Galiano GOLD Reports an Incident at a Mining Lease Owned BY the Asanko GOLD MINE
GALIANO GOLD REPORTS AN INCIDENT AT A MINING LEASE
OWNED BY THE ASANKO GOLD MINE
Vancouver, British Columbia, March 3, 2024 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE
American: GAU) reports that an incident occurred on Saturday March 2, 2024, at the Asanko Gold Mine (the
“AGM”), a 50:50 joint venture with Gold Fields Limited, which is managed and operated by Galiano.
The incident occurred following an interaction between a group of illegal miners and contracted security officers
on AGM’s mining lease near the township of Tontokrom. Two security officers and a civilian were killed in the attack
by illegal miners.
Given the distance between the processing plant and the mining leases to the south, operations at the AGM remain
unaffected. Further investigations are ongoing and Galiano will continue to work closely with the local law
enforcement agencies and relevant authorities to ensure the safety of our employees and community members.
Contact Information
Krista Muhr
SVP, Investor Relations
(778) 239-0446
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business ca pable of value creation for all stakeholders through
production, exploration and disciplined deployment of its financial resources. The Company owns and operates the
Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is co mmitted to the highest standards for
environmental management, social resp onsibility, and the health and safety of its employees and neighbouring
communities. For more information, please visit www.galianogold.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this news release constitute "forward-looking statements" within
the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable
Canadian securities laws, which we refer to collectiv ely as "forward-looking statements". Forward-looking
statements are statements and informat ion regarding possible events, conditions or results of operations that are
based upon assumptions about future conditions and courses of action. All statements and information other than
statements of historical fact may be forward looking statements. In some cases, forward-looking statements can be
identified by the use of words such as "seek", "expect" , "anticipate", "budget", "pla n", "estimate", "continue",
"forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar
words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this news release includ e, but are not limited to: statements with respect to
operations and handling of the incident at the AGM; comple tion and timing of the Acquisition, the benefits of the
Acquisition to the Company and its sh areholders, the merits of the AGM, the operating plans for the AGM;
commitment to health and safety and related matters. Such forward-looking statements are based on a number of
material factors and assumptions, including, but not limited to: the ability of the Company to satisfy the conditions
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requested to close the Acquisition, receipt of all necessary regulatory approvals in connection with the Acquisition,
the ability of the Company to meet the expected timing for closing the Acqu isition; development plans and capital
expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the
estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to
raise sufficient funds from future equity financings to support its operations, and ge neral business and economic
conditions; the global financial markets and general economic conditions will be stable and prosperous in the future;
the ability of the JV and the Company to comply with applicable governmental regulations and standards; the mining
laws, tax laws and other laws in Ghan a applicable to the AGM and the JV will not change , and there will be no
imposition of additional exchange controls in Ghana; th e success of the JV and the Company in implementing its
development strategies and achieving its business objectives; the JV will have sufficient working capital necessary to
sustain its operations on an ongoing basis and the Company will continue to have sufficient working capital to fund
its operations and contributions to the JV; and the key personnel of the Company and the JV will continue their
employment.
The foregoing list of assumptions cannot be considered exhaustive.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ ma terially from those anticipated in such forward-looking
statements. The Company believes the expectations reflec ted in such forward-looking statements are reasonable,
but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place
undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could
cause actual results to differ materially from those expr essed in the forward-looking statements contained in this
news release, include, but are not limited to: risks related to operations and the incident at the AGM; risks related
to the Company’s ability to close the Acquisition, risks related to the expected benefits of the Acquisition; the mineral
reserve and mineral resource estimates may change and ma y prove to be inaccurate; metallurgical recoveries may
not be economically viable; LOM estimates are based on a number of factors and assumptions and may prove to be
incorrect; actual production, costs, returns and other economic and financial performance may vary from the
Company's estimates in response to a variety of factors, many of which are not within the Company's control;
inflationary pressures and the effects thereof; the AGM has a limited operating hist ory and is subject to risks
associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of
commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical
and geological conditions (including ge otechnical failures) may result in oper ating delays and lower throughput or
recovery, closures or damage to mine infrastructure; th e ability of the Company to treat the number of tonnes
planned, recover valuable materials, remove deleteriou s materials and process ore, concentrate and tailings as
planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the
JV's mineral properties may experience a loss of ore due to illegal mining activities; the Company's operations may
encounter delays in or losses of production due to equipment delays or the availability of equipment; outbreaks of
COVID-19 and other infectious diseases may have a negative impact on global financial conditions, demand for
commodities and supply chains and could adversely affect the Company's business, fina ncial condition and results
of operations and the market price of the common shares of the Company; the Company's operations are subject to
continuously evolving legislation, co mpliance with which may be difficult, une conomic or requi re significant
expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could
adversely affect the Company's operations; recoveries may be lower in the future and have a negative impact on the
Company's financial results; the lower recoveries may persist and be detrimental to the AGM and the Company; the
Company's business is subject to risks associated with operating in a foreign country; risks related to the Company's
use of contractors; the hazards and risks normally encountered in the exploration, development and production of
gold; the Company's operations are subject to environmental hazards and compliance with applicable environmental
laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to
the delivery of essential commodities which could negatively affect production efficiency; the Company's operations
and workforce are exposed to health and safety risks; unexp ected costs and delays related to, or the failure of the
Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration,
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development and mining interests can be uncertain and may be contested; geotechnical risks associated with the
design and operation of a mine and related civil structures ; the Company's properties ma y be subject to claims by
various community stakeholders; risks related to limited a ccess to infrastructure and water; risks associated with
establishing new mining operations; th e Company's revenues are dependent on the market prices for gold, which
have experienced significant recent fluctuations; the Company may not be able to secure additional financing when
needed or on acceptable terms; the Company's shareholders may be subject to future dilution; risks related to the
control of AGM cashflows and operation through a joint venture; risks related to changes in interest rates and foreign
currency exchange rates; risks relating to credit rating downgrades; changes to taxation laws applicable to the
Company may affect the Comp any's profitability and ability to repatriate funds; risks related to the Company's
internal controls over financial reporting and compliance with applicable accounting regulations and securities laws;
risks related to information systems security threats; non-compliance with public disclosure obligations could have
an adverse effect on the Company's st ock price; the carrying value of the Company's a ssets may change and these
assets may be subject to impairment charges; risks associ ated with changes in reporting standards; the Company's
primary asset is held through a joint venture, which exposes the Company to risks inherent to joint ventures,
including disagreements with joint venture partners and si milar risks; the Company may be liable for uninsured or
partially insured losses; the Company may be subject to litigation; damage to the Company's reputation could result
in decreased investor confidence and increased challeng es in developing and maintaining community relations
which may have adverse effects on the bus iness, results of operations and financial conditions of the joint venture
and the Company and the Company's share price; the Co mpany may be unsuccessful in identifying targets for
acquisition or completing suitable corp orate transactions, and any such transa ctions may not be beneficial to the
Company or its shareholders; the Company must compete with other mining companies and individuals for mining
interests; the Company's growth, future profitability and ability to obtain financing ma y be impacted by global
financial conditions; the Company's common shares may experience price and trading volume volatility; the
Company has never paid dividends and does not expect to do so in the foreseeable future; the Company's
shareholders may be unable to sell significant quantities of the Company's common shares into the public trading
markets without a significant reduction in the price of its common shares, or at all; and the risk factors described
under the heading "Risk Factors" in the Company's Annual Information Form.
Although the Company has attempted to identify important factors that could cause actual results or events to differ
materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive
and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no
obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news
release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required
by applicable law.