
Matt Badylak
CEO: Galiano Gold Corporation
‘With the company’s strong, debt-free balance sheet, we are pleased to have the financial flexibility to terminate this legacy offtake agreement’
MATT Badylak’s Galiano Gold turned a major corner in December when it terminated a gold purchase and sale agreement with metals trader and lender Red Kite, paying it $13m. This gives Galiano’s Asanko Gold Mines (AGM) in Ghana 100% exposure to the spot gold price which increased 27% in 2024 and is tipped to continue rising this year, albeit at a slower rate. At the time of termination, AGM had delivered just over 1.7 million gold ounces to Red Kite. It’s a far cry from the days when Galiano was regarded as the beleaguered partner of Gold Fields.
At one point, the South African miner’s then CEO Chris Griffith considered making an offer for Galiano’s 45% in AGM, or selling off his company’s own 45% interest. Since then, fortunes have changed. Galiano bought Gold Fields’ holding in December 2023 and has worked on steadying AGM. Production, which at the time of writing was expected to be between 130,000 and 150,000 ounces for 2024, is forecast to rise to a life-of-mine 250,000oz/yr average, lowering costs.
Badylak is also seeking potential regional expansion. Galiano had net cash of about $126m at its last reportable date so it certainly has the financial muscle to grow regionally. Gold Fields has a 19.6% stake in Galiano dating from a recapitalisation of AGM in the bad old days. Other shareholders in Galiano include Zijin Mining with just over 4% of the shares.
LIFE OF MATT
Badylak was appointed CEO of Galiano in June 2021, having previously served as its chief operating officer. Since 2021 he is credited with building up the firm’s executive team and steadying the ship. Prior to joining Galiano, Badylak worked at Eldorado Gold on mines as far afield as Turkey, Canada, China and Greece. He holds two degrees from Murdoch University in Perth: a BSc in metallurgy and a BSc in chemistry. He is a member of the Australasian Institute of Mining and Metallurgy.