Galiano GOLD Reports Third Quarter 2025 Results
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GALIANO GOLD REPORTS
THIRD QUARTER 2025 RESULTS
Vancouver, British Columbia, November 6, 2025 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE
American: GAU) is pleased to report its third quarter (“Q3”) 2025 operating and financial results. Galiano owns a
90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana,
West Africa.
All financial information contained in this news release is unaudited and reported in United States dollars.
Q3 2025 AND YEAR-TO-DATE HIGHLIGHTS
Safety
No lost-time injuries (“LTI”) and one total recordable injury (“TRI”) recorded during Q3 2025.
12-month rolling LTI and TRI frequency rates as of September 30, 2025 of 0.39 and 0.90 per million hours
worked, respectively.
Financial
Cash and cash equivalents of $116.4 million as of September 30, 2025.
Generated cash flow from operating activities of $40.4 million during Q3 2025.
Income from mine operations of $48.2 million during Q3 2025.
Net loss of $0.15 per common share and adjusted net loss 1 of $0.01 per common share during Q3 2025.
Adjusted EBITDA1 of $37.8 million during Q3 2025.
Mining
Mined 1.6 million tonnes (“Mt”) of ore at an average mined grade of 0.8 grams per tonne (“g/t”) gold and a
strip ratio of 7.8:1 during Q3 2025.
Development of Cut 3 at the Nkran deposit continued to ramp up during the quarter with 3.6 Mt of material
mined, an increase of 111% compared to Q2 2025.
Subsequent to quarter-end, mining operations at Esaase recommenced in early November, with a steady ramp
up in ore production expected over Q4 2025.
Processing
1.3 Mt of ore was milled at an average feed grade of 0.9 g/t, with metallurgical recovery averaging 91% during
Q3 2025.
The permanent secondary crushing circuit at the AGM processing plant was commissioned at the end of July
2025.
Produced 32,533 ounces of gold during the quarter, a 7% increase compared to Q2 2025. Year-to-date gold
production reached 83,617 ounces as of September 30, 2025. Gold production guidance for fiscal year (“FY”)
2025 is revised to a range of 120,000 - 125,000 ounces (previously 130,000 - 150,000 ounces).
Sold 32,577 ounces of gold during the quarter at a record quarterly average price of $3,501 per ounce (“/oz”)
1 Non-IFRS measure. Refer to section “Non-IFRS Measures” of this news release.
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and sold 88,858 ounces of gold year-to-date at an average price of $3,237/oz, excluding the effect of realized
losses on gold hedging instruments.
Cost and Capital Expenditures
Total cash costs 1 of $1,554/oz and all-in sustaining costs 1 (“AISC”) of $2,283/oz for the quarter. AISC 1 was
consistent with Q2 2025. AISC 1 guidance for FY 2025 is revised to a range of $2,200/oz - $2,300/oz. Previous
AISC1 guidance for FY 2025 was a range of $1,750/oz - $1,950/oz, plus a further $100/oz for higher royalties.
Capitalized development pre-stripping costs at Nkran Cut 3 of $12.0 million during Q3 2025 and $22.1 million
year-to-date.
Exploration
Phase 2 drilling program at Abore completed during Q3 2025, which identified multiple new high-grade ore
shoots below the Abore South and Main zones, while also revealing a significant new high-grade discovery at
Abore North (refer to the Company’s news release dated August 20, 2025 ).
“The third quarter has shown some of the improvements we expected in terms of volumes of material mined and
throughput, following the successful commissioning of the secondary crusher. Grade also improved in the mill
resulting in production being 7% higher than the second quarter," said Matt Badylak, Galiano's President and Chief
Executive Officer. “The September incident at Esaase required us to temporarily pause mining operations and will
result in lower grades delivered to the mill for a longer period than originally expected. This has necessitated a
revision to full-year guidance. Our technical team continues to focus on mine and plant enhancements to improve
production as we enter the fourth quarter and beyond.
Importantly, we emerge from the quarter with a very strong financial position, and our Abore drilling program
continues to deliver exciting results, delineating a mineralized system extending 200 metres below our current
Mineral Reserve across a substantial 1,600-metre strike length.”
Revised FY 2025 Guidance
FY 2025 production and AISC1 guidance are revised to a range of 120,000 - 125,000 ounces (previously 130,000
- 150,000 ounces) and $2,200/oz - $2,300/oz (previously $1,750/oz - $1,950/oz, plus a further $100/oz for
higher royalties), respectively.
Production for the balance of the year will be impacted by multiple factors, including the extended pause of
mining operations at Esaase. During this period, Esaase stockpile material fed to the mill yielded lower grades.
The impact of this lower grade stockpile material will continue while Esaase mining operations ramp back up
to deliver ore from the pit. Mining at Abore will provide the majority of the mill feed for the balance of the
year, and lower realized grades have been factored into the revised production guidance range. Mill throughput
assumptions for the balance of the year have been aligned to reflect Q3 2025 milling performance, with the
expectation that ongoing circuit optimizations will yield improved throughput by year-end.
AISC1 guidance is revised due to the impacts of lower production guidance and higher royalties, resulting from
higher average gold sales prices and the 2% increase to Ghana’s Growth and Sustainability Levy (“GSL”).
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SUMMARY OF QUARTERLY OPERATIONAL AND FINANCIAL HIGHLIGHTS
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Health and safety
LTIs(1) - - 2 1 -
TRIs(1) 1 - 3 3 1
12-month rolling LTI frequency rate 0.38 0.42 0.43 0.15 0.00
Mining
Ore mined (‘000t) 1,605 1,365 1,296 531 670
Waste mined (‘000t) 12,493 9,824 9,124 8,698 9,726
Strip ratio (W:O) 7.8 7.2 7.0 16.4 14.5
Average gold grade mined (g/t) 0.8 0.8 0.8 1.0 1.1
Mining cost ($/t mined) – mine-wide (2) 3.36 3.65 3.36 3.41 3.52
Mining cost ($/t mined) – producing (2) 3.38 3.59 3.31 3.41 3.52
Mining cost ($/t mined) – development (2) 3.29 4.00 3.98 - -
Ore tonnes trucked (‘000 t) 1,288 1,030 1,053 685 665
Ore transportation cost ($/t trucked) 4.35 4.49 4.43 4.75 4.56
Processing
Ore milled (‘000t) 1,283 1,193 1,086 1,179 1,162
Average mill head grade (g/t) 0.9 0.8 0.8 0.9 0.9
Average recovery rate (%) 91 89 87 85 91
Processing cost ($/t milled) 12.57 12.89 14.37 15.84 12.49
General and administrative cost ($/t milled) 6.62 6.24 5.78 6.28 5.74
Gold produced (oz) 32,533 30,350 20,734 28,508 29,784
Capital expenditures
Sustaining capital ($m) 4.2 2.2 1.3 0.8 0.8
Development capital ($m) 2.9 4.9 3.3 2.0 4.0
Sustaining capitalized stripping costs ($m) 11.9 15.1 11.9 19.1 25.5
Development capitalized stripping costs – Nkran ($m) 12.0 6.9 3.2 - -
Financial, costs and cash flow
Revenue ($m) 114.2 97.3 76.6 64.6 71.1
Gold sold (oz) 32,577 29,287 26,994 24,673 29,014
Average gold sales price ($/oz) 3,501 3,317 2,833 2,609 2,446
AISC ($/oz sold)(3) 2,283 2,251 2,501 2,638 2,161
Income from mine operations ($m) 48.2 37.2 15.4 21.8 26.4
Adjusted net (loss) income ($m) (3) (2.8) 21.0 0.4 5.1 16.1
Adjusted EBITDA ($m) (3) 37.8 39.9 19.0 21.2 29.0
Cash flow from operating activities ($m) 40.4 35.8 25.9 13.8 24.4
(1) The Company records and reports injuries in accordance with the International Council on Mining and Metals’
(ICMM) Mining Principles.
(2) Total mining cost per tonne includes total mining costs for all producing deposits (i.e. Abore and Esaase) and
deposits in development (i.e Nkran). Producing mining cost per tonne reflects unit mining rates at the Abore and
Esaase deposits combined, while development mining cost per tonne reflects unit mining rates at the Nkran deposit
only.
(3) Refer to section “Non-IFRS Performance Measures” of this news release.
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Mining
Mined 1.3 Mt of ore at the Abore deposit, an increase of 57% from Q2 2025, at an average grade of 0.9 g/t gold.
The strip ratio at Abore was 6.5:1, in line with Q2 2025.
Mining activities at Abore during Q3 2025 focused on opening up Cut 2 to the full pit width to expose the main
granite ore body, and as a result the strip ratio remained elevated and average grade mined lower than forecast.
Understanding of Abore’s mineralization has improved as more of the main ore body has been mined at depth.
Reconciliation results for the quarter indicated that internal dilution, in combination with mining practices,
produce more tonnes at a lower grade for an equivalent number of gold ounces.
Mined 0.1 Mt of ore at the Esaase deposit at an average grade of 0.7 g/t gold. The strip ratio at Esaase was 6.4:1,
an increase of 16% from Q2 2025. Mined volumes at Esaase were impacted by strategically focusing on mining
the Abore deposit for the second half of the year, and the incident that occurred on September 9, 2025, as
described below.
On September 9, 2025, the Company reported an incident between illegal miners and military personnel on its
operating concessions, which regrettably resulted in the fatality of a community member and damage to
contractor equipment. While ore haulage of stockpiled material continued, mining operations at the Esaase
deposit were temporarily suspended whilst the mining contractor mobilized a new fleet of equipment.
Operations at the Abore deposit and the processing plant continued unaffected. Mining operations at Esaase
resumed in early November.
Mining cost per tonne at Abore and Esaase averaged $3.38 per tonne (“/t”) in Q3 2025, 6% lower than Q2 2025
due to more material mined.
Mining continued to ramp up at Cut 3 of the Nkran deposit with 3.6 Mt of material mined during Q3 2025, an
increase of 111% from Q2 2025, including 0.2 Mt of ore.
At Nkran, mining cost per tonne was $3.29 for Q3 2025, 18% lower than Q2 2025 due to more material mined.
Processing
The AGM produced 32,533 ounces of gold during Q3 2025, an increase of 7% from Q2 2025, as the processing
plant milled 1.3 Mt of ore at an average grade of 0.9 g/t gold with metallurgical recovery averaging 91%.
Secondary crushing circuit at the AGM processing plant was commissioned in late July 2025 and milling
performance has since improved monthly. At the end of Q3 2025, milling rates had increased 13% compared to
the Q2 2025 average. While all of the primary components of the secondary crusher have been commissioned,
there are additional ancillary components and hardware that will be installed during Q4 2025 that will further
improve the processing plant performance by year-end.
Processing cost per tonne for Q3 2025 was $12.57, 3% lower than Q2 2025. The decrease in processing cost per
tonne in Q3 2025 was driven by 8% more tonnes milled compared to Q2 2025, which decreased fixed processing
costs on a per unit basis.
Capital Expenditures
Sustaining capital expenditures during Q3 2025 totaled $4.2 million and related primarily to a tailings facility
expansion.
Development capital expenditures during Q3 2025 totaled $2.9 million (excluding Nkran pre-stripping costs) and
related primarily to finalizing the construction of the secondary crushing circuit.
Development of Cut 3 at the Nkran deposit commenced in February 2025 and has continued to ramp up
throughout the year. During Q3 2025, 3.4 Mt of waste was mined at a cost of $3.29/t, or $12.0 million. These
stripping costs are classified as development capital expenditures. The Company anticipates a further ramp up
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of mining activities at Nkran in Q1 2026 following the mobilization of additional mining equipment during Q4
2025.
Costs
AISC1 for Q3 2025 was $2,283/oz, compared to $2,161/oz in Q3 2024. The increase in AlSC1 was primarily driven
by low grade stockpiled ore processed in Q3 2024 that had no accounting book value and, as such, had no mining
cost attributed to it. Additionally, AISC1 was higher in Q3 2025 due to higher royalties, a result of higher average
gold sales prices and an increase to the GSL effective April 1, 2025. These factors were partly offset by 12%
higher gold ounces sold in Q3 2025.
Relative to Q2 2025, AISC 1 remained comparable in Q3 2025 on a per ounce basis, while increasing by 13% on
an absolute basis. The increase in absolute costs was driven by costs associated with operating the secondary
crushing circuit, higher royalties expense resulting from higher average gold sales prices, and higher sustaining
capital expenditures related to expanding the tailings facility.
Exploration
Following the positive results of a Phase 1 drilling program ( refer to the Company’s news release dated May 5,
2025), which targeted mineralization within and directly below Abore’s Mineral Reserve pit shell, a Phase 2
drilling program commenced at Abore in Q2 2025 and was completed in Q3 2025. The Phase 2 program was
designed to test for further extensions of mineralization immediately below the Abore Mineral Reserve and
Mineral Resource, across a strike length of approximately 1,600m, extending to the northern end of the Abore
pit. Q3 2025 drilling at Abore totalled 14,687m.
Results from the Phase 2 program identified multiple new high-grade ore shoots below the Abore South and
Main zones, while also revealing a significant new high-grade discovery at Abore North below the existing
Mineral Reserve and Mineral Resource ( refer to the Company’s news release dated August 20, 2025 ). On the
back of these positive results, the Phase 2 program has been expanded to continue infill and step-out drilling
through Q4 2025.
In addition to the drilling and geophysics programs above, the Company also continued to conduct mapping and
prospecting on several regional greenfield targets across the AGM’s tenements with an objective of identifying
new potential drill targets. Work in Q3 2025 continued to focus on areas along strike to the southwest of the
Nkran deposit, including a ground Induced Polarization survey over the Nsoroma target ahead of planned drilling
in Q4 2025.
Balance Sheet
The Company has maintained a strong cash position with $116.4 million as of September 30, 2025
The Company is in the process of finalizing a $75 million revolving credit facility (the “RCF”) with FirstRand Bank
Limited, acting through its Rand Merchant Bank division. The purpose of the RCF is for general working capital
requirements. The RCF has a 4-year term and floating interest rate based on the Secured Overnight Financing
Rate (SOFR) plus a margin of 3.95%. Finalization of the RCF is pending signing of closing documentation, and
satisfaction of conditions precedent customary for a facility of this nature.
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CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
The Company sold 32,577 ounces of gold in Q3 2025 at a quarterly record average gold price (before the effect
of realized hedging losses) of $3,501/oz for total revenue of $114.2 million. The increase in revenue from the
comparative period was due to a 43% increase in average gold sales prices and a 12% increase in gold ounces
sold. The average gold sales price, including the effect of realized gold hedging losses, for Q3 2025 amounted to
$3,099/oz.
Income from mine operations for Q3 2025 totaled $48.2 million, compared to $26.4 million in Q3 2024. The
increase in income from mine operations was due to higher revenues as described above. This was partly offset
by higher depletion expense on Abore and Esaase development and capitalized stripping costs during Q3 2025.
Royalties expense was also higher in Q3 2025 due to higher earned revenues and the increase to the GSL from
1% to 3% effective April 1, 2025.
The Company reported net loss attributable to common shareholders of $38.6 million in Q3 2025, compared to
net income of $1.1 million in Q3 2024. The decrease in net income during Q3 2025 was primarily due to an
increase in realized and unrealized losses on the AGM’s zero cost gold collar hedges and the recording of current
and deferred income tax expenses related to the AGM.
Reported Adjusted EBITDA 1 of $37.8 million in Q3 2025, compared to $29.0 million in Q3 2024. The increase in
Adjusted EBITDA 1 was primarily driven by higher revenues, partly offset by higher royalties and realized gold
hedging losses, as described above.
The Company generated $40.4 million of cash flow from operating activities in Q3 2025, compared to $24.4
million in Q3 2024. The increase in operating cash flow was primarily driven by higher average gold sales prices
during Q3 2025.
As of September 30, 2025, the Company had cash and cash equivalents of $116.4 million and no debt.
(All amounts in 000's of US dollars, unless otherwise stated) 2025 2024
Revenue 114,197 71,130
Income from mi ne operati ons 48,176 26,444
Net (los s) income a ttri butable to common s hareholders (38,636) 1,100
Net (los s) income per s hare attributa bl e to common s hareholders (0.15) 0.00
Adjusted net (los s) income attri buta ble to common shareholders
(1) (2,770) 16,088
Adjusted net (los s) income per s hare attributa bl e to common s ha reholders
(1) (0.01) 0.06
Adjusted EBITDA
(1) 37,820 29,012
Cash and cash equi val ents 116,440 120,916
Cash genera ted from operating acti vities 40,449 24,449
Three months ended September 30,
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CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
The Company sold 88,858 ounces of gold during the nine months ended September 30, 2025 at an average gold
price (before the effect of realized hedging losses) of $3,237/oz for total revenue of $288.1 million. The increase
in revenue from the comparative period was due to a 40% increase in average gold sales prices and 24% increase
in gold ounces sold. The average gold sales price, including the effect of realized gold hedging losses, year-to-
date amounted to $2,914/oz.
Income from mine operations for the nine months ended September 30, 2025 totaled $100.7 million, compared
to $56.2 million in the comparative period of 2024. The increase in income from mine operations was due to
the increase in revenue, as described above, and the Company only consolidating the financial results of the
AGM from March 4, 2024 to September 30, 2024 in the comparative period. These factors were partly offset by
higher depreciation and depletion expense and royalties in 2025.
The Company reported a net loss attributable to common shareholders of $46.1 million for the nine months
ended September 30, 2025, compared to net income of $5.2 million in the comparative period of 2024. The
decrease in net income was primarily driven by higher realized and unrealized losses on gold hedging
instruments in 2025 and the recording of current and deferred income tax expenses related to the AGM.
Reported Adjusted EBITDA 1 of $96.7 million during the nine months ended September 30, 2025, compared to
$50.1 million in the comparative period of 2024. The increase in Adjusted EBITDA1 was driven by higher average
gold sales prices and the Company consolidating a full nine months of financial results of the AGM in 2025. These
factors were partly offset by higher royalties and realized gold hedging losses in 2025.
The Company generated $102.2 million of cash flow from operating activities during the nine months ended
September 30, 2025, compared to $41.9 million in the comparative period of 2024. The increase in cash flow
from operations was driven by higher average gold sales prices and the Company consolidating a full nine
months of financial results of the AGM in 2025.
This news release should be read in conjunction with Galiano’s Management’s Discussion and Analysis and the
Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended
September 30, 2025 and 2024, which are available at www.galianogold.com and filed on SEDAR+.
(All amounts in 000's of US dollars, unless otherwise stated) 2025 2024
Revenue 288,091 166,788
Income from mine opera ti ons 100,698 56,222
Net (los s) income a ttri butable to common s ha rehol ders (46,116) 5,172
Net (los s) income per sha re attributa ble to common s ha rehol ders (0.18) 0.02
Adjusted net income attributa ble to common sha rehol ders
(1) 18,570 34,902
Adjusted net income per s hare attributa bl e to common s hareholders
(1) 0.07 0.14
Adjusted EBITDA
(1) 96,695 50,117
Cash and ca s h equival ents 116,440 120,916
Cash genera ted from operating a ctivi ti es 102,155 41,940
Nine months ended September 30,
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1 Non-IFRS Performance Measures
The Company has included certain non-IFRS performance measures in this news release. These non-IFRS
performance measures do not have any standardized meaning and therefore may not be comparable to similar
measures presented by other issuers. Accordingly, these performance measures are intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. Refer to the Non-IFRS Measures section of Galiano’s Management’s Discussion and Analysis
for an explanation of these measures and reconciliations to the Company’s reported financial results in accordance
with IFRS.
Total Cash Costs per Gold Ounce Sold
Management of the Company uses total cash costs per gold ounce sold to monitor the operating performance
of the AGM. Total cash costs include the cost of production, adjusted for by-product revenue and production
royalties per ounce of gold sold.
AISC per Gold Ounce Sold
The Company has adopted the reporting of “AISC per gold ounce sold”. AISC include total cash costs, AGM general
and administrative expenses, sustaining capital expenditure, sustaining capitalized stripping costs, reclamation
cost accretion and lease payments made on the AGM’s mining and other service lease agreements per ounce of
gold sold.
EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) provides an indication of the
Company’s continuing capacity to generate income from operations before taking into account the Company’s
financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income (loss)
excluding finance expense, finance income, depreciation and depletion expense, and income taxes. Adjusted
EBITDA adjusts EBITDA to exclude non-recurring items and non-cash items (“Adjusted EBITDA”) and includes the
calculated Adjusted EBITDA of the AGM joint venture for periods prior to the consolidation of its ownership.
Adjusted net income (loss) and adjusted net income (loss) per common share
The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net
income (loss) per common share. Neither adjusted net income (loss) nor adjusted net income (loss) per share
have any standardized meaning and are therefore unlikely to be comparable to other measures presented by
other issuers. Adjusted net income (loss) excludes certain non-cash items or non-recurring items from net income
(loss) to provide a measure which helps the Company and investors to evaluate the results of the underlying core
operations of the Company and its ability to generate cash flows and is an important indicator of the strength of
the Company’s operations and performance of its core business.
Qualified Person
The exploration information contained in this news release has been reviewed and approved by Mr. Chris Pettman,
P.Geo, Vice President Exploration of Galiano. All other scientific and technical information contained in this news
release has been reviewed and approved by Mr. Amri Sinuhaji, P.Eng., Vice President Technical Services of Galiano.
Mr. Pettman and Mr. Sinuhaji are “Qualified Persons” as defined by National Instrument 43-101, Standards of
Disclosure for Mineral Projects.