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Asanko Gold Mine

Production

Located in Ghana, West Africa, the Asanko Gold Mine is Galiano’s flagship asset since 2016. A parity join venture with Gold Fields, it is managed and operated by Galiano, with a 10% interest held by the Government of Ghana.

The Asanko Gold Mine is a multi-deposit complex, with four main open-pit mining areas: Abore, Miradani North, Nkran and Esaase, and multiple satellite deposits, situated on the Asankrangwa Gold Belt, and a 5Mtpa carbon-in-leach (CIL) processing plant. Gold production commenced in January 2016 and commercial production was declared on April 1, 2016.

In 2022, the mine produced 170,342 ounces, primarily from stockpiles, achieving the upper end of revised guidance of 160,000 to 170,000 ounces. The Asanko Gold Mine is expected to produce between 100,000 to 120,000 ounces from stockpiled material in 2023, at all-in sustaining cost guidance of between $1,900/oz to $1,975/oz. All-in sustaining cost is anticipated to be elevated in 2023, primarily due to waste stripping necessary to restart mining at Abore, which will benefit future years production, as well as higher expenditures on the tailings storage facility.

Approximately 2,200 people are employed at the mine. 99% of the total workforce are Ghanaians, of which around 53% are from our local communities.

The Asanko Gold Mine has a downstream tailing storage facility, further details are available here: Asanko TSF Disclosure

Geology

The Nkran deposit is located within the Kumasi Basin on the "Asankrangwa gold belt". The basin is bound to the south by the Ashanti Fault/Shear and the Bibiani shear to the north. The Asankrangwa gold belt expresses itself as a complex of northeast trending shear zones situated along the central axis of the Kumasi Basin. The Nkran deposit is located on a jog along the regional Nkran Shear, which is a zone of about 15 km in width and may be traced on a northeast to southwest trend for a distance of some 150 km. This is one of several major northeast trending shears/structures that bisect the Kumasi Basin/Asankrangwa Gold Belt.

map

Exploration

Ghana is currently the largest gold producer on the African continent and as such plays host to a number of globally important gold belts and their associated deposits. The Asankrangwa gold belt is located within the Kumasi basin which is dominated by Palaeoproterozoic metasedimentary and metavolcanic rocks. The belt itself is approximately 200km long and 20km wide and contains numerous significant gold deposits and occurrences. The Asanko Gold Mine holds the largest land package within the belt, with approximately 21,000 hectares of tenure (see figure 1) on this highly prospective and under-explored portion of central Ghana.

Gold-belts

Regional Geology Asumura Project, Sefwi-Bibiani Belt

Regional Geology

The geology of the Asankrangwa Belt comprises strongly deformed Birimian meta-sediments, with minor granitic intrusions and mafic igneous rocks. The lithological units are cut by steeply north-west dipping primary and secondary structures. It is this combination of structural architecture and permissive lithologies that have been important in the localization of gold mineralization, and provides the capacity for enhanced fluid flow forming major alteration systems associated with the gold bearing systems. The gold mineralization is linked to at least two separate deformation events and fluid emplacement, with many similarities to the gold deposits on the adjacent Sefwi and Ashanti Greenstone Belts.

Much of the Asankrangwa belt geological understanding and prospectivity mapping comes from a combination of airborne geophysical surveys such as VTEM and magnetics, and the wealth of accumulated geochemical and geological data. These datasets have allowed the company to develop our current pipeline of exploration targets.

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Asumura Project, Sefwi-Bibiani Belt

The Asumura Project is located on the western boundary of the Sefwi-Bibiani Belt, which is one of three major gold producing belts in southwest Ghana (see figure 1). The project is located 65 km southwest and along strike from Newmont’s Ahafo deposits. The Asumura project contains numerous criteria in common with the Ahafo deposit group. Initial work will include soil sampling and mapping in preparation for more focused drill targeting.

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Mineral Resource Estimate as at 31 December 2022

Deposit Measured Indicated Measured & Indicated Total Inferred
Tonnes
(Mt)		 Au Grade
(g/t)		 Au Contained
(koz)		 Tonnes
(Mt)		 Au Grade
(g/t)		 Au Contained
(koz)		 Tonnes
(Mt)		 Au Grade
(g/t)		 Au Contained
(koz)		 Tonnes
(Mt)		 Au Grade
(g/t)		 Au Contained
(koz)
Nkran -- -- -- 15.3 1.89 931 15.3 1.89 931 3.6 1.83 209
Esaase --
 -- -- 30.6 1.25 1,227 30.6 1.25 1,227 8.2 1.26 334
Abore -- -- -- 12.8 1.16 477 12.8 1.16 477 3.6 1.14 131
Adubiaso -- -- -- 3.1 1.47 148 3.1 1.47 148 0.1 1.05 3
Akwasiso -- -- -- 1.4 1.16 52 1.4 1.16 52 0.2 1.28 9
Asuadai -- -- -- 1.6 1.23 64 1.6 1.23 64 0.1 1.29 4
Dynamite Hill -- -- -- 2.2 1.34 95 2.2 1.34 95 1 1.24 40
Midras South -- -- -- -- -- -- -- -- -- 5.4 1.32 232
Miradani North -- -- -- 7.9 1.39 352 7.9 1.39 352 2.9 1.3 122
Stockpiles 7.4 0.67 158 -- -- -- 7.4 0.67 158 -- -- --
Total 7.4 0.67 158 75 1.39 3,346 82.3 1.32 3,504 25.1 1.34 1,084

Notes:

  • Mr. Malcolm Titley of CSA Global UK is the Qualified Person responsible for the Nkran Mineral Resource statement. Dr. Oy Leuangthong, PEng and Mr. Glen Cole, PGeo of SRK Consulting (Canada) Inc. are Qualified Persons responsible Mineral Resource statements for Esaase, Abore, Miradani North, Adubiaso, Midras South, Akwasiso, Asuadai and Dynamite Hill.
  • Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Due to rounding, some columns or rows may not compute exactly as shown.
  • Reported within an optimized pit shell assuming a price of USD1,800/oz gold and using various cut-off grades: 0.40 g/t gold for Nkran; 0.50 g/t in Oxides and 0.60 g/t gold in Transition and Fresh for Esaase; and 0.45 g/t gold for all other deposits. Metallurgical recovery of 94% for all deposits, except in Esaase, where gold recoveries vary based on lithology.
  • All tonnages are reported as in situ dry tonnes.
  • Mineral Resources are inclusive of Mineral Reserves.
  • Galiano's share of the project on an equity basis is 45%. All quantities are reported on a 100% basis.

Mineral Reserve Estimate as at December 31, 2022

Deposit Proven Probable Proven + Probable
Tonnes
(Mt)		 Au Grade
(g/t)		 Au Content
(koz)		 Tonnes
(Mt)		 Au Grade
(g/t)		 Au Content
(koz)		 Tonnes
(Mt)		 Au Grade
(g/t)		 Au Content
(koz)
Nkran -- -- -- 9.9 1.82 582 9.9 1.82 582
Esaase -- -- -- 13.6 1.22 533 13.6 1.22 533
Miradani North -- -- -- 6.8 1.41 310 6.8 1.41 310
Abore -- -- -- 8.2 1.27 334 8.2 1.27 334
Dynamite Hill -- -- -- 1.1 1.31 45 1.1 1.31 45
Adubiaso -- -- -- 2.2 1.58 110 2.2 1.58 110
Stockpiles 7.2 0.67 155 -- -- -- 7.2 0.67 155
Total 7.2 0.67 155 41.7 1.43 1,913 48.9 1.31 2,068

Notes:

  • Mineral Reserves are reported assuming a gold price of US$1,500/oz
  • Mineral Reserves are defined within six different pit designs guided by pit shells derived from the optimization software, GEOVIA Whittle™ and Datamine Studio NPVS™.
  • Cut-off grades vary based on the deposit. Nkran is close to the mill and contains only fresh ore. The Mineral Reserves are reported at 0.40 g/t Au cut-off for the fresh ore in Nkran. For Esaase, Mineral Reserves are reported at cut-offs of 0.55 g/t Au for the oxide ore and 0.70 g/t Au for the remaining ore types. For all other open pits, the Mineral Reserves are reported at 0.5 g/t Au cut-off for all ore types.
  • Mining costs vary based on the pit, the rock type, and the depth of the pit. The base mining costs for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso are $2.44/t, $1.98/t, $1.94/t, $2.00/t, $2.29/t, and $2.06/t, respectively. There are additional expenditures for fixed contractor monthly fees, grade control, community fees, Owner's Mining G&A, and other small costs that vary with each deposit and are in addition to the $/t stated.
  • Processing cost is $8.81/t for oxide ore, $10.39/t for transition ore and $10.66/t for fresh ore.
  • General and administration cost is $6.69/t for Esaase and $6.19/t for all other pits.
  • Ore transportation cost varies for each pit based on the haul distance. It ranges between $0.61/t for Nkran and $6.15/t for Esaase.
  • Processing recovery is 94.0% for all ore types in all pits except for Esaase. Processing recovery varies based on the ore type and head grade in Esaase, where the average recovery for oxide, Upper Sandstone, Cobra and Central Sandstone ore types are 90.1%, 73.8%, 71.3% and 76.4%, respectively.
  • Mining dilution varies between pits. The average mining dilution is calculated to be 11.9%, 14.4%, 6.0%, 10.8%, 11.6% and 15.3%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso, respectively.
  • A 2% ore loss has been applied to the total reserve in each pit and for the stockpiles.
  • Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some columns or rows may not compute as shown.
  • The overall strip ratio (the amount of waste mined for each tonne of ore) for AGM is 7.21 (W:O). The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso is 13.5, 4.5, 5.6, 4.8, 9.8, and 8.2, respectively.
  • The Mineral Reserve is stated as diluted dry metric tonnes.
  • The Qualified Person, Dr. Anoush Ebrahimi, does not know of any legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves. Dr. Ebrahimi believes the risks regarding permitting and socio-economic factors to be low.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND MEASURED, INDICATED AND INFERRED RESOURCES

Disclosure regarding the Company’s mineral properties, including with respect to mineral reserve and mineral resource estimates included on the Company’s website, was prepared in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to U.S. companies. Accordingly, information contained on the Company’s website is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.




















Technical Reports

Ghana

Ghana is the oldest, democratic independent state in Africa, south of the Sahara. The country achieved independence in March 1957 and it has a stable and functioning constitutional democracy. The most recent parliamentary and Presidential elections took place in December 2020. The country has a free press. As Africa's largest gold producer, the country produced circa 5 million ounces of gold in 2020 with gold contributing over 90% of the country’s total mineral exports and making up 49% of the country's total export value.

It has a long history of large-scale gold mining with stable and well legislated mining tenure, royalty and tax laws. Ghana has a highly trained mining workforce at all levels of operation, offering modern infrastructure compared with most African countries, including water, electricity and mobile networks as well as a good network of roads and highways. Mines are operated by some of the world’s largest gold companies including Gold Fields, Newmont and Kinross.

Ghana