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| We remain in an enviable position amongst our peers of having a clean balance sheet and access to cash |
| So, I am very pleased with where the team is at and certainly looking forward to getting stuck into the high-grade material as of Q2 next year |
| So, in the short-term, that’s the one optimization that’s going to yield better productivity, and we expect better costs per unit moved as well |
| With these points in mind, the company is uniquely positioned to deliver superior value to investors through the execution of the life of mine plan and the ramp-up of production over the next 24 months |
| Having a fully funded mine plan, no debt and a strong balance sheet further strengthens the investment thesis for Galiano |
| We are on track to double our production by 2025 and are making significant strides on the exploration side of the business where we expect additional positive news flows as we continue to aggressively drill both near mine and regional targets |
| Gold prices remain very supportive, which helps to ensure we have the financial capacity to execute on our corporate strategy |
| Gold prices remained positive, realizing just over $1,900 per ounce in the quarter for total revenues of $68 million |
| Processing stockpiled material doesn’t incur mining costs and as a result, we’ve been able to generate significant cash, which bolsters our balance sheet and ensures our ability to execute on the next phase of the life of mine plan that we disclosed earlier in the year |
| Initial results from this program are also better than expected and we will report in our recent exploration news release |
| The Asanko Gold Mine had another strong quarter operationally and financially in Q3 |
| We have a clear line of sight to a significant value-adding event, which sees us doubling production by the year 2025 |
| However, because of the outperformance of the stockpile this year and our continued focus on cost, we are able to reduce our 2023 all-in sustaining cost guidance to between $1,500 per ounce and $1,600 per ounce compared to $1,650 to $1,750 that we had guided to for the Q2 |
| We are pleased that with the timely recommencement of mining, we remain on track to deliver our stated life of mine plan |
| As you know, we continue to process stockpiles which continue to perform in-line or slightly better than planned, resulting in production over 35,000 ounces which means we expect to come in the top end of our production guidance of 130,000 ounces for the year |
| This provides us with a healthy treasury to be used for future value-enhancing opportunities |
| I was on site last week and was pleased to see the progress the team and the mining contractor are making on the mining front |
| So I’m pleased that processing and G&A costs remain broadly consistent across the year |
| So in summary, we’ve ended the quarter in a very healthy financial position |
| This is down considerably from when we started the year and marks the sixth consecutive quarter where the team has outperformed our cost and production guidance |
| With this in mind, our teams continues to seek accretive value-adding opportunities for the company to grow and deliver long-term performance to our shareholders |
| Although we don’t expect to see material ore delivery to the mill prior to Q2 2024, we are pleased that grade control drilling has already identified small pockets of ore across larger areas than expected |
| The other things that we are looking more longer term is the ability to potentially apply ore sorting at the Esaase deposit, which will help us potentially increase the amount of lower-grade material that is profitable at that deposit |
| Our gold production from stockpile processing again reached the high end of expectations |
| We consistently strive to reinforce our commitment to Zero Harm and the implementation of best safety practices at the AGM |
| The asset remains highly leveraged to gold price with NPV increasing significantly at current metal prices |
| We do have an ability to add two additional CIL tanks in the CIL circuit, which we are looking at in terms of increasing residence time there, and there is also a secondary crusher that we are looking to install by the end of next year, which would act as reducing costs in the crushing circuit as well |
| Apart from outperforming costs and production guidance and increasing the joint venture’s cash balance by over $88 million over the last 18 months, this slide highlights some of the other key milestones the team has delivered to on schedule |
| The Asanko Gold Mine ended the quarter with cash of $137 million, an increase of more than $45 million since the start of the year with free cash flow of $24 million in the quarter |
| We produced nearly 36,000 ounces of gold during the quarter and expect to reach the higher end of guidance for the year closer to 130,000 ounces |
| Statement |
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| As I mentioned before, the income statement is a bit challenging with us recognizing our interest income earned from the JV |
| On the safety front, during the quarter, we had 1 lost-time injury and 3 recordable injuries |
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