Core Viewpoint - Galiano Gold Inc. is set to release its Q4 and FY 2025 financial and operational results on February 12, 2026, followed by a conference call on February 13, 2026, to discuss these results [1]. Group 1: Financial Results Announcement - The company will announce its Q4 and FY 2025 financial and operational results after market close on February 12, 2026 [1]. - A conference call and webcast will be held on February 13, 2026, at 7:30am PT to review the results [1]. Group 2: Conference Call Details - The conference call will take place at 10:30am ET (7:30am PT) on February 13, 2026, with multiple dial-in options available [2]. - The call will be accessible via a webcast on Galiano's website [2]. Group 3: Company Overview - Galiano Gold Inc. focuses on sustainable business practices aimed at value creation for stakeholders through production, exploration, and disciplined financial resource deployment [3]. - The company owns the Asanko Gold Mine located in Ghana, West Africa, and is committed to high standards in environmental management, social responsibility, and employee health and safety [3].

Group 1 - Galiano Gold (GAU) appears more attractive as gold prices increase, but current investment opportunities are not clear-cut [1] - The focus is on high-quality and growth companies, balancing between dividend-paying stocks and those with high growth potential but lower dividends [1] - The investor has 8 years of experience with a track record of more successful investments than failures, including companies with no dividends but strong growth potential [1]

Core Viewpoint - Galiano Gold Inc. (NYSEAmerican:GAU) has experienced a significant increase in stock price, rising by 20.89% week-on-week, driven by a rally in gold prices and expectations of an interest rate cut by the US central bank [1][3]. Group 1: Stock Performance - Galiano Gold Inc. saw a 20.89% increase in stock price as investors anticipated a potential interest rate cut, which typically boosts gold prices [1]. - The stock's performance aligns with a broader trend in the market, where investors are making early bets ahead of the US central bank's final meeting of the year [1]. Group 2: Impact of Interest Rates - Lower interest rates are expected to weaken the US dollar, making gold and silver more attractive to foreign investors, which could enhance sales for gold producers like Galiano [2]. Group 3: Exploration and Development - Galiano Gold reaffirmed positive results from its exploration at the Asanko Gold Mine in Ghana, showing significant high-grade intercepts that indicate continuity of mineralization [3]. - The company has approved an additional budget of $3.1 million to drill an extra 11,000 meters by the end of the year, aimed at delineating high-grade mineralized zones and increasing drilling density [4].

Core Insights - Galiano Gold Inc. has received a Buy rating from H.C. Wainwright with a price target of $3.20 following positive Q3 results [1][2] Group 1: Q3 Performance - The company mined 1.3 million tons (Mt) of ore at the Abore deposit, a 57% increase from Q2, with an average grade of 0.9 grams per ton (g/t) gold [2] - At the Esaase deposit, Galiano mined 0.1 Mt of ore at an average grade of 0.7 g/t gold [2] - Mining costs averaged $3.38 per ton, which is 6% lower than Q2 2025 [2] - Galiano processed 32,533 ounces of gold, marking a 7% increase from the previous quarter [2] Group 2: Financial Position - The company exited the quarter with a strong cash position of $116.4 million [3] - Galiano is finalizing a $75 million revolving credit facility with FirstRand Bank Limited [3] Group 3: Operational Insights - Galiano Gold operates the Asanko Gold Mine in Ghana, which it jointly owns with Gold Fields, focusing on gold production and exploration for new deposits [3] - The Abore drilling program is yielding promising results, extending a mineralized system 200 meters below the current Mineral Reserve across a 1,600-meter strike length [2]

Core Viewpoint - Galiano Gold Inc. is advancing towards establishing a maiden underground mineral resource at the Abore deposit, with recent drilling results indicating significant high-grade intercepts, including 4.7 g/t Au over 28m and 3.5 g/t Au over 17m, which will be included in the upcoming resource estimate expected in February 2026 [1][6]. Drilling Program Update - The ongoing drilling program at Abore, part of the Asanko Gold Mine in Ghana, has confirmed multiple high-grade intercepts, leading to an expansion of the drilling program by an additional 11,000 meters [1][14]. - The current drilling campaign began in Q2 2025 and is set to continue through the end of Q4 2025 and into 2026 [7]. High-Grade Intercepts - Significant drill results include: - 4.7 g/t Au over 28m from 339m depth (Hole ABDD25-414) - 3.5 g/t Au over 17m from 364m depth (Hole ABPC25-406) - 3.6 g/t Au over 20m from 178m depth (Hole ABDD25-425) [5][9]. - The drilling has confirmed excellent continuity of high-grade mineralization within the north plunging ore shoots below both the South and Main pits, spanning approximately 800m in strike length [9][12]. Resource Expansion Strategy - The company aims to increase the density of drilling to convert inferred resources to indicated resources and to test for further extensions of mineralization along strike and plunge below the existing mineral resource [15]. - A budget of $3.1 million has been approved for the additional drilling, with a focus on defining a maiden underground mineral resource [14][15]. Geological Context - The Abore deposit is located along the Esaase shear corridor and is characterized by a sedimentary sequence intruded by granite, with mineralization primarily constrained to the granite [16][15]. - The geology supports the potential for underground mining, with high-grade mineralization associated with quartz vein areas along the granite/sediment contact [16]. Future Outlook - The company plans to deliver an updated mineral resource and mineral reserve statement by February 2026, incorporating new exploration data collected before the cut-off date of January 5, 2026 [15][14]. - The results from the current drilling program are expected to redefine the long-term future of the Asanko Gold Mine [6].

Financial Data and Key Metrics Changes - The company reported revenue of $114 million for Q3 2025, a 17% increase from $97 million in Q2 2025, driven by higher production and improved gold prices [4][13] - Gold production reached just over 32,000 ounces in Q3, up 7% from 30,000 ounces in Q2, attributed to higher grades and increased throughput [4][11] - The company ended the quarter with $116 million in cash and cash equivalents, showing a slight improvement from Q2 [4][14] - All-in sustaining costs (AISC) remained consistent at $22.83 per ounce, but guidance for the year was increased to between $2,200 and $2,300 per ounce due to production shortfalls [14][16] Business Line Data and Key Metrics Changes - Production from the Abora site increased significantly, with a 57% rise in ore mined compared to the previous quarter, while Asasi mining was temporarily impacted by an incident [8][9] - Encran stripping increased by 111% compared to Q2, with development capital costs for pre-stripping totaling $12 million in Q3 [10][14] - The secondary crusher's commissioning led to a 13% increase in milling rates compared to Q2, contributing to improved gold production [11][18] Market Data and Key Metrics Changes - The average gold price for the quarter was just over $3,500 per ounce, positively impacting revenue despite a net loss before taxes of $5 million due to fair value adjustments to the hedge book [13][14] - The company has paid $12 million in tax installments to the Ghanaian government, marking the first tax expense since exhausting previous tax losses [13][14] Company Strategy and Development Direction - The company aims to continue investing in operations, particularly accelerating stripping at Encran in 2026, while maintaining a strong focus on exploration [4][14] - The exploration program at Abora has been expanded, with an additional 10,000 meters of drilling planned for completion by the end of the year [21][25] - The company is positioned as Ghana's largest single-asset gold producer, with a robust production outlook supported by strong financial discipline [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q3 results fell slightly below expectations due to the incident at Asasi but noted continued positive momentum in operational metrics [26] - The company remains optimistic about exploration success at Abora and the potential for organic growth [26][27] - Management emphasized the importance of maintaining strong community relations to prevent future disruptions [63] Other Important Information - The company is in discussions to implement a $75 million revolving credit facility to enhance its balance sheet for general working capital [18] - The incident at Asasi involved illegal miners and resulted in damage to mining equipment, but operations have since resumed [5][6] Q&A Session Summary Question: Can you walk us through the longer-term impacts of the improvements made to the circuit? - Management indicated that improved grades and recoveries are expected to be maintained into next year, with ongoing optimizations to the secondary crushing circuit [29][32] Question: What is needed to start underground mining related to costs and permitting? - The first step is to define the underground resource at Abora, with expectations for clarity in early next year [35][36] Question: Can you clarify the production from Abora and Asasi? - Management confirmed that more tonnage is being mined at lower grades, but overall ounces remain consistent due to mining methodology [40][41] Question: What are the stockpile levels at the end of Q3? - Stockpile levels were approximately 500,000 tons, with grades consistent with what has been processed [45][47] Question: What is the status of the Ghana audit? - The site audit is scheduled for January next year, with no specific requests for pre-documentation received yet [48][49] Question: How has community relations evolved since the incident? - Management reported that relationships have been maintained and operations resumed shortly after the incident [53] Question: How can unit costs be modeled as volumes increase? - Unit costs are expected to decrease as fixed costs are spread over increased volumes, with modest reductions anticipated [54][55] Question: What is the expected tax range for this year? - The estimated tax range for the year is between $20 million and $30 million, with a 35% effective tax rate for future calculations [56][58] Question: Why implement a revolving credit facility now? - The facility is seen as prudent balance sheet management to provide flexibility [59]

Q3 2025 Performance Highlights - Gold production increased by 7% from Q2 2025, reaching 32,533 ounces[17, 35] - Revenue increased by 17% from Q2 2025, reaching $114.2 million[17, 39] - Cash flow from operations increased by 13% from Q2 2025, reaching $40.4 million[17, 39] - Cash and cash equivalents increased by 2% from Q2 2025, reaching $116.4 million[17, 39] - Abore metres drilled increased significantly by 129% from Q2 2025, reaching 11,554 metres[17] Mining Operations - Abore ore mined increased by 57% from Q2 2025, with 1.3 Mt ore mined[23] - Nkran material mined increased by 111% compared to Q2 2025, with 3.6 Mt of material mined[34] - Esaase ore mined decreased by 83% from Q2 2025, with 0.1 Mt ore mined due to a temporary pause in mining operations[24] Financials and Costs - All-in Sustaining Costs (AISC) increased by 1% from Q2 2025, reaching $2,283 per ounce[17, 39] - Processing cost improved from $12.89/t in Q2 2025 to $12.57/t in Q3 2025[43] - Mining cost decreased by 8% from $3.65/t in Q2 2025 to $3.36/t in Q3 2025[49] Exploration and Future Outlook - The company maintains a strong cash balance of $116.4 million[17, 39] - The company has revised its production guidance to 120,000 – 125,000 ounces of gold and AISC to $2,200/oz - $2,300/oz[37]

Revenue and Income - Revenue for the three months ended September 30, 2025, was $114,197,000, a 60.5% increase from $71,130,000 in the same period of 2024[5] - Income from mine operations for the three months ended September 30, 2025, was $48,176,000, representing an increase of 82.0% compared to $26,444,000 in 2024[5] - The net loss for the three months ended September 30, 2025, was $42,020,000, compared to a net income of $1,100,000 in the same period of 2024[5] - For the three months ended September 30, 2025, the total revenue from Ghana was $114,197, compared to $71,130 for the same period in 2024, representing a 60.6% increase[107][108] - For the nine months ended September 30, 2025, total revenue from Ghana was $288,091, up from $166,788 in the same period in 2024, indicating a 72.5% increase[109][110] Costs and Expenses - Cost of sales for the three months ended September 30, 2025, totaled $66,021,000, up 47.8% from $44,686,000 in the prior year[5] - The cost of sales for the three months ended September 30, 2025, included production costs of $41,630, depreciation and depletion of $15,256, and royalties of $9,135, leading to an income from mine operations of $48,176[107] - Total production costs for the nine months ended September 30, 2025, were $123,175,000, up from $84,499,000 in the same period of 2024, representing an increase of approximately 45.7%[74] - The Company recognized current income tax expense of $21.8 million for the nine months ended September 30, 2025, compared to nil for the same period in 2024[78] - Total finance expense for the nine months ended September 30, 2025, was $99,069,000, significantly higher than $36,607,000 for the same period in 2024, reflecting an increase of approximately 171.5%[77] Assets and Liabilities - Total assets increased to $585,218,000 as of September 30, 2025, from $500,353,000 at the end of 2024, reflecting a growth of 16.9%[3] - Current liabilities rose to $204,579,000 as of September 30, 2025, compared to $110,815,000 at December 31, 2024, marking an increase of 84.5%[3] - Total liabilities as of September 30, 2025, were $383,265[106] - The total financial liabilities as of September 30, 2025, were $277,502 thousand, an increase from $179,529 thousand as of December 31, 2024[90] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were $116,440,000, up from $105,775,000 at the end of 2024, indicating a 10.5% increase[3] - As of September 30, 2025, cash and cash equivalents increased to $116.4 million from $105.8 million as of December 31, 2024[30] - The Company’s cash and cash equivalents as of September 30, 2025, were $116,440 thousand, compared to $105,775 thousand as of December 31, 2024[89] Share Capital and Equity - The weighted average number of shares outstanding for the three months ended September 30, 2025, was 258,791,445, compared to 256,912,077 in 2024[5] - The company’s share capital increased to $618,982,000 as of September 30, 2025, from $616,203,000 at the end of 2024[6] - The number of issued and outstanding common shares increased to 259.4 million as of September 30, 2025, from 257.1 million at December 31, 2024[53] Acquisitions and Investments - The Company acquired Gold Fields Limited's 45% interest in the AGM, increasing its ownership to 90%[11] - The acquisition of Gold Fields involved a total consideration of $65.0 million in cash and 28.5 million common shares[28] - The net assets attributable to Galiano from the acquisition amounted to $297.97 million[29] - The Company incurred $2.5 million in acquisition-related costs during the nine months ended September 30, 2024[28] Exploration and Evaluation - The company reported exploration and evaluation expenditures of $879,000 for the three months ended September 30, 2025, down from $1,809,000 in the same period of 2024[5] - Additions to mineral interests included capitalized stripping costs of $11.9 million and $38.9 million for the Abore and Esaase deposits, respectively, for the three and nine months ended September 30, 2025[34] Financial Instruments and Hedging - The Company reported realized losses on ZCC gold hedges of $13,094 thousand for Q3 2025, compared to $2,162 thousand for Q3 2024[91] - Unrealized losses on ZCC gold hedges for the nine months ended September 30, 2025, were $57,128 thousand, significantly higher than $22,171 thousand for the same period in 2024[91] - The company engages in hedging programs to manage exposure to gold price risk, aiming for margin protection during periods of elevated capital spending[104] Taxation - The effective tax rate (ETR) for the Company differs from the combined Canadian federal and provincial statutory tax rates of 27% due to taxable income generated in Ghana, which is subject to a statutory tax rate of 35%[78] Other Financial Metrics - The average interest rate earned on cash and cash equivalents during the nine months ended September 30, 2025, was 4.1%, down from 5.4% in the same period of 2024[100] - Change in working capital for the nine months ended September 30, 2025, was $12,850 thousand, compared to $(17,818) thousand for the same period in 2024[88] - Total commitments as of September 30, 2025, amounted to $416,817 thousand, up from $283,968 thousand as of December 31, 2024[82]

Core Insights - Galiano Gold Inc. reported its Q3 2025 operating and financial results, highlighting a strong performance despite challenges, including a net loss attributable to common shareholders of $38.6 million [1][24][26] Safety - The company recorded no lost-time injuries (LTI) and one total recordable injury (TRI) during Q3 2025, with 12-month rolling LTI and TRI frequency rates of 0.39 and 0.90 per million hours worked, respectively [5][9] Financial Performance - Cash and cash equivalents stood at $116.4 million as of September 30, 2025, with cash flow from operating activities generating $40.4 million during Q3 2025 [4][29] - Revenue for Q3 2025 reached $114.2 million, a 60% increase from $71.1 million in Q3 2024, driven by a 43% rise in average gold sales prices and a 12% increase in gold ounces sold [24][26] - Adjusted EBITDA for Q3 2025 was reported at $37.8 million, up from $29.0 million in Q3 2024 [29] Mining Operations - The company mined 1.6 million tonnes of ore at an average grade of 0.8 grams per tonne (g/t) gold, with a strip ratio of 7.8:1 during Q3 2025 [4][11] - Gold production for the quarter was 32,533 ounces, a 7% increase compared to Q2 2025, with year-to-date production reaching 83,617 ounces [4][11] - The average gold sales price for Q3 2025 was $3,501 per ounce, setting a record for the company [11][26] Cost and Capital Expenditures - Total cash costs were $1,554 per ounce, with all-in sustaining costs (AISC) at $2,283 per ounce for the quarter, consistent with Q2 2025 [11][12] - Capitalized development pre-stripping costs at Nkran Cut 3 amounted to $12.0 million during Q3 2025 [11] Exploration - The Phase 2 drilling program at Abore was completed, identifying multiple new high-grade ore shoots and a significant new discovery at Abore North [20][25] - The company plans to continue infill and step-out drilling through Q4 2025 based on positive results from the drilling program [25] Revised Guidance - The company revised its gold production guidance for FY 2025 to a range of 120,000 - 125,000 ounces, down from the previous range of 130,000 - 150,000 ounces [12][26] - AISC guidance for FY 2025 was also revised to $2,200 - $2,300 per ounce, up from $1,750 - $1,950 per ounce [12][26]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: Galiano Gold (GAU) - Galiano Gold currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, GAU shares have increased by 8.76%, while the Zacks Mining - Gold industry remained flat [5] - In a longer timeframe, GAU's monthly price change is 10.59%, compared to the industry's 11.13% [5] - Over the last quarter, GAU shares have surged by 89.26%, and over the past year, they have gained 95.83%, significantly outperforming the S&P 500, which moved 6.67% and 15.74% respectively [6] Trading Volume - GAU's average 20-day trading volume is 3,569,436 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, two earnings estimates for GAU have been revised upwards, increasing the consensus estimate from $0.18 to $0.24 [9] - For the next fiscal year, two estimates have also moved higher, with no downward revisions noted [9] Conclusion - Given the positive momentum indicators and earnings outlook, GAU is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]