Vancouver, British Columbia, March 28, 2023 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX,
NYSE American: GAU) reports fourth quarter (“Q4”) and full year 2022 operating and financial results for
the Company and the Asanko Gold Mine (“AGM”), located in Ghana, West Africa. The AGM is a 50:50 joint
venture (“JV”) with Gold Fields Limited (“Gold Fields”) (JSE, NYSE: GFI) which is managed and operated by
Galiano. All financial information contained in this news release is reported in US$.
Asanko Gold Mine JV Key Metrics (100% basis):
? Safety: 2022 saw a very strong safety performance with no lost?time injuries (“LTI”) nor total
recordable injuries (“TRI”) recorded during the quarter, resulting in 12?month rolling LTI and TRI
frequency rates of 0.00 and 0.15 per million employee hours worked, respectively. However, the fatal
accident announced on February 6, 2023, demonstrates that we must maintain our focus on all safety
processes at the AGM given a fundamental goal of the Company is to create and maintain Zero Harm
operations.
? Improved long?term outlook: Reported the results of an independent National Instrument 43?101
(“NI 43?101”) Feasibility Study report(“Independent FS”), which includesthe reinstatement of Mineral
Reserves at the AGM. The reinstated Mineral Reserve and updated Mineral Resource estimates,
underpinning the Independent FS, were led by SRK Consulting (Canada) Inc. The Mineral Reserve
estimate forms the basis of a revised life?of?mine (“LOM”) plan at the AGM, encompassing 4 main
open?pit mining areas: Abore, Miradani North, Nkran and Esaase, and 2 satellite deposits: Dynamite
Hill and Adubiaso. The Company published the details of the new LOM plan on March 28, 2023 in a
report titled “NI 43?101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana” with an
effective date of December 31, 2022 (collectively the “2023 Technical Report”). Key highlights from
the 2023 Technical Report include:
? Robust mine economics: $343 million after?tax net present value at a 5% discount rate
(“NPV5%“) and $478 million pre?tax NPV5%, applying a $1,700 per ounce (“/oz”) gold price.
? Low cash costs: $905/oz average total cash costs1 and $1,143/oz average all?in?sustaining
costs1 (“AISC”) over the LOM.
? Increased production profile: annual average gold production of 254,000 ounces from 2025
to 2030, inclusive, and LOM average annual production of 217,000 ounces per year.
? Mining to recommence in 2023: mining contractors expected to be in operation at Abore
during the fourth quarter.
1 See “Non?IFRS Performance Measures”
2
? Production performance: Gold production of 34,090 ounces during the fourth quarter and annual
gold production of 170,342 ounces, achieving the upper end of revised guidance of 160,000 to
170,000 ounces.
? Milling performance: Achieved milling throughput of 5.8 million tonnes (“Mt”) of material at a grade
of 1.1 g/t during the year. Metallurgical recovery averaged 80% for the year, which was lower than
prior years due to lower realized recoveries from Esaase in the first quarter and processing of lower
grade stockpiles during the balance of 2022.
? Cost performance and cash flow: Total cash costs1 of $1,157/oz and AISC1 of $1,346/oz for the year
ended December 31, 2022. Additionally, the JV generated positive cash flowsfrom operations of $75.5
million and free cash flow1 of $43.8 million during the year. Total cash costs1 and AISC1 for Q4 2022 were $1,031/oz and $1,191/oz, respectively.
? Financial performance: Gold revenue of $296.5 million generated from 167,849 gold ounces sold at an average realized price of $1,767/oz for the year. Net income after tax of $103.2 million during the year, which included an impairment reversal on mineral properties of $63.2 million, and Adjusted
EBITDA1 of $79.2 million.
? Exploration success: Completed extensive infill drilling at Esaase, Miradani North, Abore, Midras and Nkran, the results of which were incorporated into the Independent FS, which saw a 21% increase in total Measured and Indicated ounces (after depletion) and a 251% increase in total Inferred ounces
compared to the previous estimates dated February 28, 2022. Furthermore, an extensive exploration drill program was completed with positive results at Nkran, intercepting several high?grade intervals
within and below the resource shell, in addition to the first phase of testing the underground potential of the deposit.
? Robust liquidity: $91.3 million in cash and cash equivalents, $3.6 million in gold on hand, $2.7 million in gold sales receivables and no debt as of December 31, 2022.
? 2023 guidance: The AGM is expected to produce between 100,000 to 120,000 ounces at AISC1 guidance of between $1,900/ozto $1,975/oz. AISC1 is anticipated to be elevated in 2023 primarily due to waste stripping necessary to restart mining at Abore, which will benefit future years production, as well as higher expenditures on the tailings storage facility (“TSF”).
Galiano Gold Highlights:
? Stable balance sheet: Cash and cash equivalents of $56.1 million and $1.7 million in receivables as at
December 31, 2022, while remaining debt?free.
? Positive earnings: Net income after tax of $40.8 million or $0.18 per common share during the year, which included the Company’s share of the JV’s net earnings for the year.
? Generative exploration: During the quarter, the Company initiated a Phase 1 drilling program on its
wholly owned Asumura property on the Sefwi gold belt in Ghana, consisting of 95 planned drill holes designed to test for gold mineralization along two interpreted structural trends with coincident
surface gold anomaliesidentified through soilsampling. As of December 31, 2022, 12 holes have been
completed with 30 additional holes in progress.
“In the fourth quarter, the AGM had yet another strong financial and operating period. Despite the
anticipated lower grades being processed, the stockpiles continued to generate cash to furtherstrengthen
the AGM’s balance sheet, building a solid foundation to fund the next stage of development at the AGM,”
stated Matt Badylak, Galiano’s President and Chief Executive Officer. “With the independent feasibility
3
study now complete and Mineral Reserves reinstated for the AGM, our focus as the JV operators will now shift to optimizing the life of mine plan to enhance the project’s economics, and restart mining as soon as
possible, currently expected during the fourth quarter of this year. I am also very encouraged with the
continued exploration success achieved in 2022 and the advancement of further exploration work on the highly prospective Asankrangwa gold belt.

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