Vancouver, British Columbia, September 29th, 2022 – Galiano Gold Inc. (“Galiano” or the “Company”)
(TSX, NYSE American: GAU) is pleased to provide results from independent metallurgical test work
conducted on the Esaase deposit at the Asanko Gold Mine (“AGM”), located in Ghana, West Africa. The
AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE, NYSE: GFI), with the JV managed and operated
by Galiano.
Results of 2022 Esaase Independent Metallurgical Test Work Program
As previously announced on July 8, 2022, the Company reported encouraging results from the internal
metallurgical assessment of 2,221 one-metre increments obtained from sixteen diamond drill holes
completed in Q2 2022 at Esaase (see news release “Galiano Gold Provides Metallurgical and Operational
Update at Asanko Gold Mine”).
Further to these internal results, an independent metallurgical test work program has now been
completed. The program consisted of lab scale carbon-in-leach bottle roll tests conducted on a total of 8
bulk composites derived from mineralized drill core increments of the 2022 metallurgical drilling
campaign. The composites were selected to represent variations in lithological domains, oxidation states,
visually logged carbon, and gold grade. Overall weighted average gold recoveries of 87% were achieved
for the Esaase deposit. These results support past test work and are in-line with metallurgical recoveries
previously assigned to the Esaase deposit.
Table 1 – Metallurgical Recoveries of Bulk Composites
Comp. ID Composite Description % Recovery
1 Oxide 92%
2 Transition 92%
3 Fresh - Upper Sandstone 82%
4 Fresh - Cobra - Low Au Grade 76%
5 Fresh - Cobra - High Au Grade 79%
6 Fresh - Central Sandstone - Low Visible Carbon 92%
7 Fresh - Central Sandstone - High Visible Carbon 80%
8 Fresh - Central Sandstone - High Visible Carbon #2 79%
The weighted average recovery of the Esaase deposit is summarized below in Table 2. This average is
calculated based on the proportion of contained material types within the most recent Measured and
Indicated Mineral Resources for the Esaase deposit as described in technical report titled “NI 43-101
Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana” with an effective date of February 28, 2022.

Table 2 – Weighted Average Recoveries by Material Type at Esaase
Resource Class Material Type %
Weight
%
Recovery
Measured + Indicated
Oxide 18% 92%
Transition 17% 92%
Fresh - Upper Sandstone 9% 82%
Fresh - Cobra 8% 78%
Fresh - Central Sandstone 48% 86%
Weighted Average 100% 87%
“We are pleased to have concluded this test work program and be in a position to provide clarity on
metallurgical recoveries at Esaase,” said Matt Badylak, President and Chief Executive Officer. “On the back
of this program, in-house test work and recent plant optimizations, we can conclude that although a
portion of the Esaase deposit is prone to lower recovery, the relative contribution of this material is not
significant and can be effectively managed on a go forward basis. These results now pave the way to
reinstate Mineral Reserves for the Asanko Gold Mine which will be described in the upcoming Feasibility
Study Technical Report prepared in full by independent consultants. This work is progressing on schedule
and is expected to be completed in Q1 2023.”
Qualified Person
Alan Eslake, FAusIMM, Chief Metallurgist with Asanko Gold Ghana Limited, is a Qualified Person as defined
by Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has approved
the scientific and technical information contained in this news release.
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business capable of long-term value creation for its
stakeholders through exploration and disciplined deployment of its financial resources. The Company
currently operates and manages the Asanko Gold Mine, located in Ghana, West Africa which is jointly
owned with Gold Fields Ltd. The Company is strongly committed to the highest standards for
environmental management, social responsibility, and health and safety for its employees and neighbouring communities. For more information, please visit www.galianogold.com