Galiano Gold Inc.

Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Galliano Gold, Inc. Second Quarter 2024 Financial Results Conference Call. Note that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask questions during this time, simply press star then number one on your telephone keypad. And if you would like to withdraw your question, please press star then number two. Thank you. Mr. Matt Badalak, President and CEO of Galliano Gold, you may begin your conference.

Thank you, Operator, and good morning, everyone. We appreciate you taking time today to join us on this call to review our second quarter 2024 Galliano Gold results that we released last night. We'll be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary notes and risk disclosures in our most recent MD&A as well as this slide of the webcast presentation. Our release yesterday details our second quarter 2024 financial and operating results. These should be read in conjunction with our second quarter financial statements and MD&A available on our website and filed on CDAR and EDGAR. Also, please bear in mind that all dollar amounts mentioned on the conference call today are US dollars, unless otherwise noted. With me on the call today, I have Matt Freeman, our Chief Financial Officer, and Chris Petman, our Vice President of Exploration. I'll initially go through the highlights, then take you through the operations. Matt will then discuss financials. Chris will present a high-level exploration overview, and I'll wrap it up and open up for Q&A. On slide five, starting with safety, during the quarter we had zero lost time injuries onsite and no total recordable injuries. This results in a 12-month rolling LTI and TRI frequency rate of 0.15 and 0.6 million man hours worked respectively. Health and safety remains at the forefront throughout our organisation, particularly as activity has ramped up onsite with the recommencement of mining activities. We consistently strive to reinforce our commitment to zero harm and the implementation of best safety practices at the Sanko Gold Mine. As we ramped back up into hard rock mining operations at the Abore Pit, our gold production during the quarter totaled just over 26,000 ounces of gold. We were partially impacted by the rainy season in Ghana, which resulted in wet ground conditions, slower mining rates and ultimately lower mill throughput. I'll get into this in more detail shortly. On the flip side, through our 2023 and early 2024 infill drilling program at Abore, we have increased our Abore reserve base by 45% or 151,000 ounces, which has led to a larger pit shell at Abore, also increasing near-term strip ratios as we've moved more waste material. As a result of the slower-than-expected ramp-up and more backfill waste material in an older portion of the Abore pit, we are reducing our full year guidance to between 120 to 130 ounces of gold. On the cost front, we have recorded all in sustaining cash costs of $17.95 per ounce. Our costs on an absolute basis are in line with expectations, but we are revising all in sustaining cash costs higher for the full year to between $19.75 and $20.75 per ounce as we expect lower production and investments in additional stripping at the Bore Pits. Galliano's liquidity remains at the top of our peer group with zero debt and $123 million in cash. As we continue to generate positive cash flows from our operations and maintain a robust balance sheet, we remain uniquely positioned to execute on our strategy of becoming a leading mid-tier gold producer. I won't steal Chris's thunder and leave it to him to discuss our exploration progress during the quarter.

Taking a look at our corporate slide, we've had a very busy quarter.