Galiano Gold Net Income Hits 68.9 Million in Second Quarter
The gold mining company reported a 20% increase in gold ounces sold during the second quarter of 2026.
Galiano Gold Inc. (GAU), a gold mining company operating the Asanko Gold Mine in Ghana, reported net income of 68.9 million for the three months ended June 30, 2026. This compared to 21.6 million for the same period in 2025.
Revenue for the second quarter rose to 156.6 million, up from 97.3 million in the prior-year quarter. The company said the increase was driven by a 20% rise in gold ounces sold and a 34% increase in the average gold sales price. Specifically, Galiano sold 35,247 ounces of gold at an average price of 4,432 per ounce in the second quarter of 2026, compared to 29,287 ounces at 3,317 per ounce in the second quarter of 2025.
Operating costs increased alongside production volumes. Production costs for the quarter were 55.0 million, compared to 39.3 million in the second quarter of 2025. The company attributed the higher costs to the increase in gold ounces sold and higher diesel costs.
Gold hedging activity created significant volatility in the results. Galiano recorded a 28.0 million unrealized gain during the quarter on remaining hedged gold ounces, which the company said was driven by a decrease in gold prices. This was partially offset by a 20.4 million realized loss on settled gold hedges, though 19.6 million of that amount had been recognized as unrealized losses in previous periods.
For the six months ended June 30, 2026, the company reported net income and comprehensive income of 105.8 million. This represents a reversal from the six months ended June 30, 2025, during which the company recorded a net loss and comprehensive loss of 7.8 million.
As of June 30, 2026, the company held 80.0 million in cash and cash equivalents. Total assets rose to 719.5 million from 599.1 million at the end of 2025. The company said it continues to maintain the ability to meet its financial obligations as they come due.