Galiano Gold Inc. produced 34,391 ounces of gold during the second quarter of 2026, keeping the company on track to meet its full-year production guidance of 140,000 to 160,000 ounces at the Asanko Gold Mine in Ghana.

Total gold sales reached 35,247 ounces during the quarter, generating gross revenue of $156.6 million at an average gross sales price of $4,432 per ounce. Net income attributable to common shareholders rose to $61.9 million, or $0.24 per basic share, compared to $19.3 million in the second quarter of 2025. Income from mine operations climbed to $92.8 million, while adjusted EBITDA reached $78.5 million.

All-in sustaining costs for the quarter landed at $2,473 per ounce sold, increasing from $2,251 per ounce in the comparative period of 2025. Galiano attributed the higher costs primarily to increased royalty expenses under Ghana's sliding-scale royalty framework. Year-to-date AISC reached $2,418 per ounce, remaining within the company's full-year guidance range of $2,300 to $2,600 per ounce.

The processing plant milled 1.3 million tonnes of ore at an average feed grade of 0.9 grams per tonne with a 90% metallurgical recovery rate. Throughput faced minor interruptions from maintenance on the primary crusher and a ball mill gearbox replacement, though performance met the company's first-half expectations.

At the Nkran deposit, waste mining at Cut 3 accelerated by 30% from the previous quarter to 6.1 million tonnes, supported by capitalized pre-stripping expenditures of $22.1 million. Additional mining equipment is scheduled for mobilization to further ramp up excavation rates. Meanwhile, regional exploration advanced with 4,564 metres drilled at Abore and 13,749 metres completed at Esaase. The infill drilling at Esaase aims to convert open pit inferred resources to the indicated category for inclusion in the 2027 resource and reserve update.

Galiano held $80.0 million in cash and cash equivalents alongside $25.9 million in restricted cash as of June 30, 2026, and carried no debt. The restricted balance reflects a court-issued garnishee order in Ghana related to a pre-existing legal dispute with a former service provider, which the company is contesting.

Galiano holds a 90% interest in the operation following its acquisition of Gold Fields Limited's 45% stake in March 2024. Shares of Galiano Gold closed at $2.73, rising 1.49% on August 6, 2026.

Read the full announcement: Galiano Gold Reports Second Quarter 2026 Results