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Galiano Gold reports solid preliminary FY2022 results for Asanko -Stockwatch

Friday, 20 January 2023

Galiano Gold Inc. has released preliminary fourth quarter and full-year 2022 operating results from the Asanko gold mine (AGM) located in Ghana, West Africa. The AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE: GFI) (NYSE: GFI), which is managed and operated by Galiano. The Company expects to release its full financial and operational results after the market closes on March 28, 2023. All financial information contained in this release is unaudited and reported in US$.

AGM JV Fourth Quarter and Full Year 2022 Highlights (100% basis)

1 See "Non-IFRS performance measures"

Fourth Quarter and Full Year 2022 Galiano Highlights

"Full year production exceeded our original guidance estimates and enabled the Company to strengthen our balance sheet. We believe that the second half of 2022 represented a pivotal period for Galiano, as our team and third-party consultants successfully deepened our understanding of the Nkran, Miradani, Abore and Esaase deposits," stated Matt Badylak, Galiano's President and Chief Executive Officer. "We anticipate releasing the updated Mineral Resources and Mineral Reserves for the Asanko Gold Mine, along with highlights from a new Technical Report during the first quarter of 2023."

"The AGM team continues to operate to the highest international safety standards, and I would like to thank the team on site for their hard work and diligence in achieving such an excellent safety record. I am confident 2023 will be a transformational year for the Company, following the implementation of a new operational and capital plan at the AGM."

AGM JV Key Production statistics (100% basis) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Ore mined ('000t) 144 675 1075 1623
Waste mined ('000t) 107 1320 5279 8752
Total mined ('000t) 251 1995 6354 10375
Strip ratio (W:O) 0.7 2.0 4.9 5.4
Average gold grade mined (g/t) 1.8 1.6 1.3 1.2
Ore milled ('000t) 1518 1423 1406 1482 1472
Average mill head grade (g/t) 0.8 1.1 1.3 1.3 1.2
Average recovery rate (%) 80 88 84 69 91
Gold production (oz) 34090 43899 50010 42343 50278
Total cash costs1 ($/oz) 1031 1001 1218 1361 1257
All-in sustsaining costs1 ($/oz) 1 191 1178 1431 1559 1539

1 Non-IFRS Performance Measures

Qualified Person

Richard Miller, P.Eng., Vice President Technical Services with Galiano Gold Inc., 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.

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