Galiano Gold (GAU) Q2 2026 Earnings Call Transcript

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DATE

Friday, Aug. 7, 2026 at 10:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer - Matt Badylak
• Chief Operating Officer - Michael Cardinaels
• Chief Financial Officer - Matthew Freeman
• Vice President, Exploration - Chris Pettman

TAKEAWAYS

• Gold Production -- 34,391 ounces in the second quarter, contributing to a first-half total of 69,000 ounces.
• Gold Sales -- 35,000 ounces during the quarter, at a realized price of $4,432 per ounce before hedging impacts.
• Revenue -- $156.6 million for the period, reflecting quarterly gold sales volumes.
• Adjusted EBITDA -- $78.5 million, reflecting earnings generated during significant development activity.
• Adjusted EPS -- $0.09 per share, based on quarterly financial performance.
• All-In Sustaining Costs -- $2,473 per ounce in the second quarter, influenced by elevated diesel prices and lower milled tonnes.
• All-In Sustaining Costs (H1) -- $2,418 per ounce for the first half of the year.
• Production Guidance -- 140,000 to 160,000 ounces for the full year, maintained due to expected grade improvements in the second half.
• AISC Guidance -- $2,300 to $2,600 per ounce for the full year, consistent with existing projections.
• Cash Balance -- $105.9 million as of June 30, which includes $26 million in restricted cash.
• Restricted Cash -- $26 million, resulting from a court order related to a contractual dispute with a former service provider.
• Debt Position -- zero debt, as the company maintains a debt-free balance sheet.
• Mining Volume -- 1.8 million tonnes of ore at an average grade of 0.9 grams per tonne, representing a 15% sequential increase in ore tonnes.
• Abore Mill Feed -- 77% of total ore mined in the quarter, with expectations to reach 80% in the second half of the year.
• Nkran Waste Stripping -- 6.1 million tonnes mined during the quarter, a 30% increase from the first quarter.
• Pre-stripping Investment -- $22.1 million in the second quarter, bringing the year-to-date total to $35.6 million.
• Metallurgical Recovery -- 90%, achieved despite unplanned maintenance on the ball mill gearbox in June.
• Exploration Budget -- $25 million for the full year, expanded from the previous $17 million allocation.
• Esaase Drilling -- 13,748 meters completed in the second quarter, bringing the 32,000-meter program to 50% completion.
• Abore Exploration -- 4,565 meters drilled in the quarter, reaching 54% completion of the 30,000-meter annual program.
• Development Capital Guidance -- reduced by approximately $15 million, reflecting delays in village relocation timing.
• Safety Milestone -- 11 million hours worked without a lost time injury as of June 30.
• Hedge Book Expiration -- expected in 2027, allowing for full participation in gold market prices.

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RISKS

• CFO Freeman stated that approximately $26 million of cash became restricted following a court order relating to a long-standing contractual dispute with a former service provider, which the company is working to rescind.
• COO Cardinaels noted that mill availability was impacted by unplanned maintenance on the ball mill gearbox in June and ongoing work on primary crusher equipment.
• CFO Freeman cited elevated diesel prices since the start of the Iran conflict as a factor impacting quarterly operating costs.

SUMMARY

Management at **Galiano Gold Inc.** (NYSEMKT:GAU) reported quarterly production and financial results that support the company's full-year 2026 objectives. The company is currently executing a waste stripping program at Nkran Cut 3 and an expanded exploration campaign at Esaase and Abore to extend the mine life of the Asanko Gold Mine. Although a legal dispute led to a portion of cash being restricted during the quarter, the company remains debt-free and expects a financial inflection point in 2027 as its hedge book expires.

• CEO Badylak reported that first-half production reached "near the upper end of our previously communicated indicated range of 60,000 to 70,000 ounces."
• Management confirmed that the $15 million reduction in development capital guidance is a timing shift related to village relocations and will not impact the production profile.
• COO Cardinaels stated that additional mining equipment, including two excavators currently being commissioned on site, is scheduled for deployment in the fourth quarter to support mining rates.
• CFO Freeman noted, "from 2027, our financial results will be able to fully participate in the gold price, leading to a natural inflection point in our cash flows."
• The company is evaluating a potential investment decision in 2027 for the construction of an underground operation at Abore, following ongoing permitting and planning efforts.
• VP Pettman indicated that drilling at Esaase is designed to "dramatically increase the open pit mineral reserve" ahead of the 2027 mineral resource and reserve update.
• Management confirmed that Nkran Cut 3 is expected to provide meaningful ore contributions to the grade and production profile starting at the end of 2028.

INDUSTRY GLOSSARY

• Asanko Gold Mine: The company's principal gold producing asset located in Ghana, West Africa.
• AISC: All-in sustaining costs, a financial measure that includes the costs of production plus capital required to maintain current operations.
• Asankrangwa Gold Belt: A geological region in Ghana characterized by specific gold mineralization where the company's deposits are located.
• Hedge Book: A portfolio of financial contracts used by a producer to lock in gold prices and manage revenue volatility.
• Infill Drilling: Drilling performed between existing holes to increase the confidence level of a mineral resource estimate.
• MRMR: Mineral Resources and Mineral Reserves, the standardized classification for estimated quantities of minerals in a deposit.
• Pre-stripping: The removal of waste rock or overburden to gain access to an ore body before mining can begin.

Full Conference Call Transcript

Operator: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter 2026 Financial and Operating Results Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] It is now my pleasure to turn the call over to Matt Badylak, CEO. Please go ahead.

Matt Badylak: Thank you, operator, and good morning, everyone. We appreciate you taking time to join us today to review Galiano Gold's Second Quarter 2026 Financial and Operating results we released yesterday after market closed. During today's call, we'll be making forward-looking statements and referring to non-IFRS performance measures. Please refer to the cautionary notes on Slide 2 of the webcast presentation and to the risk disclosures in our most recent MD&A. Yesterday's news release should be read together with our second quarter financial statements and MD&A, which are available on our website and filed on SEDAR+ and EDGAR. Unless otherwise noted, all dollar amounts discussed on the call today are in U.S. dollars.

Joining me today are Michael Cardinaels, our Chief Operating Officer; Matt Freeman, our Chief Financial Officer; and Chris Pettman, our Vice President, Exploration. I will begin with an overview of the quarter. Michael will then discuss mining and processing, Matt will review the financial performance, and Chris will update you on exploration. I'll then return to provide some perspective on our near-term catalysts and close the prepared remarks before we open up the call up for questions. Turning to Slide 4. Our first half performance has put us in a solid position to deliver our 2026 plan.

We produced 34,400 ounces of gold in the second quarter, bringing the first half production to just over 69,000 ounces near the upper end of our previously communicated indicated range of 60,000 to 70,000 ounces. This provides a solid foundation as we enter the higher production portion of the mine plan, which generated -- with grades expected to improve as mining advances at Abore. Our full year production guidance remains unchanged at 140,000 to 160,000 ounces, and our all-in sustaining cash cost guidance remains unchanged at $2,300 to $2,600 per ounce. Safety remains our highest priority. We recorded no lost time injuries and no total recordable injuries during the quarter.

At June 30, our teams worked approximately 11 million hours without a lost time injury and achieved 456 consecutive incident-free days. These are meaningful milestones, and I'd like to recognize our employees and business partners for the discipline and care that made this possible. We also maintained a strong financial position and in the quarter with total cash of $105.9 million. This includes approximately $26 million of restricted cash that we will expand on shortly. Importantly, the company remains debt free, and we continue to invest in the future of Asanko Gold Mine. This includes waste stripping at Nkran and exploration activities at Esaase and Abore. Overall, Q2 was a quarter of both delivery and preparation.

We delivered against our current mine plan, while putting the building blocks in place for the next phase of growth. With that, I'll turn the call over to Michael to review our operating performance.

Michael Cardinaels: Thank you, Matt, and good morning, everyone. Here on Slide 5, mining performance in the second quarter remained aligned with our plan and continues to support our full year guidance. During the quarter, we mined approximately 1.8 million tonnes of ore at an average grade of 0.9 grams per tonne. Ore tonnes increased approximately 15% from the first quarter, while grades remained consistent with expectations. This increase in ore availability keeps us on track for the planned production growth in the second half of the year. Abore remained our primary source of mill feed, contributing approximately 77% of total ore mined during the quarter.

Mining advanced into deeper phases of the pit, where we expect to access higher grades as the year progresses. This mining sequence is a key driver of our anticipated second half production profile. Mining at Esaase also continued as planned and provided supplemental feed to the mill. At Nkran Cut 3, we continue to make strong progress on development activities. The team mined 6.1 million tonnes of waste during the quarter, representing a 30% increase from Q1. We invested $22.1 million pre-stripping during Q2, bringing year-to-date investment to $35.6 million. Additional equipment is scheduled to arrive during the third quarter to support the planned ramp-up in mining rates.

The work underway today is critical to unlocking access to the higher-grade Nkran ore that supports our future production profile. Importantly, this progress was all achieved while maintaining our strong safety performance, which Matt highlighted earlier. Turning to Slide 6. Processing performance remained solid during the quarter despite some unplanned maintenance activities. Average feed grade was approximately 0.9 grams per tonne, metallurgical recovery was 90% and gold production totaled 34,391 ounces. Mill availability was impacted by maintenance on the ball mill gearbox in June. While work on the primary crush equipment continued throughout the quarter. Despite these interruptions, the processing team maintained strong recovery rates and delivered production in line with expectations, demonstrating the resilience and stability of the operation.

The remaining crusher work is expected to be completed during the third quarter. So, looking ahead, our priorities for the second half of the year are straightforward. Complete the remaining repairs of the critical spares for the primary crusher, continue advancing the mining sequence at Abore and deliver the higher-grade ore planned for the balance of the year. With more than 69,000 ounces produced in the first half, we are well positioned to achieve our full year production guidance. I will now hand the call over to Matt Freeman to review the financial results.

Matthew Freeman: Thanks, Michael, and good morning, everyone. Turning to Slide 7. The second quarter again demonstrated the earnings and cash generation capacity of the business, even as we continue to fund significant development activity. Revenue for the second quarter was $156.6 million on sales of just over 35,000 ounces of gold and a realized gold price, before the impact of the hedging losses, of $4,432 per ounce. This translated into strong earnings with adjusted EBITDA of $78.5 million and adjusted earnings per share of $0.09.

Also, as we have discussed previously, we're getting close to the end of our hedge book such that from 2027, our financial results will be able to fully participate in the gold price, leading to a natural inflection point in our cash flows. I must note that at the end of the quarter, approximately $26 million of our cash became restricted following court order relating to a long-standing contractual dispute with a former service provider. This is in direct contravention of an existing court order, and as such, we are confident the restriction will be lifted in a timely manner.

Excluding the IFRS presentation of the restricted cash in our cash flow statement, the mine generated cash flows from operations of $31.9 million, which shows that the operation continues to generate meaningful cash flows. The key point here is that our balance sheet remains very healthy. We've maintained substantial liquidity while funding the investment in our growth projects, such as the significant infill drilling campaign at Esaase and accelerating the pre-strip program at Nkran Cut 3. Turning to Slide 8. We're pleased that despite elevated diesel prices since the start of the Iran conflict, all-in sustaining costs were $2,473 per ounce for the quarter and $2,418 per ounce for the first half of the year.

And as production increases and grades improved in the second half of 2026, we expect better unit cost leverage, and therefore, our 2026 guidance remains unchanged at $2,300 to $2,600 per ounce. Through this disciplined cost management that we continue to be able to direct capital towards value-enhancing projects, such as the Nkran strip and exploration work, which expected to provide the foundation for mine life extension of the asset. I'll now turn the call back to Chris to discuss the progress made on these exploration priorities.

Chris Pettman: Thanks, Matt. Exploration work through Q2 was primarily focused on executing our aggressive drilling campaign at Esaase and Abore in order to deliver results and time for the addition in the 2027 MRMR update. The exploration budget for 2026 has been expanded to a very healthy $25 million from the previous $17 million, meaning we are well resourced to deliver on our objectives. Following Q1 drilling success in the first phase of the Esaase infill and conversion drilling program, the full expanded program consisting of approximately 32,000 meters was approved, and drilling was immediately ramped up with a total of 7 drill rigs turning at Esaase by June.

The program was approximately 50% complete by the end of Q2 with the team achieving a total of 13,748 meters in the quarter, and drilling remains on schedule for completion in Q3. Results received to date continue to indicate the program will meet objectives of converting a high percentage of the targeted inferred resource to the indicated category ahead of the 2027 MRMR update. This work is specifically designed to dramatically increase the open pit mineral reserve at Esaase, which will anchor the future life of mine transformation. Drilling also continued at Abore as we work to expand the underground resource, which was first released last quarter.

4,565 meters were drilled through Q2, bringing the full year program of 30,000 meters to 54% complete. We remain excited by the growth we are seeing in Abore and are anticipating completion of the remainder of the drilling at Abore by early Q4. That excitement is reflected in our ongoing planning efforts for potential construction of underground exploration at Abore. Permitting and planning efforts advanced well through Q2, and we are on track to make an investment decision for a potential construction start in 2027.

This project will be a significant milestone for exploration and the AGM as it would represent the first steps to transitioning the Asankrangwa Gold Belt deposits towards underground operations as has been done very successfully at both the Sefwi and the Ashanti Belt that lie immediately adjacent to us. Back to you, Matt, to discuss our near-term catalysts.

Matt Badylak: Thank you, Chris. Turning to Slide 10. Here, I'll point out that Chris' update is important because exploration is an integral part of our strategy to extend mine life and strengthen the future production profile. Our immediate priority remains a safe delivery of our 2026 guidance. Looking beyond this year, however, we expect the operating and financial profile of the business to change meaningfully. Production is expected to increase in 2027 and once the hedge program rolls off, we expect to benefit from higher production and full exposure to the gold price supporting stronger free cash flow. This combination represents the key financial inflection point we see ahead.

Beyond that near-term inflection Nkran Cut3 is a key driver of a production profile of more than 200,000 ounces per year. Esaase and Abore also contribute to that scale and provide opportunities to sustain and extend the production profile through reserve conversion and underground resource growth. Together, Nkran, Esaase and Abore support both scale and the longevity of this Asanko gold mine. The chart on the left shows that Galiano trades at a discount to many of our peers on an enterprise value per reserve ounce basis.

We believe this discount does not reflect the value of our existing operations, the strength of our balance sheet, the visibility of the expected cash flow inflection or the organic growth opportunities across Nkran, Esaase and Abore. In our view, the current valuation understates, both the strength of our business today and its long-term growth potential. Let me close by bringing the quarter back to our broader strategy. In the near term, our task is clear: operate safely and deliver our 2026 plan. Our first half production of 69,000 ounces near the upper end of our indicated range provides a solid foundation for the balance of the year. Our full year production and all-in sustaining cash guidance remains unchanged.

At the same time, we are using our debt-free balance sheet to fund Nkran Cut 3, progress reserve conversion at Esaase and advance underground growth at Abore while maintaining substantial liquidity. We are, therefore, able to invest in the future of the mine while continuing to execute the current plan. The result is a clear path to improved operating and financial profile beginning in 2027. And higher production, stronger free cash flow, greater participation in gold price and multiple opportunities to expand reserves, resources and mine life. That combination gives us confidence in Galiano's ability to create meaningful long-term shareholder value.

Thank you to our employees and our business partners for their continued commitment and thank you to our shareholders and analysts for your interest in Galiano Gold. Operator, we are now ready to take questions.

Operator: [Operator Instructions] Our first question comes from the line of Heiko Ihle with HCW.

Heiko Ihle: It's Heiko Ihle with H.C. Wainwright. Let's talk about the general and administrative costs on a dollar mill basis. You went from -- you went from $7 essentially $8.50. And I get that's a small number overall, but on a percentage basis, the change is quite pronounced. Can you maybe give a bit of color on where we should model that out going forward? And what exactly happened? I assume some of that is just labor costs.

Matthew Freeman: It's Matt Freeman here. I think simplistically, the large part of it is just the denominator there. The tonnes milled was a bit lower this quarter given some of the issues that Mick alluded to. Otherwise, nothing really substantial in there. We had a few other maintenance costs that maybe flow through that a little bit on some sort of not kind of plant-related ones. But really, it's just the denominator so your tonnes milled. So modeling going forward, I would think this was a bit of an anomaly. I would think you can look back at the previous couple of quarters, and that would be a much better way of looking at it going forward.

We're certainly not seeing any major unexpected movements in our general cost base at all across the operations.

Heiko Ihle: That's what I would have expected and hoped you guys would say, okay. So that makes a lot of sense. And then also, you mentioned the diesel prices in the release, you discussed it briefly earlier on this call. Can you just give a bit of color on how much you actually spent nonfuel per quarter? And what you've been seeing with this figure throughout the first half of Q3? Is that something where the analysts can just -- once we have the total, we can just essentially take it and then take like global diesel prices and sort of like model it like that.

Matthew Freeman: Yes, Heiko. I think on average, we're about 3 to 4 million liters a month. And obviously, as we increase the profile of stripping at Nkran over the next, I guess, 18 months or so, we would expect that to increase a little bit over time. Honestly, we're not seeing it being particularly material to the business. Obviously, we've seen the spike through the summer. And obviously, it's been hugely volatile, particularly what we're seeing in the pumps in Ghana. But I think we're guiding -- we're comfortable in our guidance range. we're certainly comfortable where the costs are sitting. Hopefully, the Middle East situation will calm down a bit, and we'll see the reversion in prices.

But say, at the moment, it's not that material to us. We're keeping an eye on things and managing where we can.

Heiko Ihle: Fair enough. And essentially, on a usage basis, flat for the rest of the year, is the way to go.

Matthew Freeman: Yes. I mean we're modeling it within our expectations as being kind of around where it is now slightly elevated and hopefully say things could come off lower than that, and we might have a slight benefit there. But say, as of now, we're very comfortable with our cost guidance. So you can kind of expect us to fall in that range comfortably.

Operator: Your next question comes from the line of Frederic Bolton with BMO Capital Markets.

Frederic Bolton: So I've got a few questions here. You reduced your development guidance this year. Can you just talk us through the primary drivers of that reduction? So notice that you're guidance for the Nkran Cut 3 hasn't changed at all. I don't mind just going through the questions bundled. So If you start with that, please.

Matthew Freeman: Fred, it's Matt Freeman here. Yes, we've -- as we said in the MD&A, we expect development costs to be slightly down on what we'd originally said. There's a bit of a delay in some of our relocation projects in terms of the timing. But no, no change in sort of overall cost structure for the life of mine. It's just a timing shift between probably rendition and next year.

Frederic Bolton: Okay. And with respect to this legal dispute -- this [ garnishee ]. What's the current status on the appeal process and what sort of gating factors or milestones are needed before you can unlock some of that restricted cash?

Matthew Freeman: Yes. As I said, this is actually a very recent thing. So as we've said, we believe it to be a contravention of an existing order out there. So -- we're working with local counsel going through a legal process in Ghana to get that rescinded. Difficult to give a indication of exact timing, obviously because of these legal processes and through the summer, there's various court delays and holidays and things. So we're expecting, hopefully, something to be resolved in the short term. I can't give you precise timings, but certainly, we're working as diligently as we can with councel to get it resolved.

Frederic Bolton: Okay. Great. And -- and so I think kind of one more question on the -- on your Q3 mobilization of the Nkran fleet in Q3 or is the additional fleet. Can you just give us a bit more color on what was driving that particular timing for this additional fleet? And when there's a chance to expedite some of that fleet sooner than later.

Michael Cardinaels: Fred, it's Michael here. I can provide a little color on that. Our mining business partner, Rocksure have actually mobilized the full complement of trucks to site at this point in time. And there's 2 additional excavators, which are currently sitting on the ground on site and going through commissioning phases. So those will be completed in Q3 and then put into operations. So it was just primarily a timing delay for acquisition of those new excavators from the manufacturer.

Frederic Bolton: Okay. And so, therefore, Q4 is when we should start to see -- really see the ramp up of the [indiscernible].

Michael Cardinaels: That's correct. We'll see an increase in Q3 as we put those new units to work, and then they should be full complement by Q4 as well, as you say, a further increase.

Frederic Bolton: Okay. Okay. Great. Sorry, I didn't mean to hog the line. But can I just ask one more question on the prioritization of drilling. Esaase -- I read in the release that Esaase drilling has been prioritized against ahead of Abore. What was driving that? Is that because you were trying to prioritize resource reserve conversion there as opposed to the completed drilling that's been done at Abore and so on. So if you can add a bit color to that, please?

Chris Pettman: Sure, Fred. It's Chris. Yes, you're absolutely right. So we moved the rigs to Esaase. We wanted to make sure we could get that drilling done in a timely manner for modeling ahead of the 2027 MRMR update as it is a significant increase in our potential reserve base there. So we wanted to make sure we could get that done. Obviously, Abore is still important to us. We've gotten over half of that program finished already, and we still feel like given our time lines, we have all the time to be able to finish that drilling Abore.

We are seeing good growth in the resource there to be able to get that in by the end of the year as well. Yes. So I mean, that's our -- at Abore that's our underground resource, right? And so we released that last quarter. So it was really about getting the open pit reserve prioritized growth there over the underground resource growth we think we'll still see at Abore as well.

Operator: Your next question comes from Bereket Berhe with Beacon Securities.

Bereket Berhe: Congratulations guys, on another solid quarter. I'm noticing that production is actually stabilizing. The last 3 quarters have been really good. And obviously, that's been helped by the grade stabilizing as well, closer to the 0.9 grams per tonne. But I was wondering when do we start to see with Abore's contribution those grades start to pick up. Closer to the reserve grade of Abore, let's say, I understand that Abore is only contributing about 75% at the moment of the ore. I also want to add -- basically, I want to ask the same question that the guys have been asking about in a different way.

And Nkran Cut 3, if I remember correctly, started somewhere early in the year 2025, February, I believe it was and we're still at it and it's ramping up. When do we expect Nkran to sort of start to complete the pushback and start to contribute decently to the mine to the processing plant. Those are my questions for today.

Michael Cardinaels: Bereket, it's Michael here. I can answer that for you. So we are seeing increases in the Abore grades coming into Q3 and then further into Q4. We made a slight modification to our Abore pit design, which has increased the reserve's ounces included in that. And as we push into Q3 and Q4, we will be starting to see an increase in those grades and Abore will contribute approximately 80% mill feed in the last half of the year. So we should be expecting that as I said, H2.

And as far as Nkran goes, we will be ramping up our production profile over the balance of 2026 to be a full complement of fleet and increase at the end of the year. So 2027 should be a full complement of fleet. And as we've previously indicated, Nkran will start to produce ore at the back end of 2028 and into 2029, meaningful contribution to the grade for the production profile.

Operator: Our next question is from the line of Medina Abdullina with Freedom Broker.

Medina Abdullina: Hello. Thank you for your presentation. So I have several questions. You reduced development capital guidance by approximately $15 million due to delays in village relocation. Can you clarify whether these relocations are now expected in early 2027 and whether the delay has any impact on first ore timing from Nkran or simply shift cash spending between years.

Matthew Freeman: It's Matt here. Again. Yes, it's purely a timing difference, a little bit of a delay getting some of the organization together with the communities and we'd expect that to slide into 2027. But that won't have any impact on our production profile at all. So just the cash timing difference.

Medina Abdullina: Okay. And also mining unit costs increased 27% year-over-year due to lower tonnes mined and higher fresh exposure. And as Abore transition further into lower strip phases during the remainder of the year, should we expect mining cost per ton to decline meaningfully? Or does fresh rock mining might offset most of that benefit?

Matthew Freeman: I think, as you highlighted, we were slightly elevated on a cost per tonne basis this period, which was driven, say, largely by slightly lower tonnes and also the diesel price increase has an impact on that as well. But going forward, we should expect it to kind of be fairly stable. Hopefully, if mining rates ramp up a bit, we could see a bit of a reduction there. But obviously, as you go deep in pits, haul cycles increased. So there's a few offsets up and down, maybe slightly better, but we're not expecting anything too dramatic to change.

Operator: And with no further questions in queue. I will now hand the call back to Matt Badylak for closing remarks.

Matt Badylak: Thank you, operator, and thanks again to everybody who joined the call today and for your continued interest in Galiano Gold. We certainly look forward to providing you with further updates throughout the course of the year as we progress this year. Thank you very much.

Operator: Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

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