Galiano Gold Inc 6-K, filed Aug 7, 2026

Galiano Gold Inc. (GAU)

6-K 2026-08-07 For: 2026-06-30

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Added on August 07, 2026

About this 6-K

Galiano Gold Inc filed this 6-K on August 7, 2026.

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Exhibits

99.1	Unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026 and 2025

99.2	Management's Discussion and Analysis for the three and six months ended June 30, 2026 and 2025

99.3	CEO certification of interim filings

99.4	CFO certification of interim filings

99.5	News release dated August 6, 2026

Condensed Consolidated Interim Statements of Financial Position	2

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)	3

Condensed Consolidated Interim Statements of Changes in Equity	4

Condensed Consolidated Interim Statements of Cash Flow	5

Notes to the Condensed Consolidated Interim Financial Statements	6 - 33

		June 30, 2026		December 31, 2025
	Note	$		$
Assets
Current assets
Cash and cash equivalents	4	80,025		108,327
Restricted cash	12(a)	25,922		-
Accounts receivable		279		71
Inventories	5	96,833		70,802
Value added tax receivables		28,810		10,808
Prepaid expenses and other	6	11,744		12,175
		243,613		202,183
Non-current assets
Mineral properties, plant and equipment	7	467,936		388,609
Other non-current assets	9,12(b)	7,947		8,259
		475,883		396,868
Total assets		719,496		599,051

Liabilities
Current liabilities
Accounts payable and accrued liabilities	8	90,338		87,053
Income taxes payable	21	16,449		4,167
Financial liabilities	23	37,464		77,317
Lease liabilities	10	18,284		16,806
Deferred consideration	11(a)	29,098		28,242
Provisions	12(a)	6,995		6,995
		198,628		220,580
Non-current liabilities
Lease liabilities	10	56,295		20,269
Contingent consideration	11(b),(c)	29,521		26,308
Asset retirement provisions	12(b)	76,519		75,732
Deferred tax liabilities	21	27,242		23,024
Other non-current liabilities		-		11,480
		189,577		156,813
Total liabilities		388,205		377,393

Equity
Common shareholders ' equity
Share capital		621,828		619,311
Equity reserves		55,888		54,530
Accumulated deficit		(360,417	)	(454,985	)
Total common shareholders' equity		317,299		218,856
Non-controlling interest	15	13,992		2,802
Total equity		331,291		221,658

Total liabilities and equity		719,496		599,051

Commitments and contingencies	23

	"Matt Badylak"		"Greg Martin"
	Director		Director

		Three months ended				Six months ended
		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	Note	$		$		$		$
Revenue	16	156,568		97,304		323,092		173,894
Realized and unrealized gain (loss) on gold hedges ⁽¹⁾	16	27,177		(12,509	)	5,281		(47,625	)
Net revenue		183,745		84,795		328,373		126,269

Cost of sales:
Production costs	17	(54,996	)	(39,303	)	(100,246	)	(81,545	)
Depreciation and depletion	7	(15,603	)	(13,054	)	(27,983	)	(27,447	)
Royalties	18	(20,348	)	(7,785	)	(34,893	)	(12,380	)
Total cost of sales		(90,947	)	(60,142	)	(163,122	)	(121,372	)

Income from mine operations		92,798		24,653		165,251		4,897

General and administrative expenses	19	(1,539	)	(4,625	)	(6,542	)	(9,343	)
Exploration and evaluation expenditures		(891	)	(910	)	(1,613	)	(2,381	)
Income (loss) from operations		90,368		19,118		157,096		(6,827	)

Finance income		659		1,924		1,303		3,050
Finance expense⁽¹⁾	20	(5,918	)	(4,629	)	(11,641	)	(8,624	)
Foreign exchange (loss) gain		(378	)	5,480		(1,738	)	5,284
Income (loss) before taxes		84,731		21,893		145,020		(7,117	)

Current income tax expense	21	(11,336	)	(339	)	(35,044	)	(721	)
Deferred income tax expense	21	(4,497	)	-		(4,218	)	-
Net income (loss) and comprehensive income (loss) for the period		68,898		21,554		105,758		(7,838	)

Net income (loss) attributable to:
Common shareholders of the Company		61,877		19,326		94,568		(7,480	)
Non-controlling interest	15	7,021		2,228		11,190		(358	)
Net income (loss) for the period		68,898		21,554		105,758		(7,838	)

Weighted average number of shares outstanding:
Basic		261,300,578		257,734,700		260,791,920		257,454,965
Diluted	22	269,783,870		264,423,547		269,698,377		257,454,965

Net income (loss) per share attributable to common shareholders:
Basic		0.24		0.07		0.36		(0.03	)
Diluted		0.23		0.07		0.35		(0.03	)

		Number of						Non-
		common		Equity		Accumulated		controlling
		shares	Share capital	reserves		deficit		interest		Total equity
	Note		$	$		$		$		$
Balance as at January 1, 2025		257,077,946	616,203	52,948		(425,695	)	4,313		247,769
Issuance of common shares:
Exercise of stock options	14(a)	1,225,500	1,246	(389	)	-		-		857
Equity-settled long-term incentive plan awards	14(b)	77,996	97	-		-		-		97
Share-based compensation expense	14(e)	-	-	1,608		-		-		1,608
Net loss and comprehensive loss for the period		-	-	-		(7,480	)	(358	)	(7,838	)
Balance as at June 30, 2025		258,381,442	617,546	54,167		(433,175	)	3,955		242,493

Balance as at January 1, 2026		259,790,437	619,311	54,530		(454,985	)	2,802		221,658
Issuance of common shares:
Exercise of stock options, net of issuance costs	14(a)	1,481,331	2,185	(671	)	-		-		1,514
Equity-settled long-term incentive plan awards	14(b)	136,996	332	(86	)	-		-		246
Share-based compensation expense	14(e)	-	-	2,115		-		-		2,115
Net income and comprehensive income for the period		-	-	-		94,568		11,190		105,758
Balance as at June 30, 2026		261,408,764	621,828	55,888		(360,417	)	13,992		331,291

	June 30, 2026	December 31, 2025
	$	$
Cash held in banks	74,791	98,799
Short-term investments	5,234	9,528
Cash and cash equivalents	80,025	108,327

	June 30, 2026	December 31, 2025
	$	$
Gold dore on hand	54	469
Gold-in-process	3,668	3,880
Ore stockpiles	75,108	49,361
Supplies	18,003	17,092
Total inventories	96,833	70,802

	June 30, 2026	December 31, 2025
	$	$
Prepaid expenses	8,287	7,649
Marketable securities	3,457	4,526
Total prepaid expenses and other	11,744	12,175

			Exploration	Plant,
			and	buildings				Assets
	Mineral		evaluation	and		Right-of-		under		Corporate
	properties		assets	equipment		use assets		construction		assets		Total
	$		$	$		$		$		$		$
Cost
As at January 1, 2025	108,004		3,964	195,002		47,615		1,784		515		356,884
Additions	106,197		-	1,260		11,157		8,818		76		127,508
Change in asset retirement provisions	6,992		-	-		-		-		-		6,992
(note 12(b))	6,992		-	-		-		-		-		6,992
(note 12(b))
Transfers	-		-	8,677		-		(8,677	)	-		-
As at December 31, 2025	221,193		3,964	204,939		58,772		1,925		591		491,384
Additions	69,280		-	1,507		43,991		584		5		115,367
Change in asset retirement provisions (note 12(b))	(740	)	-	-		-		-		-		(740	)
Transfers	-		-	263		-		(263	)	-		-
As at June 30, 2026	289,733		3,964	206,709		102,763		2,246		596		606,011

Accumulated depreciation and depletion
As at January 1, 2025	(9,970	)	-	(5,672	)	(11,339	)	-		(474	)	(27,455	)
Depreciation and depletion expense	(50,099	)	-	(9,281	)	(15,915	)	-		(25	)	(75,320	)
As at December 31, 2025	(60,069	)	-	(14,953	)	(27,254	)	-		(499	)	(102,775	)
Depreciation and depletion expense	(25,665	)	-	(2,342	)	(7,274	)	-		(19	)	(35,300	)
As at June 30, 2026	(85,734	)	-	(17,295	)	(34,528	)	-		(518	)	(138,075	)

Net book value:
As at December 31, 2025	161,124		3,964	189,986		31,518		1,925		92		388,609
As at June 30, 2026	203,999		3,964	189,414		68,235		2,246		78		467,936

	June 30, 2026	December 31, 2025
	$	$
Supplier payables	24,308	22,226
Accrued liabilities	37,174	36,737
Royalties , mineral rights fees and withholding taxes	19,338	14,510
Current portion of long-term incentive plan liabilities (note 14)	9,518	13,580
Total accounts payable and accrued liabilities	90,338	87,053

	June 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	37,075		38,872
Leases entered into and additions during the period (note 7)	43,991		11,157
Lease payments	(9,862	)	(19,265	)
Interest expense (note 20)	3,375		6,311
Total lease liabilities, end of period	74,579		37,075

Less: current portion of lease liabilities	(18,284	)	(16,806	)
Total non-current portion of lease liabilities	56,295		20,269

			Weighted average
			exercise price
	Number of Options		C$
Balance, January 1, 2025	11,049,839		1.04
Granted	2,494,000		1.81
Exercised	(2,634,495	)	1.08
Forfeited	(855,669	)	1.07
Balance, December 31, 2025	10,053,675		1.21
Granted	1,344,500		4.07
Exercised	(1,481,331	)	1.41
Forfeited	(567,003	)	2.45
Balance, June 30, 2026	9,349,841		1.52

		Assumptions
Expected life of option (years)		3.6
Forfeiture rate		17.7%
Dividend yield		0.0%
Risk-free rate		3.5%
Volatility		61.0%
Black Scholes fair value per option (in US dollars)	$	1.54

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
	$	$	$	$
Share-based compensation expense	293	173	640	458
Gros s proceeds from stock option exercises	159	619	1,514	857

		Three months ended				Six months ended
		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	Note	$		$		$		$

Operating activities:
Net income (loss) for the period		68,898		21,554		105,758		(7,838	)
Adjustments for:
Depreciation and depletion	7,19	15,635		13,083		28,047		27,508
Share-based compensation	14(e)	(2,179	)	957		(795	)	2,093
Finance income		(458	)	(1,924	)	(1,047	)	(3,050	)
Finance expense	20	5,918		4,629		11,641		8,624
Unrealized (gain) loss on gold hedge derivative instruments	16,25(b)	(47,597	)	1,807		(50,847	)	32,023
Unrealized foreign exchange loss (gain)		587		(2,836	)	1,067		(2,520	)
Current income tax expense	21	11,336		339		35,044		721
Income taxes paid	21	(15,106	)	(339	)	(22,601	)	(721	)
Deferred income tax expense	21	4,497		-		4,218		-
Operating cash flow before working capital changes and legal restriction		41,531		37,270		110,485		56,840
Change in working capital	24	(9,605	)	(1,456	)	(31,870	)	4,866
Cash provided by operating activities, before legal restriction		31,926		35,814		78,615		61,706
Legal restriction on cash and cash equivalents	12(a)	(25,922	)	-		(25,922	)	-
Cash provided by operating activities		6,004		35,814		52,693		61,706

Investing activities:
Expenditures on mineral properties, plant and equipment	7	(36,973	)	(25,972	)	(72,583	)	(48,076	)
Interest received		459		920		1,012		1,884
Purchase of marketable securities		-		-		(68	)	(473	)
Sale of marketable securities		-		-		66		-
Cash used in investing activities		(36,514	)	(25,052	)	(71,573	)	(46,665	)

Financing activities:
Lease liability payments	10	(3,873	)	(5,118	)	(9,862	)	(8,722	)
Shares issued for cash on exercise of stock options, net of costs	14(a)	258		619		1,514		857
Revolving credit facility standby fee and other costs	9	(556	)	-		(669	)	-
Cash used in financing activities		(4,171	)	(4,499	)	(9,017	)	(7,865	)

Impact of foreign exchange on cash and cash equivalents		(230	)	2,037		(405	)	1,730

Net (decrease) increase in cash and cash equivalents during the period		(34,911	)	8,300		(28,302	)	8,906
Cash and cash equivalents, beginning of period		114,936		106,381		108,327		105,775
Cash and cash equivalents, end of period		80,025		114,681		80,025		114,681

	Number of RSUs
	June 30, 2026		December 31, 2025
Balance, beginning of period	439,440		548,284
Granted	332,000		223,000
Settled in cash	(93,436	)	(204,581	)
Settled in common shares	(136,996	)	(77,996	)
Forfeited	(58,001	)	(49,267	)
Balance, end of period	483,007		439,440

Cash settled	188,000		97,436
Equity settled	295,007		342,004
Total RSUs	483,007		439,440

	June 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	441		380
Awards vested and change in fair value, net of forfeited awards	171		439
Settled in cash	(239	)	(281	)
Equity-settled units transferred to share capital	(246	)	(97	)
Total RSU liability, end of period	127		441

Less : current portion of RSU liability	(127	)	(357	)
Non-current RSU liability, end of period	-		84

	Number of PSUs
	June 30, 2026		December 31, 2025
Balance, beginning of period	1,591,968		1,476,487
Granted	267,000		612,000
Settled in cash	(419,810	)	(592,750	)
Added due to performance condition	91,842		154,498
Forfeited	(132,000	)	(58,267	)
Balance, end of period	1,399,000		1,591,968

	Number of DSUs
	June 30, 2026	December 31, 2025
Balance, beginning of period	5,793,800	4,830,900
Granted	426,400	962,900
Balance, end of period	6,220,200	5,793,800

Cash settled	4,830,900	4,830,900
Equity settled	1,389,300	962,900
Total DSUs	6,220,200	5,793,800

			Over	June 30,	December 31,
	Within 1 year	1 - 5 years	5 years	2026	2025
Accounts payable and accrued liabilities	80,820	-	-	80,820	73,473
ZCC gold hedges	37,464	-	-	37,464	88,311
Long-term incentive plan (cash-settled awards)	9,518	-	-	9,518	14,066
Mining and other services contracts	27,709	69,687	-	97,396	63,901
Asset retirement provisions (undiscounted)	-	3,666	80,506	84,172	81,553
Deferred and contingent consideration (undiscounted)	30,000	41,610	4,818	76,428	73,004
Corporate office lease	113	373	-	486	561
Total commitments	185,624	115,336	85,324	386,284	394,869

	Fair value through
	profit or loss	Amortized cost	Carrying value	Fair value
As at June 30, 2026	$	$	$	$
Financial assets:
Cash and cash equivalents (note 4)	-	80,025	80,025	80,025
Restricted cash (note 12(a))	-	25,922	25,922	25,922
Accounts receivable	-	279	279	279
Marketable securities (note 6)⁽¹⁾	3,457	-	3,457	3,457
Total financial assets	3,457	106,226	109,683	109,683

Financial liabilities:
Accounts payable and accrued liabilities ⁽²⁾	9,518	80,820	90,338	90,338
Financial liabilities ⁽²⁾	37,464	-	37,464	37,464
Lease liabilities (note 10)	-	74,579	74,579	74,579
Deferred consideration (note 11(a))	-	29,098	29,098	29,098
Contingent consideration (note 11(b),(c))	29,521	-	29,521	29,521
Total financial liabilities	76,503	184,497	261,000	261,000

	Change in fair value
	Six months ended June 30, 2026			Six months ended June 30, 2025
	1% increase to		1% decrease to	1% increase to		1% decrease to
	discount rate		discount rate	discount rate		discount rate
	$		$	$		$
Contingent consideration	(488	)	505	(579	)	604
Nkran royalty	(363	)	379	(251	)	263

	Canada	Ghana	Total
	$	$	$
Current assets	37,596	206,017	243,613
Mineral properties, plant and equipment and right-of-use assets	455	467,481	467,936
Other non-current assets	-	7,947	7,947
Total assets	38,051	681,445	719,496
Current liabilities	40,360	158,268	198,628
Non-current liabilities	29,837	159,740	189,577
Total liabilities	70,197	318,008	388,205

BUSINESS OVERVIEW	4

Q2 2026 AND YEAR-TO-DATE HIGHLIGHTS	5

2026 GUIDANCE AND OUTLOOK	6

SELECTED OPERATIONAL AND FINANCIAL HIGHLIGHTS	7

EXPLORATION ACTIVITIES	10

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE	12

MACROECONOMIC FACTORS	13

REVIEW OF Q2 2026 CONSOLIDATED FINANCIAL RESULTS	14

REVIEW OF YEAR-TO-DATE CONSOLIDATED FINANCIAL RESULTS	17

FINANCIAL CONDITION	19

LIQUIDITY AND CAPITAL RESOURCES	20

SUMMARY OF QUARTERLY FINANCIAL RESULTS	24

NON-IFRS MEASURES	24

OUTSTANDING SHARE DATA	29

RELATED PARTY TRANSACTIONS	29

CRITICAL ACCOUNTING POLICIES AND ESTIMATES	29

RISKS AND UNCERTAINTIES	30

INTERNAL CONTROL	31

QUALIFIED PERSONS	32

CAUTIONARY STATEMENTS	32

	Unit	H1 2026		H2 2026
	Unit	Actual	Guidance	Guidance
Gold production	Oz	69,138	60,000 to 70,000	80,000 to 90,000

	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025
Mining Operations
Ore mined ('000t)	1,751	1,521	1,575	1,605	1,365
Waste mined ('000t)	6,529	9,084	8,337	9,067	8,101
Strip ratio (waste-to-ore)	3.7	6.0	5.3	5.7	5.9
Average gold grade mined (g/t)	0.9	0.9	0.9	0.8	0.8
Mining costs ($/t mined)	4.56	3.73	3.94	3.38	3.59
Ore tonnes trucked ('000 t)	1,192	1,163	1,069	1,288	1,030
Ore transportation costs ($/t trucked)	4.96	4.42	4.45	4.35	4.49
Processing
Ore milled ('000t)	1,255	1,305	1,369	1,283	1,193
Average mill head grade (g/t)	0.9	0.9	1.0	0.9	0.8
Average recovery rate (%)	90	90	91	91	89
Processing costs ($/t milled)	14.05	12.79	12.13	12.57	12.89
General and administrative costs ($/t milled)	8.48	7.04	7.58	6.62	6.24
Gold produced (oz)	34,391	34,747	37,574	32,533	30,350
Development Stripping - Nkran Cut 3
Waste mined ('000t)	6,113	4,707	4,324	3,426	1,723
Mining costs ($/t mined)	3.58	2.85	2.48	3.29	4.00
Development capitalized stripping costs ($m)	22.1	13.5	11.1	12.0	6.9
Capital Expenditures
Sustaining capital ($m)	2.0	3.6	4.4	4.2	2.2
Development capital ($m)	2.4	3.4	0.7	2.9	4.9
Sustaining capitalized stripping costs ($m)	8.5	6.4	11.7	11.9	15.1
Financial, Costs and Cash Flow
Revenue ($m)	156.6	166.5	159.7	114.2	97.3
Gold sold (oz)	35,247	34,181	38,276	32,577	29,287
Average gold sales price - gross ($/oz)⁽¹⁾	4,432	4,857	4,164	3,501	3,317
Average gold sales price - net ($/oz)⁽²⁾	3,853	4,122	3,744	3,099	2,951
AISC ($/oz sold)⁽³⁾	2,473	2,361	2,033	2,283	2,251
Income from mine operations ($m)	92.8	72.5	51.1	10.0	24.7
Adjusted net income (loss) ($m)⁽³⁾	23.1	29.5	40.0	(2.8)	21.0
Adjusted EBITDA ($m)⁽³⁾	78.5	93.9	85.5	37.8	42.2
Cash flow from operating activities ($m)	6.0	46.7	55.8	40.4	35.8

	June 30,	December 31,
	2026	2025
(in thousands of US dollars)	$	$
Cash and cash equivalents	80,025	108,327	Cash and cash equivalents decreased resulting from working capital tie-up, namely in VAT receivables, which was partly offset by positive operating cash flow and supported by high gold prices. During Q2 2026, $25.9 million was reclassified to restricted cash related to an ongoing legal case.

Restricted cash	25,922	-	Refer to section "Liquidity and Capital Resources" under the heading "Contingencies and Restricted Cash" for a discussion on the nature of restricted cash.

Other current assets	137,666	93,856	Other current assets increased primarily due to a buildup of ore stockpiles and higher VAT receivables .

Non-current assets	475,883	396,868	Non-current assets increased due to capitalized stripping costs at the Abore, Esaase and Nkran deposits, and the recognition of $44.0 million in right-of-use assets related to mining and ore haulage contracts .
Total assets	719,496	599,051
Current liabilities	198,628	220,580	Current liabilities decreased due to a reduction in the fair value of gold hedge derivative liabilities .
Non-current liabilities	189,577	156,813	Non-current liabilities increased due to the recognition of new lease liabilities, partly offset by the remaining gold hedge derivative liabilities now being classified within current liabilities .
Total liabilities	388,205	377,393
Common shareholders' equity	317,299	218,856	Shareholders' equity increased as the Company reported net earnings for the six months ended June 30, 2026.
Non-controlling interest	13,992	2,802
Total liabilities and equity	719,496	599,051

	Less than	1-3	4-5	After	June 30,	December 31,
(in thousands of US dollars)	1 year	years	years	5 years	2026	2025
Accounts payable and accrued liabilities	80,820	-	-	-	80,820	73,473
Gold hedges	37,464	-	-	-	37,464	88,311
Long-term incentive plan (cash-settled awards)	9,518	-	-	-	9,518	14,066
Mining and other services contracts	27,709	46,772	22,915	-	97,396	63,901
Asset retirement provisions (undiscounted)	-	3,299	367	80,506	84,172	81,553
Deferred and contingent consideration (undiscounted)	30,000	30,938	10,672	4,818	76,428	73,004
Corporate office lease	113	233	140	-	486	561
Total commitments	185,624	81,242	34,094	85,324	386,284	394,869

		Q2 2026		Q1 2026		Q4 2025		Q3 2025			Q2 2025		Q1 2025			Q4 2024		Q3 2024
Gross revenue		156,568		166,524		159,676		114,197			97,304		76,590			64,551		71,130
Income (loss) from mine operations		92,798		72,453		51,139		9,977			24,653		(19,756	)		26,114		7,730
Income (loss) from operations		90,368		66,256		43,915		176			19,118		(26,327	)		7,401		4,190
Net income (loss) for the period		68,898		36,860		19,057		(42,020	)		21,554		(29,392	)		3,369		1,100
Basic net income (loss) per share	$	0.24	$	0.13	$	0.06	$	(0.15	)	$	0.07	$	(0.10	)	$	0.00	$	0.00
Diluted net income (loss) per share	$	0.23	$	0.12	$	0.06	$	(0.15	)	$	0.07	$	(0.10	)	$	0.00	$	0.00
Adjusted net income (loss) attributable to common shareholders ⁽¹⁾		23,086		29,515		39,959		(2,770	)		20,952		388			4,646		17,743
Adjusted basic net income (loss) per share⁽¹⁾	$	0.09	$	0.11	$	0.15	$	(0.01	)	$	0.08	$	0.00		$	0.02	$	0.07
Cash provided by operating activities		6,004		46,689		55,839		40,449			35,814		25,892			13,806		24,449
EBITDA⁽¹⁾		105,625		77,780		67,635		50,412			37,681		(11,716	)		16,424		30,787

Conference Call Participant Details
Webcast URL	https://www.gowebcasting.com/14753
Local	Toronto: 1-647-932-3411
North American toll-free	1-800-715-9871
Conference ID	9798035
Conference Replay
URL	https://www.gowebcasting.com/14753

	Three months ended June 30,
(All amounts in 000's of US dollars, except per share amounts)	2026	2025
Gross revenue	156,568	97,304
Income from mine operations	92,798	24,653
Net income attributable to common shareholders	61,877	19,326
Net income per share attributable to common shareholders - basic	0.24	0.07
Adjusted net income attributable to common shareholders ⁽¹⁾	23,086	20,952
Adjusted net income per share attributable to common shareholders ⁽¹⁾	0.09	0.08
EBITDA	105,625	37,681
Adjusted EBITDA⁽¹⁾	78,491	42,234
Cash and cash equivalents	80,025	114,681
Restricted cash	25,922	-
Cash flow generated from operating activities, before legal restrictions	31,926	35,814

	Six months ended June 30,
(All amounts in 000's of US dollars, except per share amounts)	2026	2025
Gross revenue	323,092	173,894
Income from mi ne operati ons	165,251	4,897
Net income (loss) attributable to common shareholders	94,568	(7,480	)
Net income (loss) per share attributable to common shareholders - basic	0.36	(0.03	)
Adjusted net income attributable to common shareholders ⁽¹⁾	52,601	21,341
Adjusted net income per share attributable to common shareholders ⁽¹⁾	0.20	0.08
EBITDA	183,405	25,965
Adjusted EBITDA⁽¹⁾	172,388	62,746
Cash and cash equivalents	80,025	114,681
Restri cted cash	25,922	-
Cash flow generated from operating activities, before legal restrictions	78,615	61,706