The Abore infill drilling programme consisted of 84 holes totalling 22,470 metres. It was designed to convert Inferred Mineral Resources below the current Mineral Reserve pit shell1 to the Indicated Mineral Resource category and evaluate the potential to optimize and/or expand the pit. Earlier positive results from this campaign were highlighted in a news release "Galiano Gold Provides Asanko Gold Mine 2023 Exploration Program Update" (see press release dated October 25, 2023). This program resulted in th ...

Here’s the ugly truth about unpopular penny stocks to buy: statistically, they’re more than likely to prove naysayers right.Yes, I know, I’m contradicting the title of my own narrative. I get it. But there’s one thing that you need to get before you start perusing this space. It’s an extremely speculative sector. Popular or not, penny stocks tend to destroy value on average rather than create it. If that wasn’t the case, they’d at least be respectable small-capitalization plays.Still, I also understand the ...

(all dollar amounts in USD) VANCOUVER, BC, March 4, 2024 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to announce the successful completion of the previously announced (see press release dated December 21, 2023) acquisition of Gold Fields Group Ltd.'s ("Gold Fields") 45% interest in the Asanko Gold Mine (the "AGM") (the "Acquisition"). Galiano is establishing itself as a growing gold producer with robust financial strength, owning and operating one ...

VANCOUVER, BC, March 3, 2024 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) reports that an incident occurred on Saturday March 2, 2024, at the Asanko Gold Mine (the "AGM"), a 50:50 joint venture with Gold Fields Limited, which is managed and operated by Galiano. The incident occurred following an interaction between a group of illegal miners and contracted security officers on AGM's mining lease near the township of Tontokrom. Two security officers and a civil ...

GALIANO GOLD INC. CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2023 and 2022 (Expressed in United States dollars, unless otherwise noted) TABLE OF CONTENTS | Management's Responsibility for Financial Reporting | 1 | | --- | --- | | Report of Independent Registered Public Accounting Firms | 2-3 | | Consolidated Statements of Financial Position | 4 | | Consolidated Statements of Operations and Comprehensive Income | 5 | | Consolidated Statements of Changes in Equity | 6 | | Consolidated Statemen ...

Financial Data and Key Metrics Changes - Galiano Gold ended Q3 2023 with total liquidity of $56 million and reported a net income of $11.4 million or $0.05 per share [4][10] - The Asanko Gold Mine produced over 35,000 ounces of gold, expecting to meet the top end of the annual production guidance of 130,000 ounces [9][20] - All-in sustaining costs were recorded at $1,445 per ounce, with a revised cost guidance for the full year between $1,500 and $1,600 per ounce [20][25] Business Line Data and Key Metrics Changes - The Asanko Gold Mine achieved a free cash flow of $24 million in Q3, with cash increasing to $137 million, up more than $45 million since the start of the year [24][26] - The joint venture's total liquidity grew to $145 million, reflecting strong operational performance [20][26] Market Data and Key Metrics Changes - Gold prices remained favorable, averaging just over $1,900 per ounce during the quarter, contributing to total revenues of $68 million [24] - The company anticipates a significant increase in production as mining operations recommence, with expectations to double production by 2025 [27][28] Company Strategy and Development Direction - Galiano Gold is focused on executing its life of mine plan, which is self-funded and aims to produce 1.85 million ounces of gold over an 8.5-year period at an all-in sustaining cash cost of $1,150 per ounce [21][28] - The company is investing heavily in exploration, forecasting approximately $15 million in expenditures for the year, and is exploring operational optimizations to enhance productivity [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recommencement of mining operations and the potential for increased gold production starting in Q2 2024 [7][40] - The management team emphasized the importance of meeting production and cost guidance to build integrity with stakeholders and enhance shareholder value [27][29] Other Important Information - Galiano Gold remains debt-free, providing a strong financial position to pursue future value-enhancing opportunities [4][26] - The company is actively working on operational optimizations, including the use of larger trucks and potential ore sorting technologies [36] Q&A Session Summary Question: Duration and cost of saprolite rock waste removal - Management indicated that the saprolite material is free-dig and does not require drill and blast activities, with expectations to transition to drill and blast by Q1 next year [32][35] Question: Operational optimizations and expected results - Management discussed ongoing operational optimizations, including the use of larger trucks and potential ore sorting, which are expected to yield better productivity and cost efficiencies [33][36] Closing Remarks - Management expressed optimism about ramping up production over the next 24 months and highlighted the progress made in mining operations [34][40]

Q3 2023 Performance Highlights - Gold production reached 35,779 ounces[26] - All-in Sustaining Costs (AISC) were $1,445 per ounce[26] - Gold revenue totaled $67.6 million and net income was $21.3 million[26] - The company held $136.9 million in cash and cash equivalents, $4.4 million in gold sales receivables, and $2.0 million in gold on hand with no debt as of September 30, 2023[26] - Adjusted EBITDA was $25.5 million[58] - Free cash flow generated was $24.0 million[58] Financial Position and Growth - Galiano Corporate cash and cash equivalents stand at $56.1 million[32,34,35,36] - The company maintains a debt-free status[32,33,36,45] - The Asanko Gold Mine (AGM) joint venture (JV) has $137 million in cash[32] Forward-Looking Plans - Mining operations recommenced on October 1, 2023, with higher-grade ore expected to be delivered to the plant in Q2 2024[26] - The company aims to double production to 250,000 ounces per year by 2025[32,39] - A new Life of Mine (LOM) plan highlights an average gold production of 217,000 ounces per year[43]

[Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statements of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) Galiano Gold's total assets grew to $202.8 million, driven by an increased investment in its joint venture, with total equity rising to $194.7 million | Financial Position (in thousands USD) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **202,762** | **179,894** | | Current Assets | 56,428 | 58,605 | | Non-current Assets | 146,334 | 121,289 | | **Total Liabilities** | **8,100** | **6,203** | | Current Liabilities | 7,886 | 5,804 | | Non-current Liabilities | 214 | 399 | | **Total Equity** | **194,662** | **173,691** | - The increase in non-current assets was mainly due to the growth in the value of the **Investment in joint venture**, which rose from **$54.1 million to $74.5 million**, and **Financial assets**, which increased from **$66.8 million to $71.6 million**[2](index=2&type=chunk) [Condensed Consolidated Interim Statements of Operations and Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income for the six-month period rose to $20.5 million, primarily driven by a $20.3 million share of income from its joint venture | Income Statement (in thousands USD) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Share of net income related to joint venture | 20,314 | - | | Service fee earned as operators of joint venture | 2,836 | 2,614 | | General and administrative expenses | (6,998) | (4,756) | | Exploration and evaluation expenditures | (1,885) | (192) | | **Income (loss) from operations and joint venture** | **14,267** | **(2,334)** | | Finance income | 6,149 | 13,380 | | **Net income for the period** | **20,454** | **11,029** | | **Basic Net income per share ($)** | **0.09** | **0.05** | - For the second quarter of 2023, net income was **$12.0 million**, slightly lower than the **$12.6 million in Q2 2022**, mainly due to lower finance income despite recognizing $11.0 million in income from the joint venture[4](index=4&type=chunk) [Condensed Consolidated Interim Statements of Changes in Equity](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Equity) Total equity increased to $194.7 million, driven by the period's net income of $20.5 million and share-based compensation expense | Changes in Equity (in thousands USD) | Six Months Ended June 30, 2023 | | :--- | :--- | | Balance as at December 31, 2022 | 173,691 | | Share-based compensation expense | 517 | | Net income and comprehensive income | 20,454 | | **Balance as at June 30, 2023** | **194,662** | [Condensed Consolidated Interim Statements of Cash Flow](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flow) The company saw a net cash decrease of $0.6 million, with negative operating cash flow resulting from the non-cash nature of its joint venture income | Cash Flow Summary (in thousands USD) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Cash (used in) provided by operating activities | (1,920) | (600) | | Cash provided by investing activities | 1,347 | 165 | | Cash used in financing activities | (62) | (67) | | **(Decrease) in cash and cash equivalents** | **(608)** | **(516)** | | **Cash and cash equivalents, end of period** | **55,503** | **53,005** | - Operating cash flow before working capital changes was **negative $3.4 million**, largely because the **$20.3 million share of net income from the joint venture is a non-cash item** and was adjusted out[8](index=8&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Note 1: Nature of Operations](index=6&type=section&id=1.%20Nature%20of%20operations) The company's principal business is operating the Asanko Gold Mine in Ghana through a 45% equity interest in a joint venture - The Company's primary business activity is managing the **Asanko Gold Mine (AGM)** via a joint venture (JV)[11](index=11&type=chunk) - Galiano holds a **45% equity interest** in the entity that owns the AGM mining licenses[11](index=11&type=chunk) - The company's common shares are traded on the Toronto Stock Exchange and NYSE American Exchange under the ticker **"GAU"**[10](index=10&type=chunk) [Note 2: Basis of Presentation](index=6&type=section&id=2.%20Basis%20of%20presentation) The financial statements were prepared according to IAS 34, using accounting policies consistent with the 2022 annual report - The financial statements adhere to **International Accounting Standard (IAS) 34** and are consistent with the accounting policies from the 2022 annual report[13](index=13&type=chunk)[14](index=14&type=chunk) - The company's principal subsidiaries and joint arrangements are listed, including its **45% interest in Asanko Gold Ghana Ltd.** and **50% interests in Adansi Gold Company (GH) Ltd.** and **Shika Group Finance Limited**, all accounted for using the equity method[18](index=18&type=chunk) [Note 4: Balances Due From/To Related Party](index=8&type=section&id=4.%20Balances%20due%20from%2Fto%20related%20party) The company earns a service fee from the joint venture and reported a net payable of $2.6 million to the JV as of June 30, 2023 | Related Party Balances (in thousands USD) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Receivable due from related party (JV) | 473 | 1,684 | | Payable due to related party (JV) | 3,107 | 1,364 | - The company earned a service fee of **$2.8 million** from the JV for the six months ended June 30, 2023, compared to **$2.6 million** for the same period in 2022[23](index=23&type=chunk) [Note 5: Financial Assets](index=9&type=section&id=5.%20Financial%20assets) The fair value of the company's preference shares in a JV entity increased to $71.6 million, resulting in a $4.8 million gain | Preference Shares Fair Value (in thousands USD) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Balance, beginning of period | 66,809 | 72,426 | | Fair value adjustment for the period | 4,768 | (5,617) | | **Balance, end of period** | **71,577** | **66,809** | [Note 6: Asanko Gold Mine Joint Venture](index=9&type=section&id=6.%20Asanko%20Gold%20Mine%20joint%20venture) The investment in the Asanko Gold Mine JV increased to $74.5 million, reflecting the company's share of the JV's strong net income - The company and Gold Fields each own a **45% equity interest** in Asanko Gold Ghana Ltd. ("AGGL"), which owns the AGM, with the Government of Ghana holding a **10% free-carried interest**[30](index=30&type=chunk) | Change in Investment in JV (in thousands USD) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Balance, beginning of period | 54,148 | - | | Company's share of the JV's net income | 20,314 | 46,517 | | **Balance, end of period** | **74,462** | **54,148** | [Operating and Financial Results of the AGM JV (100% Basis)](index=10&type=section&id=6.1%20Operating%20and%20financial%20results%20of%20the%20AGM%20JV) On a 100% basis, the AGM JV's net income surged to $45.0 million despite lower revenue, due to reduced production costs AGM JV Statement of Income (100% Basis, in thousands USD) | | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Revenue | 129,259 | 162,417 | | Production costs | (68,261) | (105,486) | | Depreciation and depletion | (4,955) | (22,014) | | **Income from mine operations** | **49,063** | **26,796** | | **Net income for the period** | **44,992** | **2,165** | AGM JV Financial Position (100% Basis, in thousands USD) | | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | 112,914 | 91,271 | | Total Current Assets | 182,069 | 157,187 | | **Total Assets** | **379,694** | **337,827** | | Total Current Liabilities | 25,752 | 31,589 | | **Total Liabilities** | **86,725** | **89,850** | [Incremental Disclosures for AGM JV](index=12&type=section&id=6.2%20Incremental%20Disclosures) Key disclosures include lower gold sales, a new government levy, an increased asset retirement provision, and an undrawn credit facility - The AGM sold **68,086 ounces of gold** in the first six months of 2023, compared to **88,165 ounces** in the same period of 2022[38](index=38&type=chunk) - The Government of Ghana imposed a new **1% Growth and Sustainability Levy (GSL)** on gold revenues, effective May 1, 2023, which is recorded as a royalty expense[43](index=43&type=chunk) - The JV's asset retirement provision increased from **$58.1 million to $61.0 million**, primarily due to a change in estimate related to the tailings storage facility[51](index=51&type=chunk)[52](index=52&type=chunk) - The JV has a **$30.0 million revolving credit facility (RCF)** with Rand Merchant Bank, which was undrawn as of June 30, 2023[59](index=59&type=chunk) [Note 8: Equity Reserves and Long-Term Incentive Plan Awards](index=17&type=section&id=8.%20Equity%20reserves%20and%20long-term%20incentive%20plan%20awards) The company manages several incentive plans, with cash-settled awards recorded as liabilities and new stock options granted in H1 2023 - The company's incentive plans include stock options, Restricted Share Units (RSUs), Performance Share Units (PSUs), and Deferred Share Units (DSUs)[63](index=63&type=chunk) - All RSU, PSU, and DSU awards are **cash-settled**, meaning they are treated as financial liabilities and recorded at fair value at each reporting date[63](index=63&type=chunk)[65](index=65&type=chunk) [Stock Options](index=17&type=section&id=8.1%20Stock%20options) Outstanding stock options increased to 13.0 million after 4.6 million new options were granted in the first half of 2023 | Stock Option Movement | Number of Options | Weighted Avg. Exercise Price (C$) | | :--- | :--- | :--- | | Balance, Dec 31, 2022 | 8,497,170 | 1.04 | | Granted | 4,574,000 | 0.85 | | Expired | (54,168) | 1.07 | | **Balance, June 30, 2023** | **13,017,002** | **0.97** | [RSU, PSU, DSU, and Phantom Units](index=18&type=section&id=8.2%20RSU%2C%20PSU%2C%20DSU%2C%20and%20Phantom%20Units) The number of outstanding cash-settled units and their corresponding liabilities increased across all award types during H1 2023 | Outstanding Units & Liability (in thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **RSUs Outstanding** | 621,639 | 534,508 | | RSU Liability ($) | 101 | 169 | | **PSUs Outstanding** | 2,501,482 | 1,739,401 | | PSU Liability ($) | 408 | 503 | | **DSUs Outstanding** | 4,340,175 | 3,132,000 | | DSU Liability ($) | 2,537 | 1,664 | [Note 9: Commitments and Contingencies](index=21&type=section&id=9.%20Commitments%20and%20contingencies) The company has total contractual obligations of $8.1 million, primarily due within one year, and a $5.9 million parent company guarantee | Contractual Obligations (in thousands USD) | Within 1 year | 1 - 5 years | Total June 30, 2023 | | :--- | :--- | :--- | :--- | | Accounts payable & related party payable | 4,272 | - | 4,272 | | Long-term incentive plan (cash-settled) | 3,494 | 73 | 3,567 | | Corporate office leases | 134 | 158 | 292 | | **Total** | **7,900** | **231** | **8,131** | - The company has provided a parent company guarantee of **$5.9 million** for the unfunded portion of the AGM's reclamation bond[77](index=77&type=chunk) [Note 10: General and Administrative (G&A) Expenses](index=21&type=section&id=10.%20General%20and%20administrative%20(G&A)%20expenses) G&A expenses increased to $7.0 million for the six-month period, driven by a significant rise in share-based compensation costs | G&A Expenses (in thousands USD) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Wages, benefits and consulting | (2,944) | (3,719) | | Share-based compensation | (2,490) | 370 | | Office, rent and administration | (630) | (603) | | **Total G&A expense** | **(6,998)** | **(4,756)** | [Note 11: Exploration and Evaluation (E&E) Expenditures](index=22&type=section&id=11.%20Exploration%20and%20evaluation%20(E&E)%20expenditures) Exploration and evaluation expenditures rose sharply to $1.9 million in H1 2023, primarily due to increased spending on drilling and assays | E&E Expenses (in thousands USD) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Drilling and assays | (1,486) | (29) | | Contractors and consulting | (218) | (72) | | Crop compensation, community and permitting | (143) | (9) | | **Total E&E expense** | **(1,885)** | **(192)** | [Note 15: Segmented Information](index=23&type=section&id=15.%20Segmented%20information) The company operates as a single segment, with the majority of its assets and all comprehensive income generated from its West Africa operations | Geographic Allocation of Total Assets (in thousands USD) | Canada | West Africa | Total | | :--- | :--- | :--- | :--- | | **June 30, 2023** | **56,707** | **146,055** | **202,762** | | December 31, 2022 | 58,900 | 120,994 | 179,894 | | Geographic Income (Loss) for Six Months Ended June 30, 2023 (in thousands USD) | Canada | West Africa | Total | | :--- | :--- | :--- | :--- | | (Loss) income from operations and joint venture | (4,077) | 18,344 | 14,267 | | **Net (loss) income and comprehensive (loss) income** | **(2,656)** | **23,110** | **20,454** |

| Condensed Consolidated Interim Statements of Financial Position | 2 | | --- | --- | | Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) | 3 | | Condensed Consolidated Interim Statements of Changes in Equity | 4 | | Condensed Consolidated Interim Statements of Cash Flow | 5 | | Notes to the Condensed Consolidated Interim Financial Statements | 6-24 | GALIANO GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED 1 GALIANO GOLD INC. UNAUDITED CONDENSED ...

[Galiano Gold Q4 and Full Year 2022 Results](index=1&type=section&id=Galiano%20Gold%20Q4%20and%20Full%20Year%202022%20Results) [Asanko Gold Mine (AGM) JV Performance (100% Basis)](index=1&type=section&id=Asanko%20Gold%20Mine%20(AGM)%20JV%20Performance%20(100%25%20Basis)) The Asanko Gold Mine achieved its 2022 production guidance and established a robust long-term plan via a new Feasibility Study AGM Full Year 2022 vs 2021 Financial & Operational Highlights (100% Basis) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Operations** | | | | Gold Produced (ounces) | 170,342 | 210,241 | | Gold Sold (ounces) | 167,849 | 216,076 | | Average Realized Gold Price ($/oz) | $1,767 | $1,767 | | Total Cash Costs ($/oz) | $1,157 | $1,177 | | All-in Sustaining Costs (AISC) ($/oz) | $1,346 | $1,431 | | **Financials (in millions)** | | | | Revenue | $297.1 | $382.4 | | Net Income (Loss) After Tax | $103.2 | $(114.5) | | Adjusted EBITDA | $79.2 | $76.7 | | Cash from Operating Activities | $75.5 | $86.6 | | Free Cash Flow | $43.8 | $25.9 | - A new NI 43-101 Feasibility Study outlines a revised life-of-mine plan with a **$343 million after-tax NPV5%**, average LOM AISC of **$1,143/oz**, and average annual gold production of **217,000 ounces**[3](index=3&type=chunk) - The AGM ended 2022 with a robust liquidity position, holding **$91.3 million in cash and cash equivalents** and no debt[6](index=6&type=chunk) - Safety performance was strong with **zero lost-time injuries (LTI)** in Q4, resulting in a 12-month rolling LTI frequency rate of **0.00 per million hours worked**[3](index=3&type=chunk) [Galiano Gold Inc. Corporate Performance](index=2&type=section&id=Galiano%20Gold%20Inc.%20Corporate%20Performance) The company returned to profitability in 2022, driven by its share of JV earnings, while maintaining a debt-free balance sheet Galiano Gold Inc. Full Year 2022 vs 2021 Financial Highlights | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income (Loss) After Tax | $40.8M | $(68.9)M | | Net Income (Loss) Per Share | $0.18 | $(0.31) | | Adjusted Net Income After Tax | $6.3M | $7.7M | | Adjusted EBITDA | $28.8M | $28.5M | | Cash and Cash Equivalents (Year-End) | $56.1M | $53.5M | - The company's balance sheet remains stable and **debt-free**, with cash and cash equivalents of **$56.1 million** as of December 31, 2022[6](index=6&type=chunk)[19](index=19&type=chunk) - The significant increase in net income was primarily due to the Company's share of the JV's earnings, which included a **$63.2 million impairment reversal** on mineral properties[10](index=10&type=chunk)[11](index=11&type=chunk) - Galiano initiated a Phase 1 drilling program at its 100% owned Asumura property to test for gold mineralization[6](index=6&type=chunk) [2023 Outlook](index=6&type=section&id=2023%20Outlook) The 2023 forecast anticipates lower production and higher costs due to significant capital investment, aiming for cash flow neutrality 2023 AGM Guidance and Budget | Metric | 2023 Guidance/Budget | | :--- | :--- | | Gold Production (ounces) | 100,000 - 120,000 | | AISC ($/oz) | $1,900 - $1,975 | | Sustaining Capital | $38 million | | Development Capital | $24 million | | Exploration Budget | $15 million | - AISC is expected to be high in 2023 primarily due to waste stripping at Abore and increased expenditures on the tailings storage facility (TSF)[12](index=12&type=chunk) - Despite a capital-intensive year, the AGM is projected to **break even on cash flow**, assuming production meets guidance at prevailing gold prices[15](index=15&type=chunk) [Non-IFRS Performance Measures](index=6&type=section&id=Non-IFRS%20Performance%20Measures) The company uses non-IFRS metrics like AISC and free cash flow to supplement its standard financial reporting - The report uses non-IFRS measures such as **Total Cash Costs, AISC, Adjusted EBITDA, Free Cash Flow, and Adjusted Net Income** to provide additional performance information[17](index=17&type=chunk) - All-in Sustaining Costs (AISC) is calculated based on World Gold Council guidance and includes total cash costs, corporate overhead, and sustaining capital expenditures[20](index=20&type=chunk) - Free cash flow is defined as cash flows from operating activities adjusted for capital expenditures and is used to evaluate the JV's capacity to meet cash outflows[22](index=22&type=chunk) [Forward-Looking Statements and Risk Factors](index=7&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to significant risks including gold price volatility and operational hazards - The report includes forward-looking statements concerning operating plans, drilling programs, production and cost guidance, and capital expenditures[25](index=25&type=chunk)[26](index=26&type=chunk) - Key assumptions include stable gold prices, accuracy of mineral reserve estimates, and continued agreement with JV partner Gold Fields on operating the AGM[26](index=26&type=chunk) - The company identifies numerous risk factors, including **metallurgical recovery risks, geopolitical risks in Ghana, operational hazards, and commodity price volatility**[27](index=27&type=chunk)