GALIANO GOLD REPORTS Q4 AND FULL YEAR 2024 PRODUCTION AND FINANCIAL RESULTS
Galiano Gold Inc. (TSX/NYSE: GAU) reported its Q4 and full year 2024 results, highlighting the completion of acquiring Gold Fields' 45% interest in the Asanko Gold Mine (AGM), increasing its ownership to 90%. In Q4 2024, the company produced 28,508 gold ounces at all-in sustaining costs (AISC) of $2,638/oz, generating $13.8M in operating cash flows.
FY 2024 production reached 115,115 gold ounces at AISC of $2,063/oz, falling below revised guidance of 120,000-130,000 ounces due to lower throughput from crusher availability issues and harder ore processing. The company ended 2024 with a strong financial position of $105.8M in cash and no debt.
Key developments include terminating the gold offtake agreement with Red Kite for $13.1M, updating mineral reserves to 2.1M ounces, and awarding the Nkran mining contract. The company reported Q4 net income of $0.9M and FY 2024 net income of $6.1M.
Galiano Gold Inc. (TSX/NYSE: GAU) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando il completamento dell'acquisizione del 45% di interesse nella Asanko Gold Mine (AGM) da Gold Fields, aumentando così la sua partecipazione al 90%. Nel quarto trimestre del 2024, l'azienda ha prodotto 28.508 once d'oro a costi sostenibili totali (AISC) di $2.638/oz, generando $13,8 milioni di flussi di cassa operativi.
La produzione totale per l'anno fiscale 2024 ha raggiunto 115.115 once d'oro a AISC di $2.063/oz, rimanendo al di sotto della guida rivista di 120.000-130.000 once a causa di una minore capacità di lavorazione dovuta a problemi di disponibilità del frantoio e alla lavorazione di minerali più duri. L'azienda ha chiuso il 2024 con una solida posizione finanziaria di $105,8 milioni in contante e senza debiti.
I principali sviluppi includono la cessazione dell'accordo di acquisto d'oro con Red Kite per $13,1 milioni, l'aggiornamento delle riserve minerali a 2,1 milioni di once e l'assegnazione del contratto minerario di Nkran. L'azienda ha riportato un reddito netto del quarto trimestre di $0,9 milioni e un reddito netto per l'anno fiscale 2024 di $6,1 milioni.
Galiano Gold Inc. (TSX/NYSE: GAU) informó sobre sus resultados del cuarto trimestre y del año completo 2024, destacando la finalización de la adquisición del 45% de interés en la Mina de Oro Asanko (AGM) de Gold Fields, aumentando así su propiedad al 90%. En el cuarto trimestre de 2024, la compañía produjo 28,508 onzas de oro con costos sostenibles totales (AISC) de $2,638/oz, generando $13.8 millones en flujos de efectivo operativos.
La producción del año fiscal 2024 alcanzó 115,115 onzas de oro a AISC de $2,063/oz, quedando por debajo de la guía revisada de 120,000-130,000 onzas debido a un menor rendimiento por problemas de disponibilidad del triturador y procesamiento de mineral más duro. La compañía cerró 2024 con una sólida posición financiera de $105.8 millones en efectivo y sin deudas.
Los desarrollos clave incluyen la terminación del acuerdo de compra de oro con Red Kite por $13.1 millones, la actualización de las reservas minerales a 2.1 millones de onzas y la adjudicación del contrato minero de Nkran. La compañía reportó un ingreso neto del cuarto trimestre de $0.9 millones y un ingreso neto del año fiscal 2024 de $6.1 millones.
갈리아노 골드 주식회사 (TSX/NYSE: GAU)는 2024년 4분기 및 전체 연도 결과를 보고하며, 골드 필드로부터 아산코 금광(AGM)의 45% 지분을 인수 완료하여 소유 지분을 90%로 증가시킨 점을 강조했습니다. 2024년 4분기 동안 회사는 28,508 온스의 금을 생산했으며, 총 지속 비용(AISC)은 $2,638/온스에 달하며, 운영 현금 흐름은 $13.8M을 생성했습니다.
2024 회계연도 생산량은 115,115 온스의 금에 도달했으며, AISC는 $2,063/온스로, 분쇄기 가용성 문제와 더 어려운 광석 처리로 인해 수정된 지침인 120,000-130,000 온스를 하회했습니다. 회사는 2024년을 $105.8M의 현금과 부채 없는 강력한 재무 상태로 마감했습니다.
주요 개발 사항으로는 레드 카이트와의 금 구매 계약 종료($13.1M), 광물 매장량을 2.1M 온스로 업데이트, 그리고 니크란 광산 계약 수여가 포함됩니다. 회사는 4분기 순이익 $0.9M 및 2024 회계연도 순이익 $6.1M을 보고했습니다.
Galiano Gold Inc. (TSX/NYSE: GAU) a publié ses résultats du quatrième trimestre et de l'année complète 2024, mettant en avant l'achèvement de l'acquisition de 45% de participation dans la mine d'or d'Asanko (AGM) de Gold Fields, portant ainsi sa participation à 90%. Au quatrième trimestre 2024, l'entreprise a produit 28.508 onces d'or à des coûts soutenus totaux (AISC) de 2.638 $/oz, générant 13,8 millions de dollars de flux de trésorerie d'exploitation.
La production pour l'exercice 2024 a atteint 115.115 onces d'or à AISC de 2.063 $/oz, restant en dessous des prévisions révisées de 120.000-130.000 onces en raison d'un moindre rendement dû à des problèmes de disponibilité du concasseur et au traitement de minerais plus durs. L'entreprise a terminé 2024 avec une solide position financière de 105,8 millions de dollars en liquidités et sans dettes.
Les développements clés comprennent la résiliation du contrat d'achat d'or avec Red Kite pour 13,1 millions de dollars, la mise à jour des réserves minérales à 2,1 millions d'onces, et l'attribution du contrat minier de Nkran. L'entreprise a déclaré un revenu net de 0,9 million de dollars pour le quatrième trimestre et un revenu net de 6,1 millions de dollars pour l'exercice 2024.
Galiano Gold Inc. (TSX/NYSE: GAU) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei den Abschluss der Übernahme des 45% Anteils an der Asanko Goldmine (AGM) von Gold Fields hervorgehoben, was seinen Anteil auf 90% erhöht. Im vierten Quartal 2024 produzierte das Unternehmen 28.508 Unzen Gold zu nachhaltigen Gesamtkosten (AISC) von $2.638/Unze und erzielte einen operativen Cashflow von $13,8 Millionen.
Die Produktion im Geschäftsjahr 2024 erreichte 115.115 Unzen Gold bei AISC von $2.063/Unze, was unter der überarbeiteten Prognose von 120.000-130.000 Unzen lag, bedingt durch eine geringere Durchsatzleistung aufgrund von Verfügbarkeitsproblemen mit dem Brecher und der Verarbeitung härterer Erze. Das Unternehmen beendete 2024 mit einer soliden finanziellen Position von $105,8 Millionen in bar und ohne Schulden.
Wichtige Entwicklungen umfassen die Beendigung des Goldabnahmevertrags mit Red Kite für $13,1 Millionen, die Aktualisierung der Mineralreserven auf 2,1 Millionen Unzen und die Vergabe des Nkran-Bergbauvertrags. Das Unternehmen meldete einen Nettogewinn von $0,9 Millionen im vierten Quartal und einen Nettogewinn von $6,1 Millionen für das Geschäftsjahr 2024.
- Completed acquisition of Gold Fields' 45% stake, increasing ownership to 90% in AGM
- Strong cash position of $105.8M with no debt
- Generated $55.7M operating cash flow in FY 2024
- Reported 2.1M ounces in mineral reserves
- Terminated gold offtake agreement, enabling sales at market prices
- Missed 2024 production guidance due to operational issues
- Higher AISC of $2,638/oz in Q4 2024 vs $2,065/oz in Q4 2023
- Q4 gold sales volume decreased 19% year-over-year
- Extended plant shutdown in Q1 2025 due to SAG mill repairs
- Lower mill throughput due to crushing constraints
Insights
Galiano Gold's Q4 and FY 2024 results reveal mixed operational performance alongside strengthened corporate positioning. The company missed revised production guidance, delivering 115,115 ounces versus the targeted 120,000-130,000 ounces, primarily due to processing challenges with harder ore and mobile crusher constraints. Q4 production of 28,508 ounces came with elevated AISC of $2,638/oz, though this drops to $1,773/oz when excluding Abore waste stripping costs.
The financial position appears robust with $105.8 million cash, no debt, and $55.7 million operating cash flow for FY 2024, which covered the strategic $13.1 million termination payment to exit the Red Kite offtake agreement. This move enables selling gold at market prices rather than predetermined terms, enhancing revenue flexibility in the current strong price environment.
The completion of the Gold Fields acquisition to secure 90% ownership of AGM represents a transformative transaction that simplifies corporate structure and provides full operational control. However, investors should note Q4's modest net income of $0.9 million despite high gold prices, highlighting the impact of elevated production costs.
Looking ahead, the extended 14-day processing plant shutdown in February-March 2025 will pressure Q1 results, though management maintains annual guidance. The contractor mobilization at Nkran and planned secondary crusher installation in Q3 2025 should address current operational bottlenecks, with production weighted toward H2 2025. The updated 2.1 million ounce reserve provides multi-year visibility, though execution on cost improvement remains crucial.
All financial information contained in this news release is reported in
During Q4, the Company produced 28,508 gold ounces at all-in sustaining costs1 ("AISC") of
During FY 2024, the Company produced 115,115 gold ounces at AISC1 of
Asanko Gold Mine ("AGM") Q4 and FY 2024 highlights
The Company completed the acquisition of Gold Fields Limited's ("Gold Fields")
- Safety: The AGM recorded one lost-time injury ("LTI") and three total recordable injuries (inclusive of LTIs) ("TRI") during Q4 2024. The 12‐month rolling LTI and TRI frequency rates as of December 31, 2024 were improved year-on-year to 0.15 and 0.58 per million hours worked, respectively, reflecting a stronger safety performance in 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.
- Milling performance: During Q4 2024, 1.2 Mt of ore was milled at an average feed grade of 0.9 g/t, with metallurgical recovery averaging
85% . Mill throughput in Q4 2024 remained approximately the same as Q3 2024 due to crushing constraints as harder Abore ore was treated. It is expected that mill throughput will be directly linked to crusher circuit performance until a new secondary crusher is constructed and commissioned in Q3 2025. Mill throughput for FY 2024 totaled 5.1 Mt of ore at an average feed grade of 0.8 g/t and metallurgical recovery of85% . - 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 costs1 of
$1,426 $2,638 $2,063 $1,975 $2,075 $1,773 $1,533 - Financial performance: Gold revenue of
$64.4 million $2,609 $264.6 million $2,334 - 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 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. - Nkran mining contract awarded: A competitive tender process was undertaken during 2024 for the Nkran mining contract, and a preferred contractor was selected in February 2025.
_____________________________ |
1 Refer to Non-IFRS Performance Measures |
Galiano Q4 and FY 2024 highlights
- Consolidating ownership: Completed the transaction with Gold Fields, acquiring their
45% interest in the AGM and thereby securing90% ownership in the AGM. - Robust liquidity: The Company ended the year with
$105.8 million - Positive operating cash flow: The Company generated
$13.8 million $55.7 million $13.1 million - Earnings: Net income attributable to common shareholders of
$0.9 million $0.00 $6.1 million $0.02 $5.1 million $0.02 $42.2 million $0.17 - 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.
"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
Subsequent events after December 31, 2024
In early February 2025, the AGM concluded a competitive tender process for the Nkran mining contract and signed a mining services agreement with a preferred contractor. As of the date of this news release, the contractor has mobilized a limited fleet of mining equipment and preliminary waste mining activities at Nkran have commenced.
On February 21, 2025, the AGM processing plant was scheduled for a planned maintenance shutdown. While performing the planned maintenance work, it was identified that a key component of the SAG mill required repair, which resulted in the shutdown extending to March 6, 2025. As a result, the AGM processing plant was down for a period of 14 days, during which no gold was produced. During this period, mining activities continued and mined ore was stockpiled for future processing. Therefore, first quarter 2025 gold production is expected to be lower than management's expectations; however, the Company does not expect this to impact its 2025 production guidance for the AGM.
Asanko Gold Mine – Summary of quarterly operational and financial highlights (
Operating and financial results are on a
Asanko Gold Mine ( | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
Mining | |||||
Ore mined ('000t) | 531 | 670 | 467 | 265 | 22 |
Waste mined ('000t) | 8,698 | 9,726 | 7,427 | 4,877 | 3,415 |
Total mined ('000t) | 9,229 | 10,396 | 7,894 | 5,142 | 3,437 |
Strip ratio (W:O) | 16.4 | 14.5 | 15.9 | 18.4 | 155.2 |
Average gold grade mined (g/t) | 1.0 | 1.1 | 1.0 | 0.9 | 0.7 |
Mining cost ($/t mined) | 3.41 | 3.52 | 2.98 | 3.63 | 4.30 |
Ore tonnes trucked ('000 t) | 685 | 665 | 503 | 566 | 657 |
Ore transportation cost ($/t trucked) | 4.75 | 4.56 | 5.71 | 6.79 | 6.54 |
Processing | |||||
Ore milled ('000t) | 1,179 | 1,162 | 1,336 | 1,467 | 1,486 |
Average mill head grade (g/t) | 0.9 | 0.9 | 0.7 | 0.8 | 0.8 |
Average recovery rate (%) | 85 | 91 | 82 | 83 | 84 |
Processing cost ($/t milled) | 15.84 | 12.49 | 11.18 | 10.55 | 9.94 |
G&A cost ($/t milled) | 6.28 | 5.74 | 5.13 | 4.74 | 5.55 |
Gold produced (oz) | 28,508 | 29,784 | 26,437 | 30,386 | 31,947 |
Financials, costs and cash flow | |||||
Revenue ($m) | 64.6 | 71.1 | 64.0 | 65.6 | 59.5 |
Gold sold (oz) | 24,673 | 29,014 | 27,830 | 31,840 | 30,555 |
Average realized gold price ($/oz) | 2,609 | 2,446 | 2,292 | 2,056 | 1,942 |
Total cash costs1 ($/oz) | 1,426 | 1,247 | 1,271 | 1,180 | 1,352 |
All-in sustaining costs1 ($/oz) | 2,638 | 2,161 | 1,759 | 1,793 | 2,065 |
All-in sustaining margin1 ($/oz) | (29) | 285 | 533 | 263 | (123) |
All-in sustaining margin1 ($m) | (0.7) | 8.3 | 14.8 | 8.4 | (3.8) |
Income from mine operations ($m) | 21.1 | 26.2 | 23.1 | 23.5 | 8.7 |
Cash generated from operating activities ($m) | 15.9 | 28.6 | 9.2 | 26.1 | 24.1 |
Free cash flow1 ($m) | 0.7 | 2.9 | (4.5) | 5.8 | 2.3 |
- Ore tonnes mined from the Abore deposit totalled 0.5 Mt at an average mined grade of 1.0 g/t. Ore mining rates at Abore decreased by
21% during Q4 2024 compared to Q3 2024 as mining activities in Q4 2024 focused on pushing back benches to access ore at deeper elevations. - Waste stripping activities at Abore continued with 8.7 Mt of waste rock mined at a strip ratio of 16.4:1. The strip ratio was elevated in Q4 2024 due to an increase in the size of the Abore pit shell resulting from a larger mineral reserve (refer to the Company's news release dated August 8, 2024). The strip ratio at Abore is expected to reduce in 2025 as the ore body of the current mining cut is exposed.
- The AGM produced 28,508 ounces of gold during Q4 2024, as the processing plant milled 1.2 Mt of ore at a grade of 0.9 g/t with metallurgical recovery averaging
85% . Gold production during Q4 2024 continued to be impacted by lower milling rates as mined ore from Abore and stockpiles of harder ore both required additional crushing and grinding. The Company continues to make progress on installation of a permanent secondary crushing circuit at the AGM processing plant, which is expected to be completed in Q3 2025.
Asanko Gold Mine – Financial and operational highlights for the three months and years ended December 31, 2024 and 2023 (
The following tables present excerpts of the operating and financial results of the AGM on a
Three months ended December 31, | Year ended December 31, | |||
(All amounts in 000's of US dollars, unless otherwise stated) | 2024 | 2023 | 2024 | 2023 |
Asanko Gold Mine ( | ||||
Financial results | ||||
Revenue | 64,551 | 59,514 | 265,246 | 256,543 |
Income from mine operations | 21,117 | 8,675 | 93,883 | 81,483 |
Net income | 9,915 | 3,664 | 42,035 | 69,940 |
Adjusted EBITDA1 | 19,146 | 9,020 | 85,559 | 82,899 |
Cash generated from operating activities | 15,933 | 24,058 | 79,915 | 100,720 |
Free cash flow1 | 669 | 2,285 | 4,905 | 48,373 |
AISC margin ($ per gold oz sold)1 | (29) | (123) | 271 | 386 |
Operating results | ||||
Gold produced (oz) | 28,508 | 31,947 | 115,115 | 134,077 |
Gold sold (oz) | 24,673 | 30,555 | 113,357 | 134,163 |
Average realized gold price ($/oz) | 2,609 | 1,942 | 2,334 | 1,908 |
Total cash costs ($ per gold oz sold)1 | 1,426 | 1,352 | 1,273 | 1,148 |
AISC ($ per gold oz sold)1 | 2,638 | 2,065 | 2,063 | 1,522 |
- The AGM sold 24,673 ounces of gold in Q4 2024 at an average realized gold price of
$2,609 $64.6 million $0.1 million 34% increase in realized gold prices was partly offset by a19% reduction in sales volumes. - Income from mine operations for Q4 2024 totaled
$21.1 million $8.7 million $2.3 million $5.0 million - Reported Adjusted EBITDA1 of
$19.1 million $9.0 million - Total cash costs1 in Q4 2024 amounted to
$1,426 $1,352 19% lower gold sales volumes in Q4 2024, which had the effect of increasing fixed costs on a per ounce basis. - AISC1 for Q4 2024 was
$2,638 $2,065 19% fewer gold ounces sold, as well as the increase in total cash costs1 described above. Excluding capitalized waste stripping costs at Abore, AISC1 for Q4 2024 would be$1,773 - The AGM generated
$15.9 million $13.1 million $24.1 million
Galiano Gold Inc. – Financial highlights for the three months and years ended December 31, 2024 and 2023
Three months ended December 31, | Year ended December 31, | |||
(All amounts in 000's of US dollars, unless otherwise stated) | 2024 | 2023 | 2024 | 2023 |
Galiano Gold Inc. | ||||
Revenue | 64,551 | - | 231,339 | - |
Income from mine operations | 21,788 | - | 78,010 | - |
Net income (loss) attributable to common | 946 | (5,758) | 6,118 | 26,085 |
Net income (loss) per share attributable to | 0.00 | (0.03) | 0.02 | 0.12 |
Adjusted net income (loss) attributable to | 5,096 | (5,380) | 42,215 | 26,463 |
Adjusted net income (loss) per share attributable | 0.02 | (0.02) | 0.17 | 0.12 |
Adjusted EBITDA1 | 21,175 | 98 | 71,292 | 26,754 |
Cash and cash equivalents | 105,775 | 55,270 | 105,775 | 55,270 |
Cash generated from (used in) operating activities | 13,806 | (1,574) | 55,746 | (3,634) |
- The Company consolidated the financial results of the AGM commencing on March 4, 2024. As revenue and income from mine operations for the three months and year ended December 31, 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 attributable to common shareholders of
$0.9 million $5.8 million $13.1 million - Adjusted EBITDA1 for Q4 2024 amounted to
$21.2 million $0.1 million 45% share of the AGM's Adjusted EBITDA1. - Cash generated from operating activities in Q4 2024 was
$13.8 million $13.1 million $1.6 million - As of December 31, 2024, the Company had cash and cash equivalents of
$105.8 million
This news release should be read in conjunction with Galiano's Management's Discussion and Analysis and the |
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". 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 per gold ounce sold is calculated by taking the average realized gold price for a period less that period's AISC per ounce. All-in sustaining margin is calculated as all-in sustaining margin per gold ounce sold multiplied by the number of gold ounces sold in a period.
The Company has also provided the non-IFRS performance measure of AISC excluding capitalized stripping costs at the Abore deposit. The Company believes that this non-IFRS performance measure provides additional insight into the costs of producing gold excluding activities associated with developing a new mining pit. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, some investors use this information to evaluate the AGM's performance and ability to generate cash flow. - EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization ("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 (loss) excluding finance expense, finance income, depreciation and depletion expense, and income taxes. Adjusted EBITDA adjusts EBITDA to exclude non-recurring items and non-cash items ("Adjusted EBITDA") and includes 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 flow from operating activities of the AGM, excluding one-time charges not indicative of current period cash flow performance, less cash flows used in investing activities and payments made to mining and service contractors for leases capitalized under IFRS 16. - Adjusted net income (loss) and adjusted net income (loss) per common share
The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net income (loss) per common share. Neither adjusted net income (loss) nor adjusted net income (loss) per share have any standardized meaning and are therefore unlikely to be comparable to other measures presented by other issuers. Adjusted net income (loss) excludes certain non-cash items or non-recurring items from net income (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.
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; expectations regarding cash flows from operations; 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: the 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; 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, and the Company may experience lack of access to its mineral properties and other issues, 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 Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; recoveries may be lower in the future and have a negative impact on the Company's financial results; the lower recoveries may persist and be detrimental to the AGM and the Company; the Company's business is subject to risks associated with operating in a foreign country; risks related to the Company's use of contractors; the hazards and risks normally encountered in the exploration, development and production of gold; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency; the Company's operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration, development and mining interests can be uncertain and may be contested; geotechnical risks associated with the design and operation of a mine and related civil structures; the Company's properties may be subject to claims by various community stakeholders; current, ongoing and future legal disputes and appeals from third parties may be successful, and the Company may be required to pay settlement costs or damages; risks related to limited access to infrastructure and water; risks associated with establishing new mining operations; the Company's revenues are dependent on the market prices for gold, which have experienced significant recent fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company's shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; risks relating to credit rating downgrades; changes to taxation laws applicable to the Company may affect the Company's profitability and ability to repatriate funds; risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; risks related to information systems security threats; non-compliance with public disclosure obligations could have an adverse effect on the Company's stock price; the carrying value of the Company's assets may change and these assets may be subject to impairment charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; damage to the Company's reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on the business, results of operations and financial conditions of the Company and the Company's share price; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; the Company's growth, future profitability and ability to obtain financing may be impacted by global financial conditions; the Company's common shares may experience price and trading volume volatility; the Company has never paid dividends and does not expect to do so in the foreseeable future; the Company's shareholders may be unable to sell significant quantities of the Company's common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and the risk factors described under the heading "Risk Factors" in the Company's Annual Information Form.
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.
FAQ
What was Galiano Gold's (GAU) gold production in Q4 2024?
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What is GAU's new mineral reserve estimate as of December 2024?
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