The following is a summary of the Galiano Gold Inc. (GAU) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Galiano Gold Inc. reported Q2 2024 revenue of $64 million with a net income of $8.8 million and adjusted EBITDA of $17.6 million.

• Recorded all-in sustaining cash costs of $17.95 per ounce for the quarter, with an upward revision for the year expected to be between $19.75 and $20.75 per ounce due to lower production forecasts and investments in additional stripping at the Abore pits.

• The company holds a strong liquidity position with a cash balance of $123 million, and no debt.

Business Progress:

• Achieved zero lost time injuries on site with a total recordable injury frequency rate of 0.6 million man hours. The company has ramped up mining operations with key improvements and expansion at the Abore pit, resulting in a 45% increase in the mineral reserve base by 151,000 ounces.

• Welcomed new executive appointments, strengthening the leadership team, and released the 2023 annual sustainability report outlining performance and goals.

• Significant operational advancements with the tailings storage facility now fully operational. Ongoing key projects include constructing two CIL tanks and the installation of a secondary crusher, with completion expected in the first half of 2025.

Opportunities:

• Anticipated production increase from the Abore mine, with a positive impact expected from a larger pit shell which provides flexibility and enhances the optimized life of mine plan.

• Strategic deployment of capital towards lucrative long-term projects such as CIL tanks installation and the secondary crusher, which are expected to improve ore processing efficiency and maintain throughput levels.

• Growth potential in new regional targets with encouraging exploration results, notably at Akoma and Sky Gold B, foreseeing an expansion in mineral reserves.

Risks:

• Lower gold production due to heavy rains impacting mining operations, with revised full year guidance of 120,000 to 130,000 ounces.

• Increased waste material stripping at the Abore pit leading to high all-in sustaining costs and deferred ore production.

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