Galiano optimistic despite undershooting gold guidance
GALIANO Gold Corp said on Wednesday production for its 2024 financial year ended December 31 came in below revised guidance.Listed in Toronto, Galiano Gold mines the Asanko mine in Ghana. The mine was previously jointly held with South Africa’s Gold Fields which last year sold its 45% to Galiano. This takes Galiano’s stake to 90% with the Ghana government owning the balance.Production was 115,115 ounces compared to revised guidance of between 120,000 to 130,000 oz. The undershoot was a result of harder-than-anticipated material in the mill and the lower availability of the plant’s mobile crushing circuit, the firm said.In addition, fewer tons were mined from the Abore pit at the Asanko mine owing to “mining at higher elevations following an expansion of the pit to take advantage of the increased mineral reserve”, the company said.Despite the underperformance, Galiano achieved a major turnaround at Asanko which struggled for years under the joint venture with Gold Fields. The mine generated $105m in cash and equivalents for Galiano as of December 31. The company is debt-free.“Galiano made notable progress in 2024 in both growing production and strengthening our operating capabilities,” said Matt Badylak, CEO of Galiano Gold. “With full ownership of the AGM secured in the first quarter, we ramped up operations at Abore and progressed solutions to address crushing and milling challenges identified earlier in the year.”“We are well-positioned to capitalise on historic high gold prices, supported by a strong financial position and the completion of the Red Kite buyout,” he said.Galiano Gold turned a major corner in December when it terminated a gold purchase and sale agreement with metals trader and lender Red Kite, paying it $13m. This gives Galiano’s AGM 100% exposure to the spot gold price which increased 27% in 2024 and is tipped to continue rising this year, albeit at a slower rate.The post Galiano optimistic despite undershooting gold guidance appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com
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