Mineral Resource Estimate as at 31 March 2024
| 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)
|
| -- |
-- |
-- |
15.3 |
1.89 |
931 |
15.3 |
1.89
|
931
|
3.6 |
1.83 |
209 |
--
|
-- |
-- |
30.6 |
1.25 |
1,227 |
30.6 |
1.25
|
1,227
|
8.2 |
1.26 |
334 |
| -- |
-- |
-- |
15.6 |
1.31 |
658 |
15.6 |
1.31
|
658
|
1.4 |
1.14 |
50 |
| -- |
-- |
-- |
3.1 |
1.47 |
148 |
3.1 |
1.47
|
148
|
0.1 |
1.05 |
3 |
| -- |
-- |
-- |
1.4 |
1.16 |
52 |
1.4 |
1.16
|
52
|
0.2 |
1.28 |
9 |
| -- |
-- |
-- |
1.6 |
1.23 |
64 |
1.6 |
1.23
|
64
|
0.1 |
1.29 |
4 |
| -- |
-- |
-- |
2.2 |
1.34 |
95 |
2.2 |
1.34
|
95
|
1 |
1.24 |
40 |
| -- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
--
|
5.4 |
1.32 |
232 |
| -- |
-- |
-- |
7.9 |
1.39 |
352 |
7.9 |
1.39
|
352
|
2.9 |
1.3 |
122 |
| 2.1 |
0.69 |
47 |
-- |
-- |
-- |
2.1 |
0.69
|
47
|
-- |
-- |
-- |
| Total |
2.1 |
0.69 |
47 |
77.7 |
1.41
|
3,527 |
79.8
|
1.39
|
3,574
|
22.9 |
1.36
|
1,003 |
Notes:
-
Mr. Malcolm Titley of CSA Global UK is the Qualified Person responsible for the Nkran Mineral Resource statement. Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold Inc., is the Qualified Person responsible for the Stockpiles and Abore 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, 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.
- All quantities are reported on a 100% basis.
- The Stockpiles and Abore Mineral Resources are stated as of March 31, 2024 and all other deposits are stated with an effective date of December 31, 2022 and remain current.
Mineral Reserve Estimate as at 30 June 2024
| 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)
|
| -- |
-- |
-- |
9.9 |
1.82 |
582 |
9.9 |
1.82 |
582 |
| -- |
-- |
-- |
13.6 |
1.22 |
533 |
13.6 |
1.22 |
533 |
| -- |
-- |
-- |
6.8 |
1.41 |
310 |
6.8 |
1.41 |
310 |
| -- |
-- |
-- |
11.8 |
1.28 |
485 |
11.8 |
1.28 |
485 |
| -- |
-- |
-- |
1.1 |
1.31 |
45 |
1.1 |
1.31 |
45 |
| -- |
-- |
-- |
2.2 |
1.58 |
110 |
2.2 |
1.58 |
110 |
| 1.6 |
0.70 |
36 |
-- |
-- |
-- |
1.6 |
0.70 |
36 |
| Total |
1.6 |
0.70 |
36 |
45.4 |
1.41 |
2,065 |
47.0 |
1.39
|
2,101 |
Notes:
- Mineral Reserves for Stockpiles and the Abore deposit are reported assuming a gold price of US$1,650/oz, the Mineral Reserves for all other deposits 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 for Abore ore is $11.09/t, for all other deposits and stockpiles it 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 $5.27/t for Abore, $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 and Abore. Processing recovery for Abore and Stockpiles ore is calculated using a fixed tail of 0.10 g/t but capped to a maximum of 94%. 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%, 6.9%, 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 except for Abore, which has a 6.8% ore loss.
-
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 7.65 (W:O). The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso is 13.5, 4.5, 5.6, 7.2, 9.8, and 8.2, respectively.
- The Mineral Reserve is stated as diluted dry metric tonnes.
- The Abore and Stockpiles Mineral Reserves are stated as of June 30, 2024 and all other deposits are stated with an effective date of December 31, 2022 and remain current.
- Mr. Richard Miller, P.Eng., Vice President Technical Services for Galiano Gold Inc., is the Qualified Person responsible for the Abore and Stockpiles Mineral Reserves. Dr. Anoush Ebrahimi, P.Eng., Principal Consultant (Mining) SRK (Canada) Inc., is the Qualified Person responsible for all other stated Mineral Reserves.
- The Qualified Persons, Mr. Richard Miller and Dr. Anoush Ebrahimi, do not know of any legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves. Mr. Miller and Dr. Ebrahimi believe 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.