Asanko Gold Mine Mineral Reserves and Resources
Mineral Reserve Estimate as of December 31, 2025
| 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)
|
| Open Pit |
| -- |
-- |
-- |
10.6 |
1.67 |
570 |
10.6 |
1.67 |
570 |
| -- |
-- |
-- |
14.8 |
1.22 |
531 |
14.8 |
1.12 |
531 |
| -- |
-- |
-- |
9.3 |
1.16 |
346 |
9.3 |
1.16 |
346 |
| -- |
-- |
-- |
6.8 |
1.41 |
310 |
6.8 |
1.41 |
310 |
| -- |
-- |
-- |
1.1 |
1.31 |
45 |
1.1 |
1.31 |
45 |
| -- |
-- |
-- |
1.5 |
1.39 |
67 |
1.5 |
1.39 |
67 |
| -- |
-- |
-- |
1.4 |
1.12 |
49 |
1.4 |
1.12 |
49 |
| 2.0 |
0.72 |
47 |
-- |
-- |
-- |
2.0 |
0.72 |
47 |
| Total |
2.0 |
0.72 |
47 |
45.5 |
1.31 |
1,918 |
47.5 |
1.29 |
1,965 |
Notes:
- Mineral Reserves are reported at the point of delivery to the process plant or to stockpile. All tonnages are reported as diluted dry metric tonnes. Mineral Reserves are reported using the 2014 CIM Definition Standards.
- The Nkran, Esaase, Abore and Stockpiles Mineral Reserves are stated as of December 31, 2025. The Adubiaso and Midras South are stated as of December 31, 2024. Miradani North and Dynamite Hill are stated as of December 31, 2022.
- Mineral Reserves are reported based on gold prices of $1,900/oz for Esaase, $1,700/oz for Nkran, Abore, Adubiaso, Midras South, and $1,500/oz for Miradani North and Dynamite Hill.
- Mineral Reserves for Adubiaso, Midras South, Miradani North and Dynamite Hill remain unchanged from the previous estimate dated December 31, 2024 and December 31, 2022. No new drilling, mining depletion, or other material information has occurred since that time.
- Cut-off grades vary by deposit and oxidation. All cut-off grades are applied to the fully diluted gold grade. The Mineral Reserves are reported at the following gold cut-off grades: 0.35 g/t for Nkran, 0.50 g/t for Abore, Miradani North, and Dynamite Hill, 0.60 g/t for Esaase, 0.40 g/t for Adubiaso and Midras South.
- Mineral Reserves are defined within pit designs guided by pit shells derived from the optimization software, HxGN MinePlan's Minesight Economic Planner, GEOVIA Whittle™ and Datamine Studio NPVS™.
- Mining costs vary by pit, rock type, and pit depth. The base mining costs for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South are $2.63/t, $2.26/t, $1.94/t, $2.03/t, $2.29/t, $2.03/t, and $2.03/t respectively. Additional costs include fixed monthly contractor fees, grade control, community fees, owner's mining general and administrative, and other minor costs that vary by deposit and are in addition to the stated unit costs.
- Processing assumptions range in unit costs from $8.81/t ore to $11.52/t ore.
- General and administration cost assumptions range in unit costs from $5.17/t to $6.69/t ore
- Ore transportation cost varies for each pit based on the haul distance. It ranges between $0.61/t ore to $5.57/t ore.
- Processing recovery assumes 0.10 g/t gold residual tails with a maximum of 94.0% for Nkran, Abore, Adubiaso, Midras South, Stockpiles and Esaase oxides. Processing recovery for Esaase transition and fresh ore vary by head grade and lithology, and average 76% for upper and central sandstones, and 72% for cobra. Processing recovery for Dynamite Hill and Miradani North assume flat 94.0%.
- Mining dilution varies between pits, with average dilution ranging from 6.0% at Miradani North to 19.0% at Abore. Mining ore loss varies between pits, with average ore loss ranging from 2.0% at Miradani North to 11.7% at Midras South.
- Mining ore loss varies between pits. The average mining ore loss is calculated to be 3.7%, 2.0%, 2.0%, 6.2%, 2.0%, 3.7% and 11.7%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South, respectively.
- The overall strip ratio (the amount of waste tonnes mined for each tonne of ore) for the AGM is 7.4:1. The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South are 12.5, 6.2, 5.6, 4.5, 9.8, 9.3, and 6.9, respectively.
- Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some columns or rows may not compute as shown
- Mining cost inputs are in US$/t mined. All other unit cost inputs are US$/t ore.
- Mr. Amri Sinuhaji, P.Eng., Vice President Technical Services for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the Mineral Reserve estimates
- Factors that could change the mine plans or reduce the amount of the mineral reserves include: Unrecognized geological structures that may displace mineralized zones and force unanticipated changes to the mine plan, changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate.
Mineral Resource Estimate as of December 31, 2025
| 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)
|
| Open Pit (“OP”) Mineral Resources |
| -- |
-- |
-- |
10.8 |
1.73 |
602 |
10.8 |
1.73
|
602
|
2.1 |
1.02 |
70 |
--
|
-- |
-- |
33.0 |
1.19 |
1,266 |
33.0 |
1.19
|
1,266
|
12.2 |
1.15 |
449 |
| -- |
-- |
-- |
10.5 |
1.15 |
388 |
10.5 |
1.15
|
388
|
0.3 |
0.61 |
7 |
| -- |
-- |
-- |
7.9 |
1.39 |
352 |
7.9 |
1.39
|
352
|
2.9 |
1.30 |
122 |
| -- |
-- |
-- |
4.9 |
1.02 |
162 |
4.9 |
1.02
|
162
|
1.4 |
1.06 |
48 |
| -- |
-- |
-- |
2.6 |
1.36 |
113 |
2.6 |
1.36
|
113
|
0.4 |
0.76 |
10 |
| -- |
-- |
-- |
2.2 |
1.34 |
95 |
2.2 |
1.34
|
95
|
1.0 |
1.24 |
40 |
| -- |
-- |
-- |
1.6 |
1.23 |
64 |
1.6 |
1.23
|
64
|
0.1 |
1.29 |
4 |
| -- |
-- |
-- |
1.4 |
1.16 |
52 |
1.4 |
1.16
|
52
|
0.2 |
1.28 |
9 |
| 2.0 |
0.72 |
47 |
-- |
-- |
-- |
2.0 |
0.72
|
47
|
-- |
-- |
-- |
| OP Total |
2.0 |
0.72 |
47 |
74.9 |
1.28 |
3,094 |
77.0
|
1.27
|
3,141
|
20.7 |
1.14
|
758 |
| Underground (“UG”) Mineral Resources |
| -- |
-- |
-- |
1.8 |
2.79 |
164 |
1.8 |
2.79
|
164
|
4.3 |
2.61 |
360 |
| -- |
-- |
-- |
1.6 |
2.67 |
139 |
1.6 |
2.67
|
139
|
2.2 |
2.32 |
165 |
| -- |
-- |
-- |
3.4 |
2.74 |
303 |
3.4 |
2.74
|
303
|
6.5 |
2.52 |
525 |
| 2.0 |
0.72 |
47 |
78.4 |
1.35 |
3,397 |
80.4 |
1.33
|
3,444
|
27.2 |
1.47 |
1,283 |
Notes:
-
Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the open pit Mineral Resources statements of the Nkran, Esaase, Abore, Adubiaso, Akwasiso, Asuadai and Dynamite Hill deposits, and underground Mineral Resources statements of the Nkran and Abore deposits. Open pit Mineral Resources of Esaase and Adubiaso are reported within an optimized pit shell assuming a gold price of $2,400/oz and using various cut-off grades: 0.40 g/t gold in Oxides and 0.50 g/t gold in Transition and Fresh for Esaase, and 0.35 g/t gold for Adubiaso. Open pit Mineral Resources of Akwasiso, Asuadai and Dynamite Hill are reported within an optimized pit shell assuming a gold price of $1,800/oz and using cut-off grade of 0.45 g/t gold. Open pit Mineral Resources for Nkran and Abore are reported within the current reserve pit designs. Underground Mineral Resources of Nkran and Abore are reported below current reserve pit designs at 0 g/t cut-off grade of all materials contained inside MSO stopes, generated at 1.5 g/t gold economic cut-off grade, assuming a gold price of $2,400/oz. Metallurgical recovery of 94% is assumed for the Nkran, Adubiaso, Akwasiso, Asuadai and Dynamite Hill deposits. Metallurgical recovery for Abore assumes a constant tails grade of 0.10 g/t gold and capped at 94%. Metallurgical recovery for Esaase varies based on lithology and grade.
-
Mr. Ertan Uludag, P.Geo., Director Mineral Resources for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the Mineral Resources statements of the Midras South and Miradani North deposits. Mineral Resources of Midras South are reported within an optimized pit shell assuming a gold price of $2,400/oz and using a cut-off grade of 0.35 g/t gold. Mineral Resources of Miradani North are reported within an optimized pit shell assuming a gold price of $1,800/oz and using a cut-off grade of 0.45 g/t gold. Processing recovery assumes 0.10 g/t gold residual tails with a maximum of 94.0% for Midras South and Stockpiles. Processing recovery for Miradani North assumes flat 94.0%.
-
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.
-
Open pit Mineral Resources are inclusive of Mineral Reserves.
- All tonnages are reported as in situ dry tonnes.
- All quantities are reported on a 100% basis.
-
Mineral Resources for Nkran, Esaase, Abore, Adubiaso, Midras South and Stockpiles are stated with an effective date of December 31, 2025. Mineral Resources for Miradani North, Akwasiso, Asuadai, and Dynamite Hill are stated with an effective date of December 31, 2022.
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.