Welcome to our dedicated page for Galiano Gold news (Ticker: GAU), a resource for investors and traders seeking the latest updates and insights on Galiano Gold stock.
Galiano Gold Inc. (symbol: GAU) is a company engaged in the exploration, development, and production of gold properties. Headquartered in Vancouver, Canada, Galiano operates primarily in Ghana, West Africa, where it manages the Asanko Gold Mine—a multi-deposit complex consisting of the Obotan and Esaase Projects.
Founded in 1999 and formerly known as Asanko Gold Inc., the company rebranded to Galiano Gold Inc. in May 2020, reflecting its focus on sustainable and long-term value creation. Galiano's core business integrates exploration, strategic acquisitions, and disciplined financial management to enhance stakeholder value.
The Asanko Gold Mine (AGM) is situated in the Amansie West District of Ghana. This massive complex includes several deposits, with the recent addition of the Nkran deposit, adding to its portfolio. A standout achievement for Galiano is its recent binding share purchase agreement with Gold Fields Limited to acquire a 45% stake in AGM, consolidating Galiano's control over one of West Africa's largest gold mines. This acquisition, valued at $20 million in common shares and up to $85 million in future cash considerations, significantly strengthens Galiano's position as an emerging mid-tier gold producer.
In 2023, the AGM exceeded production guidance for the second consecutive year, further solidifying the mine's operational success. The company reports robust financial health, with no debt and a strong cash position that is expected to grow following recent transactions. Galiano continues to invest in its operations, including a $15 million exploration program planned for 2024 aimed at extending the life of the mine and realizing new value.
Galiano is committed to high standards of environmental management, social responsibility, and the safety of its employees and neighboring communities. Recent initiatives include an enhanced understanding of the Asankrangwa Gold Belt's prospectivity and ongoing exploration targets in 2024 to further expand its resource base.
The company also upholds transparency and accountability through regular updates and conference calls with stakeholders, ensuring compliance with regulatory standards. Galiano's recent operational highlights include significant increases in measured and indicated mineral resources at the Abore deposit and the achievement of notable exploration milestones.
Galiano Gold Inc. envisions continued growth and value creation through strategic initiatives, robust financial management, and a commitment to sustainable mining practices. For more detailed information, visit their official website at www.galianogold.com.
Galiano Gold (TSX/NYSE: GAU) has announced its 2025 guidance and updated mineral reserves for the Asanko Gold Mine (AGM) in Ghana. The company expects 2025 production of 130,000-150,000 oz of gold at all-in sustaining costs of $1,750-$1,950 per ounce.
Key highlights include total mineral reserves of 2,055,000 ounces of gold and a new five-year production outlook projecting a 75% increase from 2024 levels over the next 24 months. The company plans to commence significant pit wall pushback at Nkran by mid-2025 and focus exploration on Akoma and Sky Gold B prospects.
With a strong cash balance over $100 million and no debt, Galiano expects to reach approximately 200,000 ounces of annual gold production by 2026. The 2025 capital expenditure includes $15 million in sustaining capital and $60-65 million in development capital, primarily for Nkran Cut 3 waste stripping and mill upgrades.
Galiano Gold Inc. (TSX/NYSE: GAU) reported its 2024 operational achievements, highlighting gold production of 115,115 ounces at its Asanko Gold Mine (AGM) in Ghana. The company completed a transaction with Gold Fields , increasing its AGM ownership to 90%. Key operational highlights include improved safety metrics, with 12-month rolling lost-time and injury frequency rates of 0.15 and 0.58 respectively.
The company maintained strong financial position with approximately $105 million in unaudited cash and remains debt-free. Mining improvements led to a 51% increase in ore mined in H2 compared to H1, with daily mined tonnage averaging 121,000 tonnes in H2. Mill upgrades included additional crushing capacity and carbon-in-leach tanks.
Exploration success included a 45% expansion of Abore Mineral Reserves and promising drilling results at Midras South, Akoma, and Sky Gold B targets. The company terminated its offtake agreement with Red Kite and strengthened its leadership team with key appointments.
Galiano Gold (TSX/NYSE: GAU) has terminated its gold purchase and sale agreement with Red Kite Opportunities Master Fund for US$13 million. The agreement previously required the Asanko Gold Mine (AGM) to sell 100% of its gold production, up to 2.2 million ounces, at prices selected by Red Kite during a nine-day quotational period post-shipment.
Prior to termination, AGM had delivered 1,706,407 gold ounces under the agreement. Over the past two years, the arrangement resulted in approximately 2% price discount compared to spot prices during periods of elevated gold prices and volatility. The termination allows AGM to now sell gold at market prices.
Galiano Gold (TSX/NYSE: GAU) has appointed Lauren Roberts as a non-executive director, effective January 1, 2025, expanding its Board to eight directors with seven being independent. Roberts, a Professional Mining Engineer with 35 years of international mining experience, previously served as COO of Hecla Mining Company and spent 15 years at Kinross Gold , including three years as COO. He holds a BS in Mining Engineering from the New Mexico Institute of Mining and Technology.
Galiano Gold reported Q3 2024 production of 29,784 gold ounces at the Asanko Gold Mine (AGM) with all-in sustaining costs of $2,161 per ounce. The company generated $24.4 million in operating cash flows and maintained $120.9 million in cash with no debt. Mining rates at Abore increased 32% compared to Q2, averaging 113,000t per day. Gold production was 13% higher than Q2 due to higher mined grades and improved recovery rates from 82% to 91%. The company expects to meet the lower end of full-year guidance of 120,000-130,000 ounces. Revenue was $71.0 million from 29,014 ounces sold at an average price of $2,446/oz.
Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) has announced the release date for its Q3 2024 financial and operational results. The company will publish the results after market close on November 7, 2024. A conference call to discuss the results is scheduled for November 8, 2024, at 10:30 AM ET (7:30 AM PT).
Interested parties can join the call using the following dial-in numbers:
- Local: (+1) 437-900-0527
- Toll Free: 1-888-510-2154
A replay of the call will be available until November 15, 2024, using:
- Local: (+1) 289-819-1450
- Toll Free: 1-888-660-6345
- Access Code: 09652 #
The call will also be webcast and accessible via Galiano's website at www.galianogold.com.
Galiano Gold (TSX: GAU, NYSE American: GAU) reported its Q2 2024 production and financial results, along with a significant 45% increase in the Abore deposit Mineral Reserve estimate to 485,000 ounces of gold.
Gold production for Q2 was 26,437 ounces at an all-in sustaining cost (AISC) of $1,759/oz, generating $9.2 million in operating cash flows. The company remains debt-free with $123 million in cash.
Due to slower ramp-up and lower mill throughput, Galiano revised its 2024 production guidance to 120,000-130,000 ounces from 140,000-160,000 ounces and increased AISC guidance to $1,975-$2,075/oz from $1,600-$1,750/oz.
Q2 revenue was $64 million with net income of $13.9 million. Adjusted EBITDA was $19.3 million.
The company announced the appointment of Michael Cardinaels as Executive VP and COO, effective September 3, 2024.
Galiano Gold (TSX: GAU, NYSE American: GAU) released its 2023 Sustainability Report, covering its corporate office and the Asanko Gold Mine. The report highlights the company's adherence to international sustainability standards such as the Global Reporting Initiative and the Sustainability Accounting Standards Board's Metals and Mining Standards. Key environmental achievements include zero significant incidents, reclamation activities on 25 hectares, and maintaining cyanide management certification. Social initiatives featured the launch of a mental health program, $139 million spent on local procurement, and the completion of several community infrastructure projects. Governance efforts included refresher training on human rights principles and a risk assessment in line with TCFD guidelines. The company also addressed contractor safety following fatalities earlier in the year with an independent safety audit and implemented control measures.
Galiano Gold (GAU) will release its Q2 2024 financial and operational results on August 8, 2024, after market close. The company has scheduled a conference call for August 9, 2024, at 10:30 AM ET (7:30 AM PT). Investors can dial in using the provided local and toll-free numbers or access the webcast link available on Galiano's website.
Galiano Gold (TSX: GAU, NYSE American: GAU) announced that all resolutions presented at their Annual General Meeting on June 13, 2024, were approved by shareholders. Key decisions included fixing the number of directors at seven, re-electing the seven nominees as directors, re-appointing EY LLP as auditors, and approving the company’s executive compensation approach. The number of directors was set with 99.31% of votes in favor. Each director nominee received over 99.82% votes in favor. EY LLP was reappointed with 99.31% approval, and 99.64% of shareholders endorsed the executive compensation plan.
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