GALIANO GOLD REPORTS SECOND QUARTER 2025 RESULTS
VANCOUVER, BC, Aug. 13, 2025 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX:GAU) (NYSE:GAU) is pleased to report its second quarter ("Q2") 2025 operating and financial results. Galiano owns a 90% interest in the Asanko Gold Mine ("AGM") located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.
All financial information contained in this news release is unaudited and reported in United States dollars.
Q2 2025 AND YEAR-TO-DATE HIGHLIGHTS
Safety
No lost-time injuries ("LTI") nor total recordable injuries (inclusive of LTIs) ("TRI") recorded during Q2 2025.
12‐month rolling LTI and TRI frequency rates as of June 30, 2025 of 0.42 and 0.97 per million hours worked, respectively.
Mining
Mining activities focused on the Abore and Esaase deposits with 1.4 million tonnes ("Mt") of ore mined at an average mined grade of 0.8 grams per tonne ("g/t") gold and a strip ratio of 5.9:1 during Q2 2025.
Development of Cut 3 at the Nkran deposit continued to ramp up with 1.7 Mt of waste mined during the quarter, a 113% increase compared to Q1 2025.
Processing
1.2 Mt of ore was milled at an average feed grade of 0.8 g/t gold, with metallurgical recovery averaging 89% during Q2 2025.
Secondary crushing circuit was completed on budget and commissioned at the end of July 2025. Processing plant milling capacity is now expected to return to a 5.8 Mt per annum throughput rate.
Produced 30,350 ounces of gold during the quarter, a 46% increase compared to Q1 2025. 51,084 ounces of gold produced year-to-date.
Sold 29,287 ounces of gold during the quarter and 56,281 ounces of gold year-to-date at average realized prices of a quarterly record $3,317 per ounce ("/oz") and $3,084/oz, respectively, excluding the effect of realized losses on gold hedging instruments.
Cost and capital expenditures
Total cash costs1 of $1,602/oz and all-in sustaining costs1 ("AISC") of $2,251/oz for the quarter (year-to-date AISC1 of $2,339/oz). AISC1 declined by 10% compared to Q1 2025.
Sustaining capital expenditures, excluding capitalized stripping costs, of $2.2 million and development capital expenditures (excluding Nkran pre-stripping costs) of $4.9 million during Q2 2025.
Capitalized development pre-stripping costs at Nkran Cut 3 of $6.9 million during Q2 2025, and $10.1 million year-to-date.
_________________________
1 See section "Non-IFRS Performance Measures" of this news release.
Financial
Cash and cash equivalents of $114.7 million at June 30, 2025, and no debt.
Generated cash flow from operating activities of $35.8 million during Q2 2025.
Income from mine operations of $37.2 million during Q2 2025.
Net income of $0.07 per common share and adjusted net income1 of $0.08 per common share during Q2 2025.
Adjusted EBITDA1 (as defined herein) of $39.9 million during Q2 2025.
Exploration
A deep step-out drilling program at the Abore deposit, totaling 1,907m across a 1,200m strike length, yielded positive results with mineralization intercepted in all four holes, including 36m at 2.5 g/t gold (refer to news release dated July 14, 2025).
"We are pleased with the progress made during the period with production, all-in sustaining costs, earnings per share, and cash balances all improving quarter-on-quarter. This momentum, in combination with the commissioning of the secondary crusher ahead of schedule in late July, positions us well for a strong second half of the year," said Matt Badylak, Galiano's President and Chief Executive Officer. "The results from our Abore deep drilling program confirm the presence of a mineralized system 200 metres below the current Mineral Reserve over a significant 1,200 metre strike length. These findings highlight the expansion potential at Abore and provide additional exploration targets to unlock further value beneath our existing reserves."
SUMMARY OF QUARTERLY OPERATIONAL AND FINANCIAL HIGHLIGHTS
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Health and safety
LTIs
-
2
1
-
-
12-month rolling LTI frequency rate
0.42
0.43
0.15
0.00
0.15
Mining
Ore mined ('000t)
1,365
1,296
531
670
467
Waste mined ('000t)
9,824
9,124
8,698
9,726
7,427
Strip ratio (W:O)
7.2
7.0
16.4
14.5
15.9
Average gold grade mined (g/t)
0.8
0.8
1.0
1.1
1.0
Mining cost ($/t mined), total(1)
3.65
3.36
3.41
3.52
2.98
Mining cost ($/t mined), producing(1)
3.59
3.31
3.41
3.52
2.98
Mining cost ($/t mined), development(1)
4.00
3.98
-
-
-
Ore tonnes trucked ('000 t)
1,030
1,053
685
665
503
Ore transportation cost ($/t trucked)
4.49
4.43
4.75
4.56
5.71
Processing
Ore milled ('000t)
1,193
1,086
1,179
1,162
1,336
Average mill head grade (g/t)
0.8
0.8
0.9
0.9
0.7
Average recovery rate (%)
89
87
85
91
82
Processing cost ($/t milled)
12.89
14.37
15.84
12.49
11.18
General and administrative cost ($/t milled)
6.24
5.78
6.28
5.74
5.13
Gold produced (oz)
30,350
20,734
28,508
29,784
26,437
Capital expenditures
Sustaining capital ($m)
2.2
1.3
0.8
0.8
0.6
Development capital ($m)
4.9
3.3
2.0
4.0
2.3
Development pre-stripping capital ($m)
6.9
3.2
-
-
-
Financial, costs and cash flow
Revenue ($m)
97.3
76.6
64.6
71.1
64.0
Gold sold (oz)
29,287
26,994
24,673
29,014
27,830
Average realized gold price ($/oz)
3,317
2,833
2,609
2,446
2,292
AISC ($/oz sold)(2)
2,251
2,501
2,638
2,161
1,759
Income from mine ...
