Galiano Gold Stock Earnings Reports

Galiano reported a solid Q1 2026 operational and financial quarter that tracked to plan. Safety remained strong with 12 months LTI-free. Production: Q1 gold production was ~34,500 oz (34,747 oz reported) and sales just over 34,000 oz; full-year guidance unchanged at 140,000–160,000 oz and first-half guidance of 60,000–70,000 oz remains on track. Balance sheet and liquidity were strong: ~$115 million cash and an undrawn $75 million revolver (total liquidity ≈ $190 million). Hedging: ~45,000 oz of hedges remain to settle; as hedges roll off and the deferred payment is settled in December, management expects a material cash-flow inflection starting January 2027. Costs: site operating costs are controlled; AISC guidance was reiterated at $2,300–$2,600/oz reflecting the newly enacted Ghanaian sliding-scale royalty (current rate ~12% at present prices) and a reduced sustainability levy. CapEx is focused on critical items (tailings raise, village relocations) and growth capital will increase through the year. Operations: Esaase and Abore continue to supply mill feed, ore tonnes rose 6% QoQ, total tonnes mined up 9%, and cut 3 stripping at Nkran is ramping with additional fleets arriving (third fleet in April, two more expected). Contracting: a 4-year extension was signed with domestic contractor Rabotec. Exploration: the 2026 exploration budget was increased from $17M to $25M to accelerate reserve conversion at Esaase (expanded program to ~33,400 m, 5 rigs active) and further grow the Abore underground resource (30,000 m program underway, step-outs and infill yielding encouraging results). Management emphasized reserve-growth potential at Esaase and continued upside from Abore underground development as key catalysts that could extend mine life and materially improve valuation and cash generation beyond 2026.