Galiano Gold Raises Gold Production 19% to 40,922 Ounces in Third Quarter
Key Facts
Galiano Gold’s Asanko mine produced approximately 40,922 ounces of gold in the third quarter of 2026, up 19% from the second quarter, according to the company’s filing with the U.S. Securities and Exchange Commission. Production for the nine months ended September 30 reached 110,060 ounces. The company kept its full-year production guidance at a range of 140,000 to 160,000 ounces. Quarterly sales totaled 40,403 ounces, at an average gross price of $4,247 per ounce before the impact of realized hedge losses. The company said higher processing and fewer plant stoppages contributed to the increase in production from the previous quarter. The results put third-quarter output on track with the annual guidance, which the company reaffirmed.
The company swung to net income attributable to common shareholders of $40.5 million, or $0.15 per share, in the third quarter of 2026. In the same period of 2025, it recorded a net loss of $38.6 million, or a loss of $0.15 per share. Adjusted earnings before interest, taxes, depreciation and amortization also rose to $93.3 million, compared with $40.2 million in the third quarter of 2025. The company attributed the improvement in this metric to higher revenue, partly offset by increased royalties. Cash flow from operating activities was $57.0 million, versus $40.4 million in the same period a year earlier. The company said higher realized selling prices and more ounces sold supported cash flow, while higher royalties and income taxes limited the positive impact.
All-in sustaining costs were $2,346 per ounce in the third quarter, down 5% from $2,473 in the second quarter. The company attributed the decline mainly to higher ounces sold, partly offset by increased sustaining capital expenditure for the tailings storage facility expansion project. Operationally, the ore processing rate rose 11% from the second quarter as plant stoppages declined. Mill availability improved to 92% in the third quarter from 90% in the previous quarter. The company said fewer plant stoppages helped increase processing during the quarter. The figures show production rising alongside lower all-in sustaining costs compared with the previous period.
In mining, waste stripping accelerated at the third cutback of the Nkran pit during the quarter, with the company mining 8.5 million tonnes, up 40% from the second quarter. It said it expects mining rates to increase further in the fourth quarter after additional equipment is mobilized. Ghana’s sliding-scale royalty regime took effect on March 10, 2026, and the company said higher royalties partly limited the impact of revenue growth on mine operating profit. Supporting continuity of operations, the Abirem and Miradani mining leases were extended to 2041 and 2043, respectively. The company said the extensions support operating certainty and production growth at the Asanko mine.
The company had cash and restricted cash of $112.7 million as of September 30, 2026, and reported no debt. It expects to publish an update to its mineral reserve and resource estimates in the first quarter of 2027. It said: "We remain firmly on track to deliver our updated mineral reserve and resource estimates in the first quarter of 2027." The expected update follows the quarter in which the company reported higher production and maintained its full-year guidance. It also said full-year production guidance remains at 140,000 to 160,000 ounces. The fourth quarter is the remaining period of the year under that guidance, alongside the company’s expectation of higher mining rates at Nkran.