Galiano Gold Inc.

Notable vs. Peers

• Financials score of 10/10 is stronger than the peer average of 6.4/10.
• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · PMI Gold (predecessor) procured Obotan's mining lease shortly after completing its feasibility study, prior to being acquired by Asanko in Feb 2014; exact grant date not located. · Source
2. Construction decision (FID)

   Reached — date not disclosed · No standalone FID release was located; the development decision followed directly from Asanko's Feb 2014 acquisition/consolidation of PMI Gold's Obotan project and its completed feasibility study. · Source
3. Construction start

   Reached — date not disclosed · Construction of Phase One of the Obotan/Asanko development started August 2014; exact day not disclosed. · Source
4. First pour / production

   Jan 2016 · Asanko Gold Mine (Nkran pit) poured first gold; commercial production declared April 1, 2016. Galiano Gold (renamed from Asanko Gold) completed buyout of Gold Fields' 45% stake March 5, 2024, giving Galiano 90% ownership and sole operatorship. · Source
5. Commercial production

   Apr 2016 · Genuinely reached with a clean, single, well-documented date: gold production at the Asanko Gold Mine (Ghana) commenced January 2016 and commercial production was declared effective 2016-04-01, under Asanko Gold Inc. -- the LITERAL SAME corporate entity as Galiano Gold Inc. today (renamed effective 2020-04-30/2020-05-05 per the company's own shareholder-approved name-change filings, not a different company acquiring a legacy asset). The Asanko Gold Mine was a 50:50 JV with Gold Fields at the time of the 2016 declaration; Galiano increased its stake to 90% in 2024 by buying out Gold Fields (Ghana government retains the remaining 10%) -- noted for completeness, does not alter the underlying 2016 milestone date. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.