Improved Long Term Outlook At The Asanko Gold Mine

VANCOUVER - Galiano Gold Inc., operator of the Asanko Gold Mine (AGM) under the joint venture (JV) with Gold Fields Ltd. reported the results of an independent Feasibility Study report (Independent FS), which includes the reinstatement of Mineral Reserves, along with Galiano's operating outlook at the AGM. The adoption and implementation of the revised life-of-mine (LOM) plan and the operating outlook remain subject to approval pursuant to the JV agreement. The AGM located in Ghana, West Africa is a 50:50 JV with Gold Fields, which is managed and operated by Galiano.

The reinstated Mineral Reserve and updated Mineral Resource estimates, underpinning the Independent FS, reported in accordance with National Instrument 43-101 (NI 43-101). The Mineral Reserve estimate forms the basis of a revised LOM plan at the AGM, encompassing 4 main open-pit mining areas: Abore, Miradani North, Esaase and Nkran, and 2 satellite deposits: Dynamite Hill and Adubiaso. The Independent FS demonstrates an operating plan with a total LOM production of 1.85 million ounces (Moz) of gold, at an all-in-sustaining cost (AISC) of $1,143 per oz. Production during the LOM averages 217,000 oz of gold per year. Using the base case of $1,700 per oz gold price, the AGM has an after-tax net present value discounted at 5% ("NPV5%") of $343 million.

AGM Updated Independent FS Highlights - 100% basis, using a base case of $1,700/oz gold; Robust mine economics: $478 million pre-tax NPV5% and $343 million after-tax NPV5%; Highly leveraged to the gold price: after-tax NPV5% of $535 million, at $1,900 per oz gold; Low cash costs: $905/oz average total cash costs1 and $1,143/oz average AISC; Increased production profile: annual average gold production of 254,000 oz from 2025 to 2030, inclusive; Mining to recommence in 2023: mining contractors expected to be in operation at Abore during the fourth quarter; Reinstated Proven and Probable Mineral Reserves (assuming a gold price of $1,500/oz): 2.068 Moz Au (48.9 Mt at 1.31 g/t Au); Increased Measured and Indicated Mineral Resources (assuming a gold price of $1,800/oz): 3.504 Moz Au (82.3 Mt at 1.32 g/t Au), inclusive of Mineral Reserves, representing an increase of +21% in total ounces, compared to the previous Mineral Resource; and Increased Inferred Mineral Resources (assuming a gold price of $1,800/oz): 1.084 Moz Au (25.1 Mt at 1.34 g/t Au), representing an increase of +251% in total ounces, compared to the previous Mineral Resource estimate dated February 28, 2022.

"On the back of significant exploration success, the new life of mine plan now includes four cornerstone deposits at the Asanko Gold Mine. The plan demonstrates a solid production profile averaging 217,000 ounces per year with an extended mine life through 2031," stated Matt Badylak, President and Chief Executive Officer. "Restructuring our operating cost base in 2022 has in part enabled the life of mine plan to achieve all-in-sustaining costs of $1,143 per ounce4, which is expected to generate approximately $500 million in cumulative cash flow over the mine life. Significant opportunities also remain to further enhance the asset through both the continued optimization of operations, and exploration success on the highly prospective Asankrangwa gold belt.

It is also important to note that the Joint Venture held $91 million of cash at December 31, 20222 placing the AGM in a strong position to execute the life of mine plan, commencing with the restart of mining later this year."