VANCOUVER, BC, May 14, 2025 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to report its first quarter ("Q1") 2025 production and financial results. Galiano owns a 90% interest in the Asanko Gold Mine ("AGM") located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.
All financial information contained in this news release is unaudited and reported in United States dollars.
Q1 2025 HIGHLIGHTS
Safety
Two lost-time injuries ("LTI") and three total recordable injuries (inclusive of LTIs) ("TRI") recorded.
12?month rolling LTI and TRI frequency rates as of March 31, 2025 of 0.43 and 1.00 per million hours worked, respectively.
Mining
Mining activities focused on the Abore and Esaase deposits with 1.3 million tonnes ("Mt") of ore mined at an average mined grade of 0.8 grams per tonne ("g/t") gold and a strip ratio of 7.0:1.
Development of cut 3 at the Nkran deposit commenced ahead of schedule in February with 0.8 Mt of waste mined during the quarter.
Processing
The AGM processing plant was offline for a period of 14 days due to a key component of the Semi-Autogenous Grinding ("SAG") mill requiring repairs, during which no gold was recovered. This shutdown reduced quarterly production by approximately 4,500 to 5,000 ounces. The repairs to the SAG mill were completed during Q1 2025.
1.1 Mt of ore was milled at an average feed grade of 0.8 g/t, with metallurgical recovery averaging 87%. Throughput remains constrained until a secondary crushing circuit is commissioned during Q3 2025.
Produced 20,734 ounces of gold.
Sold 26,994 ounces of gold at an average realized price of $2,833 per ounce ("/oz").
Exploration
5,543 meters of infill drilling completed at the Abore deposit. Positive results led to discovery of a new high-grade zone immediately below the mineral reserve pit shell at the south end of the Abore Main pit. The infill drilling also increased confidence in the mineral reserve and mineral resource in the area in and around the known high-grade zone at the Abore South pit, while also increasing the strike length of this zone from 90m to 180m.
Cost and capital expenditures
Total cash costs1 of $1,730/oz and all-in sustaining costs1 ("AISC") of $2,501/oz.
Sustaining capital expenditures of $1.3 million and development capital expenditures (excluding Nkran pre-stripping costs) of $3.3 million.
Capitalized development pre-stripping costs at Nkran cut 3 of $3.2 million.
Financial
Cash and cash equivalents of $106.4 million at March 31, 2025, and no debt.
Generated cash flow from operating activities of $25.9 million.
Income from mine operations of $15.4 million.
Net loss of $0.10 per common share and adjusted net income1 of $0.01 per common share.
Adjusted EBITDA1 of $19.0 million.
"Having completed the first quarter, our mining operations, including the commencement of stripping at Nkran, are ramping up according to plan. Production and costs realized in the first quarter are not reflective of management's expectations for the balance of the year. Mill throughput and grade are planned to improve quarter on quarter and the secondary crusher commissioning remains on schedule," said Matt Badylak, Galiano's President and CEO. "Recent exploration results from Abore validate the high-grade zones within the existing Mineral Reserves and point to further expansion potential of the deposit at depth. Our team is focused on delivering a maiden underground resource at the AGM by year-end to build on our growth path as we look beyond our current life of mine."
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1 Refer to Non-IFRS Performance Measures
SUMMARY OF QUARTERLY OPERATIONAL AND FINANCIAL HIGHLIGHTS
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