Galiano Gold reports Q1 2023 operating and financial results

News provided by Galiano Gold Inc. May 04, 2023, 17:00 ET Share this article Share to X Share this article Share to X (All dollar amounts are United States dollars unless otherwise stated) VANCOUVER, BC , May 4, 2023 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) reports first quarter ("Q1") operating and financial results for the Company and the Asanko Gold Mine ("AGM"), located in Ghana , West Africa . The AGM is a 50:50 joint venture ("JV") with Gold Fields Limited ("Gold Fields") (JSE, NYSE: GFI ) which is managed and operated by Galiano. All financial information contained in this news release is unaudited and reported in US$.

Asanko Gold Mine JV Key Metrics (100% basis): Safety: On February 6, 2023 , the Company reported that two contractors had been fatally injured following an incident near the tailings storage facility ("TSF"). The Company has taken actions to further reinforce the Company's sustained commitment to Zero Harm and industry best practices in safety culture. Production performance: Gold production of 32,678 ounces during the first quarter, in line with 2023 production guidance of 100,000 to 120,000 ounces.

Milling performance: Achieved milling throughput of 1.6 million tonnes ("Mt") of ore at a grade of 0.9 g/t during the quarter. Metallurgical recovery averaged 73% for the quarter, which was lower than prior periods due to processing lower grade stockpiles during Q1 2023. Cost performance and cash flow: Total cash costs 1 of $1,083 /oz and AISC¹ of $1,268 /oz for the three months ended March 31, 2023 .

Additionally, the JV generated positive cash flow from operations of $18.9 million and Free Cash Flow¹ of $12.0 million during the quarter. Revised AISC guidance: 2023 AISC¹ guidance for the AGM has been revised from between $1,900 /oz to $1,975 /oz to between $1,650 /oz to $1,750 /oz due to strong operational cost performance in Q1. Finan