
	United States Dollars
Figures in millions unless otherwise stated	2024	2023	2022

Asanko Gold
– Asanko Gold – earnings	—	28.0	13.0
– Asanko Gold – impairment1	—	(46.9)	—
(Loss)/profit from discontinued operation	—	(18.9)	13.0

1 As a result of the sale transaction discussed below, the investment in Asanko was classified as an asset held for sale and was required to be measured at the lower of

carrying value or fair value less costs to sell. Management determined the fair value less costs to sell based on the consideration to be received per the sale agreement.

The assumptions used in the determination of the fair values of the deferred and contingent considerations were as follows:

•The share consideration was calculated as 28.5 million Galiano shares at a share price of US$0.92 at 31 December 2023;

•US$25 million and US$30 million deferred consideration discounted using a rate of 7.9%; and

•US$30 million contingent consideration discounted using a rate of 15.1%.

The fair value was allocated first to the Asanko redeemable preference shares based on the fair value of the preference shares using the expected redemption period.

The residual amount after deducting the fair value of the preference shares from the total fair value of the consideration was allocated to the Asanko Gold equity-

accounted investee, which resulted in an impairment of US$46.9 million for the year ended 31 December 2023.