Overview
Located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa, the Asanko Gold Mine (“AGM”) is Galiano’s flagship operating asset, which achieved commercial production in April 2016.
The AGM is a multi-deposit complex, with four primary open-pit mining areas: Abore, Nkran, Esaase and Miradani North, multiple satellite deposits, and a 5.8 million tonne per annum carbon-in-leach processing plant.
The AGM’s Nkran and Abore deposits have also demonstrated potential for future underground mining operations.
The Company also owns various exploration licenses across the highly prospective and underexplored Asankrangwa Gold Belt.
Production
In 2025, the AGM produced 121,191 ounces of gold. The AGM is forecast to produce between 140,000 ounces to 160,000 ounces of gold at AISC* between $2,000/oz to $2,300/oz in 2026.
(*Non-IFRS Measure)
Organic Growth
Installation of the secondary crushing circuit in July 2025, combined with improving grades from Abore, positions the AGM for meaningful near-term production growth. Mill throughput is expected to rise by approximately 15% in 2026, supported by higher-grade ore sourced from lower elevations of the Abore pit through 2026 and 2027. As a result, the Company forecasts an approximate 25% increase in 2026 production compared to 2025.
Following the depletion of open pit Mineral Reserves at Abore, the AGM is positioned to further increase its production profile by transitioning to the higher-grade Nkran deposit. As of December 31, 2025, the Nkran deposit hosts open pit Probable Mineral Reserves of 10.6 Mt at 1.67 g/t for 570,000 ounces gold contained. Waste stripping of Nkran Cut 3 is progressing on schedule, with steady-state ore delivery to the processing plant expected by early 2029. Once in full production, the Company anticipates annual gold production well above 200,000 ounces per annum.
Throughout 2025, the Company’s brownfield exploration strategy focused on testing the vertical extents of mineralization at Nkran and Abore by drilling beneath the open pit Mineral Reserve shells at these deposits. On the back of successful exploration results, the Company published maiden underground Mineral Resource estimates for the Nkran and Abore deposits (refer to Reserves and Resources) effective December 31, 2025. These deposits currently host underground Indicated Mineral Resources of 3.4 Mt at 2.74 g/t for 303,000 ounces gold contained and underground Inferred Mineral Resources of 6.5 Mt at 2.52 g/t for 525,000 ounces gold contained as of December 31, 2025, highlighting the scale and growth potential of the underground system below the existing open pit operation. These initial underground Mineral Resources confirm that mineralization continues below the current open pit limits, with sufficient volume, grade and geometry to potentially support economic extraction. Importantly, mineralization at both deposits remains open along strike and at depth, and further growth is expected with ongoing drilling planned for 2026.
Social Impact
Approximately 3,400 full-time personnel and contractors are employed at the AGM. 99% of the total workforce are Ghanaians, of which approximately 50% are from our local catchment communities.
Environmental
The Asanko Gold Mine has a downstream tailing storage facility, further details are available here: Responsible Tailings Management.