Galiano Gold

PROJECT DIRECTED BY Malvern Kandemwa

WRITTEN BY Niamh Spence

Aerial view of the Asanko gold mine, Ghana

Investing in Ghana Through the Asanko Gold Mine

Business Enquirer’s Niamh Spence takes a closer look at one of Ghana’s most profitable gold assets; Galiano Gold and Gold Fields’ multi-deposit Asanko mine.

As a joint venture with Galiano Gold, Inc. and Gold Fields, Ltd., the Asanko Gold Mine is located in Ghana and boasts significant profitability due to its resources. The Asanko Gold mine is a multi-deposit complex with two primary resources: Nkran and Esaase. In addition, there are also multiple satellite deposits, as the location is situated along the Asankrangwa Gold Belt. As a wealthy region of Ghana known for its precious metal deposits, Galiano’s investment has proved to be promising since its inception.

Galiano Gold

In January of 2016, the gold production commenced at this vital site in Ghana. However, it wouldn’t be until April of that same year that commercial production would be declared on the site. Over the years, the mine has produced massive profits and extracted resources, proving the benefit of investing in this critical investment project. For Galiano Gold, their joint venture has proved to be a fantastic addition to their robust portfolio of key mining sites around the globe.

Currently, the Asanko Gold Mine employs 2,600 people. Most of the workforce is the local Ghanaians, of which about 53% of them reside in the local communities nearby. For the local communities and the companies that have invested in this venture, the benefits are considerably growing and only showing further promise.

In 2019 alone, the mine exceeded the upper-end of guidance with record gold production that amassed 251,044 gold ounces. In 2020, the mine was targeted to retain about 245,000 ounces of gold production at all-in sustaining costs of $1,150 per ounce. For both Galiano Gold and Gold Fields, these metrics are promising for their future endeavors, mainly as they are situated on vital land known as the “Asankrangwa Gold Belt.” The Nkran deposit is precisely located on the Kumasi Basin on this gold belt within the country of Ghana. The Asankrangwa Gold Belt has complex northeast-trending shear zones situated among the central axis of the Kumasi Basin. As one of the significant northeast-trending shears or structures, this is a crucial part of Ghana’s gold-mining region and will only be discovered and adopted more as more investigation continues in this important gold mining region of the world.

As the most extensive land package, the Galiano team is ecstatic about the opportunity to investigate further and find out what other regions will also become profitable in their gold mining operations. Both Galiano and Gold Fields have 45% economic interest in the mine, with the Government of Ghana retaining 10% of the fi-

Matt Badylak, President & CEO, Galiano Gold

Galiano Gold

nancial interest. Galiano is the manager and the operator of this mine. Still, by working with the Government of Ghana and Gold Fields, Galiano can ensure tremendous success and opportunity to multiple stakeholders.

Galiano Gold, Inc. has a long track record of success in gold mining, especially within the African continent. Ensuring further mine development and the management of these mines, Galiano has delivered excellent results thus far to ensure shareholder returns consistently. Their current reports regarding their Asanko Gold Mine demonstrate even further success than their recent years. For the last year, Galiano reported another exceeded record level for their gold production. However, the firm knew its great potential when it first invested in this project. In 2015, Galiano and Gold Fields entered into a joint venture 2015. Ahead of schedule, they would build the multi-pit asset and have the first gold poured in 2016 after completing the structure to perform their operations. Since then, it has been nothing but profits and returns from this binding site, with the promise of giving back to Ghana’s Government. Every day of operation also contributes to the prosperity and longevity of the Ghanaian people. It is a beneficial situation across the board for each entity involved. Even the Ghanaian people are working at the site benefit their family members and their community. Ghana is the largest producer of gold on the African continent. So it is no surprise that precious metals producers such as Galiano have invested in sites within this country. Many of these gold belts, including the same one that Galiano invested in alongside Gold Fields, are some of the most sought-after gold belts globally. Part of the reason is the geological framework that helps make up this portion of the country. The Asankranga Gold Belt is comprised of Palaeoproterozoic metasedimentary and metavolcanic rocks. This specific gold belt measures 200 kilometers long to 20 kilometers wide, and it is known for the significant mineral and precious metal deposits found within this region of Ghana. The Asanko Gold Mine, as owned by Galiano and Gold Fields, is among the largest and located right in the middle of this precious region for gold mining. It could not have been a better investment for Galiano and their shareholders, as the returns have already proven significant for all invested parties.

Resources Feature

More so than the precious metals found on the Asankranga Gold Belt, this region is also known for being extremely under-explored. Galiano and Gold Fields invested in this region as newcomers to the area and expected to find more value and the other sites where gold mining could be conducted. With the promise of exploration, there’s likely going to be even further discovery of new areas of profitability. These are all backed by their policies and pledge to commit to sustainability and corporate social responsibility.

As a firm, Galiano’s gold mine successes are also backed by their promise for sustainability and further development for the future. The firm’s goal is to deliver value in a safe but secure manner, contributing to the global sustainable development of the host communities. Thus, this would be their decision to give 10% of their investment back to the people of Ghana to ensure that their host communities also benefit from their business ventures, acquisitions, and operations. Within the industry, this sets them apart and makes their intentions clear: every business venture will be beneficial for all.

Galiano prides itself on being honest, transparent, and upfront with its shareholders and stakeholders. Their business is run responsibly and ethically, from start to finish. With a focus on minimizing the effect on the environment, Galiano still produces solid financial returns to each investor of their company while also performing their tasks responsibly. As a company, they continue to deliver above expectations, and their continued efforts in the gold belt of Ghana will yield even further promise and return on their investment.

Over the course of their history as a company, Galiano Gold has delivered over $65 million in dividends to their shareholders, most of this due to their most recent investment into the mine in Ghana. More so than that, they will only continue to provide their shareholders with the promise of success and return on their business operations. As said, they are in the untapped region of Ghana

Knight Piesold

Global Mining Consultants

Knight Piésold Ghana Limited was Incorporated in 1996 and since that time has provided specialist Engineering, Environmental and Materials Testing services to the Mining sector within Ghana and neighboring West Africa countries.

The Knight Piésold group, of which Knight Piésold Ghana is part, is an international company of consulting Engineers and Environmental scientists providing services to public and private sector clients in the Water, Power, Mining and Environmental fields.

OUR EXPERTISE

Engineering: Geotechnical Engineering; Water Resources Engineering; Structural Engineering.

Environmental: Baseline Studies; Water Quality Studies; Environmental Management Plans and Monitoring; Environmental and Social Impact Studies; Closure and reclamation; Environmental Auditing; Water Quality Studies: Social Studies and Community Engagement.

Geosciences: Hydrology, Hydrogeology; Geochemistry

Management and Testing: Construction Supervision and QA/QC; Soils and Materials Testing; Geographic Information System; Data Management; Project Management.

CONTACT DETAILS

Knight Piésold Ghana Ltd. House No.20 2nd Close Airport Residential Area P.O Box C4122 Cantonments Accra Tel: +233 30 702 1155

accra@knightpiesold.com anketiah@knightpiesold.com

www.knightpiesold.com

Resources Feature

in these gold mines, which means that they are likely to discover further deposits and mining areas that might even yield more significant returns than people have been seeing thus far.

Looking forward to the future, it is clear that Galiano Gold will only further commit to good yields and more exceeded totals for their yearly gold returns. As of recently this year, Galiano was proceeding with exploratory drilling to see what other areas could be procured for further gold mining in the Asanko region. In the first half of 2021, they reported that they primarily focused on Miradini North, but their focus changed in the second half of the year. Then, they began to focus their efforts more on Dynamite Hill, Kaniago West, and Midras South. At Dynamite Hill, they drilled 30 different holes to find four central gold reserves awaiting extraction. Kaniago West boasted another 27 drilled holes and three central gold mining locations that they could pursue in the future. Finally, Madras South totaled 19 major holes drilled and three central gold mining locations identified from their efforts. Fortunately, further discoveries have yet to be reported to the public, as some of these are currently in production for further investigation of the site. Still, likely, these exploratory efforts will further ensure that Galiano Gold will continue its strong history of profitability and strong return for its shareholders. In the Asanko Gold Mine, Galiano and Gold Fields have committed to their continued discovery, investment, and work to help provide not only their shareholders the value promised but also the opportunity to develop their host communities and contribute to the creation of jobs. This in itself sets Galiano apart from others and gives them a strong reputation in the industry, unlike other competitors.

As a company, Galiano is one of the leaders in the gold mining industry. Due to their work in Ghana, they will continue to carry a reputation of strength, development, and further interest in creating more beneficial situations for every stakeholder involved in their operations. In the future, Galiano will likely only produce more good stories and profits that will continue to reflect their outstanding commitments and their promise to the regions they have invested in.

www.asankogold.com

Galiano Gold

Galiano prides itself on being honest, transparent and upfront with its shareholders and stakeholders. “