Galiano Gold Reports Third Quarter 2025 Results

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]