Galiano Gold (GAU) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with gold production of 34,747 oz, record revenues up to $167M, and no lost-time injuries for over 12 months and 8.8 million hours worked.

• Maintained a robust cash position of $115M and $75M undrawn credit facility, totaling $190M in liquidity as of March 31, 2026.

• Exploration programs at Esaase and Abore are progressing, with increased drilling, expanded budgets up to $25M, and positive initial results.

• Continued development at Nkran Cut 3, with additional mining fleets arriving to boost efficiency and support future growth.

• Operations benefited from expanding margins, supporting exploration and mine life extension.

Financial highlights

• Record Q1 2026 revenues of $166.5–$167M, driven by strong gold prices and increased sales volumes.

• Cash flow from operations was $46.7M, with adjusted EBITDA of $93.4M and adjusted net income per share of $0.11.

• Net income attributable to shareholders was $32.7M ($0.13 per share), compared to a net loss in Q1 2025.

• AISC for Q1 2026 was $2,361/oz, reflecting higher royalties due to Ghana's amended royalty law.

• Operating costs remained well-controlled, with mining costs at $3.73/t and processing costs at $12.79/t.

Outlook and guidance

• On track to meet full year 2026 production guidance of 140,000–160,000 oz, with AISC guidance revised to $2,300–$2,600/oz due to royalty changes.

• Anticipates a significant cash flow inflection in 2027 as hedges roll off and production ramps up.

• Additional mining fleet mobilization at Nkran Cut 3 in Q2 2026 is expected to increase mined volumes.

• Growth capital and exploration spending to increase through the year, with expanded drilling at Esaase and Abore.