Galiano Gold Inc report its fourth quarter (Q4) and full year 2024 production and financial results. During Q4, the Company produced 28,508 gold ounces at all-in sustaining costs1 (AISC) of $2,638 per gold ounce sold or $1,773/oz excluding capitalized waste stripping costs at Abore, and generated $13.8 million of operating cash flows while remaining debt free with $105.8 million in cash and cash equivalents.
During FY 2024, the Company produced 115,115 gold ounces at AISC1 of $2,063/oz, or $1,533/oz excluding capitalized waste stripping costs at Abore, and generated $55.7 million of operating cash flows, which included a $13.1 million payment to terminate the AGM’s gold sales offtake agreement.
Asanko Gold Mine completed the acquisition of Gold Fields Limited’s 45% interest in the AGM joint venture on March 4, 2024 and as of that date, the operational and financial results of the AGM have been consolidated into the Company’s results. To enable a comprehensive understanding of the operational performance at the mine asset level, year-to-date highlights for the AGM below are presented on a 100% basis for the entire year ended December 31, 2024.
Galiano Q4 and FY 2024 highlights are,
1: consolidating ownership: Completed the transaction with Gold Fields, acquiring their 45% interest in the AGM and thereby securing 90% ownership in the AGM.
2: Robust liquidity: The Company ended the year with $105.8 million in cash and cash equivalents and no debt.
3: Positive operating cash flow: The Company generated $13.8 million of operating cash flow during Q4 2024 and $55.7 million during FY 2024, which included a $13.1 million payment to terminate the gold sales offtake agreement.
4: Earnings: Net income attributable to common shareholders of $0.9 million or $0.00 per common share during Q4 2024, and $6.1 million or $0.02 per common share during FY 2024. Adjusted net income attributable to common shareholders of $5.1 million or $0.02 per common share and $42.2 million or $0.17 per common share for Q4 2024 and FY 2024, respectively.
5: 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 $105 million in cash and no debt,” said Matt Badylak, Galiano Gold’s President and Chief Executive Officer.
“Operationally, it was a complex year with a new contractor recommencing mining at the AGM in the Abore pit, while simultaneously stepping out to access a 45% larger reserve. The harder ore, coupled with lower availabilities in the mobile crushing circuit, ultimately led to a slight miss on our revised production guidance.
That said, the challenges we faced in 2024 are not long-term and are being addressed. The mining contractor is now fully mobilized, softer ore is being delivered from Esaase, and construction of the secondary crusher is progressing to schedule. 2025 production is expected to be weighted to the second half of the year, and we are well-positioned to generate positive cash flows from operations in this favorable gold price environment.”
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