GALIANO GOLD REPORTS Q 3 2022 FINANCIAL AND OPERATING RESULTS.

VANCOUVER, BC: Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) reports third quarter ("Q3") 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 Limited (JSE, NYSE: GFI) which is managed and operated by Galiano. All financial information contained in this release is unaudited and reported in US dollars.

Asanko Gold Mine JV Key Metrics (100% basis):

Culture of Safety: Strong safety performance with no lost-time injuries ("LTI") nor total recordable injuries ("TRI") recorded during the quarter, resulting in 12-month rolling LTI and TRI frequency rates of nil and 0.25 per million employee hours worked, respectively. As of September 30, 2022, the AGM had achieved 9.4 million employee hours worked without an LTI.

Metallurgical recoveries at Esaase: Independent third-party metallurgical test work completed on the Esaase deposit with overall weighted average estimated gold recoveries of 87%. These results support past test work and are in-line with metallurgical recoveries previously assigned to the Esaase deposit.

Production and revised guidance: Gold production of 43,899 ounces during the quarter. Year-to-date production of 136,252 ounces, resulting in a further upward revision of guidance to 160,000 to 170,000 ounces for 2022.

Milling performance: Achieved milling throughput of 1.4 million tonnes ("Mt") of ore at a grade of 1.1g/t and metallurgical recovery averaged 88% during the quarter, a continued improvement in recoveries since Q1 2022.

Cost performance and cash flow: Total cash costs per ounce[1] of $1,001 and all-in sustaining costs1 ("AISC") of $1,178/oz during the quarter, resulting in positive cash flows from operations of $26.1 million and free cash flow1 of $16.3 million.

Financial performance: Gold revenue of $76.8 million generated from 45,482 gold ounces sold at an average realized price of $1,687/oz. Net income after tax of $17.3 million during the quarter and Adjusted EBITDA1 of $22.3 million.

Exploration success: Completed a successful infill drilling program at Nkran which intercepted several high-grade intervals within and below the resource shell described in the AGM's National Instrument 43-101 Technical Report (effective February 28, 2022). Additionally, deep directional drilling continued at Nkran to explore the underground potential of the deposit and define the continuity and extension of mineralization below the limits of observed Mineral Resources. This drill program also intersected high grade mineralization.

Improving liquidity: $85.8 million in cash, $6.5 million in gold on hand, $0.4 million in gold sales receivables and no debt as of September 30, 2022.

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1 See "Non-IFRS performance measures"

Galiano Gold Highlights:

Stable balance sheet: Cash and cash equivalents of $54.7 million and $2.7 million in receivables as at September 30, 2022, while remaining debt-free.

Earnings: Net income after tax of $1.3 million or $0.01 per common share during the quarter.

"The AGM had yet another strong financial and operating quarter; the combination of higher gold production and all-in sustaining margins1 resulted in a further strengthening of the AGM's balance sheet. Higher production for the quarter was driven by improved metallurgical recoveries and stockpile material performing better than expected. As a result of continued robust production, we are again revising 2022 gold production guidance for the AGM to 160,000 to 170,000 ounces," said Matt Badylak, President and Chief Executive Officer. "We are also pleased to have concluded the metallurgical test work program at Esaase which...

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