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NEW YORK - Galiano Gold Inc. (NYSE:GAU) reported fourth quarter earnings on Tuesday, and shares fell 7.8% after the company’s gold production missed revised guidance for the full year.
The gold miner reported adjusted earnings per share of $0.02 for Q4. Revenue came in at $64.55 million.
Galiano produced 28,508 ounces of gold in Q4 at its Asanko Gold Mine in Ghana, bringing full year 2024 production to 115,115 ounces. This fell short of the company’s revised guidance of 120,000-130,000 ounces.
"Operationally, it was a complex year with a new contractor recommencing mining at the AGM’s Abore pit, while simultaneously stepping out to access a 45% larger reserve," said CEO Matt Badylak. "The harder ore, coupled with lower availabilities in the mobile crushing circuit, ultimately led to a slight miss on our revised production guidance."
All-in sustaining costs were $2,638 per ounce in Q4, or $1,773 per ounce excluding capitalized waste stripping costs at Abore.
For the full year 2024, Galiano generated $55.7 million in operating cash flow and ended the year with $105.8 million in cash and no debt.
The company said 2025 production is expected to be weighted to the second half of the year as it addresses operational challenges. Galiano maintained its 2025 production guidance despite an unplanned 14-day mill shutdown in February.
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