Galiano Gold Inc (GAU) 2026 Q1 法說會逐字稿

Hello, and welcome to the Galiano Gold first-quarter results call. (Operator Instructions) I'll now turn the conference over to Matt Badylak, Galiano's CEO.

大家好，歡迎參加 Galiano Gold 第一季業績電話會議。(接線員指示) 現在我將把會議交給 Galiano 執行長 Matt Badylak。

Thank you, operator, and good morning, everyone. We appreciate you taking time to join us on this call today to review Galiano Gold's first-quarter 2026 results we released yesterday after market close. We will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary notes and risk disclosures in our most recent MD&A as well as this slide of the webcast presentation.

謝謝接線員，大家早安。感謝各位撥冗參加今天的電話會議，一同回顧我們昨日收盤後發布的 Galiano Gold 2026 年第一季業績。本次會議中我們將作出前瞻性陳述，並提及非 IFRS 衡量指標。請參閱我們最新的管理階層討論與分析（MD&A）中的警示說明與風險揭露，以及本網路直播簡報投影片中的相關內容。

Yesterday's release details our first-quarter 2026 financial and operating results. They should be read in conjunction with our first-quarter financial statements and MD&A available on our website and filed on SEDAR+ and EDGAR. Also, please bear in mind that all dollar amounts mentioned in the conference call are in US dollars unless otherwise noted.

昨日的新聞稿詳述了我們 2026 年第一季的財務與營運成果。請搭配閱讀我們第一季財務報表與 MD&A；相關文件可於公司網站取得，並已提交至 SEDAR+ 與 EDGAR。另外也請注意，除非另有說明，本次電話會議提及的所有金額均以美元計。

With me on the call today, I have Michael Cardinaels, our Chief Operating Officer; Matt Freeman, our Chief Financial Officer; and Chris Pettman, our Vice President, Exploration. For this presentation, I will initially provide a brief overview of the quarter; Michael will discuss operations; Matt will discuss financials, and then Chris will highlight the exciting growth potential at Esaase and our ongoing exploration success at Abore. I'll then provide some closing remarks and open the call for Q&A.

今天與我一同出席電話會議的有：營運長 Michael Cardinaels、財務長 Matt Freeman，以及勘探副總裁 Chris Pettman。在本次簡報中，我會先就本季做簡要概述；Michael 將說明營運；Matt 將說明財務；接著 Chris 將重點介紹 Esaase 令人振奮的成長潛力，以及我們在 Abore 持續取得的勘探成果。最後我會做結語並開放問答。

Turning to slide 5. Here, we can see the team delivered another solid operational quarter in line with our expectations for the period. Let me walk you through some of the key highlights. Safety continues to be our top priority, and I am pleased to report that we recorded no lost time injuries in Q1, extending our LTI-free period to more than 12 months. This milestone reflects the team's ongoing focus and commitment to maintaining a strong safety culture across the operation.

請看第 5 張投影片。在此可見團隊本季再度交出穩健的營運表現，符合我們對本期間的預期。我來帶各位快速回顧幾項重點亮點。安全仍是我們的首要任務，我很高興報告第一季未發生任何損失工時傷害（LTI），使我們的零 LTI 期間延長至超過 12 個月。這項里程碑反映團隊持續專注並致力於在整個營運中維持強健的安全文化。

Turning to production. The Asanko Gold Mine reached an important milestone during the quarter, marking its 10th year of continuous operations. Over that period, the mine has produced more than 1.9 million ounces of gold or just over 190,000 ounces per year on average. In Q1, we produced 34,500 ounces of gold, slightly above the midpoint of our first-half forecast. Our full-year production guidance remains unchanged at between 140,000 and 160,000 ounces.

接著談產量。Asanko 金礦在本季達成一項重要里程碑，連續營運滿 10 週年。在此期間，該礦累計生產超過 190 萬盎司黃金，平均每年略高於 19 萬盎司。第一季我們生產 34,500 盎司黃金，略高於上半年預測區間的中點。我們全年產量指引維持不變，仍為 140,000 至 160,000 盎司。

During the quarter, we executed a four-year extension to our mining contract, Rabotec, who have been actively mining at Esaase and at Abore since 2024. This strengthens an existing relationship with a highly qualified domestic service provider and highlights our commitment to local content requirements in Ghana.

本季我們與採礦承包商 Rabotec 簽署為期四年的合約延長；Rabotec 自 2024 年起即在 Esaase 與 Abore 積極進行採礦作業。此舉強化了我們與高素質本地服務供應商的既有合作關係，也突顯我們對迦納在地內容（local content）要求的承諾。

Our balance sheet remains strong, and we ended the quarter with $115 million in cash despite increased stripping activities at Nkran and an impact of higher royalties. Including the $75 million revolving credit facility added in Q4, total liquidity now stands at approximately $190 million, positioning the company well moving forward. Exploration activities also progressed well during the quarter with the team advancing work streams focused on expanding mineral reserves at Esaase and growing underground mineral resources at Abore.

我們的資產負債表依然強健；儘管 Nkran 的剝採活動增加且較高權利金帶來影響，我們仍在季末持有 1.15 億美元現金。加計第四季新增的 7,500 萬美元循環信用額度，目前總流動性約為 1.9 億美元，為公司後續發展提供良好支撐。本季勘探活動亦進展順利，團隊推進多項工作主軸，聚焦於擴增 Esaase 的礦產儲量，以及提升 Abore 地下礦產資源量。

With that, I'll now pass it over to Mick to discuss production in more detail.

接下來我把時間交給 Mick，請他更詳細說明產量表現。

Thank you, Matt, and good morning, everyone. Starting with safety, our improvement from last quarter continued into 2026. We recorded no lost time injuries and no recordable injuries, and I'm pleased to report that at the end of March, we reached 12 months lost time injury free. That milestone brought our lost time injury frequency rate down to 0 and our total recordable injury frequency rate to 0.11 per million hours worked.

謝謝 Matt，大家早安。先從安全談起，我們相較上一季的改善在 2026 年持續延伸。我們未發生任何損失工時傷害，也沒有任何可記錄傷害；我很高興報告，截至三月底我們已達成連續 12 個月零損失工時傷害。這項里程碑使我們的損失工時傷害頻率率降至 0，而總可記錄傷害頻率率降至每百萬工時 0.11。

Turning to mining. Esaase ramped up production in Q1 as planned. And together with Abore, we increased total tonnes mined by 9%. Mill feed in 2026 is planned from these two pits, Abore and Esaase, and ore tonnes mined increased 6% compared to the previous quarter.

接著談採礦。Esaase 依計畫於第一季提升產量。並且與 Abore 合計，我們的總採掘噸數增加 9%。2026 年的選礦廠入料計畫將來自 Abore 與 Esaase 兩個礦坑；本季採出的礦石噸數較上一季增加 6%。

As the year progresses, strip ratios, especially at Abore are forecast to decrease. That gives us access to more ore and allows us to preferentially feed high-grade material to the mill, supporting higher gold production in the second half of 2026. At Nkran, Cut 3 stripping continued. Volumes mined increased modestly by 8% in the quarter, and we expect material movement to build through the year as additional equipment is mobilized to site.

隨著年度推進，預期剝採比（尤其是 Abore）將下降。這將讓我們取得更多礦石，並可優先將高品位物料送入選礦廠，支撐 2026 年下半年更高的黃金產量。在 Nkran，Cut 3 的剝採作業持續進行。本季採掘量小幅增加 8%，且我們預期隨著額外設備進場，全年物料移運量將逐步提升。

Now if we move to the next slide, I'll walk you through our processing performance for the quarter. Overall, the year has started well. In Q1, we completed a substantial planned maintenance program, including relines for both mills and replacement of the primary crusher pitman. As a result, tonnes treated were lower, but as expected.

接著看下一張投影片，我將帶各位回顧本季的選礦處理表現。整體而言，今年開局良好。第一季我們完成一項大規模的計畫性維護方案，包括兩座磨機的襯板更換，以及更換初級破碎機的動顎（pitman）。因此處理噸數較低，但符合預期。

Importantly, with the circuit optimizations we've implemented, throughput is now performing in line with expectations. Grades and recovery met plan or were better during the quarter. That translated into gold production of 34,747 ounces and sales of just over 34,000 ounces.

重要的是，隨著我們已實施的流程優化，處理量（throughput）目前的表現符合預期。本季品位與回收率達到計畫目標或優於計畫。因此黃金產量為 34,747 盎司，銷售量略高於 34,000 盎司。

We are well positioned to achieve the upper end of our previously communicated production range of 60,000 to 70,000 ounces for the first half of the year, and we remain on track to meet our full-year guidance. So in summary, both mining and processing areas are performing as expected, and we're tracking well against our 2026 guidance.

我們具備良好條件達成先前溝通之上半年 60,000 至 70,000 盎司產量區間的上緣，且仍按計畫達成全年指引。總結而言，採礦與選礦兩大領域的表現皆符合預期，我們也正穩健地朝 2026 年指引目標推進。

I will now hand over to Matt Freeman to discuss the Q1 financial results.

接下來我把時間交給 Matt Freeman，請他說明第一季財務結果。

Thanks, Michael. Good morning, everyone. As Michael outlined, we're pleased with the first quarter delivered in line with our plan. The continued strong gold price environment enabled us to generate record revenues of $166 million and cash flows from operations of $47 million.

謝謝 Michael。大家早安。如 Michael 所述，我們對第一季依計畫交付的成果感到滿意。在黃金價格環境持續強勁的帶動下，我們創下 1.66 億美元的歷史新高營收，以及 4,700 萬美元的營運活動現金流。

Our headline earnings numbers continue to be impacted by the losses on the hedges, but we now have only about 45,000 ounces left to settle. And as production ramps up, these ounces will present a lower percentage of production, allowing us to more fully participate in gold prices going forward.

我們的主要獲利數字仍持續受到避險部位損失的影響，但目前僅剩約 45,000 盎司尚待結算。隨著產量提升，這些盎司占總產量的比例將降低，使我們未來能更充分參與金價上行。

Adjusting for the unrealized losses on hedges to be settled in the future, we recognized adjusted net income of $0.11 per share. From a treasury perspective, the balance sheet remains very healthy with approximately $115 million in cash and the $75 million credit facility remains undrawn.

若將未來待結算之避險未實現損失調整回來，我們認列調整後淨利為每股 0.11 美元。就資金管理角度而言，資產負債表仍非常健康，現金約 1.15 億美元，且 7,500 萬美元的信用額度仍未動用。

This slide 9 illustrates our operating costs remain consistent period-on-period and have generally been well controlled by the site. As Matt mentioned, we're pleased to sign the extension to our mining contract with Rabotec in April, which provides some cost certainty over the next four years, while we're being able to ensure strict compliance with local content requirements in the country.

第 9 張投影片顯示，我們的營運成本期對期維持一致，且整體而言由礦區端控制得宜。如 Matt 所提，我們很高興於四月與 Rabotec 簽署採礦合約延長，這在未來四年提供一定的成本確定性，同時也讓我們能確保嚴格遵循該國的在地內容要求。

We have seen some inflation in recent months following the situation in the Middle East, notably on diesel. From the general assumption that this will be short term in nature, we're not expecting material impact on the overall cost structure of the mine in 2026. Thus far, we've also not experienced any supply issues for consumables needed to operate the mine.

近月來，受中東局勢影響，我們確實看到一些通膨壓力，尤其是在柴油方面。基於一般假設此情況屬短期性，我們預期不會對 2026 年礦山整體成本結構造成重大影響。截至目前，我們也未遇到礦山營運所需耗材的任何供應問題。

CapEx remains focused on critical projects such as the tailings dam raise. We're also starting to invest in some of the village relocations that are required. So we expect growth capital to increase through the year in line with guidance.

資本支出（CapEx）仍聚焦於尾礦壩加高等關鍵專案。我們也開始投入部分必要的村落搬遷工作。因此，我們預期成長資本將在全年隨著指引而增加。

With respect to our AISC guidance, we are in line with where we expected to be. Back in February, we guided AISC for 2026 as being between $2,000 and $2,300 per ounce, but noted that should the Ghanian government implement the new royalty regime, it could add an additional $375 to the cost structure.

就我們的 AISC 指引而言，目前與我們原先預期一致。回到 2 月，我們對 2026 年的 AISC 指引為每盎司 2,000 至 2,300 美元，但也指出若迦納政府實施新的權利金制度，成本結構可能會額外增加每盎司 375 美元。

As I think everyone is aware, the new sliding scale royalty regime was enacted in March. Where we sit currently with prices, the royalty rate is 12%. We were pleased, however, that the government did provide a margin offset by reducing the growth in sustainability levy from 3% to 1%. Now we have certainty over the legislation, we have clarified the expectations, reiterating guidance to between $2,300 and $2,600 per ounce, fundamentally no change to what we previously outlined.

如各位所知，新的浮動（級距）權利金制度已於 3 月通過立法。以我們目前所處的金價水準，權利金稅率為 12%。不過，我們也樂見政府透過將永續徵費（sustainability levy）的增幅由 3% 降至 1%，提供了利潤抵減。如今法規已確定，我們也釐清了預期，重申指引為每盎司 2,300 至 2,600 美元，基本上與我們先前所述並無改變。

The chart on slide 10 clearly demonstrates the increasing royalty burden we have seen over the past five quarters as a result of the significant increase in gold prices. And then in Q1 '26 where we started to recognize the impact of the new regime. But it also demonstrates that the unit costs we can control have been consistently maintained and very much levered to production such that as production improves over the next several quarters, we expect this to reduce.

第 10 張投影片的圖表清楚顯示，過去五個季度因金價大幅上漲，我們所承受的權利金負擔持續增加。而在 2026 年第一季（Q1 '26），我們開始認列新制度的影響。但圖表也顯示，我們可控的單位成本一直維持穩定，且與產量高度連動，因此隨著未來幾個季度產量改善，我們預期這部分將下降。

We're pleased that our cash balance has grown to $115 million with AISC margin growing to $1,760 per ounce. As we look forward, the end of this year marks a real inflection point in cash generation. 2027 and beyond should see another ramp-up in production and will be part of the current hedge program, and therefore, fully exposed to the price of gold. The company expects to generate significant cash flows to shareholders from this point going forward.

我們很高興現金餘額已增至 1.15 億美元，同時 AISC 利潤（margin）提升至每盎司 1,760 美元。展望未來，今年年底將是現金創造能力的真正轉折點。2027 年及之後，產量應會再度爬坡，並將納入目前的避險計畫，因此將完全暴露於金價。公司預期自此之後將為股東創造可觀的現金流。

And with that, I'll turn the call over to Chris to run through the excellent exploration results we saw in Q1.

接下來，我把電話交給 Chris，請他帶大家回顧我們在第一季看到的優異探勘成果。

Thanks, Matt. The year got off to a fast start for us in exploration. We started the 2026 Abore step-out and infill drilling program in the first week of January in order to maintain resource expansion momentum on the back of a very successful 2025 campaign and the release of the maiden underground resource at the end of January.

謝謝，Matt。我們今年的探勘開局非常迅速。為了延續資源量擴張動能，承接 2025 年非常成功的探勘成果，以及 1 月底發布的首次地下資源量（maiden underground resource），我們在 1 月第一週就啟動了 2026 年 Abore 的延伸（step-out）與加密（infill）鑽探計畫。

Drilling has progressed well with 11,570 of a planned 30,000 meters completed in the quarter with another 3,000 meters completed in April as discussed in the company's press release issued earlier this week. Some of the headline results are shown here at the bottom of slide 12, and I'll discuss these further in a few minutes.

鑽探進展順利，本季已完成 11,570 公尺（計畫總長 30,000 公尺），並如公司本週稍早發布的新聞稿所述，4 月又完成了另外 3,000 公尺。部分重點成果已列於第 12 張投影片下方，幾分鐘後我會再進一步說明。

The Esaase resource conversion drilling program was brought forward in the exploration schedule and was kicked off in the first week of February. This program is a critical pillar in the Galiano organic growth strategy. And on the back of initial positive results from the first 2,500 meters drilled in Q1, we have significantly increased the program to its full scope and budget in order to aggressively grow the open pit reserve base ahead of the 2027 MRMR update. With the support of senior leadership and the Board of Directors, the 2026 exploration budget has been increased from $17 million to $25 million.

Esaase 的資源轉換鑽探計畫在探勘排程中提前，並於 2 月第一週啟動。此計畫是 Galiano 有機成長策略中的關鍵支柱。基於第一季前 2,500 公尺鑽探的初步正面結果，我們已將計畫大幅擴增至完整範圍與預算，以在 2027 年 MRMR 更新前積極擴大露天礦儲量基礎。在高階管理團隊與董事會支持下，2026 年探勘預算已由 1,700 萬美元提高至 2,500 萬美元。

Esaase is the AGM's largest deposit with over 1.7 million ounces of inferred and indicated resource and a reserve of 532,000 ounces, and through an aggressive campaign to maximize near-term reserve growth will underpin Galiano's strategic organic growth plan for the AGM. Because of the amount and density of historic drilling below the current reserve shell, Esaase is uniquely positioned to quickly leverage elevated gold prices and deliver significant near-term value to the company.

Esaase 是 AGM 最大的礦床，推定與指示資源量合計超過 170 萬盎司，儲量為 53.2 萬盎司；透過積極的行動以最大化短期儲量成長，將支撐 Galiano 在 AGM 的策略性有機成長計畫。由於在目前儲量殼體（reserve shell）下方歷史鑽孔的數量與密度很高，Esaase 具備獨特優勢，可快速利用高企金價，並為公司帶來顯著的短期價值。

Multiple pit optimization studies have been completed using this data across a range of gold prices. These have demonstrated that the deposit is highly sensitive to higher gold prices and that the reserve can grow substantially while maintaining strip ratios in line with the current reserve pit.

我們已利用這些資料，在不同金價假設下完成多項礦坑最佳化研究。研究顯示該礦床對較高金價高度敏感，且在維持與目前儲量礦坑一致的剝採比（strip ratio）的同時，儲量可大幅成長。

As shown here on slide 13, a long section through Esaase shows the potential impact that successful conversion of inferred resources can have on the reserve shell at gold prices up to $3,000. The amount of historic drilling also means that we expect to see very high conversion rates from this program as a large portion of the inferred resource is spatially bound by indicated material. I'll show an example of this in a moment.

如第 13 張投影片所示，穿越 Esaase 的長剖面顯示，在金價最高達 3,000 美元的情境下，若能成功將推定資源轉換，可能對儲量殼體帶來的影響。歷史鑽孔量也意味著我們預期此計畫將有非常高的轉換率，因為相當大一部分推定資源在空間上由指示資源所界定（bound）。我稍後會展示一個例子。

As I mentioned on the last slide, drilling is underway at Esaase at the beginning of February with 2,500 meters of the first phase of the program completed in Q1. On the back of positive results from this initial drilling, the program has now been expanded to its full scope of 33,400 meters. Production has accelerated at site, and we now have five drill rigs active at Esaase.

如我在上一張投影片提到的，Esaase 的鑽探於 2 月初展開，第一階段在第一季完成 2,500 公尺。基於這批初始鑽探的正面結果，該計畫現已擴增至完整規模 33,400 公尺。現場作業已加速，目前在 Esaase 有五部鑽機運作。

On this slide 14, we're showing an example of a cross-sectional view of a conversion drilling target zone in the central portion of Esaase main pit, where inferred resources shown in red are spatially bound above and below by indicated resources shown in green. In areas such as this, we have high confidence in the model and our ability to convert a high percentage of these inferred ounces to indicated with a small amount of new drilling.

在第 14 張投影片中，我們展示 Esaase 主礦坑中央區域一個轉換鑽探目標帶的剖面示例，其中紅色所示的推定資源在空間上由上下方綠色所示的指示資源所界定。在這類區域，我們對模型以及以少量新增鑽探將這些推定盎司高比例轉換為指示資源的能力具有高度信心。

This section also shows the impact converting these ounces can have in terms of the scope of potential pit expansions at higher gold prices. Increasing the open pit reserve at Esaase will not only provide near-term value by unlocking quality ounces and tonnage that are currently undervalued, but is also a critical first pillar that will underpin Galiano's long-term vision for a transformational life of mine plan that includes a future transition to underground mining.

此剖面也顯示，在較高金價下，轉換這些盎司對潛在礦坑擴張範圍可能帶來的影響。提高 Esaase 的露天礦儲量，不僅能透過釋放目前被低估的優質盎司與噸數來提供短期價值，也是一項關鍵的第一支柱，將支撐 Galiano 對礦山壽命（life of mine）具轉型意義的長期願景規劃，其中包含未來轉入地下採礦。

An expanded Esaase has the potential to be large enough to supply quality open pit tonnes to co-feed with higher-grade underground material from Abore and/or Nkran well beyond the current life of mine. To that end, while we are growing the Esaase open pit reserve, we are aggressively working to expand the underground resource at Abore, which I'll discuss in the next couple of slides.

擴大的 Esaase 具備潛力，規模可大到在遠超過目前礦山壽命的期間，提供優質露天礦石，與來自 Abore 和／或 Nkran 的較高品位地下礦石共同入料（co-feed）。因此，在我們擴大 Esaase 露天礦儲量的同時，也正積極推進 Abore 的地下資源擴張；我將在接下來幾張投影片中說明。

At Abore, we continue to be excited about the results we are seeing as we have now completed approximately half of the planned 30,000 meters of drilling for 2026. The maiden underground resource released by the company in Q1 provides a baseline from which we are now focused on growing the underground opportunity at Abore.

在 Abore，我們對目前看到的成果仍感到振奮，因為 2026 年規劃的 30,000 公尺鑽探如今已完成約一半。公司於 2026 年第一季發布的首次地下資源量，提供了一個基準，讓我們現在能專注於擴大 Abore 的地下開發機會。

Q1 drilling was focused on infilling areas adjacent to but outside the current mineral resource, while also continuing to step out at depth to expand the known extent of the Abore mineralizing system. The image here on slide 15 outlines the primary areas of drilling so far this year and where results to date are likely to drive resource growth.

第一季鑽探重點在於對現有礦產資源相鄰但位於其外側的區域進行加密，同時持續向深部延伸（step out），以擴大 Abore 成礦系統已知的範圍。第 15 張投影片的圖示概述了今年迄今主要鑽探區域，以及目前結果最可能推動資源成長的方向。

Current step-out drilling has intersected mineralization up to 180 meters below the existing underground mineral resource, while infill drilling has significantly improved continuity across key mineralized zones that also sit outside the resource. Drilling below the main and south pit areas continues to confirm robust extensions of mineralization, both down plunge and along strike of existing ore zones and a new high-grade zone has been identified under the northern end of Abore main pit, which is open along strike and at depth, representing a compelling new target area for follow-up drilling throughout 2026. A more detailed discussion of these results are available in the company's press release issued on Monday of this week.

目前的延伸鑽探已在既有地下礦產資源下方最深達 180 公尺處見到礦化，而加密鑽探則顯著提升了位於資源量之外的關鍵礦化帶之連續性。在主礦坑與南礦坑區域下方的鑽探持續確認礦化具有強勁延伸，無論是沿傾向下延（down plunge）或沿走向（along strike）延伸既有礦帶；此外，在 Abore 主礦坑北端下方也辨識出一個新的高品位礦化帶，沿走向與深部皆為開放狀態，代表 2026 年全年後續鑽探的一個極具吸引力的新目標區。關於這些結果的更詳細討論，請參閱公司於本週一發布的新聞稿。

Continued drilling success at Abore provides increasing confidence in the ability of the underground resource to become a key pillar of an expanded life of mine in conjunction with reserve growth at Esaase. In order to most efficiently delineate an eventual underground mineral reserve and test deeper targets, the company is progressing the early stages of permitting and underground exploration at Abore. Permit applications have now been submitted to the relevant regulatory bodies in Ghana and dependent on both external and internal approvals, our goal is to begin construction of the Portland Drive in 2027.

Abore 持續的鑽探成功，讓我們對地下資源有能力成為延長礦山壽命（並與 Esaase 的儲量成長相互配合）的關鍵支柱更具信心。為了以最高效率圈定最終的地下礦產儲量並測試更深部的目標，公司正推進 Abore 的許可申請與地下勘探的前期工作。許可申請現已提交至迦納相關監管機構；在外部與內部核准皆到位的前提下，我們的目標是在 2027 年開始 Portland Drive 的建設。

And with that, I'll hand it back to Matt.

接下來我把時間交還給 Matt。

Thanks, Chris. In closing, I'd like to highlight the position of strength the company is operating from today and the deliberate steps we are taking in 2026 to drive additional shareholder value. Firstly, I'm pleased with another solid operational quarter and encouraged by the momentum we are building, keeping us on track to meet our full year guidance. As production levels continue to improve, hedges roll off and the deferred payment is settled in December, we expect a meaningful cash flow inflection beginning in January 2027.

謝謝你，Chris。在結語中，我想強調公司目前所處的強勢地位，以及我們在 2026 年為創造更多股東價值而採取的審慎步驟。首先，我對又一個穩健的營運季度感到滿意，也對我們正在累積的動能感到鼓舞，這讓我們持續朝達成全年指引的目標前進。隨著產量持續改善、避險部位逐步到期，以及遞延付款於 12 月結清，我們預期自 2027 年 1 月起現金流將出現顯著的拐點。

Secondly, as Chris outlined, the reserve expansion potential at Esaase is meaningful. The company has committed the required capital to execute the drilling program, positioning us to deliver a reserve update in early 2027. We believe these results have the potential to extend mine life well beyond the current eight years.

第二，如 Chris 所述，Esaase 的儲量擴張潛力相當可觀。公司已承諾投入執行鑽探計畫所需資本，使我們能在 2027 年初發布儲量更新。我們相信這些結果有潛力將礦山壽命延長至遠超目前的八年。

Lastly, drilling at Abore continues to return encouraging results and support resource growth. In parallel, we are advancing permitting efforts for an underground adit to test mineralization continuity at depth, which represents additional upside.

最後，Abore 的鑽探持續帶來令人鼓舞的結果並支持資源量成長。同時，我們正推進地下平硐（adit）的許可工作，以測試深部礦化的連續性，這代表額外的上行空間。

With these near-term catalysts in mind, a brief comment on valuation. As shown in this image, when comparing our African peers on an enterprise value versus mineral reserve ounce basis, Galiano trades at a discount despite operating in one of Africa's premier mining jurisdictions. When we layer in the reserve growth potential discussed today, this valuation disconnect becomes even more compelling.

基於這些近期催化因素，簡要談一下估值。如圖所示，當以企業價值相對於礦產儲量盎司（EV/Reserve oz）來比較我們的非洲同業時，Galiano 的交易估值呈現折價，儘管我們營運於非洲首屈一指的礦業司法管轄區之一。若再納入今天討論的儲量成長潛力，這種估值落差就更具吸引力。

Benefiting from being highly leveraged to gold price, a visible near-term cash flow inflection point and a clear line of sight to expanding mine life, Galiano is well positioned to deliver meaningful shareholder value in the near term.

受惠於對金價的高度槓桿、可見的近期現金流拐點，以及清晰可見的礦山壽命延長路徑，Galiano 已具備在短期內為股東創造可觀價值的良好條件。

With that, I'll hand it back to the operator and open the call up for any questions. Thanks.

接下來我把時間交還給主持人，並開放提問。謝謝。

(Operator Instructions) Heiko Ihle, HC Wainwright.

(主持人指示) Heiko Ihle，HC Wainwright。

I assume you guys can hear me all right. I'm traveling. So there's a little bit of background noise, my apologies.

我想你們應該聽得到我。我正在旅途中。所以會有一點背景噪音，抱歉。

Yeah, we can hear you, Heiko. No problem. Go ahead.

可以，我們聽得到你，Heiko。沒問題。請說。

Excellent. Cut 3 at Nkran, I mean, obviously, almost 5 million tonnes of waste, big, big operation. You mentioned that there is additional mining equipment that's coming. I mean we're halfway through Q2 tomorrow.

太好了。Nkran 的 Cut 3，我的意思是，很明顯將近 500 萬噸的廢石，是非常、非常大的作業。你們提到會有額外的採礦設備到位。我的意思是，我們明天就 Q2 過一半了。

What equipment has already shown up? What else is coming? And will you just maybe give a bit of an overview on what you see with efficiency gains at site given that this thing is getting bigger and bigger?

目前已經到場的是哪些設備？接下來還會有哪些設備到？另外，能否請你們概述一下，隨著規模越來越大，你們在現場看到哪些效率提升的空間？

Heiko, it's Michael here. Thanks for the question. Of course -- we had a third fleet arrived in April, which was obviously after the end of Q1. So additional PC2000 and 6 777s have been delivered to site. We still expect two additional fleets sometime this year.

Heiko，我是 Michael。謝謝你的問題。當然——我們在 4 月迎來第三支車隊，這顯然是在 Q1 結束之後。因此，額外的 PC2000 以及 6 台 777 已交付到現場。我們仍預期今年某個時間還會再有兩支車隊到位。

So we're expecting significant ramp-up. We'll see ramp-up, obviously, from the third fleet that arrived in April in Q2. And then Q3 and Q4, we'll see subsequent increase in production along with -- along the lines of our expectations for the budget.

因此我們預期會有顯著的爬坡增產。在 Q2，我們會看到 4 月到場的第三支車隊帶來的爬坡效應。接著在 Q3 與 Q4，我們將看到產量進一步提升，並且——符合我們對預算的預期。

That's helpful. Again, as I mentioned, we're going to be halfway through Q2 tomorrow. And building on that last question a little bit, anything at site that should surprise us, or even better phrased, anything that has surprised you in the last 45 days that may or may not be incorporated in our models quite yet?

這很有幫助。再說一次，如我提到的，我們明天就 Q2 過一半了。在上一題的基礎上再延伸一下，現場有沒有什麼可能讓我們意外的事？或者更好的說法是，過去 45 天裡有沒有什麼讓你們意外、而可能尚未反映在我們模型中的事項？

No, Heiko. I mean, obviously, production certainly over the last few quarters has delivered to expectations. And as Mick just pointed out, the strip at Nkran, which is critical for us to deliver high-grade ore in late 2028, is going to ramp up during the quarter as well. I mean, obviously, I spoke a little bit about the royalties, and that was forecast to potentially occur in our previous disclosures as well throughout the quarter, and we've updated the market on that one.

沒有，Heiko。我的意思是，顯然過去幾個季度的產量表現確實符合預期。而且如 Mick 剛指出的，Nkran 的剝採（strip）對我們在 2028 年底交付高品位礦石至關重要，本季度也會逐步加速。另外，我也稍微提到權利金的部分，這在我們先前的揭露中也已預測可能在本季度發生，我們也已就此向市場更新。

Maybe there's -- obviously, the diesel price situation at the moment is something that's affecting everyone globally. We're pleased that supply in Ghana at this point in time hasn't been negatively impacted on that front.

或許還有——目前柴油價格的情況顯然正在影響全球所有人。我們很高興目前迦納的供應在這方面尚未受到負面影響。

With regards to costs, I mean, we're probably paying upwards of about $1.90 at the moment in terms of diesel costs at the moment. But again, hoping that in due course, that will come down. And the costs that we are currently paying have been reflected in our cash cost guidance update as well. So there shouldn't be any surprises from the diesel front with respect to costs.

就成本而言，我的意思是，我們目前柴油成本大約在每單位 1.90 美元以上。但同樣地，希望之後會回落。而我們目前支付的成本也已反映在我們對現金成本指引的更新中。因此在柴油成本方面，應該不會有任何成本上的意外。

Got it. And then just one quick clarification on the press release, you said there was four rigs operational at the end of Q1 '26. Did I hear you guys correctly that you guys have five rigs operational right now, so one was added between the end of the quarter and today?

了解。另外就新聞稿做一個快速釐清，你們說在 26 年 Q1 結束時有四台鑽機在運作。我是否聽你們說目前有五台鑽機在運作，也就是在季末到今天之間又新增了一台？

Yeah. Heiko, it's Chris. Yeah, that's right. So when -- at the end of Q1, we had four rigs at Esaase and we actually had three operating at Abore, and we've since moved one of those rigs from Abore to Esaase. So we have five running at Esaase and two at Abore.

是的。Heiko，我是 Chris。沒錯。所以在 Q1 結束時，我們在 Esaase 有四台鑽機，而在 Abore 實際上有三台在運作；之後我們把其中一台從 Abore 調到 Esaase。因此我們在 Esaase 有五台在跑，在 Abore 有兩台。

There are no further questions at this time. I will now turn the conference back over to Matt Badylak for closing remarks.

目前沒有其他問題。我現在把會議交回給 Matt Badylak 作結語。

Thanks again to everyone who dialed in today and your continued interest at Galiano, and we look forward to updating you on our progress in subsequent quarters. Thank you.

再次感謝今天撥入的各位，以及各位對 Galiano 持續的關注；我們期待在後續季度向各位更新我們的進展。謝謝。

This concludes your conference call. You may now disconnect.

本次電話會議到此結束。您現在可以掛線。