#Canada #Vancouver #Galiano Gold #Asanko Gold Mine #Ghana

Galiano Gold Reports Outstanding Q4 and FY 2024 Results

Galiano Gold Inc. recently disclosed its results for the fourth quarter (Q4) and full year (FY) of 2024, showcasing a steady performance and strategic advancements. The company, based in Vancouver, holds a 90% stake in the Asanko Gold Mine (AGM), situated in the well-known Asankrangwa Gold Belt in Ghana.

Key Financial Highlights

During Q4 2024, Galiano produced a total of 28,508 ounces of gold, with an all-in sustaining cost (AISC) of $2,638 per ounce sold. If capitalized waste stripping costs from the Abore deposit are excluded, the cost per ounce lowers to $1,773. The operating cash flow reached an impressive $13.8 million, allowing Galiano to maintain a debt-free status while holding $105.8 million in cash and cash equivalents.

For the entire FY 2024, the company saw total gold production of 115,115 ounces at an AISC of $2,063 per ounce. This performance is commendable given that it remained slightly below the revised forecast of 120,000 to 130,000 ounces due to operational challenges.

Major Achievements and Changes

One highlight was the successful acquisition of Gold Fields Limited's 45% interest in the AGM joint venture effective March 4, 2024. This consolidation allows Galiano to solidify its operational control and financial reporting. The AGM recorded strong safety results, with improved lost-time injury and total recordable injury rates compared to the previous year.

Operational Efficiencies and Challenges

Mining operations at the Abore deposit produced 0.5 million tons of ore at a grade of 1.0 grams per tonne gold. Waste stripping efforts progressed with a total of 8.7 million tons of earth moved. Although production was impacted by lower metallurgical recoveries due to blending challenges, the company's streamlined mining processes are expected to yield better results moving forward.

The Q4 yielded 1.2 million tons milled with an average recovery rate of 85%. Galiano's operations were influenced by the seasonal milling of harder ore, but improvements in crushing capacity are expected in mid-2025 with the commissioning of a secondary crusher.

Financial Framework

The financial landscape illustrated a $64.4 million revenue from the sale of 24,673 ounces of gold at an average realized price of $2,609 per ounce. This revenue marked a robust performance, showcasing the company's ability to leverage gold pricing amidst fluctuating market conditions.

Additional Strategic Developments

In addition to the impressive financial outcomes, Galiano terminated its offtake agreement with Red Kite, enabling more flexibility in selling gold at market prices. This strategic move frees the company from previously binding sales obligations, a beneficial adaptation in the current gold market landscape.

Galiano's management looks forward to an optimistic 2025, addressing past operational challenges and capitalizing on favorable gold prices. As President and CEO, Matt Badylak stated, "2024 was a transformative year with crucial developments completed, and we are poised for a strong performance ahead, particularly in the latter half of 2025."

Future Outlook

The year concludes with management reshuffles that have strengthened leadership. Among new additions are Michael Cardinaels as Chief Operating Officer and several independent board directors, aimed at enhancing governance and strategic oversight.

In summary, Galiano Gold Inc.'s Q4 and FY 2024 results showcase not only resilience in challenging times but also the potential for future growth. With continued operational improvements and strategic acquisitions, Galiano is prepared to thrive in the dynamic gold mining sector.

Asanko Gold Mine stands as a pivotal asset, anchoring Galiano's endeavors in Ghana's rich gold environment. Investors and stakeholders can look forward to what 2025 holds for the company as it aims to expand its gold output and optimize cost structures.

Conclusion

The comprehensive earnings report and operational insights delineate Galiano Gold's productive quarter and year while reinforcing its solid position in the global gold mining landscape.