Galiano GOLD Reports Preliminary 2023 Production Results
GALIANO GOLD REPORTS PRELIMINARY
2023 PRODUCTION RESULTS
(all dollar amounts in USD)
Vancouver, British Columbia, January 16, 2024 – Galiano Gold Inc. (“Galiano” or the
“Company”) (TSX, NYSE American: GAU) is pleased to announce the Company’s preliminary 2023
production results at the Asanko Gold Mine (the “AGM”) in Ghana. The AGM is a 50:50 joint venture (“JV”) with
Gold Fields Limited (“Gold Fields”), which is managed and operated by Galiano. On December 21, 2023, the
Company announced it had reached an agreement with Gold Fields to acquire its 45% interest in the AGM.
2023 Preliminary Production Results and Operating Highlights
Gold production: The AGM produced 31,947 ounces of gold in the fourth quarter and achieved full year 2023
gold production of 134,077 ounces, exceeding upward revised production guidance of between 120,000 to
130,000 ounces of gold.
Consolidated ownership of AGM: On December 21, 2023, Galiano anno unced it had entered into a binding
share purchase agreement with subsidiaries of Gold Fi elds to acquire their 45% interest in the AGM (the
“Acquisition”). Upon completion of the Acquisition, which remains on track to close during the first quarter of
2024, Galiano will establish itself as a growing gold producer with robust financial strength, owning and
operating one of the largest gold mines in West Africa.
Technical Report: Delivered an Independent Feasibility Study for the AGM. The report titled “NI 43-101
Technical Report and Feasibility Study for Asanko Gold Mi ne, Ghana” with an effective date of December 31,
2022 (“Technical Report”) describes an 8.5-year mine life with a robust after-tax net present value at a 5%
discount rate of $343 million (applying a $1,700/oz gold price) and average annual gold production of 254,000
ounces per year from 2025 onwards.
Restart of mining: Resumed mining operations on October 1, 2023, at the Abore deposit.
Successful exploration program: Completed an aggressive 2023 explorat ion program, focused on expanding
mineralization at known deposits, as well as advancing a robust pipeline of regional greenfields targets towards
potential new discoveries. Highlights included:
o Mineral resource and mineral reserve definition drilling at Nkran;
o Mineral resource conversion drilling at Abore;
o Mineral resource conversion drilling at Midras South;
o First pass drilling at the Gyagyatreso regional prospect; and
o Regional greenfield exploration identifying large soil ge ochemical anomalies at Aburi and Sky Gold
targets.
“The past year was transformational for Galiano Gold and its stakeholders. Most notable was the announcement
of the transaction to consolidate the AGM, which will tran sform Galiano into a relevant, emerging mid-tier gold
producer owning one of the largest gold producing mines in West Africa”, stated Matt Badylak, Galiano’s President
and CEO, “I am additionally pleased with our improved understanding of the asset and demonstrated ability to
deliver to plan. 2023 marked the second consecutive year the AGM exceeded production guidance and significantly
strengthened the balance sheet. The updated Technical Report, which was delivered in the first quarter of 2023,
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now describes a realistic life of mine production and cost profile at the AGM. Furthermore, fulfilling our
commitment to recommence mining on October 1st, places us on schedule to realize meaningful, low risk, organic
production growth which is expected to increase to average annual gold production of 254,000 per year from 2025
onwards. We remain excited about the prospectivity of the Asankrangwa Gold Belt and will continue to aggressively
pursue exploration targets in 2024 to further extend the life of mine.”
2023 AGM Operating Results
Q4 2023 Full Year 2023
Average realized gold price ($/oz) 1,942 1,908
Gold sold (oz) 30,555 134,163
Gold produced (oz) 31,947 134,077
2023 Fourth Quarter and Full Year Financial Results Announcement
The Company will release its audited co nsolidated annual financial statemen ts and management’s discussion and
analysis after market close on February 15, 2024. A conference call to discuss the details will be held by senior
management on February 16, 2024, at 8am PT/11am ET.
Conference Call Details
To participate in the conference call, please dial the following:
Toll Free Canada & USA: 1-888-390-0546
Outside of Canada & USA: 416-764-8688
Webcast: https://app.webinar.net/0WD71deAn59
Participants should dial in 10 minutes prior to the conference.
Click on WEBCAST on the Galiano homepage for a simultaneous audio webcast of the conference call at
www.galianogold.com.
The conference call will be recorded and you can listen to an archive of the conference by calling:
Toll Free Canada & USA: 1-888-390-0541
Outside of Canada & USA: 416-764-8677
Access Code: 913246#
An archived webcast of the conference call will also be available at www.galianogold.com.
Qualified Person
Richard Miller, P.Eng., Vice President Te chnical Services with Galiano, is a Qua lified Person as defined by Canadian
National Instrument 43-101 - Standard s of Disclosure for Mineral Projects, and has approved the scientific and
technical information contained in this news release.
Contact Information
Krista Muhr
SVP, Investor Relations
(778) 239-0446
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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 operates and manages
the Asanko Gold Mine, which is located in Ghana, West Af rica,. Galiano is committed 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", “preliminary”, “prospective”, "intend", "believe", "predict", "pot ential", "target", “pursue”, "may",
"could", "would", "might", "will" and similar words or phrases (including ne gative variations) suggesting future
outcomes or statements regarding an outlook.
Forward-looking statements in this news release include, but are not limited to: statements with respect to the
completion and timing of the Acquisition, the benefits of the Acquisition to the Company and its shareholders, the
merits of the AGM, the operating plans for the AGM; oppo rtunities for growth at the corporate level; commitment
to health and safety; anticipated production and cost gu idance; future exploration and exploration programs and
the timing thereof; information regarding the plans and expectations of the Company; and related matters. Such
forward-looking statements are based on a number of mate rial factors and assumptions, including, but not limited
to: the ability of the Company to satisf y the conditions required 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 Acquisition; the Company pr oceeding with further exploration and exploration programs as currently
anticipated; development plans and capi tal expenditures; the price of gold w ill 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 Comp any's ability to raise sufficie nt funds from future equity financings to support its
operations, and general 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 th e Company to comply with
applicable governmental regulations and standards; the mining laws, tax laws and other laws in Ghana applicable to
the AGM and the JV will not change, and there will be no im position of additional exchange controls in Ghana; the
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 workin g capital to fund its op erations and contribution s 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 relate d to the Company’s ability to close the Acquisition, risks
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related to the expected benefits of the Acquisition; the mineral reserve and mineral resource estimates may change
and may 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 Comp any'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 history and is subjec t to risks associated with establish ing 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 geotechnical failures) may
result in operating delays and lower throughput or recovery , closures or damage to mine infrastructure; the ability
of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials
and process ore, concentrate and tailings as planned is dependent on a number of fa ctors and assumptions which
may not be present or occur as expected; the JV's minera l properties may experience a loss of ore due to illegal
mining activities; the Company's operations may encounte r delays in or losses of production due to equipment
delays or the availability of equipment; outbreaks of COVID-19 and other infe ctious diseases may have a negative
impact on global financial conditions, demand for commod ities and supply chains and could adversely affect the
Company's business, financial 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, compliance with which may be
difficult, uneconomic or require signi ficant expenditures; the Company may be unsuccessful in attracting and
retaining key personnel; labour disruptions could advers ely 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 Co mpany's business is subject to risks associated with
operating in a foreign country; risks related to the Comp any'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 Compan y's operations and workforce are exposed to health and
safety risks; unexpected 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, 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 may be subject to claims by various community stakeholders; risks related
to limited access to infrastructure and water; risks associated with es tablishing new mining operations; the
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 rela ted to the control of AGM cashflows and
operation through a joint vent ure; 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
Company'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-complianc e with public disclosure obligations could have an adverse effect on the
Company's stock price; the carrying value of the Company's assets may change and these assets may be subject to
impairment charges; risks associated with changes in reporting standards; the Comp any'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 similar risks; the Company may be liable for uni nsured 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 challenges in developing and maintaining community relations which may have adverse
effects on the business, results of operations and financial conditions of the joint venture and the Company and the
Company's share price; the Company ma y be unsuccessful in identifying ta rgets for acquisition or completing
suitable corporate transactions, and any such transactions 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 may be impacted by global financial conditions; the
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Company's common shares may experien ce 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 th e 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.