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

VANCOUVER, BC, March 29, 2022 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) provides an updated Mineral Resource Estimate ("MRE") for 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. A National Instrument 43-101 compliant technical report titled "NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana" with an effective date of February 28, 2022 (the "Technical Report"), detailing the updates to the AGM MRE was filed on SEDAR on March 29, 2022.

This news release should be read in conjunction with the updated NI 43-101 compliant technical titled "NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana," with an effective date of February 28, 2022, which is available on the Company's website and filed on SEDAR.


Updated MRE for the Asanko Gold Mine (100% basis)

The AGM is reporting updated Measured and Indicated Mineral Resource Estimates of 66.4 million tonnes ("Mt") at 1.36 g/t for 2.9 million ounces ("Moz") gold contained (please see the table below for further information on the MRE, including a breakdown between Measured and Indicated Mineral Resources). At this time the Company is not in a position to declare Mineral Reserves on the AGM property as a result of current metallurgical uncertainty of the material mined from Esaase (please see the Company's press release dated February 25, 2022 for further information). The Company expects to provide an update to its estimated Mineral Reserves following the conclusion of the metallurgical testwork currently underway at the AGM. Highlights to the updated Mineral Resource Estimate include:

Measured Mineral Resources of 23.6 Mt at 1.06 g/t for 0.8 Moz gold contained and Indicated Mineral Resources of 42.7 Mt at 1.53 g/t for 2.1 Moz gold contained.
A maiden Indicated Mineral Resource of 7.1 Mt at 1.28 g/t for 293 thousand ounces ("koz") of contained gold at Miradani North, contributing to 10% of the overall resource base.
A 68% (329 koz) increase in Indicated Mineral Resource contained gold at Nkran, after accounting for the mined depletion of 101 koz.
A 60% (132 koz) increase in Indicated Mineral Resource contained gold at Abore.
The AGM continues to display a significant property-wide MRE of 2.9 million ounces of contained gold in Measured and Indicated Mineral Resources (please see the table below for further information on the MRE, including a breakdown between Measured and Indicated Mineral Resources), which now comprises six satellite deposits augmenting the cornerstone Nkran and Esaase deposits. Additions to the total MRE exceeded mined depletion but did not fully offset a decrease in overall gold grade in Measured and Indicated Mineral Resources (1.70 g/t to 1.36 g/t) and resultant contained metal in the Esaase Mineral Resource.

The changes at Esaase resulted primarily from updates to the geological models used in the Mineral Resource Estimate (see below). The remodeling work for Esaase yielded Measured and Indicated Mineral Resources totaling 22.6 Mt at a grade of 1.26 g/t, representing decreases of 25% in grade and 25% in tonnes, post depletion, from the previous estimate (please see the technical report titled "NI 43-101 Technical Report for the Asanko Gold Mine, Ghana (Amended and Restated)" published in June 2020 and filed on SEDAR for further information regarding the Company's prior MRE). The Esaase deposit remains the largest contributor to the total AGM Mineral Resources, accounting for approximately a third of its total tonnes and contained gold ounces.

"We are pleased to deliver a maiden Mineral Resource at Miradani North and an expansion of Mineral Resources at Nkran, Abore and Dynamite Hill. These results help reinforce the prospective nature of the AGM land package. The impact on the operations at the AGM resulting from the observed reductions in contained metal and lower grades at Esaase will be described in an updated technical report, which we anticipate publishing following the completion of the metallurgical testwork underway at Esaase," said Matt Badylak, President and CEO. "While this work continues, we will preserve the in-situ Mineral Resources at the AGM by temporarily deferring mining operations and transitioning to processing existing stockpiles. During this time our efforts will focus on expanding our Mineral Resources through targeted exploration and working diligently to update Mineral Reserves and recommence mining operations as soon as practicable."

Asanko Gold Operations Update (100% basis)

While technical work to support a Mineral Reserve at the AGM is ongoing, mining will continue at Akwasiso Cut 3 and Esaase Cut 3 until their depletion (expected in Q2 2022). Following this, the process plant is expected to continue to operate at full capacity (5.8 Mtpa) processing a portion of the existing 9.5 Mt of stockpiles. The Company believes that temporarily transitioning to processing stockpiles will provide the opportunity to:

Preserve the higher grade Mineral Resources at the AGM until the metallurgical recovery at Esaase is better understood.
Advance further exploration activities at near-mine targets with the aim of enhancing the short-term operating plan.
Develop additional initiatives with the aim of maximizing the value from all deposits on the land package, including: additional testwork to further the understanding of metallurgy and geometallurgy at Esaase, evaluating process optimization, and optimizing mine sequencing.
The AGM has a solid liquidity position ($66.0 million in cash, gold sales receivables and dore with zero debt at December 31, 2021) and at prevailing gold prices, it expects to continue to generate positive operating cash flows from the processing of stockpiles. The Company is concurrently exploring opportunities to minimize ongoing and future operating and capital costs in light of the deferral of mining and transitioning to stockpile processing.

Estimated Mineral Resources at the Asanko Gold Mine Details (100% basis)

Updated MRE's are reported for the eight deposits that make up the AGM, replacing the previous MRE dated December 31, 2019. The Technical Report replaces the previous technical report titled "NI 43-101 Technical Report for the Asanko Gold Mine, Ghana (Amended and Restated)" published in June 2020 and all other previous technical reports. The effective date of the MRE is February 28, 2022, presented in the form of a combined global Mineral Resource table below.

Table 1: Mineral Resource Estimates at a 0.5 g/t Au cut-off and at $1,600/oz Au as of February 28, 2022

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