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.