Galiano Gold Provides Asanko Gold Mine 2023 Exploration Program Update

Galiano Gold Provides Asanko Gold Mine

2023 Exploration Program Update

VANCOUVER, BC, October 25, 2023 - Galiano Gold Inc. ( “Galiano ” or the “Company ”) (TSX:

GAU) (NYSE: GAU) is pleased to provide an update on its exploration activities at the Asanko

Gold Mine (the “AGM”) completed to -date in 2023.

The 2023 exploration program at the AGM has focused on expanding mineralization at known

deposits, as wel l as advancing a robust pipeline of regional greenfields targets towards

potential new discoveries. Highlights include:

• Resource and Reserve upgrade drilling at Nkran: Completed 6,689 metres (“m”) of drilling focused on

the southern extent of the deposit which has further demonstrated the upside potential of the orebody.

The drilling confirmed zones of strong mineralization extend beyond the current mineral reserve pit shell,

which remains open along strike and at depth, with intercepts including 19m @ 3 .0 grams per tonne

(“g/t”) gold (“Au”) from 567m, and 18m @ 2.6 g/t Au from 361m.

• Resource conversion drilling at Abore : Early results returned strong intercepts outside the current

mineral reserve pit shell including 3 6m @ 2.1 g/t Au from 278m and 21m @ 2.6 g/t Au from 226m,

highlighting potential pit expansion opportunities.

• Resource conversion drilling at Midras South: Completed the first phase of infill drilling of inferred

mineral resources at Midras South, with the deposit advancing towards a maiden Mineral Reserve

estimate. Significant intercepts from the first two holes drilled include 18m @ 4.0 g/t Au from 7m, 17m

@ 2.3 g/t Au from 24m, and 28m @ 1.2 g/t Au from 24m.

• Drilling at the Gyagyatreso regional prospect: Encouraging first results including intercepts of 38m @

2.0 g/t Au from 20m , 20m @ 1.7 g/t Au from 32m and 11m @ 3.6 g/t Au from 98m, highlighting the

presence of a fertile gold bearing system with significant strike length potential.

• Regional greenfield exploration: Through early-stage mapping, geochemistry and geophysics work, large

soil geochemical anomalies have been ident ified at the Aburi and Sky Gold targets, as well as I nduced

Polarization (“IP”) chargeability anomalies on the Esaase -Abore shear zone have been identified for

follow up trenching and/or drilling.

“The 2023 exploration results received to -date bode well not only for extending the life of

our current operations at the AGM, but also in identifying additional deposits located

throughout our large, underexplored land package,” stated Galiano’s Vice Pres ident of

Exploration, Chris Pettman. “The positive drill results at Nkran and Abore highlight examples

of the growth potential at our existing deposits, and it is exciting to see robust new regional

targets, including Gyagyatreso, being proven across the w ider AGM tenements. We look

forward to continuing our aggressive explor ation program in 2024 and beyond in order to

further extend the life of the mine.”

2

Nkran Highlights

The Nkran South drill program was designed to upgrade a zone of inferred mineral resources

at the south end of the deposit and determine the potential for growth in the open pit

mineral r eserves. In addition to the potential expansion of mineral reserves, the Compa ny is

incorporating the drilling results into the Nkran underground study that is currently

underway. Drilling began in late 2022 and was completed in 2023.

Based on these positive results, the Company has confirmed the primary mineralized zones

at Nkran are contiguous and remain open at the s outhern end of the deposit. The mineralized

zones currently extend up to 185m immediately along strike to the south of the proposed

Nkran Cut 3 pit shell.

Highlighted Drilling intercepts (see Table 1 for full drilling results)

13 combination reverse circulation (“ RC ”) /diamond drill holes totaling 6,689m were drilled

as part of this program. Results include:

• Hole NKPC22 -111: 19m @ 3.0 g/t gold from 567m

• Hole NKPC22 -114W1: 18m @ 2.6 g/t gold from 361m

• Hole NKPC23 -118: 9m @ 5.9 g/t gold from 565m

• Hole NKPC23 -116: 19.5m @ 1.6 g/t gold from 451m

• Hole NKPC23 -119: 19m @ 1.3 g/t gold from 483m and 7m @ 5.6 g/t gold from 324m

The Nkran pit is located immediately adjacent to the AGM’s processing plant and has

his torically yielded the highest average mined grades on the Asankrangwa Gold Belt , while

contribut ing significant cash flows over the years. During the mining of Cut 2 (years 2016 –

2020), Nkran produced 15.2 million tonnes (“Mt”) at 1.63 g/t and reported metallurgical

recoveries of 94%.

The Nkran geological setting is typical of the Asankrangwa Gold B elt with a sedimentary

sequence of interlayered shale, siltstone, and sandstone. Two granitic bodies intrude along

shear zones tha t control mineralization which dips steeply to the northwest along with the

sheared host stratigraphy.

3

Figure 1: Plan view of Nkran as built pit with geology, 2023 drilling locations, significant intercepts and

cross section locations. Mineralized domain is shown in orange, cross section lines numbered and shown in

blue, and as built pit shown in grey.

Figure 2: Cross section 700696 showing hole NKPC23 -111 with significant intercepts directly below the

current Nkran Mineral Reserve pit shell.

4

Figure 3: Cross section 700600 showing holes NKPC23 -119, NKPC23 -119W1, NKPC23 -113, NKPC23 -122 and

NKPC23 -117 demonstrating vertical continuation of mineralization between the current Nkran Mineral

Reserve pit shell and $1 , 800 pit shell. This image shows the continuation of robust mineralization within

both main western mineralization and south breccia mineralization zones as drilling moves progressively

south along strike of the known Nkran deposit.

Figure 4: Long section showing the location of the current 2023 drilling and the areas of Inferre d Mineral

Resource mineralization that have been confirmed by this drilling shown in orange. Topography is a s-built

pit, Inferred Mineral Resource shown in green, Indicated Mineral Resource shown in brown. The current

Nkran Mineral Reserve pit shell is outlined in pink and the $1 ,800 pit shell is in black.

5

Abore Highlights

Abore is located directly on the Esaase haul road approximately 13 kilometers (“km”) north

of the AGM processing plant and has current Measured and Indicated Mineral Resources of

477,000 ounces @ 1. 16 g/t Au and Inferred Resources of 131,000 ounces @ 1. 14 g/t Au as

described in the “ NI 43 -101 Technical Report and Feasibility Study for Asan ko Gold Mine,

Ghana” with an effective date of December 31, 2022 (the “2023 Technical Report”) filed on

SEDAR (see news release dated February 22, 2023 ).

Exploration drilling throughout 2023 has been primarily focused on the conversion of

inferred mineral resources below the mineral reserve pit shell and infilling zones below the

$1, 800 Measured , Indicated and Inferred Mineral Resource pit shell. While dri lling is

ongoing, results received to -date demonstrate that mineralization remains robust in the

inferred mineral resource zones tested with intercepts including 36m @ 2.1 g/t Au (ABPC23 -

190) from 278m and 21m @ 2.6 g/t Au (ABPC23 -189) from 226m . See table 2 for full assay

results.

The deposit sits along the Esaase shear corridor , which also hosts the Esaase deposit .

Geology here is characterized by a sedimentary sequence composed primarily of siltstones,

shales and thickly bedded sandstones tha t has been intruded by a granite which lies parallel

to the shear and dipping steeply to the northwest. Mineralization is mostly constrained to

the granite, hosted in west dipping quartz vein areas developed primarily along the eastern

margin of the grani te/sediment contact.

Figure 5: Plan map of 2023 Abore infill drilling progress shown on geology highlighting location of holes ABPC23-189 and ABPC23-190.

Granite which acts as primary host of Abore mineralization shown in pink.

6

Figure 6: Cross section through Abore showing holes ABPC23-189 and ABPC23-190 with significant mineralized intercepts below the

current Inferred Mineral Resource and the $1,800 Mineral Resource shell as described in Section 14.2.8 of the 2023 Technical Report.

Midr as South Highlights

The Midras South deposit lies approximately 5 km south of the AGM processing plant along

the Takorase – Afraso shear zone, a laterally extensive structure recognized from airborne

VTEM , magnetic surveys and extensive ground mapp ing . Midras South consists of 3 distinct

zones of mineralization, interpreted to be fault offsets of the primary mineralized structure .

Ty pical of Asankrangwa Gold Belt deposits, indicated mineralization at Midras South is

developed within a package of deformed sandstone, siltstone and phyllite with s tratigraphy

and structure both steeply dipping to the northwest . G old mineralization occurs in

association with quartz veining, arsenopyrite and pyrite, within a broader envelope of

quartz -sericite -pyrite and carbonate alteration.

Midras South has a current Inferred Mineral Resource of 5.4Mt @ 1.32 g/t Au totaling

232,000 oz. Current drilling is designed to upgrade the primary mineralized zones to the

Indicated Mineral Resource category to advance the deposit towards a maiden Mineral

Reserve estimate.

Drilling throughout 2023 consisted of 5,061 m of resource conversion drilling which targeted

inferred mineral resources within the southern zones of the deposit. Notable results from

the program include :

7

• Hole MSRC23-253: 28m @ 1.2 g/t Au from 24m

• Hole MSRC23-257: 10m @ 2.6 g/t Au from 18m

• Hole MSRC23-258: 12m @ 2.5 g/t Au from 5m

• Hole MSRC23-284: 18m @ 4.0 g/t Au from 7m

• Hole MSRC23-285: 3m @ 26.6 g/t Au from 24m

• Hole MSRC23-287: 17m @ 2.3 g/t Au from 24m

See Table 3 for full assay results.

Two of the fertile structural trends that host mineralization at Midras South also remain open

along strike and are considered targets for further exploration drilling.

Figure 7: Midras South plan map showing location of 2023 infill drilling and significant intercepts on geology and mineralized domains.

8

Figure 8: Midras South section 695990 showing holes MSPC23-291 and MSRC23-257 highlighting significant intercepts both inside and

outside the current mineralization domains.

Figure 9: Midras South section 696080 showing holes MSPC23-281 and MSRC23-284 highlighting shallow high-grade intercept.