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Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Galiano may also disclose certain non-GAAP and pro forma non-GAAP results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. Management believes that this non-GAAP and pro forma non-GAAP information provides investors with additional information to assess Galiano’s operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP and pro forma non-GAAP information, along with GAAP information, in evaluating its historical operating performance. Galiano and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.

The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.


Business context and our approach

We understand stakeholders' environmental concerns and prioritize precautionary actions. Our goal is to minimize, mitigate, and remediate impacts through responsible environmental stewardship. Effective natural resource management is crucial for our success, and we are committed to upholding the highest environmental standards.

Galiano’s commitment to responsible environmental management is embodied in our Environmental Policy, including:

  • Adhering to local laws, complemented by global best practices for environmental management
  • Allocating resources for fulfilling environmental responsibilities
  • Preventing air, land, and water pollution, with effective waste management
  • Prioritizing energy efficiency
  • Ensuring no negative human rights impacts
  • Establishing, revising, and reporting environmental targets for ongoing enhancement.

2022 Highlights

  • 0 Significant Environmental Accidents
  • 0 fines incurred for any environmental noncompliance in 2022
  • 35.8 Ha Area of land under Active Rehabilitation
  • Maintained International Cyanide Management Code (ICMC)


One of our primary sustainability goals is to be a trusted corporate citizen by striving for the highest standards of governance to drive transparency and improve accountability with our stakeholders. We are committed to environmental management practices that comply with environmental legal and regulatory requirements. We comply with all environmental laws and regulations in Ghana and seek to augmenting these with appropriate international guidelines and best practice environmental management including:

  • IFC Performance Standards
  • World Bank Environment, Health, and Safety General and Mining Guidelines
  • World Health Organization Guidelines for Drinking Water Quality
  • International Cyanide Management Code (ICMC)

The AGM Environmental Management System (EMS) aligns its environmental planning, monitoring, and reporting practices with Ghanaian regulatory requirements set by the Environmental Protection Agency (EPA). Monthly and annual environmental performance reports are submitted to the EPA, which regularly performs environmental inspections and verification visits.

Site environmental management is also consistent with ISO14001:2015 by following the Plan-Do-Check-Act (PDCA) framework; an iterative process that facilitates continual improvement of our environmental performance.

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Climate Resilience

Galiano is committed to addressing climate change impacts. We prioritize managing and minimizing environmental effects, particularly those linked to climate change. Improving water and energy efficiency enhances both long-term profitability and our contribution to reducing greenhouse gas emissions. Our robust climate change adaptation plan identifies cost-effective measures for implementation, enhancing our environmental commitment.

Using Intergovernmental Panel on Climate Change (IPCC) Guidelines for National Greenhouse Gas Inventories, our calculated Scope 1 GHG emissions for 2022 were 50.8 ktCO2eq.

Galiano is planning to commission its first report in line with the Task Force on Climate-related Financial Disclosure recommendations in 2023/2024, which will include the development of specific GHG targets.

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The AGM has developed an energy policy that will drive the mine towards continuously improving energy performance and using energy in the most efficient, cost-effective, and environmentally responsible manner possible. Work that is being undertaken includes exploring options to reduce our reliance on electricity generated from fossil fuels, working with local regulators to improve our access to renewable energy sources as well as identifying potential options for local generation.

The AGM is also exploring means to improve its overall energy use efficiency, implementing programs to upgrade less energy-efficient equipment where practicable and looking for opportunities to use less energy.

The overall energy consumption for the AGM in 2022 was 1,047 TJ.

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Mining is water-intensive and as climate change impacts persist, global water supplies face stress and extreme weather events. To meet these challenges, water stewardship is central to our operations. We are dedicated to ensuring that managed water resources and saved withdrawals lead to socially equitable, environmentally sustainable, and economically beneficial water availability.

Although the AGM is not located in a water-stressed region, access to clean water can be an issue for neighbouring communities as illegal mining in nearby areas negatively impacts surface and near-surface groundwater quality. As a result of this, the AGM works to improve water quality and develop water delivery infrastructure for local communities, working closely with regulators, traditional authorities, and local administration.

In 2022, the AGM extracted 2,751,432 m3 of fresh water from all sources, and discharged 120,838 m3 of water to the surface environment close to the Nkran, Esaase and Akwasiso pits.

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Our Environmental Policy drives responsible mineral waste management at the Asanko Gold Mine. We' have implemented a comprehensive Waste Management Plan, focusing on waste reduction, recycling, and reuse. Our aim is to prevent, shrink, recycle, and explore waste as an energy source before opting for secure disposal.

The Waste Management Plan at AGM deals with diverse waste categories, categorized as hazardous and non-hazardous. We emphasize options like reduction, reuse, recycling, and composting for each waste stream.

We ensure strong engineering and containment measures (e.g., impermeable liners, bund walls) to prevent the release of contaminated leachate. Our site monitoring and rehabilitation programs reinforce this commitment.

All plant tailings are stored in AGM's single tailings storage facility (TSF). In 2022, 5.77 MMt (dry) of tailings were added, bringing the total stored to about 35.2 Mt. The TSF construction has progressed through stages; currently, Stage 5 and 6 are operational, with Stage 7's construction commencing in late 2022.

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Biodiversity profoundly impacts local communities near the Asanko Gold Mine. Galiano is dedicated to surpassing environmental standards and adopting best practices to manage our ecological impact. Our Asanko Gold Mine Biodiversity Implementation Plan includes frequent baseline assessments of flora and fauna, addressing both operational and closure biodiversity aspects. We compile data from the IUCN Red List of Threatened Species to ensure comprehensive conservation efforts.

AGM's Biodiversity Implementation Plan aligns with Ghana's National Biodiversity Strategy, EPA regulations, Convention on Biological Diversity (CBD), and Aichi Biodiversity Targets. The plan covers biodiversity for operations and closure and is updated every three years. The update for 2022 was postponed to 2023 to integrate findings from ecological studies initiated in 2021 and concluded in 2022.

  • The conservation status of species according to both IUCN Red List and/or national Ghana Wildlife Conservation Regulation found in the general mine area includes:
  • Two bird species are classified as Endangered and Critically Endangered, 11 are wholly protected and 13 are partially protected.
  • Two reptiles under national law; one fully protected, and one partially protected.
  • Under national law, two mammal species are wholly protected and five are partially protected. All seven mammal species are classified as Least Concern according to the IUCN.
  • Seven plant species were listed on the IUCN Red List as Vulnerable.

Key levers

  • Adhering to local laws, enhancing with global best practices
  • Allocating resources for fulfilling environmental obligations
  • Preventing air, land, and water pollution, managing waste
  • Prioritizing energy efficiency
  • Responsible mine closure planning
  • Setting and revising performance targets for ongoing.
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