Mineral Resource Estimate as of December 31, 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)
|
-- |
-- |
-- |
16.3 |
1.81 |
950 |
16.3 |
1.81
|
950
|
6.4 |
1.31 |
271 |
--
|
-- |
-- |
30.6 |
1.25 |
1,227 |
30.6 |
1.25
|
1,227
|
8.2 |
1.26 |
334 |
-- |
-- |
-- |
16.0 |
1.24 |
638 |
16.0 |
1.24
|
638
|
2.1 |
1.17 |
78 |
-- |
-- |
-- |
2.0 |
1.46 |
95 |
2.0 |
1.46
|
95
|
0.2 |
0.81 |
5 |
-- |
-- |
-- |
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
|
1.0 |
1.24 |
40 |
-- |
-- |
-- |
4.9 |
1.09 |
173 |
4.9 |
1.09
|
173
|
1.1 |
1.17 |
40 |
-- |
-- |
-- |
7.9 |
1.39 |
352 |
7.9 |
1.39
|
352
|
2.9 |
1.3 |
122 |
0.9 |
0.78 |
22 |
-- |
-- |
-- |
0.9 |
0.78
|
22
|
-- |
-- |
-- |
Total |
0.9 |
0.78 |
22 |
83.0 |
1.37 |
3,646 |
83.9
|
1.36
|
3,668
|
22.2 |
1.26
|
903 |
Notes:
-
Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold
Inc., is the Qualified Person responsible for the Mineral Resource
statements of Nkran, Abore, and Adubiaso deposits. Resources are reported
within an optimized pit shell assuming a price of USD2,000/oz gold and using
various cut-off grades: 0.35 g/t gold in Nkran, 0.40 g/t Au for Abore, and
Adubiaso. Metallurgical recovery for Abore assumes constant 0.10 g/t Au in
tails. Metallurgical recovery of 94% was assumed for Nkran, Adubiaso, and
Midras South deposits.
-
Mr. Ertan Uludag, P.Geo., Director Mineral Resources for Galiano Gold Inc.,
is the Qualified Person responsible for the Mineral Resource statement of
the Midras South deposit. Resources are reported within an optimized pit
shell assuming a price of USD2,000/oz gold and using a cut-off grade of 0.40
g/t Au. Metallurgical recovery of 94% was assumed.
-
Dr. Oy Leuangthong, PEng and Mr. Glen Cole, PGeo of SRK Consulting (Canada)
Inc. are Qualified Persons responsible for the Mineral Resource statements
of Esaase, Miradani North, Akwasiso, Asuadai and Dynamite Hill. Resources
are reported within an optimized pit shell assuming a price of USD1,800/oz
gold and using various cut-off grades: 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% was assumed for Miradani North,
Akwasiso, Asuadai and Dynamite Hill. Metallurgical recovery for Esaase vary
based on lithology and grade.
-
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.
- Mineral Resources are inclusive of Mineral Reserves.
- All tonnages are reported as in situ dry tonnes.
- Mineral Resources are inclusive of Mineral Reserves.
- All quantities are reported on a 100% basis.
-
Mineral Resources for Nkran, Abore, Adubiaso Midras South, and Stockpiles
are stated with an effective date of December 31, 2024. Mineral Resources
for Esaase, Miradani North, Akwasiso, Asuadai, and Dynamite Hill are stated
with an effective date of December 31, 2022.
Mineral Reserve Estimate as of December 31, 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)
|
-- |
-- |
-- |
10.6 |
1.67 |
571 |
10.6 |
1.67 |
571 |
-- |
-- |
-- |
13.6 |
1.22 |
533 |
13.6 |
1.22 |
533 |
-- |
-- |
-- |
6.8 |
1.41 |
310 |
6.8 |
1.41 |
310 |
-- |
-- |
-- |
11.2 |
1.27 |
458 |
11.2 |
1.27 |
458 |
-- |
-- |
-- |
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 |
0.9 |
0.78 |
22 |
-- |
-- |
-- |
0.9 |
0.78 |
22 |
Total |
0.9 |
0.78 |
22 |
46.2 |
1.37 |
2,033 |
47.1 |
1.36 |
2,055 |
Notes:
- The Nkran, Abore, Adubiaso, Midras South and Stockpiles Mineral Reserves are stated as of December 31, 2024 and the Esaase, Miradani North and Dynamite Hill Mineral Reserves are stated with an effective date of December 31, 2022.
- Mineral Reserves are reported assuming a gold price of US$1,700/oz for Nkran, Abore, Adubiaso, Midras South and Stockpiles, and US$1,500/oz for Esaase, Miradani North and Dynamite Hill.
- Mineral Reserves are reported at the point of delivery to the process plant or to stockpile. All tonnages are reported as diluted dry metric tonnes. Mineral Reserves are reported using the 2014 CIM Definition Standards.
- Mineral Reserves are defined within seven different pit designs guided by pit shells derived from the optimization software, HxGN MinePlan's Minesight Economic Planner, GEOVIA Whittle™ and Datamine Studio NPVS™.
- Mining cost inputs are in US$/t mined. All other unit cost inputs are US$/t ore. 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, Adubiaso and Midras South are $2.63/t, $1.98/t, $1.94/t, $2.03/t, $2.29/t, $2.03/t, and $2.03/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 assumptions for Nkran, Abore, Adubiaso, Midras South and Stockpiles is $10.39/t for oxide ore, $11.25/t for transition ore and $11.52/t for fresh ore, and for Esaase, Miradani North and Dynamite Hill processing cost assumptions are $8.81/t for oxide ore, $10.39/t for transition ore and $10.66/t for fresh ore.
- General and administration cost assumptions vary by pit and timing with a 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 for Nkran and $6.15/t for Esaase.
- Processing recovery is 94.0% for all ore types in all pits except for Abore and Esaase. Processing recovery for Abore 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. Processing recovery for existing stockpiles ore is calculated using a fixed tail of 0.10 g/t but capped to a maximum of 85%.
- Mining dilution varies between pits. The average mining dilution is calculated to be 7.4%, 14.4%, 6.0%, 7.8%, 11.6%, 13.6% and 8.3%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South, respectively.
- 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 AGM is 7.4 : 1. The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South is 13.5, 4.5, 5.6, 5.9, 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.
- Mr. Richard Miller, P.Eng., Vice President Technical Services for Galiano Gold Inc., is the Qualified Person responsible for the Nkran, Abore, Adubiaso, Midras South and Stockpiles Mineral Reserves. Dr. Anoush Ebrahimi, P.Eng., Principal Consultant (Mining) SRK (Canada) Inc., is the Qualified Person responsible for Esaase, Miradani North and Dynamite Hill Mineral Reserves.
- The Qualified Persons are not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimates.
- Cut-off grades vary based on the deposit and oxidation. All cut-off grades are applied to the fully diluted Au grade. The Mineral Reserves are reported at the following cut-off grades:
-
0.35 g/t for all Nkran ore
-
0.40 g/t for all ore types from Adubiaso and Midras South
- 0.50 g/t for all ore types from Abore, Miradani North, and Dynamite Hill
- 0.55 g/t for Esaase oxide ore, and 0.70 g/t for the remaining Esaase ore types
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.