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- **Production Beat**: Q3 gold production 32,533 oz (+7% QoQ), revenue $114M (+17% QoQ).
- **Cost Guidance Update**: AISC $2,200-2,300/oz vs prior $2,100-2,200.
- **Capacity Expansion**: Secondary crusher to reach 5.8Mtpa by Q4.
- **Exploration Success**: 11,554m drilled at Abora, 10,000m more in Q4.
- **Tax Outlook**: 2025 tax $20-30M, 35% effective rate.
- **Strategic Moves**: Underground mining at Abora 1-2 years away, Encran stripping acceleration.


**【CEO Summary Section】**
- Q3 production reached 32,533 ounces, up 7% from Q2, driven by higher grades and the secondary crusher commissioning.
- Revenue increased 17% QoQ to $114 million, supported by higher production and gold prices.
- 2025 production guidance revised to 120,000-125,000 ounces due to Asasi interruption.
- Strong cash position of $116 million with no debt.

**【CFO Financial Commentary】**
- GAAP net loss of $5 million due to hedge fair value adjustments.
- Q3 cash flow from operations $40 million, with $12 million tax payments.
- AISC guidance raised to $2,200-2,300/oz due to production shortfall.
- Encran stripping capital $12 million in Q3, total $22.1 million YTD.

**【Q&A Highlights】**
- Secondary crusher expected to reach 5.8Mtpa by Q4 with further throughput improvements.
- Underground mining at Abora potential in 1-2 years post open-pit depletion.
- 2026 tax rate ~35% with $20-30M tax payments.
- Exploration success at Abora with 11,554m drilled in Q3, 10,000m planned for Q4.
- Asasi operations restarted, Encran stripping ramping up for 2026.


Galiano Gold Inc (GAU) Q3 2025 Earnings Call Transcript

- **Production Surge**: Q2 gold output up 46% to 30,000 oz, driven by secondary crusher commissioning.
- **Cost Efficiency**: 10% QoQ AISC reduction, despite $100/oz royalty headwinds.
- **Exploration Breakthrough**: Abore deep drilling hits 3.1g/t over 16m, opening underground mining potential.
- **Capital Allocation**: $6.9M spent on Nkran stripping in Q2, with accelerated spending in H2.
- **Liquidity Strength**: $115M cash balance, no debt, and no dividend plans as reinvestment continues.

**【CEO Opening Remarks】**
- Q2 2025 gold production reached 30,000 oz (46% QoQ increase), with year-to-date total of 51,000 oz.
- Secondary crusher commissioned in late July, enabling mill throughput to reach 5.8Mtpa by year-end.
- Cash flow from operations: $36M (Q2), ending with $115M cash balance and no debt.
- Exploration success at Abore: 4 deep drill holes intersected mineralized granite with grades up to 3.1g/t over 16m.

**【COO Operations Update】**
- Ore production increased 5% QoQ, with Nkran waste stripping up 113% QoQ.
- Secondary crusher optimization underway, with modifications to conveyors and SAG mill expected by end-Q3.
- Q2 gold sold: 29,000 oz; production guidance maintained at 130-150K oz for 2025.

**【CFO Financial Commentary】**
- Q2 revenue: $97.3M (avg realized price $3,317/oz).
- Adjusted EBITDA: $39.8M; net income: $21.6M ($0.7/sh).
- All-in sustaining costs (AISC) reduced 10% QoQ, but higher royalty costs (+$100/oz at current prices) offset savings.
- Capital allocation focused on Nkran stripping ($6.9M spent in Q2, with acceleration in H2).

**【Exploration Update】**
- Abore infill drilling: 8,900m/35 holes completed, with Phase 2 results pending.
- Deep drilling success: 36m @ 2.5g/t and 18m @ 1.9g/t, confirming potential for underground mining.
- New regional targets identified at Nkran and Sky Gold with high-grade quartz vein samples.

**【Q&A Highlights】**
- Pre-stripping costs: $6.9M in Q2, with modest increases in Q3 and Q4 to accelerate Nkran access.
- Shareholder returns: Prioritized reinvestment in Nkran; no dividend plans until stripping completes.
- Steady-state production timing: Secondary crusher optimization to be finalized by end-Q3, enabling 5.8Mtpa throughput.
- 2025 capital spending: $60-65M guided, with focus on sustaining Nkran stripping and crusher upgrades.

Galiano Gold Inc. (GAU) Q2 2025 Earnings Call Transcript

- **Production recovery on track**: Q1 2025 production of 21,000 oz impacted by mill shutdown, but 2025 guidance maintained (130,000-150,000 oz) with H2 upside from higher-grade ore. 
- **Abore exploration breakthrough**: 180m strike length expansion and new 50m @ 3.1g/t Au discovery below reserve pit, signaling potential underground resource. 
- **Financial resilience**: $106M cash, $26M EBITDA, and ASIC expected to decline as production ramps up. 
- **Operational efficiency**: Unit costs down to $3.31/tonne mined, with secondary crusher on track for Q3 commissioning with minimal downtime. 


**【CEO Opening Remarks】**
- Q1 2025 production: 21,000 oz, impacted by a 2-week mill shutdown for SAG repairs, resulting in 5,000 oz underperformance vs. budget. 
- 2025 guidance maintained at 130,000-150,000 oz, with H2 2025 benefiting from higher-grade ore from Abore and Esaase pits. 
- 5-year outlook projects 75% production increase by 2026, driven by Nkran development and Abore expansion. 
- Financial strength: $106M cash, 0 debt, and $26M EBITDA in Q1. 

**【COO Operational Update】**
- Mining performance: 144% increase in ore production vs. Q4 2024, with unit costs improving to $3.31/tonne. 
- Processing challenges: Crushing limitations will persist until Q3 secondary crusher commissioning, but blending strategy mitigated throughput losses. 
- Safety: 2 LTIs in Q1, with 12-month LTI rate of 0.43, and $3.3M spent on safety initiatives. 

**【CFO Financial Review】**
- Q1 revenue: $77M at $2,833/oz realized price (post-offtake termination). 
- Net loss of $29M due to hedge book fair value adjustments, but adjusted EBITDA of $26M and $26M cash flow from ops. 
- ASIC: $2,500/oz in Q1, expected to decline with higher production. 
- Royalty impact: $55/oz increase due to $3,000/oz gold price and 2% Ghana levy hike. 

**【Exploration Success】**
- Abore infill drilling: Expanded high-grade zone strike length from 90m to 180m, with highlights like 34m @ 12.1g/t Au. 
- New discovery: 50m @ 3.1g/t Au below reserve pit, opening down-dip and along-strike extensions. 
- 2025 drilling spend: $3.3M in Q1, with plans to test structural corridors for underground potential. 

**【Q&A Highlights】**
- Secondary crusher: $5M budget on track, minimal downtime (~2 days) for commissioning in Q3. 
- Abore resource growth: Testing 1,800m strike length for open-pit expansion or underground transition. 
- Cost management: Operating expenses down 5% YoY, with focus on capital allocation efficiency. 


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