GALIANO GOLD REPORTS Q3 PRODUCTION AND FINANCIAL RESULTS
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 ha riportato una produzione di 29.784 once d'oro nel terzo trimestre del 2024 presso il Asanko Gold Mine (AGM), con costi sostenibili totali di $2.161 per oncia. L'azienda ha generato $24,4 milioni di flussi di cassa operativi e ha mantenuto $120,9 milioni in liquidità senza debiti. I tassi di estrazione ad Abore sono aumentati del 32% rispetto al secondo trimestre, con una media di 113.000 tonnellate al giorno. La produzione d'oro è stata superiore del 13% rispetto al secondo trimestre grazie a gradi di estrazione più elevati e a tassi di recupero migliorati dall'82% al 91%. L'azienda prevede di raggiungere il limite inferiore della guida annuale di 120.000-130.000 once. I ricavi sono stati di $71,0 milioni da 29.014 once vendute a un prezzo medio di $2.446/oncia.
Galiano Gold informó una producción de 29.784 onzas de oro en el tercer trimestre de 2024 en la Asanko Gold Mine (AGM), con costos de sostenimiento totales de $2,161 por onza. La compañía generó $24.4 millones en flujos de efectivo operativos y mantuvo $120.9 millones en efectivo sin deudas. Las tasas de minería en Abore aumentaron un 32% en comparación con el segundo trimestre, promediando 113,000 toneladas por día. La producción de oro fue un 13% mayor que en el segundo trimestre debido a grados minados más altos y tasas de recuperación mejoradas del 82% al 91%. Se espera que la compañía alcance el límite inferior de la guía anual de 120,000-130,000 onzas. Los ingresos fueron de $71.0 millones por 29,014 onzas vendidas a un precio promedio de $2,446/onza.
갈리아노 골드는 2024년 3분기에 아산코 금광 (AGM)에서 29,784온스의 금 생산량을 보고했으며, 총 지속 비용은 온스당 $2,161입니다. 이 회사는 $24.4백만의 운영 현금 흐름을 생성하고 $120.9백만의 현금을 유지하며 채무가 없습니다. 아보레에서의 채굴 속도가 2분기 대비 32% 증가하여 하루 평균 113,000톤에 달했습니다. 금 생산량은 채굴 등급 상승과 복구율이 82%에서 91%로 개선되면서 2분기보다 13% 증가했습니다. 회사는 연간 지침의 하한인 120,000-130,000온스를 달성할 것으로 예상하고 있습니다. 수익은 29,014온스가 $2,446/온스의 평균 가격으로 판매되어 $71.0백만에 달했습니다.
Galiano Gold a rapporté une production de 29.784 onces d'or au troisième trimestre 2024 à la mine d'or Asanko (AGM), avec des coûts totaux de maintien de 2.161 USD par once. La société a généré 24,4 millions USD de flux de trésorerie d'exploitation et a maintenu 120,9 millions USD en liquidités sans dettes. Les taux d'extraction à Abore ont augmenté de 32 % par rapport au deuxième trimestre, atteignant une moyenne de 113.000 tonnes par jour. La production d'or a été supérieure de 13 % par rapport au deuxième trimestre en raison de meilleurs grades minés et d'un taux de récupération amélioré de 82 % à 91 %. L'entreprise s'attend à atteindre le bas de la fourchette de prévisions annuelles de 120.000 à 130.000 onces. Les revenus ont été de 71,0 millions USD pour 29.014 onces vendues à un prix moyen de 2.446 USD/onze.
Galiano Gold berichtete über eine Produktion von 29.784 Unzen Gold im dritten Quartal 2024 in der Asanko Gold Mine (AGM), mit Gesamtbetriebskosten von 2.161 USD pro Unze. Das Unternehmen generierte 24,4 Millionen USD an operativen Cashflows und hielt 120,9 Millionen USD in bar ohne Schulden. Die Abbauraten in Abore stiegen im Vergleich zum zweiten Quartal um 32% und lagen bei durchschnittlich 113.000 Tonnen pro Tag. Die Goldproduktion war gegenüber dem zweiten Quartal um 13% höher, was auf höhere Abbaugrade und verbesserte Rückgewinnungsraten von 82% auf 91% zurückzuführen ist. Das Unternehmen erwartet, die untere Grenze der Jahresprognose von 120.000-130.000 Unzen zu erreichen. Der Umsatz betrug 71,0 Millionen USD aus dem Verkauf von 29.014 Unzen zu einem Durchschnittspreis von 2.446 USD/Unze.
- 13% increase in gold production vs Q2 2024 (29,784 oz vs 26,437 oz)
- 32% increase in mining rates at Abore deposit vs Q2 2024
- Strong cash position of $120.9 million with zero debt
- Positive operating cash flow of $24.4 million in Q3
- Improved recovery rates from 82% to 91%
- 13% lower mill throughput vs Q2 2024 due to harder material and equipment issues
- High AISC of $2,161/oz vs $1,445/oz in Q3 2023
- Net income declined to $1.1M from $11.4M in Q3 2023
- Expected to hit only lower end of production guidance (120,000-130,000 oz)
Insights
Q3 2024 shows mixed operational performance for Galiano Gold. Production increased
The high AISC of
Notable operational challenges include harder ore material affecting mill throughput and mobile crusher availability issues. However, mining improvements at Abore with
All financial information contained in this news release is unaudited and reported in
During Q3, the Company produced 29,784 gold ounces at all-in sustaining costs[1] ("AISC") of
Asanko Gold Mine Q3 Highlights (
Subsequent to closing of the transaction with Gold Fields Ltd., the operational and financial results of the AGM have been consolidated into the Company from March 4, 2024 onwards. The following highlights for the AGM are presented on a
- Safety: There were no lost-time injuries ("LTI") and one total recordable injury ("TRI") recorded during Q3. The 12‐month rolling LTI and TRI frequency rates as of September 30, 2024 were 0.00 and 0.30 per million hours worked, respectively.
- Mining performance: During the quarter, waste stripping activities at Abore continued with 9.7 million tonnes ("Mt") of waste rock mined, while ore tonnes mined from the Abore deposit totalled 0.7 Mt at an average mined grade of 1.1 grams per tonne ("g/t") gold. Mining rates at Abore increased by
32% during the third quarter compared to the second quarter of 2024 due to lower precipitation levels, improved mining equipment productivity and additional mining equipment mobilized. These advancements resulted in Q3 mining rates averaging 113,000t per day compared to 87,000t per day in the second quarter of 2024, marking an approximate30% increase. - Milling performance: Milled 1.2 Mt of ore at a grade of 0.9 g/t during Q3, with metallurgical recovery averaging
91% . Mill throughput during the quarter was13% lower than the second quarter of 2024 due to harder material processed and lower mobile crushing circuit availability, which combined, resulted in suboptimal, coarser material delivered to the SAG mill. As harder Abore material is treated, it is expected that mill throughput will be directly linked to mobile crusher circuit performance until the new secondary crusher is commissioned in Q3 2025. Engineering and early earthworks for the secondary crusher continued during the quarter. - Production performance: Gold production of 29,784 ounces during Q3 and 86,607 ounces year-to-date. Gold production during the quarter was
13% higher than the second quarter of 2024, resulting from higher mined grades at Abore and an increase in the recovery rate from82% to91% . Given mill throughput is anticipated to remain constrained by harder material in the fourth quarter, the Company expects meeting the lower end of full year guidance of between 120,000 to 130,000 ounces. - Cost performance: Total cash costs1 of
$1,247 $2,161 $1,903 $1,975 $2,075 $1,513 $1,466 - Cash flow generation: Generated positive cash flow from operations of
$28.6 million $2.9 million - Financial performance: Gold revenue of
$71.0 million $2,446 $3.7 million $25.6 million
____________________________ |
1 Refer to Non-IFRS Performance Measures |
Galiano Q3 Highlights:
- Robust liquidity: The Company ended the quarter with
$120.9 million - Earnings: Net income of
$1.1 million $0.00 $17.7 million $0.07 - Advanced the optimized Life of Mine ("LOM") plan: Progressed technical work related to the optimized LOM plan, in parallel with updated Mineral Reserve and Mineral Resource estimates for the AGM. The updated LOM is focused on earlier mining of the Nkran deposit, compared to the previous technical report (see "NI 43-101 Technical Report and Feasibility Study for the Asanko Gold Mine, Ashanti Region,
Ghana " with an effective date of December 31, 2022). The optimized LOM plan is expected to be completed early during the first quarter of 2025. - Senior management appointment: Appointed Michael Cardinaels as Executive Vice President and Chief Operating Officer, effective September 3, 2024. Mr. Cardinaels brings over two decades of mining experience across various commodities, most recently with Perseus Mining Ltd. The appointment of Mr. Cardinaels is part of the Company's commitment to operational improvements and its overarching strategy to drive growth at the AGM.
"It was a productive quarter operationally at the AGM, with increased mining rates at Abore resulting in more ore mined and higher grades delivered to the mill," said Matt Badylak, President and Chief Executive Officer of Galiano. "This led to improved recovery and increased production quarter-over-quarter. Although mill throughput will remain constrained until the secondary crusher is operational, the ongoing investments in waste stripping during the third quarter position the Company strongly to ramp up production in 2025."
"Importantly, we maintained positive operational cash flows and closed the quarter with a robust balance sheet, holding over
Asanko Gold Mine – Summary of quarterly operational and financial highlights (
Operating and financial results are on a
Asanko Gold Mine ( | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
Mining | |||||
Ore mined ('000t) | 670 | 467 | 265 | 22 | - |
Waste mined ('000t) | 9,726 | 7,427 | 4,877 | 3,415 | - |
Total mined ('000t) | 10,396 | 7,894 | 5,142 | 3,437 | - |
Strip ratio (W:O) | 14.5 | 15.9 | 18.4 | 155.2 | - |
Average gold grade mined (g/t) | 1.1 | 1.0 | 0.9 | 0.7 | - |
Mining cost ($/t mined) | 3.52 | 2.98 | 3.63 | 4.30 | - |
Ore tonnes trucked ('000 t) | 665 | 503 | 566 | 657 | 695 |
Ore transportation cost ($/t trucked) | 4.56 | 5.71 | 6.79 | 6.54 | 6.63 |
Processing | |||||
Ore milled ('000t) | 1,162 | 1,336 | 1,467 | 1,486 | 1,573 |
Average mill head grade (g/t) | 0.9 | 0.7 | 0.8 | 0.8 | 0.8 |
Average recovery rate (%) | 91 | 82 | 83 | 84 | 87 |
Processing cost ($/t milled) | 12.49 | 11.18 | 10.55 | 9.94 | 9.69 |
G&A cost ($/t milled) | 5.74 | 5.13 | 4.74 | 5.55 | 4.16 |
Gold produced (oz) | 29,784 | 26,437 | 30,386 | 31,947 | 35,779 |
Financials, costs and cash flow | |||||
Revenue ($m) | 71.1 | 64.0 | 65.6 | 59.5 | 67.8 |
Gold sold (oz) | 29,014 | 27,830 | 31,840 | 30,555 | 35,522 |
Average realized gold price ($/oz) | 2,446 | 2,292 | 2,056 | 1,942 | 1,902 |
Total cash costs1 ($/oz) | 1,247 | 1,271 | 1,180 | 1,352 | 1,056 |
All-in sustaining costs1 ($/oz) | 2,161 | 1,759 | 1,793 | 2,065 | 1,445 |
All-in sustaining margin1 ($/oz) | 285 | 533 | 263 | (123) | 457 |
All-in sustaining margin1 ($m) | 8.3 | 14.8 | 8.4 | (3.8) | 16.2 |
Income from mine operations ($m) | 26.2 | 23.1 | 23.5 | 8.7 | 23.7 |
Adjusted net income1 ($m) | 20.3 | 13.9 | 23.5 | 3.7 | 21.3 |
Cash generated from operating activities ($m) | 28.6 | 9.2 | 26.1 | 24.1 | 39.7 |
Free cash flow1 ($m) | 2.9 | (4.5) | 5.8 | 2.3 | 24.0 |
- Ore tonnes mined from the Abore deposit totalled 0.7 Mt at an average mined grade of 1.1 g/t. Ore mining rates at Abore increased by
43% during Q3 2024 compared to Q2 2024, as lower precipitation levels resulted in improved ground conditions and mining equipment productivity. Additional mining equipment was also mobilized during the quarter and, as a result, Q3 mining rates averaged 113,000t per day compared to 87,000t per day in the second quarter of 2024. - Waste stripping activities at Abore continued with 9.7 Mt of waste rock mined at a strip ratio of 14.5:1. The strip ratio is expected to remain elevated for the remainder of 2024 due to an increase in the Abore pit shell, a result of a larger mineral reserve (refer to news release dated August 8, 2024).
- The AGM produced 29,784 ounces of gold during Q3 2024, as the processing plant milled 1.2 Mt of ore at a grade of 0.9 g/t with metallurgical recovery averaging
91% . Gold production during Q3 2024 was slightly impacted by lower milling rates as mined ore from Abore and stockpiles of harder Nkran ore both required additional crushing and grinding. Concurrently, two mobile crushers at the processing plant experienced considerable mechanical downtime during the quarter, adding to lower throughput. Despite13% lower mill throughput, gold production during Q3 2024 was13% higher than Q2 2024 resulting from higher mined grades at Abore and an increase in the recovery rate from82% to91% .
To improve mill throughput, a mobile crushing unit was installed at the Abore pit at the end of October 2024, which is expected to increase Abore ore fragmentation. This will also improve haul truck load volumes before transport to the processing plant.
Asanko Gold Mine – Financial and operational highlights for the three and nine months ended September 30, 2024 and 2023 (
The following tables present excerpts of the operating and financial results of the AGM on a
Three months ended September 30, | Nine months ended September 30, | |||
(All amounts in 000's of US dollars, unless otherwise stated) | 2024 | 2023 | 2024 | 2023 |
Asanko Gold Mine ( | ||||
Financial results | ||||
Revenue | 71 130 | 67 770 | 200 695 | 197 029 |
Income from mine operations | 26 199 | 23 745 | 72 766 | 72 808 |
Net income | 3 718 | 21 284 | 32 120 | 66 276 |
Adjusted EBITDA1 | 25 621 | 25 475 | 66 413 | 73 879 |
Cash generated from operating activities | 28 646 | 39 740 | 63 982 | 76 662 |
Free cash flow1 | 2 932 | 24 016 | 4 236 | 46 088 |
AISC margin ($ per gold ounce sold)1 | 285 | 457 | 355 | 536 |
Operating results | ||||
Gold produced (ounces) | 29 784 | 35 779 | 86 607 | 102 130 |
Gold sold (ounces) | 29 014 | 35 522 | 88 684 | 103 608 |
Average realized gold price ($/oz) | 2 446 | 1 902 | 2 258 | 1 898 |
Total cash costs ($ per gold ounce sold)1 | 1 247 | 1 056 | 1 230 | 1 088 |
AISC ($ per gold ounce sold)1 | 2 161 | 1 445 | 1 903 | 1 362 |
- Sold 29,014 ounces of gold in Q3 2024 at an average realized gold price of
$2,446 $71.1 million $0.2 million 29% increase in realized gold prices was partly offset by an18% reduction in sales volumes. - Income from mine operations for Q3 2024 totaled
$26.2 million $23.7 million - Reported Adjusted EBITDA1 of
$25.6 million $25.5 million - Total cash costs1 in Q3 2024 amounted to
$1,247 $1,056 18% lower gold sales volumes, which had the effect of increasing fixed costs on a per ounce basis. During Q3 2023, a higher portion of low grade stockpiled ore was processed that had no accounting book value, and as such had no mining cost attributed to it, resulting in lower total cash costs1 in the comparative quarter. - AISC1 for Q3 2024 was
$2,161 $1,445 18% fewer gold ounces sold, as well as the increase in total cash costs per ounce1 described above. Deducting the initial stripping costs required at Abore, AISC1 for Q3 2024 would be$1,513 - The AGM generated
$28.6 million $2.9 million $39.7 million $24.0 million
Galiano Gold Inc. – Financial highlights for the three and nine months ended September 30, 2024 and 2023
Three months ended September 30, | Nine months ended September 30, | |||
(All amounts in 000's of US dollars, unless otherwise stated) | 2024 | 2023 | 2024 | 2023 |
Galiano Gold Inc. | ||||
Revenue | 71 130 | - | 166 788 | - |
Income from mine operations | 26 444 | - | 56 222 | - |
Net income | 1 100 | 11 389 | 5 172 | 31 843 |
Net income per share attributable to | 0,00 | 0,05 | 0,02 | 0,14 |
Adjusted net income1 | 17 743 | 11 389 | 37 119 | 31 843 |
Adjusted net income per share attributable to | 0,07 | 0,05 | 0,15 | 0,14 |
Adjusted EBITDA1 | 29 012 | 10 282 | 50 117 | 26 656 |
Cash and cash equivalents | 120 916 | 56 079 | 120 916 | 56 079 |
Cash generated from (used in) operating activities | 24 449 | (140) | 41 940 | (2 060) |
- The Company consolidated the financial results of the AGM commencing on March 4, 2024. As revenue and income from mine operations for the three and nine months ended September 30, 2024 relate to the financial results of the AGM, refer to the discussion above on the AGM's financial results for the quarter.
- The Company reported net income of
$1.1 million $11.4 million $17.7 million - Adjusted EBITDA1 for Q3 2024 amounted to
$29.0 million $10.3 million 45% share of the AGM's Adjusted EBITDA1. - Cash generated from operating activities in Q3 2024 was
$24.4 million $0.1 million - As of September 30, 2024, the Company had cash and cash equivalents of
$120.9 million
This news release should be read in conjunction with Galiano's Management's Discussion and Analysis and the Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2024 and 2023, which are available at www.galianogold.com and filed on SEDAR+. |
1 Non-IFRS Performance Measures
The Company has included certain non-IFRS performance measures in this news release. These non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-IFRS Measures section of Galiano's Management's Discussion and Analysis for an explanation of these measures and reconciliations to the Company's and the AGM's reported financial results in accordance with IFRS.
- 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 AGM. Total cash costs include the cost of production, adjusted for by-product revenue and production royalties per ounce of gold sold. - AISC per Gold Ounce and All-in Sustaining Margin
The Company has adopted the reporting of "AISC per gold ounce sold" as per the World Gold Council's guidance. AISC include total cash costs, AGM general and administrative 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. All-in sustaining margin is calculated by taking the average realized gold price for a period less that period's AISC per ounce. - EBITDA and Adjusted EBITDA
EBITDA provides an indication of the Company's continuing capacity to generate income from operations before taking into account the Company's financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income excluding interest expense, interest income, amortization and depletion, and income taxes. Adjusted EBITDA adjusts EBITDA to exclude non-recurring items and to include the Company's interest in the Adjusted EBITDA of the AGM joint venture for the period from January 1, 2024 to March 3, 2024. Other companies may calculate EBITDA and Adjusted EBITDA differently. - Free cash flow
The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use free cash flow to evaluate the AGM's performance with respect to its operating cash flow capacity to meet non-discretionary outflows of cash. The presentation of free cash flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. Free cash flow is calculated as cash flows from operating activities of the AGM adjusted for cash flows associated with sustaining and non-sustaining capital expenditures and payments made to mining and service contractors for leases capitalized under IFRS 16. - Adjusted net income and adjusted net income per common share
The Company has included the non-IFRS performance measures of adjusted net income and adjusted net income per common share. Neither adjusted net income nor adjusted net income per share have any standardized meaning and are therefore unlikely to be comparable to other measures presented by other issuers. Adjusted net income excludes certain non-cash items or non-recurring items from net income or net loss to provide a measure which helps the Company and investors to evaluate the results of the underlying core operations of the Company or the AGM and its ability to generate cash flows and is an important indicator of the strength of the Company's or the AGM's operations and performance of its core business.
Qualified Person
Richard Miller, P.Eng., Vice President Technical Services with Galiano, is a Qualified Person as defined by Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has approved the scientific and technical information contained in this news release.
Conference Call and Webcast
Management will host a conference call and webcast to discuss the results of Q3 2024, at 10:30am ET on November 8, 2024. Please refer to the details below to join the conference call or the webcast.
Conference Call Participant Details | ||
RapidConnect URL: | ||
Local: | ||
North American Toll Free: | 1-888-510-2154 | |
Webcast URL | ||
Audience URL: | ||
Conference Replay | ||
Conference Replay Local: | (+1) 289 819 1450 | |
Conference Replay North American Toll Free: | (+1) 888 660 6345 | |
Conference Replay Entry Code: | 09652 # | |
Conference Replay Expiration Date: | 11/15/2024 | |
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company owns the Asanko Gold Mine, which is located in
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this news release constitute "forward-looking statements" within the meaning of applicable
Forward-looking statements in this news release include, but are not limited to: statements regarding the Company's operating plans for the AGM and timing thereof; expectations and timing with respect to current and planned drilling programs, including at Abore, and the results thereof; anticipated production and cost guidance; performance of a mobile crushing unit installed at the Abore pit; timing of installation of a permanent secondary crushing circuit; timing of delivery of higher grade ore from the Abore pit; the Company's plans to update a consolidated Mineral Reserve Estimate and LOM plan and timing thereof; any additional work programs to be undertaken by the Company; potential exploration opportunities and statements regarding the usefulness and comparability of certain non-IFRS measures; and total cash costs and corresponding cost performance relating to the Company's activities. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: development plans and capital expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to raise sufficient funds from future equity financings to support its operations, and general business and economic conditions; the global financial markets and general economic conditions will be stable and prosperous in the future; the AGM will not experience any significant uninsured production disruptions that would materially affect revenues; the ability of the Company to comply with applicable governmental regulations and standards; the mining laws, tax laws and other laws in
The foregoing list of assumptions cannot be considered exhaustive.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: mineral reserve and mineral resource estimates may change and may prove to be inaccurate; metallurgical recoveries may not be economically viable; life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect; risks related to the expected benefits of the Acquisition; actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control; inflationary pressures and the effects thereof; the AGM has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the Company's mineral properties may experience a loss of ore due to illegal mining activities; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; outbreaks of COVID-19 and other infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial condition and results of operations and the market price of the common shares of the Company; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Government of
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of
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SOURCE Galiano Gold Inc.
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