Galiano Gold (GAU) Company Report

Analyst Coverage

Research analysts who have asked questions during Galiano Gold earnings calls.

Heiko Ihle

H.C. Wainwright & Co.

9 questions for GAU

Also covers: AG, AREC, ASM +16 more

Dan Ellsworth

World Micro

4 questions for GAU

Raj Ray

BMO Capital Markets

4 questions for GAU

Also covers: AU, CGAU, NG +1 more

Alfredo

Equinox Partners

3 questions for GAU

Bereket Berhe

Beacon Securities

3 questions for GAU

Vitaly Kononov

Freedom Brokers

2 questions for GAU

Latest news

Recent press releases and 8-K filings for GAU.

Galiano Gold Inc. Reports FY 2025 Results with Increased Revenue and Net Loss

GAU

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Galiano Gold Inc. reported FY 2025 revenue of $447.8 million, a substantial increase from $231.3 million in FY 2024, driven by higher gold sales and average prices. Adjusted EBITDA also significantly increased to $182.2 million in FY 2025 from $71.3 million in FY 2024.
The company recorded a net loss attributable to common shareholders of $29.3 million (or $0.11 per share) for FY 2025, a shift from a net income of $6.1 million in FY 2024, primarily impacted by $119.3 million in realized and unrealized losses on gold hedging instruments and income tax expenses.
As of December 31, 2025, Galiano maintained a cash balance of $108.3 million and no debt. However, its net working capital moved to a deficiency of $11.4 million from a $61.8 million surplus at the end of 2024, largely due to increased gold hedge derivative liabilities. The company also secured a new $75.0 million Revolving Credit Facility in Q4 2025, which was undrawn.

Feb 13, 2026, 7:12 PM

6-K

Galiano Gold Announces Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance

GAU

Earnings

Guidance Update

New Projects/Investments

For Q4 2025, Galiano Gold reported record revenues of $160 million and 37,500 ounces of gold production , with All-in Sustaining Cash Costs (AISC) reducing to $2,033 per ounce. The company generated $56 million in cash flow from operations.
Full-year 2025 gold production totaled 121,000 ounces. For 2026, Galiano Gold forecasts production of 140,000-160,000 ounces , a 25% increase from 2025 , at an AISC of $2,000-$2,300 per ounce. Production is expected to be weighted towards the second half of the year.
The company maintains a cash balance of over $100 million and established a $75 million revolving credit facility. Key investments for 2026 include $100 million-$120 million for Nkran pre-stripping and a $17 million exploration budget , with 2027 anticipated as an inflection point for cash flow generation.

Feb 13, 2026, 3:30 PM

Transcript

Galiano Gold Reports Strong Q4 2025 Results and Provides Upbeat 2026 Guidance

GAU

Earnings

Guidance Update

New Projects/Investments

Galiano Gold reported record Q4 2025 revenue of $160 million and $56 million in cash flows from operations. Gold production reached 37,500 ounces in Q4, contributing to a full-year total of 121,000 ounces, in line with revised guidance.
All-in sustaining cash costs (AISC) decreased to $2,033 per ounce in Q4 2025. The company maintains a strong balance sheet with over $100 million in cash and established a $75 million revolving credit facility.
For 2026, gold production is guided between 140,000-160,000 ounces, representing a 25% increase from 2025, with AISC projected at $2,000-$2,300 per ounce. Production is expected to be weighted towards the second half of the year.
The company declared a maiden underground mineral resource and plans an aggressive $17 million exploration program for 2026, alongside $100-$120 million in Nkran pre-stripping development capital. Management anticipates 2027 as a "real inflection point" for cash flow due to expiring hedges and final deferred payments.

Feb 13, 2026, 3:30 PM

Transcript

Galiano Gold Reports Record Q4 2025 Revenue and Provides 2026 Guidance

GAU

Earnings

Guidance Update

New Projects/Investments

Galiano Gold reported record revenue of $160 million for Q4 2025, a 40% increase quarter-over-quarter, driven by higher production and improved gold prices.
Gold production in Q4 2025 was 37,500 ounces, contributing to a full-year total of 121,000 ounces, in line with revised guidance.
The company provided 2026 production guidance of 140,000-160,000 ounces and All-in Sustaining Costs (AISC) of $2,000-$2,300 per ounce, with production weighted towards the second half of the year.
Galiano Gold maintains a strong cash balance of over $100 million and established a $75 million revolving credit facility.
An aggressive $17 million exploration program is planned for 2026 to expand underground and open pit resources, with economic studies for underground mines anticipated in 2027.

Feb 13, 2026, 3:30 PM

Transcript

Galiano Gold Updates Mineral Reserves and Resources, Forecasts 25% Production Increase in FY 2026

GAU

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Galiano Gold Inc. reported updated Mineral Reserve and Mineral Resource estimates for the Asanko Gold Mine (AGM) as of December 31, 2025, with 1.97 million ounces (Moz) of gold in Proven and Probable Mineral Reserves.
The company announced maiden underground Mineral Resources at the Nkran and Abore deposits, totaling 0.30 Moz gold Indicated and 0.53 Moz gold Inferred.
Galiano forecasts an approximate 25% increase in FY 2026 gold production compared to FY 2025, driven by a 15% rise in mill throughput and higher-grade ore from Abore.
The company aims to advance underground mining studies at Nkran and Abore towards Mineral Reserve classification within 12 to 24 months and targets adding 1.0 to 1.5 Moz gold to resources and reserves over the next two to three years.

Feb 12, 2026, 10:18 PM

6-K

Galiano Gold Inc. Reports High-Grade Abore Drilling Results and Outlines 2026 Exploration Plans

GAU

New Projects/Investments

Guidance Update

Galiano Gold Inc. announced high-grade drilling results from its 2025 Abore program, including 14.2 g/t Au over 15m and 4.7 g/t Au over 24m, expanding the mineralized footprint at depth.
These results will be included in the maiden Abore underground Mineral Resource estimate, anticipated in February 2026.
The company has approved an initial $17 million exploration budget for 2026, focusing on Mineral Resource and Reserve growth with 30,000m of drilling planned at Abore and infill drilling at Esaase.

Jan 29, 2026, 6:53 PM

6-K

Galiano Gold Subsidiary Secures $75 Million Revolving Credit Facility and Details Acquisition Payments

GAU

Debt Issuance

M&A

Asanko Gold Ghana Ltd., a subsidiary of Galiano Gold Inc., has secured a USD75,000,000 Revolving Credit Facility dated December 17, 2025, arranged by FirstRand Bank Limited.
The agreement details SPA Deferred Consideration payments of US$25,000,000 which was due on December 31, 2025, and US$30,000,000 due on December 31, 2026, to Gold Fields (BVI) under a Share Purchase Agreement.
An additional US$30,000,000 SPA Contingent Consideration is payable to Gold Fields (BVI) upon the production of 100,000 ounces of gold from the Nkran Deposit.
The facility includes financial covenants requiring a Gearing ratio of 0.25:1, a Leverage ratio of 2.50:1, and an Interest Cover ratio of 4.00:1.
Asanko Gold Ghana Ltd. is owned 45.00% by Galiano Gold (IOM), 45.00% by Galiano Gold (Netherlands), and 10.00% by the Government of Ghana.

Jan 16, 2026, 5:36 PM

6-K

Galiano Gold Reports High-Grade Drilling Results and Expands Abore Program

GAU

New Projects/Investments

Guidance Update

Galiano Gold Inc. announced additional high-grade drilling results from its 2025 Abore drilling program at the Asanko Gold Mine, including 4.7 g/t Au over 28m and 3.5 g/t Au over 17m.
The company has expanded the 2025 Abore drilling program by a further 11,000 meters with an additional budget of $3.1 million approved by the Board of Directors.
These results will be incorporated into a maiden underground Mineral Resource at Abore, which is expected to be released in February 2026.
The Abore deposit currently holds Measured and Indicated Mineral Resources of 638,000 ounces at 1.24 g/t Au and Inferred Mineral Resources of 78,000 ounces at 1.17 g/t Au, effective December 31, 2024.

Nov 17, 2025, 12:39 PM

6-K

Galiano Gold Reports Third Quarter 2025 Results

GAU

Earnings

Guidance Update

New Projects/Investments

Galiano Gold Inc. reported a net loss of $38.6 million attributable to common shareholders for Q3 2025, primarily due to increased realized and unrealized losses on gold hedges and income tax expenses, compared to a net income of $1.1 million in Q3 2024. Revenue for Q3 2025 reached $114.2 million, driven by a 43% increase in average gold sales prices to $3,501 per ounce.
The company produced 32,533 ounces of gold in Q3 2025, contributing to a year-to-date total of 83,617 ounces as of September 30, 2025. All-in sustaining costs (AISC) for the quarter were $2,283 per ounce.
Galiano Gold revised its full-year 2025 gold production guidance downwards to a range of 120,000 - 125,000 ounces (previously 130,000 - 150,000 ounces) and increased its AISC guidance to $2,200 - $2,300 per ounce (previously $1,750 - $1,950 per ounce, plus $100/oz for royalties).
As of September 30, 2025, the company maintained a cash and cash equivalents balance of $116.4 million. Additionally, the development of Nkran Cut 3 continued to ramp up, and mining operations at Esaase recommenced in early November. The company is also finalizing a $75 million revolving credit facility.

Nov 6, 2025, 11:52 PM

6-K

First Nordic and Mawson Announce Merger to Form NordCo Gold

GAU

M&A

Management Change

New Projects/Investments

First Nordic Metals Corp. and Mawson Finland Limited have entered into a definitive arrangement agreement dated September 14, 2025, to merge, forming NordCo Gold. This transaction aims to create a leading Nordic gold developer and explorer, consolidating a large gold development and exploration portfolio in Sweden and Finland.
The combined entity is expected to have 2.1 Moz AuEq in inferred and 0.3 Moz AuEq in measured & indicated attributable resources. NordCo Gold's basic market capitalization is projected to be C$259 million, with an approximate C$50 million cash balance upon completion of a concurrent C$30 million financing.
Under the terms, Mawson shareholders will receive 1.7884 NordCo Gold common shares for each Mawson share, following a 1-for-4 share consolidation by First Nordic. The new leadership team will include Peter Breese as Incoming Chairman and Russell Bradford as the new CEO.