VANCOUVER, BC, Aug. 13, 2025 /PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to report its second quarter (“Q2”) 2025 operating and financial results. Galiano owns a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.

All financial information contained in this news release is unaudited and reported in United States dollars.

Mining

• Mining activities focused on the Abore and Esaase deposits with 1.4 million tonnes (“Mt”) of ore mined at an average mined grade of 0.8 grams per tonne (“g/t”) gold and a strip ratio of 5.9:1 during Q2 2025.
• Development of Cut 3 at the Nkran deposit continued to ramp up with 1.7 Mt of waste mined during the quarter, a 113% increase compared to Q1 2025.

Processing

• 1.2 Mt of ore was milled at an average feed grade of 0.8 g/t gold, with metallurgical recovery averaging 89% during Q2 2025.
• Secondary crushing circuit was completed on budget and commissioned at the end of July 2025. Processing plant milling capacity is now expected to return to a 5.8 Mt per annum throughput rate.
• Produced 30,350 ounces of gold during the quarter, a 46% increase compared to Q1 2025. 51,084 ounces of gold produced year-to-date.
• Sold 29,287 ounces of gold during the quarter and 56,281 ounces of gold year-to-date at average realized prices of a quarterly record $3,317 per ounce (“/oz”) and $3,084/oz, respectively, excluding the effect of realized losses on gold hedging instruments.

Cost and capital expenditures

• Total cash costs¹ of $1,602/oz and all-in sustaining costs¹ (“AISC”) of $2,251/oz for the quarter (year-to-date AISC¹ of $2,339/oz). AISC¹ declined by 10% compared to Q1 2025.
• Sustaining capital expenditures, excluding capitalized stripping costs, of $2.2 million and development capital expenditures (excluding Nkran pre-stripping costs) of $4.9 million during Q2 2025.
• Capitalized development pre-stripping costs at Nkran Cut 3 of $6.9 million during Q2 2025, and $10.1 million year-to-date.

Financial

• Cash and cash equivalents of $114.7 million at June 30, 2025, and no debt.
• Generated cash flow from operating activities of $35.8 million during Q2 2025.
• Income from mine operations of $37.2 million during Q2 2025.
• Net income of $0.07 per common share and adjusted net income¹ of $0.08 per common share during Q2 2025.
• Adjusted EBITDA¹ (as defined herein) of $39.9 million during Q2 2025.

Exploration

• A deep step-out drilling program at the Abore deposit, totaling 1,907m across a 1,200m strike length, yielded positive results with mineralization intercepted in all four holes, including 36m at 2.5 g/t gold (refer to news release dated July 14, 2025).

Matt Badylak, Galiano’s President and Chief Executive Officer said,

“We are pleased with the progress made during the period with production, all-in sustaining costs, earnings per share, and cash balances all improving quarter-on-quarter. 

 

“This momentum, in combination with the commissioning of the secondary crusher ahead of schedule in late July, positions us well for a strong second half of the year.

 

“The results from our Abore deep drilling program confirm the presence of a mineralized system 200 metres below the current Mineral Reserve over a significant 1,200 metre strike length.

 

“These findings highlight the expansion potential at Abore and provide additional exploration targets to unlock further value beneath our existing reserves.”  

.

To read the full news release please click HERE

——-

.

The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds no shares in Galiano Gold

.

To read our full terms and conditions, please click HERE

VANCOUVER, BC,July 14, 2025/PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) today announced positive results from a deep step-out drilling program at the Abore deposit, with mineralization intercepted in all four holes across a 1,200 meters (“m”) strike length. 

This drilling campaign reinforces Abore’s expansion potential at depth and provides a foundation for future deep drilling programs to further test for mineralization below the boundaries of the current Mineral Reserve and Mineral Resource.

Abore is a cornerstone deposit at the Asanko Gold Mine (“AGM”), located in Ghana, West Africa, and is currently being mined by the Company.

Abore Deep Drilling Results

The completed Abore deep step-out drilling program consisted of four holes totalling 1,907m and was designed to test for continuity of mineralization significantly below the current Abore Mineral Reserve and Mineral Resource and to demonstrate the blue-sky potential for future Mineral Resource and Mineral Reserve expansion.

The program confirmed the Abore granite and mineralizing system continues 200m below the current Mineral Reserve pit shell over a strike length of at least 1,200m and remains open in all directions. Notably, the system appears to carry grades and widths at these depths sufficient to support the potential development of bulk underground mining. 

Highlights of intercepts from the Abore deep drilling program include (all diamond core samples):

• Hole ABDD25-350:36m @ 2.5 grams per tonne (“g/t”) gold (“Au”)from 370m including22m @ 3.8 g/t Au
• Hole ABDD25-352:18m @ 1.9 g/t Aufrom 415m and12m @ 1.5 g/t Aufrom 439m
• Hole ABPC25-356:16m @ 3.1 g/t Aufrom 412m and5m @ 2.3 g/t Aufrom 433m

.

Matt Badylak, Galiano’s President and CEO stated;

“Intersecting mineralized granite in all four deep holes of this program is an important step in advancing our understanding of the blue-sky underground expansion potential at Abore

 

 “These results continue to build on the success from our previous drilling campaigns and confirm that the controlling structures and host lithologies that characterize the Abore mineralizing system are present and fertile well below any areas previously drilled to date.”

.

To read the full news release please click HERE

.

The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds no shares in Galiano Gold

.

To read our full terms and conditions, please click HERE

.

VANCOUVER, BC,March 17, 2025/PRNewswire/ –Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to report its fourth quarter (“Q4”) and full year (“FY”) 2024 production and financial results.

Galiano owns a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.

All financial information contained in this news release is reported in United States dollars.

.

During Q4, the Company produced 28,508 gold ounces at all-in sustaining costs¹(“AISC”) of $2,638 per gold ounce sold (“/oz”), or $1,773/oz excluding capitalized waste stripping costs at Abore, and generated $13.8 million of operating cash flows while remaining debt free with $105.8 million in cash and cash equivalents.

Operating cash flows continue to support the ramp-up of mining at the AGM’s Abore deposit.

During FY 2024, the Company produced 115,115 gold ounces at AISC¹of $2,063/oz, or $1,533/oz excluding capitalized waste stripping costs at Abore, and generated $55.7 million of operating cash flows, which included a $13.1 million payment to terminate the AGM’s gold sales offtake agreement.

.

Asanko Gold Mine (“AGM”) Q4 and FY 2024 highlights

The Company completed the acquisition of Gold Fields Limited’s (“Gold Fields”) 45% interest in the AGM joint venture (the “Acquisition”) on March 4, 2024 and as of that date, the operational and financial results of the AGM have been consolidated into the Company’s results.

To enable a comprehensive understanding of the operational performance at the mine asset level, year-to-date highlights for the AGM below are presented on a 100% basis for the entire year ended December 31, 2024.

• Mining performance: During Q4 2024, waste stripping activities at Abore continued with 8.7 million tonnes (“Mt”) of waste rock mined, while ore tonnes mined from the Abore deposit totalled 0.5 Mt at an average mined grade of 1.0 grams per tonne (“g/t”) gold. During FY 2024, the AGM mined 30.7 Mt of waste material and 1.9 Mt of ore from the Abore deposit at an average mined grade of 1.0 g/t gold.
• Production performance: Gold production of 28,508 ounces during Q4 2024. Gold production during the quarter was 4% lower than Q3 2024 due to lower metallurgical recoveries resulting from the blending of stockpiled Esaase ore into the mill feed, which was expected to have lower recovery. FY 2024 gold production of 115,115 ounces, below revised guidance of between 120,000 to 130,000 ounces, was impacted by lower throughput resulting from lower mobile crusher availability and harder ore processed.
• Cost performance: Total cash costs¹of $1,426/oz and AISC¹of $2,638/ozduring Q4 2024. AISC¹for FY 2024 was $2,063/oz, in line with revised AISC¹guidance of between $1,975/oz to $2,075/oz. Excluding capitalized waste stripping costs at Abore would result in Q4 2024 AISC¹of $1,773/oz and $1,533/oz for FY 2024.
• Financial performance: Gold revenue of $64.4 million generated from 24,673 gold ounces sold at an average realized price of $2,609/oz during Q4 2024. FY 2024 gold revenue of $264.6 million from 113,357 gold ounces sold at an average realized price of $2,334/oz.
• Updated mineral reserves:Reported an updated Mineral Reserve estimate of 2.1 million ounces (“Moz”) (47.1 Mt at 1.36 g/t gold) for the AGM as of December 31, 2024. Refer to the Company’s news release dated January 28, 2025 for further details.
• Termination of gold offtake: Terminated the AGM’s gold purchase and sale agreement with Red Kite Opportunities Master Fund Limited (“Red Kite”) on December 4, 2024 for total cash consideration of $13.1 million, thereby removing the obligation to sell 100% of gold production from the AGM at prices selected by Red Kite during a quotational period. This investment allows the AGM to sell gold at market prices.

• Consolidating ownership: Completed the transaction with Gold Fields, acquiring their 45% interest in the AGM and thereby securing 90% ownership in the AGM.
• Robust liquidity: The Company ended the year with $105.8 million in cash and cash equivalents and no debt.
• Positive operating cash flow: The Company generated $13.8 million of operating cash flow during Q4 2024 and $55.7 million during FY 2024, which included a $13.1 million payment to terminate the gold sales offtake agreement.
• Earnings: Net income attributable to common shareholders of $0.9 million or $0.00 per common share during Q4 2024, and $6.1 million or $0.02 per common share during FY 2024. Adjusted net income¹attributable to common shareholders of $5.1 million or $0.02 per common share and $42.2 million or $0.17 per common share for Q4 2024 and FY 2024, respectively.
• Management and board additions: During 2024, the Company welcomed the addition of Michael Cardinaels, as Chief Operating Officer, and appointed Navin Dyal (effective June 13, 2024), Moira Smith (effective June 13, 2024), and Lauren Roberts (effective January 1, 2025) as independent directors of the board.

.

.

Matt Badylak, Galiano Gold’s President and Chief Executive Officer said 

“During 2024, Galiano completed the transformative transaction with Gold Fields, terminated our offtake agreement with Red Kite, and ended the year with a strong position of over $105 million in cash and no debt.

 

“Operationally, it was a complex year with a new contractor recommencing mining at the AGM in the Abore pit, while simultaneously stepping out to access a 45% larger reserve.

 

“The harder ore, coupled with lower availabilities in the mobile crushing circuit, ultimately led to a slight miss on our revised production guidance. That said, the challenges we faced in 2024 are not long-term and are being addressed.

 

“The mining contractor is now fully mobilized, softer ore is being delivered from Esaase, and construction of the secondary crusher is progressing to schedule. 2025 production is expected to be weighted to the second half of the year, and we are well-positioned to generate positive cash flows from operations in this favorable gold price environment.”

.

To read the full news release please click HERE

.

The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds no shares in Galiano Gold

.

To read our full terms and conditions, please click HERE

.

.

.

VANCOUVER, BC, Dec. 4, 2024 /PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to announce that it has terminated its gold purchase and sale agreement (the “Agreement”) with Red Kite Opportunities Master Fund Limited (“Red Kite”) for total cash consideration of US$13 million.

Under the Agreement, the Company had been required to sell 100% of gold production from the Asanko Gold Mine (the “AGM”), up to a maximum of 2.2 million ounces, at a spot price selected by Red Kite during a nine-day quotational period following shipment of gold from the AGM.

At the time of termination, the AGM had delivered 1,706,407 gold ounces to Red Kite under the Agreement.

.

.

Matt Badylak, President and Chief Executive Officer of Galiano said

“Over the past two years, during a period of elevated gold prices and volatility, the differential between the AGM’s realized gold price under the Agreement and the spot price of gold on the gold delivery date, has resulted in a discount of approximately 2%.

.

“With the Company’s strong, debt-free balance sheet, we are pleased to have the financial flexibility to terminate this legacy offtake agreement as part of our prudent capital allocation strategy.

.

“This strategic investment allows the AGM to sell gold at market prices, delivering meaningful value as we advance our business plan.”

.

.

To read the full news release please click HERE

.

The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds no shares in Galiano Gold

.

To read our full terms and conditions, please click HERE

.

VANCOUVER, BC,May 2, 2024/PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”)(TSX: GAU) (NYSE American: GAU) is pleased to report its first quarter (“Q1”) 2024 operating and financial results for the Company. Galiano owns a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.

.

All financial information contained in this news release is unaudited and reported in United States dollars.

Acquisition of Gold Fields Limited’s 45% interest in the AGM

On March 4, 2024, the Company completed the previously announced acquisition of Gold Fields Limited’s 45% interest in the AGM joint venture (the “Acquisition”).

The strategic rationale of the Acquisition is to consolidate ownership of the AGM, one of the largest gold mines in West Africa, and establish Galiano as a growing gold producer with robust financial strength.

Following the Acquisition, the Company owns a 90% interest in the AGM with the Government of Ghana continuing to hold a 10% free-carried interest (non-controlling interest).

The Company began consolidating the operating results, cash flows and net assets of the AGM commencing on March 4, 2024.

.

Asanko Gold Mine Q1 Highlights (100% basis):

The operational and financial results of the AGM have been consolidated into the Company from March 4, 2024. To enable a clear understanding of the operational performance at the mine asset level, the following highlights for the AGM are presented on a 100% basis for the entire three months ended March 31, 2024.

• Safety:There were no lost-time injuries (“LTI”), nor total recordable injuries (“TRI”), recorded during the first quarter. The 12‐month rolling LTI and TRI frequency rates as of March 31, 2024 were 0.16 and 0.80 per million employee hours worked, respectively.
• Production performance:Gold production of 30,386 ounces during the first quarter. Gold production is expected to increase in the second half of 2024 after completion of waste stripping at the Abore deposit, and therefore remains in line with 2024 production guidance of 140,000 to 160,000 ounces.
• Milling performance:Achieved mill throughput of 1.5 million tonnes (“Mt”) of ore at a grade of 0.8 grams per tonne (“g/t”) during the first quarter. Metallurgical recovery in the first quarter was 83%.
• Cost performance:Total cash costs¹ of $1,180 per gold ounce (“/oz”) and all-in sustaining costs¹(“AISC”) of $1,793/oz for the three months ended March 31, 2024. AISC¹guidance for 2024 is forecast between $1,600/oz to $1,750/oz and is anticipated to be elevated relative to the life of mine average primarily due to waste stripping to access consistent ore feed at Abore, which will benefit future years production.
• Cash flow generation:Generated positive cash flow from operations of $26.1 million and Free Cash Flow¹of $5.8 million during the first quarter. Free Cash Flow¹remained positive despite investing $12.4 million in waste stripping costs at the Abore deposit.
• Financial performance:Gold revenue of $65.5 million generated from 31,840 gold ounces sold at an average realized price of $2,056/oz during the first quarter. Net income of $14.5 million and Adjusted EBITDA¹of $21.7 million during the first quarter.
• Growth at Abore:Following successful 2023 and early 2024 infill drilling programs at Abore, a notable increase to the Abore Mineral Resource Estimate was completed effective March 31, 2024. The Abore Measured and Indicated Mineral Resource increased by 181,000 ounces or 38%.
• Exploration focus:Planned 2024 exploration programs include drilling at Midras South to advance the deposit towards a potential maiden Mineral Reserve estimate, infill drilling at Adubiaso, early-stage drill testing at Target 3 and extension drilling at Gyagyatreso. A property wide reconnaissance program has also been designed to identify new target areas of interest.

Galiano Q1 Highlights:

• Robust liquidity:Following payment of $65.0 million to Gold Fields under the terms of the Acquisition, the Company ended the quarter with $130.8 million in cash and cash equivalents and no debt. For the three months ended March 31, 2024, the Company generated $13.0 million in cash flow from operations.
• Earnings:Net loss of $4.8 million or $0.02 per common share during the first quarter, which included the consolidation of the AGM’s financial results effective from March 4, 2024. Adjusted net income¹for the first quarter was $6.5 million or $0.03 per common share.

“The first quarter of 2024 was transformational for the Company with the acquisition of Gold Fields’ interest in the AGM.

 

“The team also delivered continued exploration success at Abore and is moving forward with a clear and focused vision for the AGM under our consolidated ownership.

 

“We are tracking to our annual production and cost guidance, with the mine producing just over 30,000 ounces during the quarter.

 

“The required stripping at Abore continues, and while this program will continue through the second quarter, we anticipate transitioning from stockpile processing to higher grade feed to the mill by the end of the second quarter.

 

“The recently announced upgrade to the Mineral Resources at Abore by 38%, combined with additional step out and infill drilling across our deposits, will be used to update a consolidated Mineral Reserve estimate and Life of Mine plan across the AGM deposits in the fourth quarter.

 

“The team is committed to further value creation, through consistent delivery of production and cost targets, an aggressive exploration program and an optimized mine plan that aims to bring the Life of Mine cash flows forward.”

VANCOUVER, BC,Feb. 16, 2024/PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”)(TSX: GAU) (NYSE American: GAU) is pleased to report its fourth quarter (“Q4”) and full year 2023 operating and financial results for the Company and the Asanko Gold Mine (“AGM”), located in Ghana, West Africa.

The AGM is a 50:50 joint venture (“JV”) with Gold Fields Limited (“Gold Fields”) which is managed and operated by Galiano. On December 21, 2023, the Company announced it had reached an agreement with Gold Fields to acquire its 45% interest in the AGM.

All financial information contained in this news release is reported in United States dollars.

Consolidation of AGM

• On December 21, 2023, the Company announced it had entered into a binding share purchase agreement (“SPA”) with subsidiaries of Gold Fields to acquire its 45% interest in the AGM JV (the “Acquisition”). The objective of the Acquisition is to consolidate ownership of the AGM and establish Galiano as growing gold producer with robust financial strength, owning and operating one of the largest gold mines in West Africa. Upon closing of the Acquisition, the Company will own a 90% interest in the AGM with the Government of Ghana continuing to hold a 10% free-carried interest.The Acquisition is expected to close in the first quarter of 2024, pending receipt of customary regulatory approvals in Ghana.

.

.

Asanko Gold Mine JV Key Metrics (100% basis):

• Safety:There were no lost-time injuries and one total recordable injury recorded during the fourth quarter, resulting in 12‐month rolling LTI and TRI frequency rates of 0.50 and 1.65 per million employee hours worked, respectively.
• Production performance:Gold production of 31,947 ounces during the fourth quarter. 2023 annual gold production of 134,077 ounces, exceeding the top end of upward revised guidance of between 120,000 to 130,000 ounces.
• Milling performance:Achieved mill throughput of 1.5 million tonnes (“Mt”) of ore at a grade of 0.8 grams per tonne (“g/t”) during the fourth quarter. Metallurgical recovery in Q4 2023 was 84%. Mill throughput for 2023 totaled 6.1 Mt, a new record for the AGM.
• Cost performance:Total cash costs¹ of $1,352 per gold ounce (“/oz”) and all-in sustaining costs¹(“AISC”) of $2,065/oz for the three months ended December 31, 2023. Full year 2023 AISC¹amounted to $1,522/oz, at the lower end of downward revised guidance of between $1,500/oz to $1,600/oz. Q4 2023 AISC¹was elevated as anticipated due to higher sustaining capital expenditures related to Abore waste stripping and implementation of a water treatment system at the tailings storage facility (“TSF”).
• Cash flow generation:The JV generated positive cash flow from operations of $24.1 million and Free Cash Flow¹of $2.3 million during the fourth quarter. Full year 2023 Free Cash Flow¹totaled $48.4 million.
• Financial performance:Gold revenue of $59.3 million generated from 30,555 gold ounces sold at an average realized price of $1,942/oz during the fourth quarter. Net income of $3.7 million and Adjusted EBITDA¹of $9.0 million during the fourth quarter.
• Restart of mining:Hard rock mining operations at the AGM restarted on October 1, 2023, with waste stripping activities ongoing. The Abore pit remains on track to deliver higher grade ore to the processing plant, as compared to the current stockpile processing, in Q2 2024.
• Exploration focus:Infill drilling at Abore, designed to convert inferred Mineral Resources to the indicated Mineral Resource category, and early stage drill testing at the Gyagyatreso prospect were completed. Other 2023 exploration programs included drilling at Midras South to advance the deposit towards a potential maiden Mineral Reserve estimate, and at Nkran to support potential Mineral Resource upgrades. Preliminary exploration work was also undertaken across the AGM’s regional greenfields targets – with focus on the Aburi and Sky Gold concessions.
• Robust liquidity:$138.7 million in cash and cash equivalents, $5.7 million in gold sales receivables, $5.1 million in gold on hand and no debt as of December 31, 2023.

Galiano Highlights:

• Consolidation of AGM JV:On December 21, 2023, the Company announced the execution of the SPA to acquire Gold Fields’ 45% interest in the AGM JV.
• Stable balance sheet:Cash and cash equivalents of $55.3 million as at December 31, 2023 and no debt.
• Earnings:Net loss of $5.8 million or $0.03 per common share during the fourth quarter, which includes the Company’s share of the JV’s net earnings for the quarter and a downward fair value adjustment on the Company’s preferred shares in the JV.

“The AGM continues to perform well, with full year 2023 gold production surpassing the upper end of guidance of between 120,000 to 130,000 ounces.

 

“Strong production enabled the mine to continue to generate cash during the fourth quarter despite the planned elevated capital expenditure.

 

“With mining operations at the AGM having recommenced during the quarter, Abore is on track to deliver higher grade ore to the processing plant by the second quarter of 2024.

 

“Health and safety remain a top priority throughout the organization, and I am encouraged by the progress and execution of safety measures and strategies at the AGM.

 

“At the corporate level, I am very pleased with the announcement of our acquisition of Gold Fields’ 45% interest in the joint venture. This transaction is transformational for Galiano and provides a strong foundation to grow into a mid-tier gold producer.

 

“Galiano closed the quarter with $55 million in cash and no debt, and on a pro forma basis, after closing the acquisition with Gold Fields, the consolidated Galiano group will have approximately $130 million in cash while remaining debt free.

 

“The strengthening of our balance sheet will allow us to execute on our self-financed life of mine plan at the AGM, in addition to seeking additional opportunities for long term growth.”

(all dollar amounts in USD)

VANCOUVER, BC, Dec. 21, 2023 /PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to announce that it has entered into a binding share purchase agreement (the “SPA”) with subsidiaries of Gold Fields Limited. (“Gold Fields”) to acquire Gold Fields’ 45% interest in the Asanko Gold Mine (the “AGM”) (the “Acquisition”).

Upon completion of the Acquisition, Galiano will establish itself as a growing gold producer with robust financial strength, owning and operating one of the largest gold mines in West Africa.

• Creates a Unique High-Growth Gold Producer: Fully funded organic growth at the AGM, with expected average annual gold production of approximately 240,000 ounces from 2024 through 2030.
• Consolidation of the AGM creates relevant scale: Immediately doubles Galiano’s attributable gold production, cash flow and Mineral Reserves and Mineral Resources.
• Attractive Transaction Structure: Existing JV cash provides majority of upfront consideration, with limited equity dilution. More than 50% of total consideration is deferred and paid following an expected period of elevated cash flows.
• Highly Accretive to Key Metrics: Attractive acquisition multiples coupled with significant accretion to the Galiano shareholders on all financial and operating metrics.
• Robust Financial Position: Continued balance sheet strength with pro forma consolidated cash of approximately $130M (based on September 30, 2023, unaudited) and no debt.
• Compelling Value Proposition: Significant catalyst for potential re-rating and enhanced leverage to gold.
• Focused Vision at the AGM: Elimination of JV structure will streamline operational and financial decision making.

.

.

.

Matt Badylak, President and CEO, stated,

“This transaction marks a significant value adding event for the shareholders of Galiano, transforming the Company into a relevant, emerging mid-tier gold producer by consolidating one of the largest gold producing mines in West Africa.

 

“Upon closing of the Acquisition, Galiano immediately doubles attributable gold production and will further increase this to an expected average of 240,000 ounces per year over the life of mine.

 

“The transaction structure results in a strongly accretive acquisition and galvanizes a significant rerate opportunity for our shareholders. This includes Gold Fields, who continue to be a supportive shareholder through an increased share ownership In Galiano.”

.

.

Transaction Details

Under the terms of the SPA, Gold Fields will receive $20 million satisfied by the issuance of Galiano Shares, resulting in Gold Fields owning 19.9% of Galiano’s issued and outstanding shares, and retain $65 million in cash, equivalent to its effective interest in the cash balance at the JV.

Gold Fields will also receive total future consideration of up to $85 million, comprised of (i) $25 million on or before December 31, 2025 (the “First Deferred Consideration“), (ii) $30 million on or before December 31, 2026 (the “Second Deferred Consideration“), and (iii) $30 million upon the production of 100,000 ounces of gold from the Nkran deposit (the “Contingent Consideration”).  Galiano has the right to satisfy up to 20% of each of the First Deferred Consideration and Second Deferred Consideration with Galiano common shares, subject to Gold Fields not owning more than 19.9% of Galiano’s issued and outstanding shares.

Gold Fields will also receive a 1% net smelter returns royalty on production from the Nkran deposit beginning upon 100,000 ounces being produced (on a 100% basis) (the “Royalty”). The Royalty will be capped and subject to a maximum of 447,000 ounces of production (on a 100% basis). Galiano has a right of first refusal on any full or partial disposition of the Royalty by Gold Fields.

Upon closing of the Acquisition, Gold Fields will enter into an amended investor rights agreement with Galiano, which includes a 12-month standstill period and other customary rights, including a pre-emptive right for Gold Fields to maintain its ownership interest as at closing of the Acquisition.

The Acquisition is not subject to shareholder votes, but is subject to various conditions, including receipt of all required regulatory approvals, which includes the approval of the TSX and NYSE American stock exchanges, and the receipt of a No Objection Letter from the Ministry of Lands & Natural Resources of Ghana.

The Acquisition is expected to close in Q1 2024.

Galiano will be holding a conference call and webcast on Thursday, December 21, 2023, at 7:00am PST (10:00am EST).

The conference call will be recorded and you can listen to an archive of the conference by calling:

Toll Free Canada & USA: 1-888-390-0541
Outside of Canada & USA: 00 1 416-764-8677
Access Code: 481064#

An archived webcast of the conference call will also be available at www.galianogold.com.

• Total Cash Costs per Gold Ounce
  Management of the Company uses total cash costs per gold ounce sold to monitor the operating performance of the JV.  Total cash costs include the cost of production, adjusted for share-based compensation expense, by-product revenue and production royalties per ounce of gold sold.

• All-in Sustaining Costs per Gold Ounce
  The Company has adopted the reporting of “all-in sustaining costs per gold ounce” (“AISC“) as per the World Gold Council’s guidance. AISC include total cash costs, corporate overhead expenses, sustaining capital expenditure, sustaining capitalized stripping costs, reclamation cost accretion and lease payments made to and interest expense on the AGM’s mining and service lease agreements per ounce of gold sold.

.

To read the full news release please click HERE

.

=======

.

VANCOUVER, BC,Nov. 14, 2023/PRNewswire/ –Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) is pleased to report its third quarter (“Q3”) operating and financial results for the Company and the Asanko Gold Mine (“AGM”), located in Ghana, West Africa.

The AGM is a 50:50 joint venture (“JV”) with Gold Fields Limited (“Gold Fields”) which is managed and operated by Galiano. All financial information contained in this news release is unaudited and reported in United States dollars.

Asanko Gold Mine JV Key Metrics (100% basis):

• Safety:One lost-time injury (“LTI”) and three total recordable injuries (“TRI”) recorded during the quarter, resulting in 12‐month rolling LTI and TRI frequency rates of 0.54 and 1.61 per million employee hours worked, respectively.
• Production performance:Gold production of 35,779 ounces during the third quarter. Year-to-date gold production of 102,130 ounces. Full year gold production is expected to come in at the top end of guidance of between 120,000 to 130,000 ounces.
• Milling performance:Achieved milling throughput of 1.6 million tonnes (“Mt”) of ore at a grade of 0.8 grams per tonne (“g/t”) during the quarter. Metallurgical recovery in Q3 2023 was 87%.
• Cost performance and cash flow:Total cash costs¹of $1,056 per gold ounce (“/oz”) and all-in sustaining costs¹(“AISC”) of $1,445/oz for the three months ended September 30, 2023. Full year AISC¹ guidance has been revised from between $1,650/oz to $1,750/oz to $1,500/oz to $1,600/oz due to higher gold sales and timing of sustaining capital expenditures. Additionally, the JV generated positive cash flow from operations of $39.7 million and Free Cash Flow¹ of $24.0 million during the quarter.
• Financial performance:Gold revenue of $67.6 million generated from 35,522 gold ounces sold at an average realized price of $1,902/oz for the quarter. Net income of $21.3 million and Adjusted EBITDA¹ of $25.5 million during the quarter.
• Restart of mining: Mining operations at the AGM restarted on October 1, 2023. The AGM’s mining contractor has mobilized a fleet of mining equipment and pre-stripping activities are ongoing. The Abore pit remains on track to deliver higher grade ore to the processing plant, than the current stockpile processing, in Q2 2024.
• Exploration focus:Initiated drilling programs at Abore to convert inferred mineral resources to the indicated mineral resource category, at Midras South to advance the deposit towards a maiden mineral reserve estimate, and at Nkran completed a phase 1 mineral resource upgrade and mineral reserve conversion drilling.
• Robust liquidity: $136.9 million in cash and cash equivalents, $4.4 million in gold sales receivables, $2.0 million in gold on hand and no debt as of September 30, 2023.

__________

¹See“Non-IFRS Performance Measures”

Galiano Highlights:

• Stable balance sheet:Cash and cash equivalents of $56.1 million as at September 30, 2023, while remaining debt-free.
• Positive earnings:Net income of $11.4 million or $0.05 per common share during the quarter, which includes the Company’s share of the JV’s net earnings for the quarter.

Matt Badylak, Galiano’s President and Chief Executive Officer stated,

“The third quarter was another strong financial and operating period for the AGM, which is on track to achieve the upper end of gold production guidance of between 120,000 to 130,000 ounces.

 

“The mine continued to generate significant cash flows through stockpile processing, which has further strengthened the AGM’s balance sheet.

 

“As planned, mining operations at the AGM have recommenced and Abore is on track to deliver higher grade ore to the processing plant by the second quarter of 2024.

 

“At the corporate level, we closed the quarter with $56 million in cash, no debt, and remain in an enviable position to pursue accretive opportunities for growth.

 

“Health and safety continue to remain a top priority throughout the organization as we constantly strive to reinforce our commitment to Zero Harm and implementation of best safety practices at the Asanko Gold Mine.”