(All dollar amounts are United States dollars unless otherwise stated)

VANCOUVER, BC, Aug. 11, 2022 /PRNewswire/ – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX: GAU) (NYSE American: GAU) reports second quarter (“Q2”) operating and financial results for the Company and the Asanko Gold Mine (“AGM”), located in Ghana, West Africa. The AGM is a 50:50 joint venture (“JV”) with Gold Fields Ltd (JSE, NYSE: GFI) which is managed and operated by Galiano.  All financial information contained in this release is unaudited and reported in US$.

Galiano Gold Inc. logo (CNW Group/Galiano Gold Inc.)

Asanko Gold Mine Key Metrics (100% basis):

  • Production and revised guidance: Gold production of 50,010 ounces during the quarter. Year-to-date production of 92,353 ounces. Full year gold production guidance has been revised from 100,000 to 120,000 ounces to 140,000 to 160,000 ounces.

  • Milling performance: Achieved milling throughput of 1.4Mt of ore at a grade of 1.3g/t and metallurgical recovery averaging 84% during the quarter, a significant improvement in recoveries quarter on quarter.

  • Cost performance and cash flow: Total cash costs per ounce1 of $1,218 and all-in sustaining costs1 (“AISC”) of $1,431/oz during the quarter, resulting in positive cash flows from operations of $34.3 million and free cash flow1 of $25.3 million.

  • Financial performance: Reported gold revenue of $84.7 million generated from 46,236 gold ounces sold at an average realized price of $1,832/oz. Reported net income…

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