Galiano Gold Falls Below 2021 Production Guidance With 210,241 Ounces

Galiano Gold Inc. (TSX: GAU) reported today its annual and Q4 2021 production results at the Asanko Gold mine in Ghana. The firm ended the year by producing 210,241 gold ounces.

The annual gold production is lower than 2020’s 249,904 ounces and also fails to hit the lowered guidance of 215,000 – 220,000 ounces. The guidance was reduced from 225,000 – 245,000 ounces “due to lower mined grades at Esaase.”

“Ore delivery continues to be slower than expected from Akwasiso and grades at both Esaase and Akwasiso remained below expectations,” explained CEO Matt Badylak.

The company sold 216,076 gold ounces at an average realized price of US$1,767 per ounce, generating US$381.7 million in gold revenue. This compares to its gold sales in 2020 of 243,807 ounces at US$1,711 per ounce, generating US$418.1 million.

For Q4 2021, the firm produced 50,278 gold ounces, up from Q3 2021’s 49,543 ounces but down from Q4 2020’s 65,571 ounces.

Quarterly gold sales ended at 51,368 ounces at an average realized price of US$1,771 per ounce, generating US$91.0 million. This is higher than the previous quarter’s US$85.2 million from 48,435 ounces sold at US$1,758 per ounce, but lower than the previous year’s US$111.1 million from 60,655 ounces sold at US$1,828 per ounce.

The mining company further stated that it ended the year with US$49.2 million in unaudited cash and US$3.2 million in gold on hand.

The Asanko Gold mine is a 50-50 joint venture of Galiano Gold with Gold Fields (NYSE: GFI), which is also managed by the company.

Galiano Gold last traded at $0.82 on the TSX.


Information for this briefing was found via Sedar and Galian Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

1M Oz GOLD Production Goal: The Next Big Gold Producer? | Equinox Gold Corp.

In this interview at the Precious Metals Summit 2024, Rhylin Bailie, VP of Investor Relations...

Monday, September 23, 2024, 12:15:00 PM

Trillium Gold Receives Drilling Permits For Gold Centre

Trillium Gold Mines (TSXV: TGM) has received drill permits for its Gold Centre property. The...

Tuesday, February 9, 2021, 08:20:52 AM

Gold Hits Record as China Launches Insurer Pilot Program

Gold prices reached an all-time high of $2,941 per ounce on Tuesday as China began...

Tuesday, February 11, 2025, 02:10:00 PM

Caldas Gold Completes $85 Million Financing, Moves To Transition To Aris Gold

Caldas Gold (TSXV: CGC) has completed its previously announced C$85.0 million private placement, with the...

Friday, December 4, 2020, 07:29:00 AM

Blackrock Gold Hits 1.5 Metres Of 4,643 G/T Silver Equivalent At Tonopah West

Blackrock Gold (TSXV: BRC) this morning reported further results from its flagship Tonopah West project,...

Thursday, October 8, 2020, 09:11:50 AM