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What is causing the Galiano Gold Inc. (GAU) stock to driver higher?

Galiano Gold Inc. (GAU) experienced an increase of 11.91% in the aftermarket. However, the last trading session closed at $0.6121 with a decrease of 11.29%.

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Third Quarter 2021 Results – How was the quarter?

GAU reported the third quarter 2021 results on 10th November 2021. The company stated that they have $55.8 cash on hand and an adjusted EBITDA of $6.2 million. Furthermore, the gold output was 49,543 ounces and the company reported $85.2 million in gold revenue from 48,435 gold ounces sold at an average realized price of $1,758 per ounce.

The processing facility milled 1.5 million tons every quarter at an average plant feed quality of 1.1g/t with a metallurgical recovery rate of 90%. Lastly, the stripping efforts at Akwasiso, which were hampered by bad weather, progressed throughout the quarter and are scheduled to be finished in Q4 2021.

Annual Sustainability Report – What are the updates?

On 21st October 2021, GAU announced the release of a sustainability report. This report is meant to highlight the company’s ongoing progress on environmental, social, and governance issues, as well as its future ambition for sustainability.  Galiano’s sustainability activities in 2020 will involve an audit of internal governance systems as well as improved openness in engaging with stakeholders on medium to long material sustainability challenges.

The Report was written in line with the Core Options of the Global Reporting Initiative and showcases the Business sustainability accomplishments for 2020. The company has identified ways to decrease environmental effects, such as increasing energy efficiency and diversifying the energy mix using renewables. Not only this but they have started a community plastic trash recycling program at the mining site. Last but not the least, they have also increased the area of active rehabilitation by two folds.

New Appointment in Board of Directors

On 14th September 2021, GAU announced that the company has appointed Ms. Dawn Moss to the Board of Directors. Ms. Moss is an experienced mining executive with more than 25 years of experience. Not only this but she has held several positions of private and public corporations in the United States and abroad, most notably as a member of the Roxgold Inc. Board of Directors. Lastly, she is a Chartered Governance Institute Fellow and an Accredited Director.

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