Galane Gold TSXV:GG Stock Report

Galane Gold Ltd. Completes an Update of the 2014 Preliminary Economic Assessment on the Summit Mine and Banner Mill

Galane Gold Ltd. completed an update of the 2014 preliminary economic assessment on the Summit Mine and Banner Mill. Galane has developed a more detailed mine plan for Summit (assisted by a new survey of the underground mine), changed the mining and trucking operations to owner operator, completed a detailed analysis of the plant restart requirements and updated all the operating costs relating to Summit. The key results of the updated PEA based on the current known resources are: A 7-year mine life; Average annual production of: 9,500 ounces of gold, 444,000 ounces of silver, 14,700 ounces of gold equivalent production; Capital cost of USD 13.4 million; Peak funding requirement of USD 8.2 million; Project payback in 26 months; Pre-tax NPV (5%) of USD 66.4 million; and All-in sustaining cash cost of USD 864 per ounce of gold.

Galane Gold Ltd. Completes Mining of the Total Footprint of the Galaxy Ore Body At 22 Level

Hawks Mining Company Proprietary Limited acquired Mupane gold mine in Botswana from Galane Gold Ltd. (TSXV:GG).

Hawks Mining Company Proprietary Limited agreed to acquire Mupane gold mine in Botswana from Galane Gold Ltd. (TSXV:GG) on February 7, 2022. The transaction is subject to the execution of transition services agreements with respect to certain obligations of each party to the Transaction for the interim period prior to the Closing and for 12 months following Closing, approval of governmental and regulatory authorities, including the Botswana Ministry of Mineral Resources, Green Technology and Energy Security and the TSX Venture Exchange and other customary closing conditions. The transaction is expected to close towards the end of the first quarter of 2022. Hawks Mining Company Proprietary Limited acquired Mupane gold mine in Botswana from Galane Gold Ltd. (TSXV:GG) on May 3, 2022.

Galane Gold Ltd. Provides Production Guidance for the Years 2022 and 2023

Galane Gold Ltd. provided production guidance for the years 2022 and 2023. The company has previously announced production guidance for Galaxy(2): 2022 – Payable gold ounces of between 15,500 to 18,500 at an all-in sustaining cost of between $900 to $1,000.2023 – Payable gold ounces of between 24,000 to 27,000 at an all-in sustaining cost of between $750 to $850.

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Full year 2021 results: EPS: US$0.002 (up from US$0.029 loss in FY 2020). Revenue: US$2.94m (flat on FY 2020). Net income: US$695.3k (up US$7.46m from FY 2020). Profit margin: 24% (up from null in FY 2020). Production and reserves: Gold Production: 22.526 troy koz (27.369 troy koz in FY 2020) Number of mines: 2 (1 in FY 2020) Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth.