Galiano ended Q4 2025 with $108.3 million in cash, no debt and generated $55.8 million in operating cash flow during the quarter and $158 million for the year, achieving adjusted EBITDA of $85.5 million in Q4 and $182.2 million for FY2025. Adjusted net income was $0.15 per share in Q4, while full-year adjusted net income reached $0.23 per share despite a GAAP loss of $0.11.

Q4 gold production rose 15% to 37,574 oz after milling 1.4 Mt of ore at a 91% recovery rate, driving an 11% reduction in AISC to $2,033/oz; full-year output totaled 121,191 oz at $2,233/oz AISC within guidance. Mining activity delivered 1.6 Mt of ore at 0.9 g/t gold with an 8:1 strip ratio in Q4 and 5.8 Mt at 0.9 g/t for the year, incurring $11.1 million of capitalized pre-stripping costs in the quarter.

Development of Nkran Cut 3 ramped up, with material mined increasing 23% to 4.5 Mt in Q4 and 10.7 Mt for 2025, while Esaase operations resumed following a community incident. The Phase 2 Abore drilling program advanced with 10,907 m drilled in Q4, testing extensions up to 200 m below previous boundaries to define mineralization continuity.

For FY2026, Galiano forecasts 140,000–160,000 oz of gold production, a roughly 25% increase over 2025, with output weighted to the second half and AISC projected at $2,000–$2,300/oz on a $4,500/oz price assumption. The company will advance stripping at Nkran Cut 3 and pursue disciplined exploration to unlock further growth potential.