Galiano Gold Inc. has released its fourth quarter (“Q4”) and full year 2022 operating and financial results for the Company and the Asanko Gold Mine.
The Asanko Gold Mine is a 50:50 joint venture with Gold Fields Limited which is managed and operated by Galiano. All financial information contained in this news release is reported in US$.
The Company in its Safty report in 2022, saw a very strong safety performance with no lost-time injuries nor total recordable injuries (“TRI”) recorded during the quarter, resulting in 12-month rolling LTI and TRI frequency rates of 0.00 and 0.15 per million employee hours worked, respectively. However, the fatal accident announced on February 6, 2023, demonstrates that we must maintain our focus on all safety processes at the AGM given a fundamental goal of the Company is to create and maintain Zero Harm operations.
Galiano’s Gold Production of 34,090 ounces during the fourth quarter and annual gold production of 170,342 ounces avhieved the upper end of revised guidance of 160,000 to 170,000 ounces.
Gold revenue of $296.5 million generated from 167,849 gold ounces sold at an average realized price of $1,767/oz for the year. Net income after tax of $103.2 million during the year, which included an impairment reversal on mineral properties of $63.2 million, and Adjusted EBITDA1 of $79.2 million.
They also completed extensive infill drilling at Esaase, Miradani North, Abore, Midras and Nkran, the results of which were incorporated into the Independent FS, which saw a 21% increase in total Measured and Indicated ounces (after depletion) and a 251% increase in total Inferred ounces compared to the previous estimates dated February 28, 2022. Furthermore, an extensive exploration drill program was completed with positive results at Nkran, intercepting several high-grade intervals within and below the resource shell, in addition to the first phase of testing the underground potential of the deposit.
“In the fourth quarter, the AGM had yet another strong financial and operating period. Despite the anticipated lower grades being processed, the stockpiles continued to generate cash to further strengthen the AGM’s balance sheet, building a solid foundation to fund the next stage of development at the AGM,” stated Matt Badylak, Galiano’s President and Chief Executive Officer stated.
He added “With the independent feasibility study now complete and Mineral Reserves reinstated for the AGM, our focus as the JV operators will now shift to optimizing the life of mine plan to enhance the project’s economics, and restart mining as soon as possible, currently expected during the fourth quarter of this year. I am also very encouraged with the continued exploration success achieved in 2022 and the advancement of further exploration work on the highly prospective Asankrangwa gold belt.
Additionally, at the corporate level, Galiano’s balance sheet remains debt free with more than $55 million of cash, thus commenced a drilling program at our 100% owned Asumura property on the Sefwi gold belt in Ghana.”
