Vancouver, British Columbia, April 16, 2024 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX,
NYSE American: GAU) is pleased to provide 2024 operating and cost guidance, preliminary first quarter
operational results and an update on the improved Abore Mineral Resource at the Company’s Asanko
Gold Mine (the “AGM”), located in Ghana, West Africa.
2024 Full Year Guidance
The AGM is expected to produce between 140,000 to 160,000 ounces at forecast All-In Sustaining Cost (“AISC”)1 of between $1,600/oz to $1,750/oz. With the AGM now owned 90% by Galiano, production is expected to significantly exceed that of 2023, more than doubling the Company’s attributable gold production. AISC1 is anticipated to be slightly elevated in 2024 primarily due to the waste stripping to
access consistent ore feed at Abore, which will benefit future years production.
Sustaining capital, exclusive of capitalized waste stripping, is expected to be approximately $10 million in 2024.
Growth capital in 2024 is expected to be approximately $20 million and primarily includes plant upgrades (additional Carbon-In-Leach tanks, a secondary crusher and associated circuit upgrades) and site establishment costs.
The exploration program in 2024 is expected to be in line with previous years at $15 million. The spend is planned to be equally split between generative and near-mine exploration activities.
Preliminary Q1 2024 Operating Results
For the three months ended March 31, 2024, the AGM produced 30,386 gold ounces, in-line with the Company’s expectations, as the mill feed was sourced from existing stockpiles, while Abore pre-stripping continued. The Company expects to be processing higher grade ore from the Abore pit by the end of the second quarter of 2024.
As of March 31, 2024, the Company had $130.8 million in unaudited cash and cash equivalents and no debt. These balances include the financial results of the AGM, which were consolidated by the Company effective March 4, 2024, upon closing of the transaction with Gold Fields Limited.
1 Refer to Non-IFRS Performance Measures
2
Preliminary Q1 2024 Operational Results2
Q1 2024
Gold produced (oz) 30,386
Gold sold (oz) 31,840
Average realized gold price ($/oz) 2,056
2024 First Quarter Financial Results Announcement
The Company will release its condensed consolidated interim financial statements and Management's Discussion and Analysis for the three months ended March 31, 2024 and 2023 after market close on May 2, 2024.
38% Increase to Abore Measured and Indicated (“M&I”) Mineral Resource Estimate
Following successful 2023 and early 2024 infill drilling programs at Abore, a notable increase to the Abore
Mineral Resource Estimate (“MRE”) was completed effective March 31, 2024. This new estimate includes
assay results from an additional 119 exploration drill holes, totaling 27,039 metres, completed since the
December 31, 2022 MRE, as described in the 2023 Technical Report3
. The net impact of the additional drilling exceeded conversion of the Inferred Mineral Resourcesto Indicated Mineral Resources. The Abore M&I Mineral Resources increased by 181,000 ounces (38%), as a result of improved grade (13%) and
tonnage (22%) from 1.16 grams per tonne (“g/t”) to 1.31 g/t, and from 12.8 million tonnes to 15.6 million tonnes, respectively. Both estimates were based on an $1,800 per ounce gold price and an equivalent cutoff grade of 0.45 g/t Au.
These results, in addition to other infill and step out drilling results, will be used to update a consolidated
AGM Mineral Reserve Estimate and an optimized Life of Mine plan in the fourth quarter of 2024.
"With the consolidation of the AGM completed during the first quarter, I am pleased to report on the work the team has been focused on since completing this transformational milestone,” stated Matt Badylak, Galiano’s President & Chief Executive Officer. “The significant increase in M&I Resources at Abore
highlights the deposit’s importance to the AGM life of mine and work is underway to update the Mineral
Reserve Estimate. This estimate is expected to grow on the back of the expanded MRE and provide additional mill feed optionality going forward.
Across the AGM, we strongly believe in the long-term potential for growth through successful infill andm step out drilling at all of our existing deposits. This focus, combined with ongoing greenfield exploration
success and a rising gold price environment, bodes well for further extension of the AGM life of mine and additional value creation for our shareholders.”
2 Results from the Asanko Gold Mine are on a 100% basis for the three months ended March 31, 2024.
3 Refer to "NI 43-101 Technical Report and Feasibility Study for the Asanko Gold Mine, Ashanti Region,
Ghana" with an effective date of December 31, 2022, which is available on the Company's website and filed on SEDAR+.

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https://s24.q4cdn.com/325379252/files/doc_news/2024/04/16/04-16-24-Abore-Guidance-Publish.pdf

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