GALIANO GOLD ANNOUNCES 2025 GUIDANCE AND PROVIDES MINERAL RESERVE AND MINERAL RESOURCE UPDATE Updated Five-Year Production Outlook Provided Highlights of the Asanko Gold Mine (100% basis)
GALIANO GOLD ANNOUNCES 2025 GUIDANCE AND PROVIDES
MINERAL RESERVE AND MINERAL RESOURCE UPDATE
Updated Five-Year Production Outlook Provided
Highlights of the Asanko Gold Mine (100% basis)
• Mineral Reserve Estimate as of December 31, 2024, totaling 2,055,000 ounces (“oz”) of gold (47.1
million tonnes at 1.36 grams per tonne gold).
• 2025 production guidance of 130,000 oz to 150,000 oz of gold at a ll-in sustaining costs1 (“AISC”)
of $1,750 to $1,950 per gold ounce sold.
• New five-year production outlook – gold production is expected to increase by approximately 75%
from 2024 production levels over the next 24 months as higher grade mill feed is supplied by
Abore and Esaase.
• Significant pit wall pushback at Nkran to access high-grade ore at depth expected to commence
by mid-year 2025.
• Exploration focus on both near-mine and greenfields targets, Akoma and Sky Gold B prospects, to
test for extensions of mineralization discovered in 2024.
Vancouver, British Columbia, January 28, 2025 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX,
NYSE American: GAU) announces 2025 guidance, updated Mineral Reserves and Mineral Resources and
a five-year outlook for the Company’s Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt
in the Republic of Ghana, West Africa, of which, the Company owns a 90% interest. All dollar amounts are
in US dollars, and all operational data on a 100% basis, unless otherwise noted.
“We are pleased that near mine drilling at the AGM has resulted in 100% replacement of depleted ounces
over the past 2-year period,” said Matt Badylak, Galiano’s President and Chief Executive Officer. “On the
back of our mine plan optimizations , we are providing 2025 production and cost guidance and further
clarity with a five-year operational outlook.”
“The mine plan prioritized larger deposits to increase flexibility and mitigate operational risks associated
with operating smaller pits simultaneously. Production growth is expected to be achieved from higher
grade mill feed processed from mining Abore and Esaase, without any material capital expenditures. This
will commensurately see a reduction in AISC and provide significant cash flows to support our investment
in mining Nkran.”
“Our strong cash balance of over $100 million, no debt, and anticipated future cash flows, are expected
to provide us with the financial strength to invest in operational improvements and deliver approximately
200,000 ounces of gold annually from 2026.”
1 Refer to Non-IFRS Measures
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2025 Outlook
The Company is providing 2025 guidance for the AGM based on the optimized mine plan. The AGM is
expected to produce between 130,000 oz to 150,000 oz of gold at AISC1 between $1,750/oz to $1,950/oz.
AISC1 is anticipated to be elevated in 2025 compared to future years due to lower gold production. Given
the current crushing constraints, softer Esaase material will provide supplementary mill feed prior to the
secondary crushing circuit being commissioned. H igher grades are expected from deeper elevations at
Abore and Esaase in the second half of the year and are expected to result in gold production being
weighted to the second half of the year.
Total sustaining capital expenditures are guided to $15 million in 2025. Sustaining capital expenditures in
2025 include the commencement of a tailings facility expansion with $9 million spent (and an additional
$9 million to be incurred in 2026) and Esaase site establishment costs of $3 million.
Development capital for 2025 is guided at between $60 million to $65 million, which primarily relates to
Nkran Cut 3 waste stripping and site establishment costs, completion of the secondary crushing circuit
and village resettlement costs at Abore and Esaase . With the emphasis in the first half of 2025 on
completing mill upgrades (secondary crushing circuit, additional carbon -in-leach tanks and oxygen
generation plant), the Company has re -sequenced mining activities to focus on Abore and Esaase in the
near-term.
For 2025, exploration expenditures at the AGM are estimated at approximately $ 10 million, which
includes approximately 17,000 metres of drilling as well as ground geophysics and regional prospecting
and mapping. The 2025 exploration program is focused on increasing Mineral Reserves and Mineral
Resources at Abore, as well as targeting discoveries in both near mine and greenfields areas of the AGM
tenements. Greenfields activities will include follow-up drilling at the Akoma and Sky Gold B prospects to
test for extensions of mineralization discovered in 2024.
Five-Year Outlook for the AGM (100% basis)
Units 2025 2026 2027 2028 2029
Gold Production koz 130-150 180-210 190-220 210-240 230-260
AISC1 $/oz 1,750-1,950 1,400-1,700 1,300-1,600 1,200-1,500 1,100-1,400
Sustaining Capital^ $M 15 13-18 10-15 18-23 5-10
Development Capital* $M 60-65 120-130 115-125 70-80 20-30
^ Excludes capitalized stripping costs
*Includes Nkran stripping costs.
Assumptions underlying 5-year outlook:
• Mining ($/t mined): 3.34 (including any capitalized stripping)
• Ore Haulage ($/t hauled): 4.44
• Processing ($/t milled): 11.30
• Site G&A ($/t milled): 5.25
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As a result of mine plan optimizations, deposit sequencing has been configured to the following:
• Abore: mining commenced in October 2023 and currently producing mill feed.
• Esaase: mining to commence in February 2025. Minimal waste stripping is required to access the
ore body, mill feed is expected in late Q1 2025.
• Nkran: Cut 3 waste stripping campaign expected to commence by mid-2025.
Multiple pit designs and mining schedules , including an accelerated Nkran pit and a split pit, were
considered during the optimization process . Ultimately, the approach selected was developed with the
goal of balancing mining across multiple deposits to enable a reliable and consistent ore supply to the mill,
reducing operational risk, while also ensuring Nkran’s Mineral R eserve ounces were maximized. The
resultant mine sequence focuses on delivering mill feed from Abore and Esaase prior to Nkran ore being
released in late 2028.
With the exception of 2025, where mill throughput is constrained until the secondary crusher is
commissioned, mine production is expected to feed the mill at annual throughput capacity of 5.8 million
tonnes per annum, with excess lower-grade ore to be stockpiled for future processing.
AGM MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES (100% basis)
Table 1: Mineral Resource Estimate as of December 31, 2024
Measured Indicated Measured + Indicated Inferred
Tonnes Grade
Au
Contained
Tonnes Grade
Au
Contained
Tonnes Grade
Au
Contained
Tonnes Grade
Au
Contained
Deposit (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz)
Nkran 16.3 1.81 950 16.3 1.81 950 6.4 1.31 271
Esaase 30.6 1.25 1,227 30.6 1.25 1,227 8.2 1.26 334
Abore 16.0 1.24 638 16.0 1.24 638 2.1 1.17 78
Adubiaso 2.0 1.46 95 2.0 1.46 95 0.2 0.81 5
Akwasiso 1.4 1.16 52 1.4 1.16 52 0.2 1.28 9
Asuadai 1.6 1.23 64 1.6 1.23 64 0.1 1.29 4
Dynamite 2.2 1.34 95 2.2 1.34 95 1.0 1.24 40
Midras
South
4.9 1.09 173 4.9 1.09 173 1.1 1.17 40
Miradani
North
7.9 1.39 352 7.9 1.39 352 2.9 1.30 122
Stockpiles 0.9 0.78 22 0.9 0.78 22
Total 0.9 0.78 22 83.0 1.37 3,646 83.9 1.36 3,668 22.2 1.26 903
Mineral Resource Notes:
1. Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold Inc., is the Qualified Person responsible for the
Mineral Resource statements of Nkran, Abore, and Adubiaso deposits. Resources are reported within an optimized pit shell
assuming a price of USD2,000/oz gold and using various cut-off grades: 0.35 g/t gold in Nkran, 0.40 g/t Au for Abore, and
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Adubiaso. Metallurgical recovery for Abore assumes constant 0.10 g/t Au in tails. Metallurgical recovery of 94% was
assumed for Nkran, Adubiaso, and Midras South deposits.
2. Mr. Ertan Uludag, P.Geo., Director Mineral Resources for Galiano Gold Inc., is the Qualified Person responsible for the
Mineral Resource statement of the Midras South deposit. Resources are reported within an optimized pit shell assuming a
price of USD2,000/oz gold and using a cut-off grade of 0.40 g/t Au. Metallurgical recovery of 94% was assumed.
3. Dr. Oy Leuangthong, PEng and Mr. Glen Cole, PGeo of SRK Consulting (Canada) Inc. are Qualified Persons responsible for
the Mineral Resource statements of Esaase, Miradani North, Akwasiso, Asuadai and Dynamite Hill. Resources are reported
within an optimized pit shell assuming a price of USD1,800/oz gold and using various cut-off grades: 0.50 g/t in Oxides and
0.60 g/t gold in Transition and Fresh for Esaase; and 0.45 g/t gold for all other deposits. Metallurgical recovery of 94% was
assumed for Miradani North, Akwasiso, Asuadai and Dynamite Hill. Metallurgical recovery for Esaase vary based on
lithology and grade.
4. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures have been rounded
to reflect the relative accuracy of the estimates. Due to rounding, some columns or rows may not compute exactly as
shown.
5. All tonnages are reported as in situ dry tonnes.
6. Mineral Resources are inclusive of Mineral Reserves.
7. All quantities are reported on a 100% basis.
8. Mineral Resources for Nkran, Abore, Adubiaso Midras South, and Stockpiles are stated with an effective date of December
31, 2024. Mineral Resources for Esaase, Miradani North, Akwasiso, Asuadai, and Dynamite Hill are stated with an effective
date of December 31, 2022.
Table 2: Mineral Reserve Estimate as of December 31, 2024
Deposit
Proven Probable Total Proven and Probable
Tonnes (Mt) Au Grade
(g/t)
Au Content
(koz) Tonnes (Mt) Au Grade
(g/t)
Au Content
(koz) Tonnes (Mt) Au Grade
(g/t)
Au Content
(koz)
Nkran 10.6 1.67 571 10.6 1.67 571
Esaase 13.6 1.22 533 13.6 1.22 533
Miradani North 6.8 1.41 310 6.8 1.41 310
Abore 11.2 1.27 458 11.2 1.27 458
Dynamite Hill 1.1 1.31 45 1.1 1.31 45
Adubiaso 1.5 1.39 67 1.5 1.39 67
Midras South 1.4 1.12 49 1.4 1.12 49
Stockpiles 0.9 0.78 22 0.9 0.78 22
Total 0.9 0.78 22 46.2 1.37 2,033 47.1 1.36 2,055
Mineral Reserve Notes:
1. The Nkran, Abore, Adubiaso, Midras South and Stockpiles Mineral Reserves are stated as of December 31, 2024 and the
Esaase, Miradani North and Dynamite Hill Mineral Reserves are stated with an effective date of December 31, 2022.
2. Mineral Reserves are reported assuming a gold price of US$1,700/oz for Nkran, Abore, Adubiaso, Midras South and
Stockpiles, and US$1,500/oz for Esaase, Miradani North and Dynamite Hill.
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3. Mineral Reserves are reported at the point of delivery to the process plant or to stockpile. All tonnages are reported as
diluted dry metric tonnes. Mineral Reserves are reported using the 2014 CIM Definition Standards.
4. Mineral Reserves are defined within seven different pit designs guided by pit shells derived from the optimization software,
HxGN MinePlan's Minesight Economic Planner, GEOVIA Whittle™ and Datamine Studio NPVS™.
5. Mining cost inputs are in US$/t mined. All other unit cost inputs are US$/t ore. Mining costs vary based on the pit, the rock
type, and the depth of the pit. The base mining costs for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso
and Midras South are $2.63/t, $1.98/t, $1.94/t, $2.03/t, $2.29/t, $2.03/t, and $2.03/t respectively. There are additional
expenditures for fixed contractor monthly fees, grade control, community fees, Owner's Mining G&A, and other small costs
that vary with each deposit and are in addition to the $/t stated.
6. Processing cost assumptions for Nkran, Abore, Adubiaso, Midras South and Stockpiles is $10.39/t for oxide ore, $11.25/t for
transition ore and $11.52/t for fresh ore, and for Esaase, Miradani North and Dynamite Hill processing cost assumptions
are $8.81/t for oxide ore, $10.39/t for transition ore and $10.66/t for fresh ore.
7. General and administration cost assumptions vary by pit and timing with a range in unit costs from $5.17/t to $6.69/t ore.
8. Ore transportation cost varies for each pit based on the haul distance. It ranges between $0.61/t for Nkran and $6.15/t for
Esaase.
9. Processing recovery is 94.0% for all ore types in all pits except for Abore and Esaase. Processing recovery for Abore is
calculated using a fixed tail of 0.10 g/t but capped to a maximum of 94%. Processing recovery varies based on the ore type
and head grade in Esaase, where the average recovery for oxide, Upper Sandstone, Cobra and Central Sandstone ore types
are 90.1%, 73.8%, 71.3% and 76.4%, respectively. Processing recovery for existing stockpiles ore is calculated using a fixed
tail of 0.10 g/t but capped to a maximum of 85%.
10. Mining dilution varies between pits. The average mining dilution is calculated to be 7.4%, 14.4%, 6.0%, 7.8%, 11.6%, 13.6%
and 8.3%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South, respectively.
11. Mining ore loss varies between pits. The average mining ore loss is calculated to be 3.7%, 2.0%, 2.0%, 6.2%, 2.0%, 3.7% and
11.7%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South, respectively.
12. The overall strip ratio (the amount of waste tonnes mined for each tonne of ore) for AGM is 7.4 : 1. The strip ratio for
Nkran, Esaase, Miradani North, Abore, Dynamite Hill, Adubiaso and Midras South is 13.5, 4.5, 5.6, 5.9, 9.8, 9.3, and 6.9,
respectively.
13. Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some
columns or rows may not compute as shown.
14. Mr. Richard Miller, P.Eng., Vice President Technical Services for Galiano Gold Inc., is the Qualified Person responsible for the
Nkran, Abore, Adubiaso, Midras South and Stockpiles Mineral Reserves. Dr. Anoush Ebrahimi, P.Eng., Principal Consultant
(Mining) SRK (Canada) Inc., is the Qualified Person responsible for Esaase, Miradani North and Dynamite Hill Mineral
Reserves.
15. The Qualified Persons are not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors that
could materially affect the Mineral Reserve estimates.
16. Cut-off grades vary based on the deposit and oxidation. All cut-off grades are applied to the fully diluted Au grade. The
Mineral Reserves are reported at the following cut-off grades:
• 0.35 g/t for all Nkran ore
• 0.40 g/t for all ore types from Adubiaso and Midras South
• 0.50 g/t for all ore types from Abore, Miradani North, and Dynamite Hill
• 0.55 g/t for Esaase oxide ore, and 0.70 g/t for the remaining Esaase ore types
Upcoming Events
Galiano will host a conference call to discuss the five-year outlook for the Asanko Gold Mine on January
29, 2025:
Conference Call Details Replay (available until February 5, 2025)
Date: January 29, 2025 Local: (+1) 289-819-1450
Time: 10:30 AM ET (7:30 AM PT) Toll Free: 1-888-660-6345
Dial In: (+1) 437-900-0527 Access Code: 73306 #
Toll Free: 1-888-510-2154
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The call will be webcast https://app.webinar.net/5YvW6AZgz3M and can be accessed at Galiano’s
website: www.galianogold.com
Qualified Person and QA/QC
Mr. Eric Chen, P.Geo., Vice President Mineral Resources of Galiano, is a Qualified Person as defined by
Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has approved the
Mineral Resource statement.
Mr. Richard Miller, P.Eng., Vice President Technical Services with Galiano, is a Qualified Person as defined
by Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has approved
the Mineral Reserve statement and, except for th e Mineral Resource statement, all other scientific and
technical information contained in this news release.
Contact Information
Krista Muhr
Toll-Free (N. America): 1-855-246-7341
Telephone: 1-778-239-0446
Email: [email protected]
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through
production, exploration and disciplined deployment of its financial resources. The Company owns the
Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is committed to the highest standards
for environmental management, social responsibility, and the health and safety of its employees and
neighbouring communities. For more information, please visit www.galianogold.com.
1 Non-IFRS Performance Measures
The Company has included certain non- IFRS performance measures in this news release. These non -IFRS
performance measures do not have any standardized meaning and therefore may not be comparable to similar
measures presented by other issuers. Accordingly, these performance measures are intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS.
• All-in Sustaining Costs per Gold Ounce
AISC for the AGM include total cash costs, AGM general and administrative expenses, sustaining capital
expenditure, sustaining capitalized stripping costs, reclamation cost accretion and lease payments made to and
interest expense on the AGM’s mining and service lease agreements per ounce of gold sold.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this news release constitute "forward -looking statements" within
the meaning of applicable U.S. securities laws and "forward -looking information" within the meaning of applicable
Canadian securities laws, whi ch we refer to collectively as "forward -looking statements". Forward -looking
statements are statements and information regarding possible events, conditions or results of operations that are
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based upon assumptions about future conditions and courses of action. All statements and information other than
statements of historical fact may be forward looking statements. In some cases, forward-looking statements can be
identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue",
"forecast", “preliminary”, “prospective”, "intend", "believe", "predict", "potential", "target", “pursue”, "may",
"could", "would", "might", "will" and similar words or phra ses (including negative variations) suggesting future
outcomes or statements regarding an outlook.
Forward-looking statements in this news release include, but are not limited to: statements with respect to the five-
year production and operational outlook for the AGM; production and cost guidance; the Company’s expectations
regarding production, AISC, sustaining capital and development capital; estimated exploration expenditures for 2025
and the 2025 exploration program; the operating plans for the AGM and timing thereof; mine plan optimizations;
operational improvements; pit wall pushback at Nkran and the timing thereof; sequencing of mining activities and
the timing thereof; the merits of the AGM; commitment to health and safety; future exploration and exploration
programs and the timing thereof; information regarding the plans and expectations of the Company; and related
matters. Such forward -looking statements are based on a number of material factors and assumptions, including,
but not limited to: the Company proceeding with operating plans as currently anticipated; the Company proceeding
with further exploration and exploration programs as currently anticipated; development plans and capital
expenditures; the price of gold will not decline signif icantly or for a protracted period of time; the accuracy of the
estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to
raise sufficient funds from future equity financings to support its operations, and general business and economic
conditions; the global financial markets and general economic conditions will be stable and prosperous in the future;
the ability of the Company to comply with applicable governmental regulations and standards; the mining la ws, tax
laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional
exchange controls in Ghana; the success of the Company in implementing its development strategies and achieving
its business objectives; the Company will continue to have sufficient working capital to fund its operations; and the
key personnel of the Company will continue their employment.
The foregoing list of assumptions cannot be considered exhaustive.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ materially from those anticipated in such forward -looking
statements. The Company believes the expectations reflected in such forward -looking statements are reasonable,
but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place
undue reliance on forward- looking statements contained herein. Some of the risks and other factors which could
cause actual results to differ materially from those expressed in the forward -looking statements contained in this
news release, include, but are not limited to: the mineral reserve and mineral resource estimates may change and
may prove to be inaccurate; metallurgical recoveries may not be economically viable; LOM estimates are based on
a number of factors and assumptions and may prove to be incorrect; actual production, costs, returns and other
economic and fina ncial performance may vary from the Company's estimates in response to a variety of factors,
many of which are not within the Company's control; inflationary pressures and the effects thereof; the AGM has a
limited operating history and is subject to risks associated with establishing new mining operations; sustained
increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may
adversely affect the Company; adverse geotechnical and geological conditions ( including geotechnical failures) may
result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability
of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious ma terials
and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which
may not be present or occur as expected; the Company's mineral properties may experience a loss of ore and the
Company may experience lack of access to its mineral properties and other issues due to illegal mining activities; the
Company's operations may encounter delays in or losses of production due to equipment delays or the availability
of equipment; outbreaks of COVID-19 and other infectious diseases may have a negative impact on global financial
conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial
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condition and results of operations and the market price of the common shares of the Company; the Company's
operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or
require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour
disruptions could adversely affect the Company's operations; recoveries may be lower in the future and have a
negative impact on the Company's financial results; the lower recoveries may persist and be detrimental to the AGM
and the Company; the Company's business is subject to risks associated with operating in a foreign country; risks
related to the Company's use of contractors; the hazards and risks normally encountered in the exploration,
development and production of gold; the Company's operations are subject to environmental hazards and
compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather
events may cause prolong ed disruption to the delivery of essential commodities which could negatively affect
production efficiency; the Company's operations and workforce are exposed to health and safety risks; unexpected
costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's
operations; the Company's title to exploration, development and mining interests can be uncertain and may be
contested; geotechnical risks associated with the design and operation of a mine and relat ed civil structures; the
Company's properties may be subject to claims by various community stakeholders; risks related to limited access
to infrastructure and water; risks associated with establishing new mining operations; the Company's revenues are
dependent on the market prices for gold, which have experienced significant recent fluctuations; the Company may
not be able to secure additional financing when needed or on acceptable terms; the Company's shareholders may
be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; risks
relating to credit rating downgrades; changes to taxation laws applicable to the Company may affect the Company's
profitability and ability to repatriate funds; risks related t o the Company's internal controls over financial reporting
and compliance with applicable accounting regulations and securities laws; risks related to information systems
security threats; non-compliance with public disclosure obligations could have an adv erse effect on the Company's
stock price; the carrying value of the Company's assets may change and these assets may be subject to impairment
charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partiall y
insured losses; the Company may be subject to litigation; damage to the Company's reputation could result in
decreased investor confidence and increased challenges in developing and maintaining community relations which
may have adverse effects on the bu siness, results of operations and financial conditions of the Company and the
Company's share price; the Company may be unsuccessful in identifying targets for acquisition or completing
suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders;
the Company must compete with other mining companies and individuals for mining interests; the Company's
growth, future profitability and ability to obtain financing may be impacted by global financial conditi ons; the
Company's common shares may experience price and trading volume volatility; the Company has never paid
dividends and does not expect to do so in the foreseeable future; the Company's shareholders may be unable to sell
significant quantities of the Company's common shares into the public trading markets without a significant
reduction in the price of its common shares, or at all; and the risk factors described under the heading "Risk Factors"
in the Company's Annual Information Form.
Although the Company has attempted to identify important factors that could cause actual results or events to differ
materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive
and there may be othe r factors that the Company has not identified. Furthermore, the Company undertakes no
obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news
release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required
by applicable law.