excluding Nkran pre-stripping).
  • Q4 2025 Capitalized Development Pre-Stripping (Nkran Cut 3): $11.1 million.
  • Deferred Acquisition Payment: $25.0 million paid to Gold Fields Limited in Q4 2025.
• Balance Sheet & Financing:
  • Finalized a $75 million revolving credit facility (RCF) with FirstRand Bank in Q4 2025.
  • RCF terms: 4-year term, SOFR + 3.95% margin, 1.38% standby fee on undrawn portion.
  • No draws on RCF as of Dec 31, 2025.
• FY 2026 Guidance:
  • Gold Production: 140,000 – 160,000 ounces (weighted to H2 2026).
  • AISC: $2,000 – $2,300/oz (assuming $4,500/oz gold price).
  • Sustaining Capital: $16 – $18 million.
  • Development Capital: $120 – $140 million (primarily Nkran Cut 3 stripping and village resettlement).
  • Exploration: $17 – $19 million (including ~52,000m drilling).
  • Indicative H1/H2 2026 Production: H1 (60k–70k oz), H2 (80k–90k oz).
• Exploration:
  • Phase 2 drilling at Abore released in Q4 2025 confirmed high-grade intercepts and continuity.
  • Expanded drilling program completed 10,907m in Q4 2025 to test depths up to 200m below previous drilling.

Notable Quotes

• "The fourth quarter capped off a year of strong operating momentum at the AGM, with gold production increasing for a fourth consecutive quarter and rising more than 80% compared to the first quarter of 2025. The successful commissioning and optimization of the secondary crusher has been a key milestone, lifting plant performance to near nameplate capacity, while improving mined grades at Abore continue to drive near-term organic growth," said Matt Badylak, Galiano's President and Chief Executive Officer.
• "During the quarter, we made the first $25 million deferred payment to Gold Fields yet still closed the year with $108 million in cash. This financial strength supports our plans to advance stripping at Nkran Cut 3 in 2026 and continue executing our growth strategy in a disciplined manner. With gold production expected between 140,000 to 160,000 ounces in 2026, an increase of approximately 25% year-on-year, we are well positioned to grow production and execute on our aggressive exploration strategy to unlock the full long-term potential of the AGM."