(all dollar amounts in USD)

VANCOUVER, BC, March 4, 2024 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to announce the successful completion of the previously announced (see press release dated December 21, 2023) acquisition of Gold Fields Group Ltd.'s ("Gold Fields") 45% interest in the Asanko Gold Mine (the "AGM") (the "Acquisition"). Galiano is establishing itself as a growing gold producer with robust financial strength, owning and operating one of the largest gold mines in West Africa.

Galiano Gold Inc. Logo (CNW Group/Galiano Gold Inc.)

Pursuant to the Acquisition, Galiano has issued to Gold Fields 28.5 million common shares ("Galiano Shares"), resulting in Gold Fields owning 19.9% of Galiano's issued and outstanding shares, and will also provide future deferred and contingent consideration of up to $85 million. Gold Fields has also received $65 million in cash, equivalent to its effective interest in the cash balance of the joint venture and retained a 1% net smelter return royalty capped at 447,000 ounces of gold production from the Nkran deposit. Galiano and Gold Fields have entered into an amended investor rights agreement which includes a 12-month standstill period and other customary rights, including a pre-emptive right for Gold Fields to maintain its current ownership interest.

Matt Badylak, Galiano's President and CEO, stated, "The closing of the Acquisition is a truly formative event that strategically re-positions this company as an emerging mid-tier gold producer and we look forward to continuing to unlock significant value for all our stakeholders in the newly transformed Galiano."

About Galiano Gold Inc.
Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production and exploration of its mineral interests, and disciplined deployment of its financial resources. The Company owns and operates the Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities. For more information, please visit www.galianogold.com.

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