Asanko sales 41,929 ounces of gold in Q1 2022
An average AGM realized gold price of $1,846/oz
The AGM produced 42,343 ounces of gold during the quarter, as the processing plant achieved milling throughput of 1.5Mt of ore processed at a grade of 1.3g/t with metallurgical recovery averaging 69%. Sold 41,929 ounces of gold in Q1 2022 at an average realized gold price of $1,846/oz for total revenue of $77.5 million (including $0.1 million of by-product silver revenue), a decrease of $33.3 million from Q1 2021.
The decrease in revenue quarter-on-quarter was a function of a 33% reduction in sales volumes partly offset by a 5% increase in realized gold prices relative to Q1 2021.
Stable liquidity: $45.3 million in cash, $13.1 million in gold sales receivables and $4.1 million in gold on hand and no debt as of March 31, 2022.
Galiano Gold Highlights claims, a stable balance sheet: Cash on hand of $50.4 million and $8.7 million in receivables as at March 31, 2022, while remaining debt-free. Reported a net loss of $1.5 million or $0.01 per share for Q1 2022. "Production for the quarter was in line with expectations and is on track to meet 2022 production guidance." said Matt Badylak, President and Chief Executive Officer.
"We are nearing completion of mining at both Esaase and Akwasiso and have started to supplement mill feed with stockpile material which currently is performing in line with our expectations. We continue to advance the technical work we have previously outlined and will provide periodic updates as we progress through these work programs.
We anticipate providing an update to the AGM's Mineral Reserves post the completion of this work, in Q1 2023. Finally, during the quarter, we successfully initiated a rationalization of the AGM's workforce which, despite an upfront cost, will deliver immediate cost savings and enable a more streamlined and efficient operation going forward."
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