Vancouver, British Columbia, May 2, 2024 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE American:
GAU) is pleased to report its first quarter (“Q1”) 2024 operating and financial results for the Company. Galiano owns
a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana,
West Africa.
All financial information contained in this news release is unaudited and reported in United States dollars.
Acquisition of Gold Fields Limited’s 45% interest in the AGM
On March 4, 2024, the Company completed the previously announced acquisition of Gold Fields Limited’s 45%
interest in the AGM joint venture (the “Acquisition”). The strategic rationale of the Acquisition is to consolidate
ownership of the AGM, one of the largest gold mines in West Africa, and establish Galiano as a growing gold producer
with robust financial strength. Following the Acquisition, the Company owns a 90% interest in the AGM with the
Government of Ghana continuing to hold a 10% free-carried interest (non-controlling interest).
The Company began consolidating the operating results, cash flows and net assets of the AGM commencing on
March 4, 2024.
Asanko Gold Mine Q1 Highlights (100% basis):
The operational and financial results of the AGM have been consolidated into the Company from March 4, 2024. To
enable a clear understanding of the operational performance at the mine asset level, the following highlights for the
AGM are presented on a 100% basis for the entire three months ended March 31, 2024.
• Safety: There were no lost-time injuries (“LTI”), nor total recordable injuries (“TRI”), recorded during the first
quarter. The 12-month rolling LTI and TRI frequency rates as of March 31, 2024 were 0.16 and 0.80 per million
employee hours worked, respectively.
• Production performance: Gold production of 30,386 ounces during the first quarter. Gold production is
expected to increase in the second half of 2024 after completion of waste stripping at the Abore deposit, and
therefore remains in line with 2024 production guidance of 140,000 to 160,000 ounces.
• Milling performance: Achieved mill throughput of 1.5 million tonnes (“Mt”) of ore at a grade of 0.8 grams per
tonne (“g/t”) during the first quarter. Metallurgical recovery in the first quarter was 83%.
• Cost performance: Total cash costs1 of $1,180 per gold ounce (“/oz”) and all-in sustaining costs1 (“AISC”) of
$1,793/oz for the three months ended March 31, 2024. AISC1 guidance for 2024 is forecast between $1,600/oz
to $1,750/oz and is anticipated to be elevated relative to the life of mine average primarily due to waste
stripping to access consistent ore feed at Abore, which will benefit future years production.
• Cash flow generation: Generated positive cash flow from operations of $26.1 million and Free Cash Flow1 of
$5.8 million during the first quarter. Free Cash Flow1 remained positive despite investing $12.4 million in waste
stripping costs at the Abore deposit.
1 See “8. Non-IFRS measures”
2
• Financial performance: Gold revenue of $65.5 million generated from 31,840 gold ounces sold at an average
realized price of $2,056/oz during the first quarter. Net income of $14.5 million and Adjusted EBITDA1 of $21.7
million during the first quarter.
• Growth at Abore: Following successful 2023 and early 2024 infill drilling programs at Abore, a notable increase
to the Abore Mineral Resource Estimate was completed effective March 31, 2024. The Abore Measured and
Indicated Mineral Resource increased by 181,000 ounces or 38%.
• Exploration focus: Planned 2024 exploration programs include drilling at Midras South to advance the deposit
towards a potential maiden Mineral Reserve estimate, infill drilling at Adubiaso, early-stage drill testing at Target
3 and extension drilling at Gyagyatreso. A property wide reconnaissance program has also been designed to
identify new target areas of interest.
Galiano Q1 Highlights:
• Robust liquidity: Following payment of $65.0 million to Gold Fields under the terms of the Acquisition, the
Company ended the quarter with $130.8 million in cash and cash equivalents and no debt. For the three months
ended March 31, 2024, the Company generated $13.0 million in cash flow from operations.
• Earnings: Net loss of $4.8 million or $0.02 per common share during the first quarter, which included the
consolidation of the AGM’s financial results effective from March 4, 2024. Adjusted net income1 for the first
quarter was $6.5 million or $0.03 per common share.
“The first quarter of 2024 was transformational for the Company with the acquisition of Gold Fields’ interest in the
AGM. The team also delivered continued exploration success at Abore and is moving forward with a clear and
focused vision for the AGM under our consolidated ownership”, stated Matt Badylak, Galiano’s President and Chief
Executive Officer. “We are tracking to our annual production and cost guidance, with the mine producing just over
30,000 ounces during the quarter. The required stripping at Abore continues, and while this program will continue
through the second quarter, we anticipate transitioning from stockpile processing to higher grade feed to the mill
by the end of the second quarter.
The recently announced upgrade to the Mineral Resources at Abore by 38%, combined with additional step out and
infill drilling across our deposits, will be used to update a consolidated Mineral Reserve estimate and Life of Mine
plan across the AGM deposits in the fourth quarter. The team is committed to further value creation, through
consistent delivery of production and cost targets, an aggressive exploration program and an optimized mine plan
that aims to bring the Life of Mine cash flows forward.

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