Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) is pleased to provide a summary of its 2024 operational achievements, including gold production of 115,115 ounces. The Company owns a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the Republic of Ghana, West Africa.

Highlights¹

• Consolidating ownership: Completed the transaction with Gold Fields Ltd., acquiring their 45% interest in the AGM and thereby securing 90% ownership.
• Improved safety metrics: Achieved 12-month rolling lost-time and total recordable injury frequency rates of 0.15 and 0.58, respectively, reflecting a stronger safety performance compared to 2023.
• Gold production: Produced 115,115 ounces, slightly below revised guidance of 120,000 to 130,000 ounces. Full year mill throughput of 5.1 million tonnes was constrained due to harder material processed and lower mobile crushing circuit availability. Fewer ore tonnes were mined from Abore due to mining at higher elevations following an expansion of the pit to take advantage of the increased Mineral Reserve.
• Financial strength: Approximately $105 million in unaudited cash and cash equivalents as of December 31, 2024 while continuing to be debt free.
• Life of Mine enhancements: Advanced work on the AGM’s optimized Life of Mine plan and updated Mineral Reserves and Resources, with an expected release date of January 28, 2025.
• Mining improvements:
  • Full fleet of mining equipment mobilized at Abore by the mining contractor at the end of the third quarter.
  • Daily mined tonnage averaged 121,000 tonnes in the second half (“H2”), compared to 75,000 tonnes in the first half (“H1”).
  • Achieved a 51% increase in ore mined in H2 compared to H1.
• Mill upgrades:
  • Added an additional mobile crusher at Abore to improve throughput and recovery rates in 2025 while awaiting a secondary crusher, to be commissioned in third quarter 2025.
  • Commissioned one additional carbon-in-leach tank, with a second to follow this month.
  • Expanded the oxygen generation plant.

• Successful exploration programs:
  • Abore: Expanded Mineral Reserves by 45%, driven by the 2023 drilling program.
  • Midras South: Positive delineation drilling results at Midras South expected to result in maiden Mineral Reserve estimate in 2025.
  • Akoma: Identified new mineralized system with encouraging initial drill test results at Akoma greenfield target, located approximately 5 kilometres (“km”) from the AGM processing plant.
  • Sky Gold B: Confirmed a previously unknown shear zone with multiple gold intercepts at the Sky Gold B target.
• Termination of offtake agreement: Ended the agreement with Red Kite Opportunities Master Fund (“Red Kite”), removing the obligation to sell 100% of gold production from the AGM at prices selected by Red Kite during a quotational period.
• Strengthened leadership: Added Navin Dyal, Dr. Moira Smith, and Lauren Roberts to the Board of Directors and appointed Michael Cardinaels as Chief Operating Officer.

“Galiano made notable progress in 2024 in both growing production and strengthening our operating capabilities,” said Matt Badylak, President and Chief Executive Officer of Galiano Gold Inc. “With full ownership of the AGM secured in the first quarter, we ramped up operations at Abore and progressed solutions to address crushing and milling challenges identified earlier in the year.

“We are well-positioned to capitalize on historic high gold prices, supported by a strong financial position and the completion of the Red Kite buyout. Optimization of the Life of Mine plan remains on track, with the release of results expected later this month. Recent additions to our management team and Board of Directors further strengthen our ability to meet our goals in the year ahead.”

Exploration Updates

The 2024 exploration program at the AGM was focused on increasing Mineral Reserves through delineation drilling at known deposits, as well as advancing several regional greenfields targets.

Near-mine exploration:

Positive delineation drilling at the Midras South deposit confirmed robust mineralization with significant widths and gold grades at shallow depths (see Figure 1). Midas South is slated for Mineral Reserve inclusion in 2025.

Selected 2024 Midras South drilling highlights^1,2:

• Hole MSRC24-352: 27m @ 2.64 g/t Au from 13m
• Hole MSRC24-302: 21m @ 3.07 g/t Au from 50m
• Hole MSPC24-360: 14m @ 3.06 g/t Au from 51m
• Hole MSRC24-353: 13m @ 3.56 g/t Au from 22m
• Hole MSRC24-370: 7m @ 88.33 g/t Au from 3m

Regional exploration:

• Sky Gold B: Initial drilling identified a previously unknown shear corridor with promising gold intercepts, guiding follow-up geophysics planned for early 2025. Key intercepts include^1,2:
  • Hole SKDD24-025 : 16m @ 1.06 g/t Au and 4.8m @ 2.96 g/t Au
  • Hole SKRC24-019: 3m @ 5.11 g/t Au
  • Hole SKRC24-007 : 6m @ 1.22 g/t Au

• Akoma target: Located approximately 5km from the AGM processing plant, initial drilling identified multiple mineralized intercepts in shear zones along an approximate 500m strike length (see Figures 2 & 3), with follow-up exploration planned in Q1 2025.

Akoma drilling highlights^1,2:

• Hole T3RC24-004: 6m @ 6.96 g/t Au from 40m
• Hole T3RC24-008: 16m @3.57 g/t Au from 68m and 18m @ 0.95 g/t Au from 86m
• Hole T3RC24-015: 10m @ 2.53 g/t Au from 12m
• Hole T3RC24-003: 4m @ 31.57 g/t Au from 116m
• Hole T3RC24-006: 7m @ 6.89 g/t Au from 89m

Organizational Appointments

Michael Cardinaels joined the Company as Executive Vice President and Chief Operating Officer in September. Navin Dyal and Dr. Moira Smith were appointed to the Board of Directors in June, and Lauren Roberts was appointed effective January 2, 2025.

Qualified Person and QA/QC

Chris Pettman P. Geo, Vice President Exploration of Galiano, is a Qualified Person as defined by NI 43-101 (as defined below) and has supervised the preparation of the scientific and technical information that forms the basis for the exploration results this news release. Mr. Pettman is responsible for all aspects of the work including the Data Verification and Quality Control/Quality Assurance programs and has verified the data disclosed, by reviewing all data and supervising its compilation. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date. Mr. Pettman is not independent of Galiano.

Certified Reference Materials and Blanks are inserted by Galiano into the sample stream at the rate of 1:14 samples.  Field duplicates are collected at the rate of 1:30 samples. All samples have been analysed by Intertek Minerals Ltd. in Tarkwa, Ghana with standard preparation methods and 50g fire assay with atomic absorption finish. Intertek Minerals Ltd. does its own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors.

About Galiano Gold Inc.

Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company owns 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.