Q2 2024 Galiano Gold Inc Earnings Call Transcript
Key Points
- Galiano Gold Inc (GAU) reported zero lost time injuries and no total recordable injuries during the quarter, highlighting their strong safety record.
- The company increased its Abore reserve base by 45%, adding 151,000 ounces, which enhances future production potential.
- Galiano Gold Inc (GAU) maintains a strong liquidity position with zero debt and $123 million in cash, positioning them well for strategic growth.
- The company has strengthened its Board of Directors with two new additions, enhancing governance and strategic oversight.
- Galiano Gold Inc (GAU) reported a net income of $8.8 million and adjusted EBITDA of $17.6 million for the second quarter, indicating solid financial performance.
- Gold production was lower than expected due to wet ground conditions and slower mining rates, leading to a reduction in full-year guidance.
- All-in sustaining cash costs have been revised higher to between $1,975 and $2,075 per ounce due to lower production and increased stripping costs.
- The rainy season in Ghana impacted mining operations, causing delays and challenges in production ramp-up.
- The installation of CIL tanks was delayed due to a port incident, affecting operational timelines.
- The company anticipates higher strip ratios and deferred ore production due to a larger pit shell at Abore, impacting short-term production.
Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Galiano Gold Inc. second-quarter 2024 financial results conference call. (Operator Instructions) Mr. Matt Badylak, President and CEO of Galiano Gold, you may begin your conference.
Thank you, operator, and good morning, everyone. We appreciate you taking time today to join us on this call to review our second quarter 2024 Galiano Gold results that we released last night.
We'll be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary notes and risk disclosures in our most recent MD&A as well as this slide of the webcast presentation.
Our release yesterday details our second quarter 2024 financial and operating results. These should be read in conjunction with our second quarter financial statements and MD&A available on our website and filed on SEDAR
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