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Galiano Gold Down 1.4% After Hours as it Reports 2024 Guidance, Preliminary Q1 Operating Results and a 38% Lift in Abore M&I Mineral Resources
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Galiano Gold Down 1.4% After Hours as it Reports 2024 Guidance, Preliminary Q1 Operating Results and a 38% Lift in Abore M&I Mineral Resources
Apr 16, 2024 2:38 PM

05:25 PM EDT, 04/16/2024 (MT Newswires) -- Galiano Gold Inc. ( GAU ) was at last look down 1.4% in US after hours as it provided 2024 operating and cost guidance, preliminary first quarter operational results and an update on the improved Abore Mineral Resource at the company's Asanko Gold Mine, located in Ghana, West Africa.

On 2024 Full Year Guidance, GAU said the AGM is expected to produce between 140,000 to 160,000 ounces at forecast All-In Sustaining Cost of between US$1,600/oz to $1,750/oz. With the AGM now owned 90% by Galiano, it added production is expected to "significantly exceed" that of 2023, more than doubling the company's attributable gold production. All-In Sustaining Costs are anticipated to be "slightly elevated" in 2024 primarily due to the waste stripping to access consistent ore feed at Abore, which will benefit future years production,

Among other highlights, sustaining capital, exclusive of capitalized waste stripping, is expected to be approximately $10 million in 2024. Growth capital in 2024 is expected to be approximately $20 million and primarily includes plant upgrades (additional Carbon-In-Leach tanks, a secondary crusher and associated circuit upgrades) and site establishment costs.

The exploration program in 2024 is expected to be in line with previous years at $15 million. The spend is planned to be equally split between generative and near-mine exploration activities.

On Preliminary Q1 2024 Operating Results, GAU said for the three months ended March 31, the AGM produced 30,386 gold ounces, in-line with the company's expectations, as the mill feed was sourced from existing stockpiles, while Abore pre-stripping continued. The company expects to be processing higher grade ore from the Abore pit by the end of the second quarter of 2024.

As of March 31, the company had $130.8 million in unaudited cash and cash equivalents and no debt. These balances include the financial results of the AGM, which were consolidated by the company effective March 4, 2024, upon closing of the transaction with Gold Fields Limited.

GAU cited a 38% increase to Abore measured and indicated (M&I) mineral resource estimate.

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