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Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) is pleased to announce the Company’s preliminary 2023 production results at the Asanko Gold Mine in Ghana. The AGM is a 50:50 joint venture with Gold Fields Limited, which is managed and operated by Galiano. On December 21, 2023, the Company announced it had reached an agreement with Gold Fields to acquire its 45% interest in the AGM.


2023 Preliminary Production Results and Operating Highlights

  • Gold production: The AGM produced 31,947 ounces of gold in the fourth quarter and achieved full year 2023 gold production of 134,077 ounces, exceeding upward revised production guidance of between 120,000 to 130,000 ounces of gold.
  • Consolidated ownership of AGM: On December 21, 2023, Galiano announced it had entered into a binding share purchase agreement with subsidiaries of Gold Fields to acquire their 45% interest in the AGM. Upon completion of the Acquisition, which remains on track to close during the first quarter of 2024, Galiano will establish itself as a growing gold producer with robust financial strength, owning and operating one of the largest gold mines in West Africa.
  • Technical Report: Delivered an Independent Feasibility Study for the AGM. The report titled “NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana” with an effective date of December 31, 2022 (“Technical Report”) describes an 8.5-year mine life with a robust after-tax net present value at a 5% discount rate of $343 million (applying a $1,700/oz gold price) and average annual gold production of 254,000 ounces per year from 2025 onwards.
  • Restart of mining: Resumed mining operations on October 1, 2023, at the Abore deposit.
  • Successful exploration program: Completed an aggressive 2023 exploration program, focused on expanding mineralization at known deposits, as well as advancing a robust pipeline of regional greenfields targets towards potential new discoveries. Highlights included:
    • Mineral resource and mineral reserve definition drilling at Nkran;
    • Mineral resource conversion drilling at Abore;
    • Mineral resource conversion drilling at Midras South;
    • First pass drilling at the Gyagyatreso regional prospect; and
    • Regional greenfield exploration identifying large soil geochemical anomalies at Aburi and Sky Gold targets.


“The past year was transformational for Galiano Gold and its stakeholders. Most notable was the announcement of the transaction to consolidate the AGM, which will transform Galiano into a relevant, emerging mid-tier gold producer owning one of the largest gold producing mines in West Africa”, stated Matt Badylak, Galiano’s President and CEO, “I am additionally pleased with our improved understanding of the asset and demonstrated ability to deliver to plan. 2023 marked the second consecutive year the AGM exceeded production guidance and significantly strengthened the balance sheet. The updated Technical Report, which was delivered in the first quarter of 2023, now describes a realistic life of mine production and cost profile at the AGM.  Furthermore, fulfilling our commitment to recommence mining on October 1st, places us on schedule to realize meaningful, low risk, organic production growth which is expected to increase to average annual gold production of 254,000 per year from 2025 onwards. We remain excited about the prospectivity of the Asankrangwa Gold Belt and will continue to aggressively pursue exploration targets in 2024 to further extend the life of mine.”


2023 AGM Operating Results


Q4 2023 Full Year 2023
Average realized gold price ($/oz) 1,942 1,908
Gold sold (oz) 30,555 134,163
Gold produced (oz) 31,947 134,077

2023 Fourth Quarter and Full Year Financial Results Announcement


The Company will release its audited consolidated annual financial statements and management’s discussion and analysis after market close on February 15, 2024. A conference call to discuss the details will be held by senior management on February 16, 2024, at 8am PT/11am ET.


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 operates and manages the Asanko Gold Mine, which is located in Ghana, West Africa,. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities.


Posted January 17, 2024

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