Prnewswireยท2025-05-14 21:30Core Viewpoint - Galiano Gold Inc. reported its Q1 2025 production and financial results, highlighting operational challenges and exploration successes at the Asanko Gold Mine in Ghana, with a focus on improving production and costs in the upcoming quarters [1][7]. Production and Operations - The company mined 1.3 million tonnes of ore at an average grade of 0.8 grams per tonne, with a strip ratio of 7.0:1 [5][15]. - A total of 20,734 ounces of gold were produced during Q1 2025, with a processing plant shutdown for repairs resulting in a loss of approximately 4,500 to 5,000 ounces of production [5][15]. - The average metallurgical recovery rate was 87%, with 1.1 million tonnes of ore milled [5][15]. Financial Performance - Revenue for Q1 2025 was $76.6 million, driven by the sale of 26,994 ounces of gold at an average realized price of $2,833 per ounce, reflecting an 81% increase in gold ounces sold compared to the previous year [6][20]. - The company reported a net loss of $26.8 million, attributed to unrealized losses on hedges and increased operational costs [6][20]. - Adjusted EBITDA for the quarter was $19.0 million, a significant increase from $5.1 million in Q1 2024 [6][20]. Exploration and Development - Infill drilling at the Abore deposit totaled 5,543 meters, leading to the discovery of a new high-grade zone and an increase in the strike length from 90 meters to 180 meters [3][15]. - Development of cut 3 at the Nkran deposit commenced ahead of schedule, with 0.8 million tonnes of waste mined during the quarter [5][15]. Cost and Capital Expenditures - Total cash costs were reported at $1,730 per ounce, with all-in sustaining costs (AISC) at $2,501 per ounce, reflecting a 39% increase from the previous year [6][20]. - Sustaining capital expenditures were $1.3 million, while development capital expenditures totaled $3.3 million, primarily for the construction of a secondary crushing circuit [6][20]. Health and Safety - The company recorded two lost-time injuries and three total recordable injuries in Q1 2025, with a 12-month rolling LTI frequency rate of 0.43 per million hours worked [5][8].