#Canada #Vancouver #Galiano Gold #Asanko Gold Mine #Mining Production

Summary of 2024 Operational Highlights

Galiano Gold Inc. has reported an impressive overview of its 2024 operational achievements and future objectives, showcasing a notable gold production totaling 115,115 ounces from its Asanko Gold Mine (AGM), located in Ghana. This update comes in the wake of the completion of vital ownership consolidation and strategic explorations aimed at enhancing mineral reserves.

Ownership Consolidation

In a significant step forward, Galiano successfully completed its acquisition of a 45% interest in the AGM from Gold Fields Ltd., raising its ownership stake to 90%. This consolidation enables Galiano to streamline decision-making processes and fully capitalize on the mine's growing potential.

Safety Metrics

The company has also placed a strong emphasis on safety, achieving improved metrics with a 12-month rolling lost-time frequency rate of 0.15 and a total recordable injury frequency rate of 0.58, indicating a better safety performance compared to the previous year. These improvements are a testament to Galiano's commitment to maintaining high standards of health and safety for its workforce.

Production Insights

While the company produced 115,115 ounces of gold, this figure fell slightly short of its revised guidance of 120,000 to 130,000 ounces. The reduced throughput of the milling processes, totaling 5.1 million tonnes, was impacted by the harder materials being processed and challenges in the mobile crushing circuit's availability.

Notably, mining efforts at Abore faced constraints as operations transitioned to higher elevations due to an expansion of the pit designed to tap increased Mineral Reserve. Despite these challenges, Galiano averaged daily mined tonnage of 121,000 tonnes in the second half of the year, a significant increase from 75,000 tonnes in the first half.

Financial Strength

As of December 31, 2024, Galiano reported approximately $105 million in unaudited cash and cash equivalents, maintaining a debt-free status, which positions the company favorably for future investments and operational expansions.

Life of Mine Enhancements

Galiano has advanced work on an optimized Life of Mine plan for AGM, with updated Mineral Reserve and Resource estimates anticipated to be released on January 28, 2025. Upgraded milling infrastructure includes a new mobile crusher and an additional carbon-in-leach tank, paving the way for improved operational efficiency in 2025.

Exploration Programs

The company has made substantial progress in its exploration initiatives, achieving a notable 45% expansion of Mineral Reserves at Abore, predominantly supported by results from the 2023 drilling program. Additional positive drilling results at Midras South are expected to contribute to the Maiden Mineral Reserve estimate in 2025.

The Akoma target, located approximately 5 km from AGM’s processing plant, revealed promising initial results with multiple mineralized intercepts, suggesting strong potential in greenfield exploration.

Leadership Enhancements

Strengthening its leadership team, Galiano appointed several new members to its Board of Directors, as well as a new Chief Operating Officer, signaling a proactive approach to governance as the company enters a new growth phase.

Future Outlook

Looking ahead, Galiano Gold is well-positioned to leverage the favorable dynamics of the gold market, given its strong financial standing and operational capabilities. With the strategic acquisition of the AGM, upgrades to milling processes, and active exploration programs, Galiano is poised to enhance its production and remain a competitive player in the mining sector.

In conclusion, 2024 has been marked by significant strategic moves for Galiano Gold, reflected in higher production rates, improved safety metrics, and a robust financial footing. As Galiano prepares for the release of vital updates later this month, stakeholders can anticipate a forward-looking approach steeped in sustainability and value creation for all involved.