(All dollar amounts are United States dollars unless otherwise stated)
VANCOUVER, BC, Jan. 25, 2022 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE: GAU) reports preliminary fourth quarter ("Q4") and 2021 operating results from the Asanko Gold Mine ("AGM"), located in Ghana, West Africa. The AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE: GFI) (NYSE: GFI) which is managed and operated by Galiano. The Company expects to release its full financial and operational results after the market closes on February 16, 2022. All financial information contained in this release is unaudited and reported in US$.

Q4 and Full Year 2021 AGM Highlights (100% Basis)

Revenue: Annual gold sales gold sales of $381.7 million generated from 216,076 ounces sold at an average realized price of $1,767 per ounce, with $91.0 million generated from 51,368 ounces sold at an average realized price of $1,771 per ounce in Q4
Production: Annual gold production of 210,241 ounces, below revised 2021 production guidance of 215,000-220,000 ounces, gold production of 50,278 ounces in Q4
Safety: Strong safety performance with one total recordable injury ("TRI") and no lost time injuries ("LTI") reported in the quarter resulting in 12-month rolling TRI and LTI frequency rates of 0.21 and 0.10 per million employee hours worked, respectively.
Exploration: Extensive drill program completed with positive results at Miradani, Kaniago, Midras South and Dynamite Hill (see press release dated January 18, 2022).
"Production for Q4 remained consistent with Q2 and Q3." said Matt Badylak, President and Chief Executive Officer. "Ore delivery continues to be slower than expected from Akwasiso and grades at both Esaase and Akwasiso remained below expectations. We remain on track to publish an updated Mineral Reserve and Resource statement in Q1, along with an updated life of mine plan. Building on our exploration success over the past two years we will continue to invest in exploration activities at the AGM. The focus in the first quarter will be deep drilling at Miradani and Nkran to explore the underground potential at both of those deposits."

Production

In Q4, the AGM sourced ore from the Esaase Main pit in addition to incremental ore production from Cut 3 at Akwasiso. During the quarter, 1.5Mt of ore at an average gold grade of 1.3 g/t and 6.4Mt of waste were mined from the Esaase Main pit and 0.1Mt of ore at an average gold grade of 1.2 g/t and 2.4Mt of waste from the Akwasiso pit.

The processing plant milled 1.5Mt at a feed grade of 1.2 g/t during the quarter with metallurgical recovery averaging 91%.

AGM Key Production Statistics
(100% basis) Units Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 202

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GALIANO GOLD REPORTS LOWER THAN EXPECTED GOLD RECOVERY AT THE ASANKO GOLD MINE
FEBRUARY, 25, 2022

(All dollar amounts are United States dollars unless otherwise stated)

VANCOUVER, BC, Feb. 25, 2022 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) reports that recent gold recovery has been lower than expected 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) which is managed and operated by Galiano.

Galiano has recently detected an increase in gold grades in tailings product leaving the processing facility. The assays indicate total gold grades of approximately 0.40g/t in tailings product, which is higher than the historic and expected total gold grade in tailings of approximately 0.10g/t. Gold recovery has been negatively impacted as a result. The Company does not expect any change to its previously published financial statements or 2021 gold ounce production due to the recently observed lower recovery.

The Company's "Asanko Gold Inc. NI 43-101 Technical Report for the Asanko Gold Mine, Ghana (Amended and Restated), dated effective December 31, 2019," describes areas of the Esaase pit that were expected to yield lower recovery, and it is possible that material mined from these areas may be causing the lower recovery. However, given the volume and consistency of the material yielding lower recovery, the Company is working to better understand the cause(s), magnitude and impact of the observed lower recovery.

The Company has initiated a work program designed to ascertain the cause of the elevated grade in the tailings product, which includes:

Confirmatory analysis of plant stream products at independent third-party laboratories;
Diagnostic analyses on plant composite samples to determine the nature of the un-recovered gold;
A complete plant survey to investigate any possible introduction of contaminants and/or operational / mechanical reasons for the elevated tailings product grades;
Additional drilling in key areas of the Esaase pit to obtain samples for further metallurgical and diagnostic analysis; and
Review of past metallurgical test work to examine the assumptions underpinning the expected recovery.
The Company is working expeditiously to complete the program and will provide an update in due course. The impact of the lower recovery on the Company and the AGM is uncertain. Depending on the cause of this issue, the Company may be required to take further action which could include unplanned capital expenditures and/or temporarily suspending mining and/or processing activities at the AGM.

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