Galiano Gold is a gold mining company whose sole producing asset is the Asanko Gold Mine (AGM), an open-pit operation in Ghana. Galiano owns 90% of the AGM's operating subsidiary, with the Government of Ghana holding a 10% free-carried interest. The AGM encompasses nine deposits, of which several are actively mined: Abore is currently the primary source of mill feed, Esaase serves as a secondary source, and Nkran is undergoing a major pre-stripping campaign before delivering ore in early 2029. Mined ore is processed through a centralized CIL plant targeting 5.8 Mtpa throughput. Galiano sells gold at spot market prices, and revenue is driven by ounces produced and the prevailing gold price. Profitability is highly sensitive to gold price movements, though Ghana's sliding-scale royalties (5%–12% depending on price) and a 3% Growth and Sustainability Levy limit earnings flow-through as prices rise. Galiano's growth plan centers on three areas: completing the Nkran Cut 3 pre-stripping (budgeted at $100M–$120M in 2026 alone) to unlock high-grade ore from 2029; drilling to convert underground resources at Abore and Nkran into reserves, with underground grades well above current open-pit grades; and expanding Esaase reserves through a conversion drilling campaign. Galiano guides for FY2026 production of 140,000–160,000 oz, roughly 25% above FY2025 levels, with 2027 as a key inflection point when legacy gold hedges and deferred payments to Gold Fields are fully settled.