We recently published an article titled 10 Best Low Volatility Canadian Stocks to Buy. On January 26, Scotiabank raised its price target on Galiano Gold Inc. (NYSE:GAU) to C$4.75 from C$3.50 while maintaining a Sector Perform rating, reflecting improved confidence in the company’s operational outlook and capital structure flexibility as it advances its Ghana-based mining operations. On January 16, 2026, Galiano Gold Inc. (NYSE:GAU) disclosed that its operating affiliate, Asanko Gold Ghana Ltd., secured ...

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At Nkran, Cardinaels said pre-stripping continued ahead of plan, with 23% more material moved compared with Q3, including small quantities of oxide ore that are being identified and blended with Abore fresh ore “to supplement the plant feed.” He said an additional excavator fleet is expected to be operational before the end of Q1 2026 as the company continues the expansion of Cut 3.Chief Operating Officer Michael Cardinaels added that the company ended 2025 with a lost time injury frequency rate of 0.24 and ...

Financial Data and Key Metrics Changes - In Q4 2025, Galiano Gold produced 37,500 ounces of gold, a 15% increase from 32,000 ounces in Q3 2025, with full-year production totaling 121,000 ounces, aligning with revised guidance [4][11] - Revenue reached a record $160 million in Q4 2025, up 40% from $114 million in Q3 2025, driven by higher production and improved gold prices [5][13] - All-in sustaining cash costs decreased to $2,033 per ounce, consistent with guidance [5][15] - Adjusted net income was reported at $0.15 per share after accounting for unrealized losses on hedges [13] Business Line Data and Key Metrics Changes - Esaase mining restarted in early November 2025, with production ramping up in Q1 2026, while Nkran pre-stripping moved 23% more material compared to Q3 2025 [8][9] - The average grade of ore mined increased by 9% compared to the previous quarter, contributing to improved production metrics [8][10] Market Data and Key Metrics Changes - The company anticipates production guidance for 2026 to be between 140,000-160,000 ounces, representing a 25% increase from 2025 levels [7][12] - AISC for 2026 is projected to be between $2,000-$2,300 per ounce, influenced by a growing royalty burden due to high gold prices [15][16] Company Strategy and Development Direction - Galiano Gold plans an aggressive exploration program for 2026, focusing on expanding underground resources and reserve growth at Esaase [6][24] - The company aims to transition both Nkran and Abore to underground operations, targeting higher-value ounces [19][20] - A strong emphasis is placed on maintaining a robust cash position and leveraging a $75 million undrawn credit facility for operational investments [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, citing improvements in throughput and grades as key drivers [33] - The company views 2026 as a pivotal year for cash flow generation, with expectations of significant shareholder value creation [28][29] Other Important Information - The company reported no lost time injuries in Q4 2025, maintaining a strong safety record [4][8] - Exploration efforts in 2026 will include a minimum of 30,000 meters of drilling at Abore and up to 35,000 meters of conversion drilling at Esaase [24][27] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management highlighted throughput and grade improvements as critical factors for achieving production targets [33] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027 [34] Question: When should initial economic studies for the maiden underground resource at Abore and Nkran be expected? - Management aims to have initial economic studies available in 2027, following additional drilling [36][38]

Financial Data and Key Metrics Changes - In Q4 2025, Galiano Gold produced 37,500 ounces of gold, a 15% increase from 32,000 ounces in Q3 2025, contributing to a full-year production total of 121,000 ounces, aligning with revised production guidance [4][11] - Revenue reached a record $160 million in Q4 2025, up 40% from $114 million in Q3 2025, driven by higher production and improved gold prices [5][13] - All-in sustaining cash costs decreased to $2,033 per ounce, consistent with guidance [5][15] - Adjusted net income was reported at $0.15 per share after accounting for unrealized losses on hedges [13] Business Line Data and Key Metrics Changes - Esaase mining restarted in early November 2025, with production ramping up in Q1 2026, while Nkran pre-stripping moved 23% more material compared to Q3 2025 [8][9] - The average grade of ore mined increased by 9% compared to the previous quarter, contributing to improved production metrics [8][10] Market Data and Key Metrics Changes - The company anticipates production guidance for 2026 to be between 140,000 and 160,000 ounces, representing a 25% increase from 2025 levels [7][12] - The AISC for 2026 is projected to be between $2,000 and $2,300 per ounce, influenced by a growing royalty burden due to high gold prices [15][16] Company Strategy and Development Direction - Galiano Gold plans an aggressive exploration program for 2026, focusing on expanding underground resources and reserve growth at Esaase [6][24] - The company aims to transition to underground operations at both Nkran and Abore, with a focus on higher-value underground ounces [19][28] - The strategy includes significant investment in exploration and waste stripping activities, supported by a strong cash position and a $75 million revolving credit facility [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, citing improvements in throughput and grades as key drivers for 2026 [32] - The company views 2026 as a pivotal year for cash flow generation, with expectations of significant shareholder value creation as fixed payments to Gold Fields conclude [17][28] Other Important Information - The company reported no lost time injuries in Q4 2025, maintaining a strong safety record [4][8] - The maiden underground mineral resource declaration is expected to reshape future resource growth potential [6][19] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management highlighted throughput and grade improvements as critical factors for achieving production targets [32] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027 [33] Question: When should initial economic studies for the maiden underground resource be expected? - Management plans to work on additional drilling and studies throughout 2026, aiming for results in 2027 [35][37]

Financial Data and Key Metrics Changes - Galiano Gold reported record revenue of $160 million in Q4 2025, a 40% increase from $114 million in Q3 2025, driven by higher production and improved gold prices [5] - All-in sustaining cash costs decreased to $2,033 per ounce, aligning with guidance [5] - Cash flow from operations reached $56 million, with a stable cash balance of over $100 million despite significant expenditures [13][17] Business Line Data and Key Metrics Changes - Gold production in Q4 2025 was 37,500 ounces, a 15% increase from 32,500 ounces in Q3 2025, contributing to a total of 121,000 ounces for the year [4][11] - The average mill feed grade improved by approximately 9% compared to Q3, achieving an average of one gram per tonne for the quarter [10] - The company plans to produce between 140,000-160,000 ounces in 2026, representing a 25% increase from 2025 levels [6][12] Market Data and Key Metrics Changes - The company noted a significant increase in gold prices, which has positively impacted revenue and production costs [15] - A new royalty regime proposed by the Ghanaian government may affect all-in sustaining costs, which are expected to range between $2,000-$2,300 per ounce in 2026 [15][17] Company Strategy and Development Direction - Galiano Gold is focusing on aggressive exploration programs in 2026, targeting underground resource expansion and reserve growth at Esaase [6][24] - The company aims to transition to underground operations at both Nkran and Abore, with plans for significant drilling activities to support this transition [19][24] - The strategy includes maximizing cash flow generation and shareholder value through increased production and reduced reliance on hedges [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite potential execution risks, emphasizing the importance of throughput and grade improvements [32] - The company anticipates a near-term inflection point in cash flow generation as it moves past fixed payments to Gold Fields and fully participates in gold price increases [17][28] - Management highlighted the potential for mine life extension beyond eight years through underground mining and open pit reserve expansion [28] Other Important Information - The company established a $75 million revolving credit facility to enhance financial flexibility for ongoing operations and exploration investments [5][13] - Safety remains a top priority, with no lost time injuries reported in Q4 2025, maintaining a strong safety record [4][7] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management identified throughput and grade improvements as critical factors for achieving production targets, expressing confidence in the ramp-up of the crushing circuit [32] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027, aligning more closely with previous guidance [33] Question: When should initial economic studies for the maiden underground resource at Abore and Nkran be expected? - Management plans to work on additional drilling and studies throughout 2026, aiming to have initial economic studies available in 2027 [35][36]

Q4 2025 Financial and Operating Results © Copyright 2026 Galiano Gold. All rights reserved. February 13, 2026 Forward Looking Information & Cautionary Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are st ...

Core Viewpoint - Galiano Gold Inc. reported strong operational and financial results for Q4 and FY 2025, highlighting significant increases in gold production and revenue, alongside a robust cash position and strategic growth plans for FY 2026 [1][4][5]. Financial Highlights - Q4 2025 generated gross revenue of $159.7 million, a 147% increase from $64.6 million in Q4 2024, driven by a 60% rise in average gold sales prices and a 55% increase in gold ounces sold [21][29]. - The company reported net income of $16.8 million in Q4 2025, compared to $0.9 million in Q4 2024, with adjusted EBITDA of $85.5 million, up from $21.2 million in the previous year [29][22]. - For FY 2025, total revenue reached $447.8 million, a 93% increase from $231.3 million in FY 2024, with gold production totaling 121,191 ounces, a 5% increase year-on-year [30][22]. Operational Performance - Gold production in Q4 2025 was 37,574 ounces, a 15% increase from Q3 2025, while FY 2025 production was 121,191 ounces, within the revised guidance range [7][30]. - The average gold grade mined in Q4 2025 was 0.9 g/t, with a strip ratio of 8.0:1, and the company milled 1.4 million tonnes of ore with a recovery rate of 91% [7][20]. - The company achieved 6.5 million hours worked without lost-time injuries, maintaining a strong safety record [7]. Cost and Capital Expenditures - All-in sustaining costs (AISC) for Q4 2025 were $2,033/oz, an 11% decrease from Q3 2025, attributed to higher gold ounces sold [21][20]. - Development capital expenditures for FY 2026 are guided at $120 million to $140 million, primarily for Nkran Cut 3 waste stripping and village resettlement costs [11][10]. - Exploration expenditures are projected at $17 million to $19 million for FY 2026, focusing on infill drilling at Abore and increasing Mineral Reserves at Esaase [12]. Future Guidance - For FY 2026, gold production is expected to be between 140,000 and 160,000 ounces, representing a 25% increase year-on-year, with AISC projected between $2,000/oz and $2,300/oz [6][5]. - The company anticipates that higher mined grades will be progressively accessed from Abore, with production weighted towards the second half of FY 2026 [9][10]. - The successful commissioning of the secondary crusher is expected to enhance plant performance and support the anticipated production growth [4][9].

Core Viewpoint - Galiano Gold Inc. has provided updated Mineral Reserve and Mineral Resource estimates for the Asanko Gold Mine, highlighting significant growth potential through the maiden underground resources at the Nkran and Abore deposits, which are expected to enhance the company's long-term value and mine life [1][3][10]. Mineral Reserve Highlights - Proven and Probable Mineral Reserves are estimated at 47.5 million tonnes at an average grade of 1.29 grams per tonne, containing approximately 1.97 million ounces of gold [2]. - Mineral Reserves were calculated based on varying gold prices, with $1,900 per ounce for Esaase, $1,700 for Nkran, Abore, Adubiaso, and Midras South, and $1,500 for Miradani North and Dynamite Hill [2]. Mineral Resource Highlights - Open Pit Mineral Resources total 77.0 million tonnes at an average grade of 1.27 g/t, containing 3.14 million ounces of gold, with Inferred Mineral Resources estimated at 20.7 million tonnes at 1.14 g/t for 0.76 million ounces [7]. - The maiden underground Mineral Resources at Nkran and Abore are significant, with 3.4 million tonnes of Indicated resources at 2.74 g/t and 6.5 million tonnes of Inferred resources at 2.52 g/t, indicating a total of 0.83 million ounces of gold [15][21]. Business Strategy and Growth Initiatives - The company aims to become a sustainable mid-tier gold producer, focusing on organic growth and mine life extension through exploration and potential acquisitions [10]. - Near-term production growth is expected from improved throughput and higher grades from the Abore deposit, with a forecasted 25% increase in production for FY 2026 compared to FY 2025 [11]. - Medium-term growth is anticipated from the Nkran deposit, with open pit Probable Mineral Reserves of 10.6 million tonnes at 1.67 g/t, expected to yield over 200,000 ounces annually once in full production [13]. Exploration and Future Plans - The company plans to add 1.0 to 1.5 million gold ounces to its combined open pit and underground Mineral Resources and Reserves over the next two to three years through continued exploration [19]. - Ongoing drilling is expected to expand underground Mineral Resources and integrate underground mining into the existing operations, with studies targeted for completion within 12 to 24 months [16][19].

Core Viewpoint - Galiano Gold Inc. is identified as one of the most undervalued gold stocks, with recent positive drilling results indicating significant potential for resource expansion at the Abore deposit within the Asanko Gold Mine in Ghana [1][2]. Group 1: Drilling Results and Resource Expansion - Galiano Gold reported positive results from its 2025 drilling program at the Abore deposit, confirming high-grade mineralization extending up to 200 meters below previous drill holes [1]. - Significant intercepts from the 11,000-meter drilling campaign include 14.2 g/t gold over 15 meters and 4.4 g/t gold over 30 meters, showcasing strong continuity across the South, Main, and North pits [1]. - The findings suggest that the Abore mineralizing system is larger than previously estimated and remains open at depth, which will be crucial for the maiden underground Mineral Resource estimate expected in February 2026 [2]. Group 2: Future Exploration Plans - Galiano Gold has approved a $17 million exploration budget for 2026, with a planned 30,000-meter drilling program specifically for the Abore deposit [2]. - The upcoming drilling phase aims to further grow the underground resource and upgrade categories to support a potential maiden underground Mineral Reserve in 2027 [2]. Group 3: Analyst Ratings and Price Target - Scotiabank raised the price target for Galiano Gold Inc. to C$4.75 from C$3.50 while maintaining a Sector Perform rating [3]. Group 4: Company Overview - Galiano Gold Inc. is a mining, development, and exploration company that holds a 90% interest in the Asanko Gold Mine located on the Asankrangwa Gold Belt in Ghana, West Africa [4].