Galiano Gold Reports First Quarter 2024 Results and Completes Acquisition

Galiano Gold has announced its first quarter 2024 operating and financial results, marking a significant period of transformation for the company. Galiano completed the acquisition of Gold Fields Limited’s 45% interest in the Asanko Gold Mine (AGM), located in Ghana, on March 4, 2024. This strategic move consolidates Galiano’s ownership, making it a dominant stakeholder with a 90% interest in one of West Africa’s largest gold mines, while the Government of Ghana retains a 10% free-carried interest.

Post-acquisition, Galiano began consolidating the operational results, cash flows, and net assets of the AGM. Despite the operational challenges, such as the required stripping at the Abore deposit, the company is on track with its annual production and cost guidance. The AGM produced just over 30,000 ounces of gold during the quarter. The ongoing stripping at Abore is expected to continue through the second quarter, with an anticipated transition to higher grade ore feed to the mill by quarter’s end.