UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2023

Commission File No. 001-33580

GALIANO GOLD INC.
(Translation of registrant's name into English)

Suite 1640, 1066 West Hastings Street
Vancouver, British Columbia, V6E 3X1, Canada
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F  [  ]  Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)  [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)  [  ]

SUBMITTED HEREWITH

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GALIANO GOLD INC.

/s/ Matthew Freeman
________________________________
Matthew Freeman
Chief Financial Officer

Date:  March 28, 2023

Project No: CAPR001985

Copyright © SRK Consulting (Canada) Inc., 2023

Important Notice

This report was prepared as a Technical Report for Galiano Gold Inc. (Galiano) by SRK Consulting (Canada) Inc. as part of a team of consultants ("the Team") contracted by Galiano. The quality of information, conclusions and estimates contained herein is consistent with the level of effort involved in the Team's services, based on: i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Galiano subject to the terms and conditions of its contracts with SRK and the Team and to the relevant securities legislation. The contracts permit Galiano to file this report as a technical report with relevant securities regulatory authorities. Except for the purposes legislated under provincial securities law or for litigation or dispute resolution, any other uses of this report by any third party are at that party's sole risk. The responsibility for this disclosure remains with Galiano. The user of this document should ensure that this is the most recent Technical Report for the property as it is not valid if a new technical report has been issued.

Currency is expressed in US dollars and metric units are used, unless otherwise stated. The report uses Canadian English.

© 2023 SRK Consulting (Canada) Inc.

This document, as a collective work of content and the coordination, arrangement and any enhancement of said content, is protected by copyright vested in SRK Consulting (Canada) Inc.

Outside the purposes legislated under provincial securities laws or as otherwise stipulated in SRK's client contract, this document shall not be reproduced in full or in any edited, abridged or otherwise amended form unless expressly agreed in writing by SRK.

Date and Signature Page

This technical report was written by the following contributing authors. The effective date of this technical report is 31 December 2022. The date of signature is 28 March 2023.

Qualified Persons Statements

CERTIFICATE OF QUALIFIED PERSON

To accompany the technical report entitled: "NI 43-101 Technical Report, Feasibility Study for the Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 31 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Robert McCarthy, do hereby certify that:

1. I am a Principal Consultant with SRK Consulting (Canada) Inc. ("SRK") with an office at Suite 2600-320 Granville Street, Vancouver, BC, Canada.

2. I am a graduate of the University of British Columbia where I obtained a Batchelor of Applied Science (Mining Engineering) in 1984, plus I obtained a Masters of Business Administration from Athabasca University in 2005. I have practiced my profession continuously since 1984. I have held positions in engineering, operations, and maintenance at operating mines, and as a consultant since 2007, I have conducted mine planning and costing for numerous mining projects from PEA to feasibility levels.   

3. I am a Professional Engineer registered with the Engineers and Geoscientists of British Columbia, with membership number, 136877.

4. I visited the Asanko Gold Mine on June 27-29, 2022.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 1.1, 1.2, 1.10, 1.12, 1.13, 2 (all), 3 (all), 4 (all), 5 (all), 6 (all), 18 (excluding 18.5, 18.6), 19 (all), 21 (excluding 21.1.3, 21.1.4, 21.1.6, 21.2.2, 21.2.3), 22 (all), 23 (all), 24 (all), 25.1, 25.2.5, 25.2.7, 25.2.8, 27 (all) of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28^th day of March 2023 in Vancouver, BC, Canada.

"original signed"

Robert McCarthy, PEng

SRK Consulting (Canada) Inc.

CERTIFICATE OF QUALIFIED PERSON

To accompany the technical report entitled: "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 28 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Anoush Ebrahimi, do hereby certify that:

1. I am a Principal consultant with SRK Consulting (Canada) Inc. with an office at 2600-320 Granville St., Vancouver, BC V6C 1S9, Canada.

2. I am a graduated of the Kerman University, Iran with a bachelor's degree in mining engineering, in 1990, Poly Technique Tehran, Iran with a Master of Mining Engineering degree in 1993 and University of British Columbia (UBC) with a Ph.D. in Mining Engineering. Aside from the time spent studying at schools above, I have practiced my profession continuously since 1990. My relevant experience includes working in a gold mine (Moteh, Iran), mine design of multiple gold projects in various stages and in various countries including Qualcamayo gold mine, Don Nicholas gold mine and Lindero gold mine in Argentina, Olimpiada gold mine in Russia, As Suq Gold Project in Saudi Arabia, Sabodala Gold mine in Senegal, Bermejal open pit and Monterde Gold Project in Mexico, Bisha mine operation in Eritrea, Magino Gold Project in Canada, and more

3. I am a Professional Engineer registered with the Engineers and Geoscientists of British Columbia (EGBC); my registration number is 144638.

4. I visited the Asanko Gold Mine from August 6^th to August 11^th of 2022.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 1.7, 1.8, 15 (except 15.2.8), 16 (except 16.2.1 to 16.2.4), 25.2.2, 25.2.3, and 26.3 of the Technical Report and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28^th day of March 2023 in Vancouver, BC, Canada

"original signed"

Anoush Ebrahimi, P.Eng

SRK Consulting (Canada) Inc.

CERTIFICATE OF QUALIFIED PERSON

To accompany the technical report entitled: "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 28 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, John Anthony Willis, do hereby certify that:

1. I am a Principal Consultant (Mineral Processing) with SRK Consulting (UK) Ltd with an office at Fifth Floor, Churchill House, 17 Churchill Way, Cardiff, CF10 2HH, UK.

2. I am a graduate of the University of Queensland, Australia where I obtained a BE in Metallurgical Engineering and a PhD in Minerals Process Engineering. Aside from the time spent studying at University of Queensland, I have practiced my profession continuously since 1986. My relevant experience includes preparing, managing and undertaking metallurgical testwork programs and interpreting the results thereof, flowsheet design and development, and commissioning and auditing of gold recovery plants in locations including Ghana.   

3. I am a Chartered Professional registered with the Australasian Institute of Mining and Metallurgy (Member number 103635).

4. I visited the Asanko Gold Mine from 27^th to 29^th June 2022.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 1.9, 13 (all), 17 (all), 21.1.4, 21.2.2, and 25.2.4 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28^th day of March 2023 in Cardiff, UK.

"original signed"

John A. Willis, BE(Met), PhD, MAusIMM(CP)

SRK Consulting (UK) Ltd

CERTIFICATE OF QUALIFIED PERSON

To accompany the technical report entitled: "NI 43-101 Technical Report, Feasibility Study for the Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated March 28, 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Oy Leuangthong, do hereby certify that:

1. I am a Corporate Consultant (Geostatistics) with SRK Consulting (Canada) Inc. with an office at 155 University Avenue, Suite 1500, Toronto, Ontario, Canada M5H 3B7.

2. I am a graduate of the University of Toronto in 1998 where I obtained a B.A.Sc. (Honours) in Civil Engineering. I am a graduate of the University of Alberta in 2003 with a PhD in Mining Engineering (Geostatistics). My relevant experience includes research in resource modelling and geostatistics, teaching activities in mine planning, resource estimation and advanced geostatistics, and since 2010, geostatistical support and modelling for exploration projects and operations in the Americas, Australia, and West Africa

3. I am a Professional Engineer registered with the Professional Engineers Ontario (PEO#90563867).

4. I visited the Asanko project site from August 6 to August 11, 2022.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 1.6 (excluding Nkran), 14 (excluding 14.1, 14.2.2, 14.3.2) and 25.2.1 (excluding Nkran) of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28 day of March 2023 in Toronto, Ontario, Canada.

"original signed"

Oy Leuangthong, PEng (PEO#90563867)

Corporate Consultant (Geostatistics)

SRK Consulting (Canada) Inc.

CERTIFICATE OF QUALIFIED PERSON

To accompany the technical report entitled: "NI 43-101 Technical Report, Feasibility Study for the Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 28 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Glen Cole, do hereby certify that:

1. I am a Principal Consultant (Resource Geology) with SRK Consulting (Canada) Inc. (SRK) with an office at Suite 1500 - 155 University Avenue, Toronto, Ontario, Canada.

2. I am a graduate of the University of Cape Town in South Africa with a BSc (Hons) in 1983; I obtained an MSc (Geology) from the University of Johannesburg in South Africa in 1995 and an MSc(Eng) from the University of the Witwatersrand in South Africa in 1999. Aside from the time spent studying at these universities, I have practiced my profession continuously since 1986. My relevant experience includes I have estimated and audited mineral resources for a variety of early and advanced international base and precious metals projects. I have worked in the mining industry on several underground and open pit mining operations and held various positions senior operational and corporate positions.     

3. I am a Professional Geoscientist registered with the Association of Professional Geoscientists of the province of Ontario (APGO#1416) and am also registered as a Professional Natural Scientist with the South African Council for Scientific Professions (Reg#400070/02).

4. I visited the project site during August 6-11, 2022.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 1.3, 1.4, 1.5, 7 (all), 8 (all), 9 (all), 10 (all), 11 (all), 12 (all), 14.2.2, 14.3.2, 14.4, 25.2.1, 26.1, 26.2 and 26.4 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28th day of March, 2023 in Toronto, Ontario, Canada.

"original signed"

Glen Cole, PGeo (APGO#1416)

Principal Consultant (Resource Geology)

SRK Consulting (Canada) Inc.

Desmond H Mossop, Pr.Sci.Nat., COMREC

CERTIFICATE of QUALIFIED PERSON

This Certificate of Qualified Person has been prepared to meet the requirements of National Instrument 43-101 Standards of Disclosure for Minerals Projects Part 8.

a. Name, Address, Occupation

Desmond H Mossop, Pr.Sci.Nat., COMREC

SRK (South Africa) (Pty) Ltd., 265 Oxford Road, Illovo, Johannesburg, 2196, South Africa Partner and Principal Engineering Geologist, Mining Geotechnics

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana.

Effective Date: December 31, 2022

c. Qualifications

N.Dip. Geology, Tshwane University of Technology, South Africa, 1995

B.Tech. Engineering Geology, Tshwane University of Technology, South Africa, 1998

Rock Engineering Certificate (Cert. # 596), Chamber of Mines of South Africa

Pr.Sci.Nat (Reg. # 400172/07), South African Council for Natural Scientific Professions (SACNASP), field of practice Rock Mechanical Sciences.

I have practiced my profession continuously since January 1996 and have worked internationally, servicing mining operations across multiple geographies, including: South Africa, Botswana, Namibia, Lesotho, Democratic Republic of the Congo, Cameroon, Ghana, Zambia, Burkina Faso, Senegal, Côte d'Ivoire, Australia, Canada, Chile and Brazil. This experience covers multiple commodities, including Iron Ore, Copper, Platinum and associated Base Metals, Niobium, Nickel, Phosphates, Coal, Uranium, Manganese, Zinc, Diamonds and Gold.  This experience has been built in the progressive capacities of Geotechnologist, Engineering Geologist, Geotechnical Superintendent, Rock Engineering Manager, Global Corporate Principal Rock Engineer, and Consulting Principal Engineering Geologist and Partner.  I have held a corporate position as the Global Principal Rock Engineer at Anglo American and am currently a Partner and Principal Engineering Geologist, and Head of the Mining Geotechnics department at SRK (South Africa) (Pty) Ltd.  I have participated in multiple project phase and due diligence studies, and international Geotechnical Review Boards.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 for the sections of the technical report that I take responsibility.

d. Site Inspection

Regular site visits since October 2016 (on average 2 to 3 visits per year, minimum of 6 days per visit), with further site visits by delegates since January 2019. Dates for most recent visit to site: 14th to 21st October 2022.

e. Responsibilities

I am a co-author of the Technical Report, responsible for Sections 15.2.8, 16.2.1, 16.2.2, and 16.2.3 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

f. Independence

The SRK Group's independence is ensured by the fact that it is strictly a consultancy organisation, not holding equity in any project and with ownership primarily by staff. This permits its consultants to provide clients with conflict-free and objective support on crucial issues.  As a Partner and Principal Consultant with SRK, I am fully independent of any client organisations and in my personal capacity do not hold any equity related to Galiano Gold or Asanko Gold Ghana. I am independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g. Prior Involvement

I am a consultant to Asanko Gold Ghana through my independent company SRK (South Africa) (Pty) Ltd, providing specialist geotechnical consulting services since October 2016.

I have also been QP for geotechnical reporting since the December 2019 NI 43-101 reporting cycle.

h. Compliance with NI 43-101

I have read National Instrument 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance with the same.

i. Disclosure

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Ismail Mahomed, Pr.Sci.Nat.

CERTIFICATE of QUALIFIED PERSON

This Certificate of Qualified Person has been prepared to meet the requirements of National Instrument 43-101 Standards of Disclosure for Minerals Projects Part 8.

a. Name, Address, Occupation

Ismail Mahomed, Pr.Sci.Nat.

SRK (South Africa) (Pty) Ltd., 265 Oxford Road, Illovo, Johannesburg, 2196, South Africa Partner and Principal Hydrogeologist

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana.

Effective Date: December 31, 2022

c. Qualifications

BSc (Hons), University of the Witwatersrand South Africa, 1995

Pr.Sci.Nat (Reg. # 400070/01), South African Council for Natural Scientific Professions (SACNASP), field of practice Geological Sciences.

I have practiced my profession continuously since January 1998 and have worked internationally, servicing mining operations across multiple geographies, including: South Africa, Botswana, Namibia, Lesotho, Democratic Republic of the Congo, Cameroon, Ghana, Zambia, Zimbabwe, Burkina Faso, Iran, Nigeria and Sudan. This experience covers multiple commodities, including Iron Ore, Copper, Platinum, Nickel, Phosphates, Coal, Uranium, Manganese, Zinc, Diamonds and Gold. This experience has been built in the progressive capacities of junior, senior and principal hydrogeologist and partner.  I am currently a Partner and Principal Hydrogeologist, and Head of the groundwater group at SRK (South Africa) (Pty) Ltd.  I have participated in multiple project phase and due diligence studies.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 for the sections of the technical report that I take responsibility.

d. Site Inspection

I have not personally visited the Asanko Gold Mine but have supervised the work of a Principal Consultant that visited the site from August 6 to 11, 2022.

e. Responsibilities

I am a co-author of the Technical Report, responsible for Section 16.2.4 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

f. Independence

The SRK Group's independence is ensured by the fact that it is strictly a consultancy organisation, not holding equity in any project and with ownership primarily by staff. This permits its consultants to provide clients with conflict-free and objective support on crucial issues.  As a Partner and Principal Consultant with SRK, I am fully independent of any client organisations and in my personal capacity do not hold any equity related to Galiano Gold or Asanko Gold Ghana. I am independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g. Prior Involvement

I am a consultant to Asanko Gold Ghana through my independent company SRK (South Africa) (Pty) Ltd, providing specialist geotechnical consulting services since 2020.

h. Compliance with NI 43-101

I have read National Instrument 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance with the same.

i. Disclosure

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the parts of the Technical Report that I am responsible for, contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

CERTIFICATE OF QUALIFIED PERSON

Malcolm Addison Titley, MAIG

This Certificate of Qualified Person has been prepared to meet the requirements of National Instrument 43-101 Standards of Disclosure for Minerals Projects Part 8.

a) Name, Address, Occupation

Malcolm Addison Titley

33B Moffat Avenue, Hillside, Bulawayo, Zimbabwe.

Principal Associate Consultant, CSA Global (UK) Ltd.

b) Title And Effective Date of Technical Report

NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana.

Effective Date: December 31, 2022

c) Qualifications

Bachelor of Science Degree in Geology and Chemistry from University of Cape Town (UCT - 1979)

Member of the Australian Institute of Geologists (AIG - No 2546)

Member of the Australasian Institute of Mining & Metallurgy (AusIMM - No 106018)

I have over 40 years experience in the mining industry with over 20 years experience in gold resource estimation, mine geology and mining operations; including senior and executive management; project planning and execution; technical due diligence. I have read the definition of "Qualified Person" set out by National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association (as defined in NI 43- 101) and relevant work experience I am a "Qualified Person" for the purpose of NI 43-101.

d) Site Inspection

My most recent visit to the Asanko Ghana Gold Mine was during the period 12^th to 15^th July 2022.

e) Responsibilities

I am a co-author of the Technical Report, responsible for Sections 1.6 (only Nkran), 14.1, 14.4 (only Nkran), and 25.2.1 (only Nkran) of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

f) Independence

I am currently Director of Maja Mining Limited, Director of Executive Mining Limited and a Principal Associate Consultant with CSA Global (UK) Limited. I have no financial investment in Asanko Gold Ghana or its owners. I am independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g) Prior Involvement

I have been involved with Asanko Gold Ghana previously in Mineral Resource Estimation and mine production business improvement support since 2016.

h) Compliance with NI 43-101

I have read National Instrument 43-101 and Form 43-101F1 and the Technical Report has been prepared in compliance with same.

i) Disclosure

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to comply with CIM standards for a Technical Report.

"Signed by Malcolm Addison Titley"

2E, 2 Gemstone Blvd Carine WA 6020 Australia T: +61 8 6444 7988 W: www.rec.com.au E: info@rec.com.au Resource Engineering Consultants Pty Ltd ABN: 66 626 931 753

CERTIFICATE OF QUALIFIED PERSON

Mitch Hanger

To accompany the technical report entitled: "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 28 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Mitch Hanger, do hereby certify that:

1. I am a Director and Principal Geotechnical Engineer with Resource Engineering Consultants Pty Ltd, with an office at Unit 2E, 2 Gemstone Blvd, Carine, WA, 6020.

2. I am a graduate of the Griffith University in Queensland where I obtained a bachelor's degree in civil engineering in 2008. Aside from the time spent studying at Griffith University, I have practiced my profession continuously since 2008. My relevant experience includes 15 years of being directly involved in the design of numerous tailings storage and water storage facilities in support of various base and precious metal projects in Australia, Africa, and Canada. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for those sections of the Technical Report that I am responsible for preparing.

3. I am a Geotechnical Engineer registered in Australia MAIG (member #7308). I am a Registered Member of the Australasian Institute of Mining and Metallurgy (member #331826, Chartered status pending), with registered disciplines in Geotechnical Analysis and Design, and Tailings Storage Facility Design.

4. I attended a visit site on the August 8 to 11^th, 2022 for a site tour and various meetings.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a qualified person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for Sections 18.5, 18.6, 21.1.3, and 21.2.3 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. I have not had prior involvement with the subject property.

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28^th day of March 2023 in Carine, WA.

Mitch Hanger

"original signed"

Director and Principal, BEng Civil (Hons), MAIG (7308), MIEAust (5433358), MAusIMM (331826)

Director and Principal Geotechnical Engineer

CERTIFICATE OF QUALIFIED PERSON

To accompany the Technical Report titled: "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" prepared for Galiano Gold Inc. (the "Issuer") dated 28 March 2023, with an effective date of 31 December 2022 (the "Technical Report").

I, Faan Coetzee (Pr Sci Nat.), do hereby certify that:

1. I am a Director with ABS Africa (Pty) Ltd with an office at Suite 2 Block C, Carlswald Close Office Park, 128 Seventh Road, Carlswald, Midrand, 1685, South Africa,

2. I am a graduate of the North West University (previously the Potchefstroom University for Christian Higher Education) where I obtained a B.Sc. Hons in Environmental Management. Aside from the time spent studying at North West University, I have practiced my profession continuously since 1997. My relevant experience relates to the fields of sustainability and environmental management with exposure to various projects and operations in the mining, infrastructure and energy sectors. Fields of competence includes Resettlement Planning and Economic Displacement, Environmental & Socio-economic Impact Assessments, Environmental & Social Feasibility Studies, Environmental Management Programme Reports, Environmental Auditing, Environmental Due Diligence, Mining Closure Planning, Technical Reviews, Independent Competent Person's Reporting and Geographic Information Systems. Jurisdictions include South Africa, Zambia, Tanzania, Mali, Guinea, Ghana, Sudan, Botswana, Mozambique, Namibia, Armenia and Burkina Faso.

3. I am an Environmental Scientist registered with the South African Council for Natural Scientific Professions (Pr.Sci.Nat.) with registration number 40044/04.

4. I did visit the site between 31/10/2022 and 03/11/2022.

5. I have read the definition of "Qualified Person" set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

6. As a Qualified Person, I am independent of the Issuer as defined in Section 1.5 of NI 43-101.

7. I am a co-author of the Technical Report, responsible for relevant Sections 1.11, 20 (all), 21.1.6, and 25.2.6 of the Technical Report, and I accept professional responsibility for those sections of the Technical Report.

8. Prior involvement relating to the subject property include the following:

a. Environmental Feasibility Study for the Esaase Project between 2012 and 2014.

b. Calculation of the Asset Retirement Obligation during 2016 and again in 2019.

c. Compilation of the 2019 PFS Report for the Expanded Obotan Project

9. As of the date of this certificate, to the best of my knowledge, information and belief, the portion of the Technical Report for which I am responsible contains all scientific and technical information that is required to be disclosed to make the portion of the Technical Report for which I am responsible not misleading.

10. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with NI 43-101 and Form 43-101F1.

Dated this 28^th day of March 2023 in Johannesburg, Gauteng, South Africa.

"original signed"

Faan Coetzee (Pr.Sci.Nat.)

ABS Africa (Pty) Ltd

Table of Contents

List of Figures

List of Tables

1 Summary

1.1 Introduction

This report has been prepared by SRK Consulting (Canada) Inc. on behalf of Galiano Gold Inc. (Galiano). The purpose of this report is to provide a technical report that documents all supporting work, methods used and results relevant to a feasibility study (FS) that fulfills the reporting requirements in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

1.2 Property Description and Ownership

Ghana is located in West Africa, sharing boundaries with Togo to the east, Cote d'Ivoire to the west, Burkina Faso to the north and the Gulf of Guinea to the south. The Asanko Gold Mine (AGM) tenements are in the Amansie West and South Districts of the Ashanti Region of Ghana, approximately 250 km northwest of the capital Accra and some 75 km southwest of the regional capital Kumasi. 

The AGM areas are accessed from the town of Obuasi, northward towards Kumasi on the Kumasi-Dunkwa highway to the Anwiankwanta Junction. The AGM is accessed by travelling 35 km south to Anwiankwanta Junction, and then west into the AGM property on surfaced and un-surfaced all weather roads. The concessions cover an area of approximately 476 km² between latitudes 6º 19'40" N and 6º 28' 40" N; and longitudes 2º 00' 55" W and 1º 55' 00" W.

The AGM is located in hilly terrain dissected by broad, flat drainages that typically form swamps in the wet season between May and late October. Hill tops are generally at very similar elevations, reflecting the elevation of a previous erosional peneplane that is now extensively eroded. Maximum elevations are approximately 80 m above sea level (masl). Despite the subdued topography, hill slopes are typically steep. The concession areas are covered by a series of low, gently undulating hills, which rarely exceed 680 masl in elevation.

In general, the concession areas have been largely transformed, having experienced extensive degradation in recent years. The main land uses include secondary forest, subsistence and cash crop farming, and artisanal gold mining. The soils of the area fall within the Bekwai and Nzema Oda classification. The soils of the Bekwai series are found on the summits and some upper slope sites of the hills of the area.

The AGM concessions are owned 100% by Asanko Gold Ghana Limited (AGGL). The legal status of the mineral properties in Ghana in which AGGL has an interest have been verified by AGGL and by an independent legal entity, Kimathi Partners Corporate Attorneys based in Accra. As at 31 December 2022, all mineral tenements were in good standing with the Government of Ghana. Furthermore, it has been confirmed that the properties are lawfully accessible for evaluation and mineral production.

AGGL holds seven mining leases, nine prospecting licences and one reconnaissance licence, which collectively make up the AGM property and span over 40 km in length of the Asankrangwa Belt. The AGM is made up of a series of contiguous concessions in the Obotan and Esaase area. These concessions cover a total area of 476 km².

1.3 History, Exploration and Drilling

Gold rushes in the area occurred in 1898 to 1901 and again in the 1930s. Most of the AGM concessions, however, have no record of the work undertaken on the properties for this period. Interest in the area was renewed in the early 1990s mainly because of the successful exploration work carried out on the adjacent concession where the Nkran deposit is located. Artisanal mining has occurred at a number of the AGM target areas, focusing mainly on placer gold production. Prior to the AGM consolidation of the Keegan and PMI mineral assets in 2014, a number of satellite pit mining and evaluation projects were in operation.

The main producing mine in the area was the Obotan Mine (now Nkran Mine). Open pit mining commenced in February 1997. A total of 16.11 Mm³ of material was excavated from the open pit at a production rate of 1.4 Mtpa. Following several re-designs, the pit was mined in two stages. A total of 7.82 Mt of material was milled at an average recovery of 89% at a reported reserve grade of 2.35 g/t (Brinckley 2001). The mine was closed in July 2001 after having produced 590,743 oz Au. Operations ceased due to low gold prices coupled with the requirement to push back the Nkran pit to access deeper reserves. The AGM dewatered the Nkran pit and re-commenced mining operations in February 2015, with the first gold produced in February 2016. Nkran Cut 2 mining completed in Q2 2020. The AGM has processed 790,824 oz of gold from Nkran to date.

The AGM commenced operations at Akwasiso in 2017 and recently completed mining Cut 3 in July 2022. A total of 165,938 ounces of gold was processed from the Akwasiso deposit. The Dynamite Hill deposit was discovered in 2013 and put into production in Q4 2017. Production ceased in late 2019 with a total of 93,411 oz of gold being processed. The AGM commenced operations at Esaase in 2018 processing 480,591 oz of gold from non-alluvial sources to date.

At Abore, Resolute Mining Limited (Resolute) conducted mining in the late 1990s to early 2000s. Mining targeted mainly oxides and transition material by open cast blast, load and haul to be processed at the old Nkran plant. A total of 1.88 Mt at 1.95 g/t Au was delivered to the ROM pad, containing a total of 117,453 oz of gold. Total production of 113,301 oz (recovered) was achieved, representing 96.3% recovery. At Adubiaso, Resolute mined mostly oxides and transition material from the deposit by open cast free dig, load and haul to the Nkran plant. Mining was from October 1999 to December 2000. As reported by Brinckley (2001), a total of 3.79 Mm³ of material was excavated from Adubiaso open pit. A total of 0.70 Mt at 2.43 g/t Au was delivered to the ROM pad, containing a total of 54,654 oz of gold. Total production of 52,677 oz (recovered) was achieved. At Miradani North, some open pit mining was conducted to a vertical depth of 30 to 40 m by GPS Ghana Ltd.

Systematic exploration at the AGM concessions includes regional generative and near mine programs, targeting new gold deposits as well as further delineation of known Mineral Resources. Regional prospecting work was initiated in 2014 in collaboration with Corporate Geoscience Group (CGSG), and advanced drilling programs undertaken thereafter from early 2015. Follow-up to this work since 2017 includes:

• Reconnaissance mapping and sampling in of areas of exposure

• 3,000-line kilometre heli-borne versatile time-domain electromagnetic surveying (VTEM)

• Updated regional geological interpretation based on the interpretation of the VTEM survey

• Gradient array electrical geophysics survey over Esaase

• Discovery and drilling of the Miradani North deposit

• Drilling to Indicated Mineral Resource classification on the Miradani North and Abore targets

• Resource expansion of the Dynamite Hill and Abore deposits through exploration drilling.

The AGM has integrated historical databases with more recent and ongoing drilling programs. Surface drilling at the AGM included RC, DDH and RCD drilling. Drilling for Mineral Resource delineation focused on Nkran, Esaase, Miradani North, Dynamite Hill and Abore, although extensive drilling has also been undertaken at Akwasiso and Adubiaso. To date, a combined total of 4,773 evaluation air core (AC), DD, RC and RCD drillholes totaling 652,425 m have been drilled at the AGM deposits that are the subject of this Report, as well as additional grade control and other drillholes. Mineral Resource definition drilling at AGM mainly includes RC and DDH drilling.

1.4 Sample Preparation, Analysis and Security

Resolute, PMI and AGM have used various laboratories to prepare and assay samples collected on the various deposits within the AGM. These included SGS in Accra, Bibiani and Tarkwa, Min Analytical in Perth, ALS in Kumasi, Intertek in Tarkwa, Trans World (TWL) in Tarkwa, Performance Labs in Bibiani and AGM internal laboratory at the Nkran site (Table 1-1).

Since 2014, exploration samples are sent to either ALS laboratory in Kumasi, Intertek laboratory in Tarkwa, or the AGM mine laboratory at Obotan. ALS and Intertek are independent from Galiano. The AGM laboratory is not independent from Galiano.

Table 1-1  Laboratories and accreditation used by AGM (1996-2021)

* Scope of accreditation includes analysis for gold by fire assay followed by acid digestion and atomic absorption finish

From 2014 onward, all sampling was performed by AGM staff. No metal jewelry is permitted to be worn by the AGM samplers to avoid contamination. Core samples were typically between 30 to 150 centimeters in length and weighed between 2 to 3 kilograms. Sample intervals were determined by the logging geologist respecting lithological boundaries, alteration zones and structural features. The sample preparation and analyses methodology used by the primary laboratories is summarized in Table 1-2.

Table 1-2  Laboratory sample preparation and gold assay techniques (2014-2022)

With the exception of Esaase and Akwasiso, all exploration samples collected by AGM were processed and stored at the AGM exploration facilities at Obotan. Esaase and Akwasiso samples are collected in staple-closed bags once taken from the rig or core-cutting facility. The samples are then transported to the project camp to be picked up by the laboratory truck and taken directly to the laboratory.

Quality control measures are set in place to ensure the reliability and trustworthiness of exploration data. These measures include written field procedures and independent verifications of aspects such as drilling, surveying, sampling and assaying, data management and databases integrity. Appropriate documentation of quality control measures and regular analysis of quality control data are important as a safeguard for project data and form the basis for the quality assurance program implemented during exploration.

Analytical control measures involve internal and external laboratory control measures implemented to monitor the precision and accuracy of sampling, preparation and assaying. They are also important to prevent sample mix-up and to monitor the voluntary or inadvertent contamination of samples.

Assaying protocols involve regularly duplicating and replicating assays and inserting quality control samples to monitor the reliability of assaying results delivered by the assaying laboratories. Check assaying is normally performed as an additional test of reliability of assaying results. This generally involves re-assaying a set number of sample rejects and pulps at a secondary umpire laboratory.

The exploration work carried out on the AGM during 2014 to 2022 was conducted by AGM personnel. AGM implemented a series of routine verifications to ensure the collection of reliable exploration data. All work was conducted by appropriately qualified personnel under the supervision of qualified geologists. To ensure procedural consistency for data collection, AGM followed written Standard Operating Procedures (SOPs) for all data collection, including procedural documents for collar surveys, down-hole surveys, drill core logging, sampling of drill core, RC chips, and core density, and analytical quality control.

Previous extensive data verification was undertaken by several independent consultants over the periods when Keegan and PMI owned the Esaase and Nkran properties respectively, prior to the AGM takeover of PMI and the merger of the two entities as Asanko Gold and the commencement of mining from the Nkran pit in 2015. These independent consultants included SRK (2011, 2012), Muller and Umpire (2014, 2016), and CSA Global (2016, 2019). In November 2020, AGM commissioned independent consultant Richard Minnitt to review the AGM laboratory procedures and data. Based on his review, no significant issues were identified. Mr. Minnitt visited the AGM mine laboratory multiple times in 2021, reviewed the process and interviewed the laboratory personnel, and is of the opinion that AGM laboratory was operating at industry standard.

As part of AGM's regular procedures, project staff visit the laboratories processing their samples on a regular basis. This was done to review the sample handling, preparation, and analytical procedures. A compilation of weekly, monthly, quarterly, bi-quarterly, and annual analytical quality control reporting, including data charting and results, is completed on the control sample assays.

In accordance with National Instrument 43-101 guidelines, several members of the SRK team visited the AGM to inspect the properties, conduct field investigations and discuss with AGM personnel. Qualified persons Dr. Oy Leuangthong, PEng (Mineral Resources), and Mr. Glen Cole, PGeo (Geology) visited the Project from 6-11 August 2022 accompanied by various technical AGM staff. The purpose of the site visit was to review all aspects that could materially impact the integrity of the exploration database, including core logging and sampling, as well as review the controls on gold mineralization. SRK was given full access to all relevant project data. During the site visit, all the project areas were visited to review local geology as well as historical mining activities and to verify information used for mineral resource modeling. The lithological contacts checked by SRK matched the information reported in the core logs.

1.5 Geology and Mineralization

The geology of Ghana is largely underlain by the West African craton. The craton consists of the Man-Leo (or Kénéma-Man) shield in the south (extending from Ghana to Senegal) and the Archaean Reguibat Shield in Mauritania to the north. They are separated by overlying younger sedimentary rocks of the Taoudeni Basin.

The AGM deposits are located within the Kumasi Basin, one of the intervening basins between the greenstone belts. Within this basin lies the Asankrangwa Gold Belt, which was recognized after decades of artisanal mining in gold-bearing, shear zone hosted quartz reefs. The basin is bound to the southeast by the Ashanti Fault/Shear and the Bibiani Shear to the northwest. The Asankrangwa Belt expresses itself as a complex of northeast-trending shear zones situated along the central axis of the Kumasi Basin. Several major northeast-trending shears/structures bisect the Kumasi Basin/Asankrangwa Belt. The Nkran deposit is located on a jog along the regional 35-40° trending Nkran Shear, which is a zone about 15 km in width and may be traced on a northeast to southwest trend for 150 km. The Nkran Shear Corridor also hosts the Asuadai, Dynamite Hill, and Akwasiso deposits. The parallel Esaase Shear Corridor hosts the Esaase, Adubiaso, and Abore deposits. The Miradani Shear Corridor hosts the Tontokrom, Miradani, and Fromenda deposits.

The AGM deposits are hosted along the NE-SW Asankrangwa structural shear corridor, which is defined by NE-SW trending lineaments and magnetic lows and is about 7 km wide and over 50 km long (Table 1-3).

Table 1-3  Summary of mineralization control and host rock by deposit

1.6 Mineral Resource Estimate

The AGM is comprised of nine deposits: Nkran, Esaase, Abore, Miradani North, Midras South, Adubiaso, Akwasiso, Asuadai and Dynamite Hill. The mineral resource model for Nkran was prepared by CSA Global Ltd (UK). The mineral resource models for Esaase, Abore, Miradani North, Midras South, and Adubiaso were prepared by SRK.

Mineral Resources and Mineral Reserves have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 19, 2014 (CIM (2014) definitions) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines dated November 29, 2019. The effective date of the Mineral Resource Statement is 31 December 2022.

The QPs are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate. Other relevant factors that may materially affect the Mineral Resources, including mining, metallurgical recovery, and infrastructure are reasonably well understood according to the assumptions presented in this report.

The Mineral Resource statement for the AGM is provided in Table 1-4. Mineral Resources are reported at various cut-off grades using a gold price of US$1800/oz.

Table 1-4 Mineral Resource statement, AGM, Ghana, as at 31 December 2022

1.7 Mineral Reserve Estimate

The Mineral Reserve estimate for the AGM has been prepared as part of the 2022 Feasibility Study. This Mineral Reserve estimate has been prepared in accordance with the CIM Definition Standards adopted May 2014.

The Mineral Reserves were derived from the mineral resource block models and stockpiled mineral resources that are presented in Section 14. The Mineral Reserves respective of the six open pits are based on Indicated mineral resources that have been identified as being economically extractable and which incorporate mining losses and mining waste dilution. The Mineral Reserves include 41.7 Mt of mineable ore from six open pits and 7.2 Mt of existing stockpile material at an average grade of 1.43 g/t and 0.67 g/t, respectively. The Mineral Reserve includes variable mining dilution for each pit and it is calculated after 2% ore loss. The reference point for the Mineral Reserve estimate is the point where the ore is delivered to the processing plant. A summary of the surface mineable Mineral Reserves by pit is shown in Table 1-5.

Table 1-5 Summary of the Mineral Reserves for AGM, Ghana, as at 31 December 2022

Notes:

• The effective date of the Mineral Reserve is 31 December 2022.
• Mineral Reserves are reported assuming a gold price of US$1,500/oz Au.
• Mineral Reserves are defined within six different pit designs guided by pit shells derived from the optimization software, GEOVIA Whittle™ and Datamine Studio NPVS™.
• Cut-off grades vary based on the deposit. Nkran is close to the mill and contains only fresh ore. The Mineral Reserves are reported at 0.40 g/t Au cut-off for the fresh ore in Nkran. For Esaase, Mineral Reserves are reported at cut-offs of 0.55 g/t Au for the oxide ore and 0.70 g/t Au for the remaining ore types. For all other open pits, the Mineral Reserves are reported at 0.5 g/t Au cut-off for all ore types.
• Mining costs vary based on the pit, the rock type, and the depth of the pit. The average mining costs for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso are $2.44/t, $1.98/t, $1.94/t, $2.00/t, $2.29/t and 2.06/t, respectively. There are additional expenditures for fixed contractor monthly fees, grade control, community fees, Owner's Mining G&A, and other small costs that vary with each deposit and are in addition to the $/t stated.
• Ore transportation cost varies for each pit based on the haul distance. It ranges between $0.61/t for Nkran and $6.15/t for Esaase.
• Processing cost is $8.81/t for oxide ore, $10.39/t for transition ore and $10.66/t for fresh ore.
• General and administration costs are $6.69/t for Esaase and $6.19/t for all other pits.
• Processing recovery is 94.0% for all ore types in all pits except for Esaase. Processing recovery varies based on the ore type and head grade in Esaase, where the average recovery for oxide, Upper Sandstone, Cobra and Central Sandstone ore types are 90.1%, 73.8%, 71.3% and 76.4%, respectively.
• Mining dilution varies between pits. The average mining dilution is calculated to be 11.9%, 14.4%, 6.0%, 10.8%, 11.6% and 15.3%, for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso, respectively.
• A 2% ore loss has been applied to the total reserve in each pit and for the stockpiles.
• Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some columns or rows may not compute as shown.
• The overall strip ratio (the amount of waste mined for each tonne of ore) for AGM is 7.21 (W:O). The strip ratio for Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso is 13.5, 4.5, 5.6, 4.8, 9.8, and 8.2 respectively.
• The Mineral Reserve is stated as diluted dry metric tonnes.
• The mine plan underpinning the Mineral Reserves has been prepared by SRK Consulting (Canada) Inc.

The QP, Dr. Anoush Ebrahimi, does not know of any legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves. Dr. Ebrahimi believes the risks regarding permitting and socio-economic factors are low.

1.8 Mining

There are several mineral deposits at the AGM that are in different stages of exploration and advancement. Six deposits are viable to be mined by conventional truck and shovel open pit mining techniques; they are: Nkran, Esaase, Miradani North, Abore, Dynamite Hill and Adubiaso.

All pits will utilize truck-loader mining methods operated by contractors as has traditionally been the case at the AGM. Ore and waste material will be drill and blasted as required in 6 m benches, loaded using front-end loaders or backhoe excavators and then hauled using a mix of articulated and rigid body trucks. Mining will be operated by experienced contractors using either 40-t CAT 740 and/or 91-t CAT 777 trucks, depending on pit size and equipment availability.

All six pits in this report were previously subject to mining activities. The last mining activity at the AGM was in the Esaase pit, terminated in May 2022, followed by the Akwasiso pit, terminated in July 2022; however, the mill continues operations using stockpiled ore.

There are ROM stockpiles near each pit and ROM stockpiles near the primary crusher adjacent to the processing plant. Ore from Esaase, Abore, Miradani North and Dynamite Hill will be stockpiled adjacent to the pits and then hauled by contractors to the processing plant near the Nkran pit. The Nkran and Adubiaso pits are close to the mill, so some ore will be directly fed to the crusher.

Bench geometries were determined by SRK geotechnical guidance and AGM operational experience and are specific to each pit.

Haulage roads are for two-way traffic for the upper parts of the pits and one-way for the last two or three benches in the pits. In some cases, the last one or two benches were assumed to be mined by smaller equipment, utilizing temporary ramping.

Pits were designed to best follow optimized pit shells and minimize strip ratios, while honouring geotechnical guidance, safety standards, and other spatial constraints, such as previously mined pit walls and regulatory boundaries relating to nearby villages and other infrastructure.

Waste materials will be hauled to the waste storage facilities (WSFs) located near each pit.

Two SRK mining engineers visited the mine site in June and August 2022. They concluded that the mining operations were sound and the use of Ghanaian mining contractors has been safe and cost effective.

1.9 Mineral Processing and Metallurgy

Metallurgical testwork programs were conducted during 2022 in support of the Feasibility Study for Esaase, Nkran, Abore and Midras. Summary of all recovery relationships is summarized in Table 1-6.

The focus of the metallurgical testwork conducted in support of this FS for Esaase was on Fresh ore material. While a sample of Oxide material was included in the testwork program, this was largely for confirmation purposes. The recovery model that has been used by AGM in recent times for Oxide material from Esaase has been based on the use of a fixed tailings grade of 0.10 g/t Au. SRK considers this approach to be valid going forward, noting that the tailings grade reported for the Oxide sample in the recent Esaase testwork was also 0.10 g/t Au. The recoveries developed for Esaase Fresh and Transition ore considered all of the relevant metallurgical testwork data and for which data was available that identified the drillhole intervals that made up each particular composite or sample. The interval information was then cross-checked against the new lithostructural model developed as part of this FS to assign an oxidation stage and a lithology to each sample based on the most recent interpretation of the orebody. Due to the preg-robbing behaviour exhibited at Esaase, the predicted recoveries from the testwork derived recovery-head grade equations have been discounted by 11.14%, as per a comparison of recoveries between predicted and actual when Esaase low grade material was fed through the plant.

The available testwork data for Nkran, both historical and current, supports the ongoing use of a recovery figure of 94%.

Similarly, recovery figures of 94% have been quoted for the Obotan satellite deposits (Abore, Miradani North, Akwasiso, Dynamite Hill, Adubiaso, Midras South), mainly based on those periods over the past few years when these ores were fed to the AGM plant, albeit as a minor blend component, with Nkran ore representing the major blend component. However, the available historic testwork, together with some older sole plant feed data, support the ongoing use of this figure for these deposits.

Table 1-6  Summary of recovery relationships

The existing process plant located at Obotan is capable of processing approximately 5.8 Mtpa of total mill feed. Before the period of stockpile processing, the plant was fed primarily with ore from Esaase supplemented by feed from Akwasiso. The milling circuit is configured as a SAG milling, ball milling, crushing circuit (SABC circuit) comprising a primary SAG mill, a secondary ball mill and a pebble crushing circuit.

Gravity concentrate originating from the three milling gravity recovery concentrators is treated in two ILRs. These reactors contain elevated levels of cyanide, caustic soda, catalyst and oxygen to enable maximum leaching of the precious metals in the concentrate.

The CIL circuit comprises 8 agitated tanks, numbered 0 to 7. This follows the conversion, in October 2021, of the pre-oxidation tank to CIL operation.

As per International Cyanide Management Code (ICMC) guidelines, the CIL tailings need to be discharged with a final cyanide concentration of less than 50 g CNWAD/m3 at the TSF spigot. The current plant operating parameters utilize hydrogen peroxide as needed for cyanide detoxification of the CIL tailings. Provision has been made to use the INCO air/SO2 process for cyanide detoxification. The current detoxification circuit comprises a cyanide destruction feed box, gravity feeding into a single agitated tank, with a blower air sparging facility.

Electrowon gold is recovered from the cathodes and the electrowinning cells using high pressure water jet sprays. The precious metal slurry is then filtered and dried in a drying oven at approximately 110°C to remove associated moisture. Once dried, the precious metal powder is smelted in the melting furnace at approximately 1,700°C with fluxes, such as borax, sodium carbonate and silica to remove base metallic impurities such as copper, iron etc. The molten bullion mixture is then poured in moulds, allowed to solidify, cleaned, sampled and stamped with the mine name and sequential bar number. Gold content varies from 85% to 90%, with approximately 10% silver and approximately 2% to 5% base metal content. The bars are dispatched periodically to a refiner for production of 99.99% gold bars.

1.10 Infrastructure

The Obotan plant commenced production in early 2016. The plant was erected close to the Nkran deposit and several satellite orebodies. The plant is currently processing 5.8 Mtpa of material.

Current site infrastructure includes:

• An established mining operation with various structures, including offices, stores, workshops and fuel storage facilities (Obotan and Esaase); exploration camp/office and core shed (Esaase)

• A CIL process plant with various structures, including offices, stores, workshops and reagent storage / mixing facilities (Obotan)

• An administration block, training facilities, exploration offices, core storage area, clinic and analytical laboratory (Obotan)

• Senior and junior accommodation facilities located to the west of the Nkran pit (Obotan)

• Tailings storage facility (Obotan)

• Waste rock dumps at Nkran, Akwasiso, Dynamite Hill and Esaase

• Multiple boreholes for water supply

• Water treatment plant (in place at Esaase; under construction at Obotan)

• A 161 kV incoming power line from the Asawinso substation (Obotan); 33 kV overhead power line supplied by the Electricity Company of Ghana (Esaase)

• Mobile communications facilities (a Vodafone tower is located at the Obotan camp and MTN connectivity is also available)

• Community services including hospital and community boreholes

The Esaase to Obotan haul road is approximately 28 km long. The haul road route goes through thick vegetation, farmlands and artisanal mining areas. It also crosses various local gravel roads, one paved district road and a few overhead power lines. The Miradani North to Obotan haul road is not yet constructed but will be approximately 11 km. The envisaged haul road route will also service the Midras deposit.

The Esaase site is accessed by existing public roads from two directions via three routes:

• Kumasi/Sunyani road to the north-east (sealed road)

• Kumasi/Obuasi road to the south (sealed road)

• Kumasi/Manso Nkwanta road (sealed road), with the last 15 km being AGM's private haul road

Roads from both directions are gravel topped for the last 20 km to the Esaase site, with conditions that  can be described as fair to poor. The process plant is accessed by the Kumasi/Manso Nkwanta road.

The surface water management system consists of two separate systems:

• A clean water diversion system to control run-off from higher lying natural environment

• A storm water system to capture contaminated storm water from operational areas

Water accumulated within the clean water system is diverted around areas of disturbance and directed towards natural watercourses.

1.11 Environment and Permitting

Two key regulatory permits required for the AGM were:

• The Mine Operating Permits (MOP) issued by the Minerals Commission in respect of mining leases

• The Environmental Certificate issued by the EPA in respect of mining operations

Following the required engagements, regulatory site visits, and submission of the relevant documentation, the AGM has successfully obtained and renewed its Mine Operating Permits since commencement of operation in 2016 and is currently operating under the 2021 MOPs issued on 12 January 2021 in respect of the following leases, all of which form part of the operational complex of the AGM. The latest Environmental Certificate for the AGM (gold mining and mineral processing) was issued on 30 July 2021 and is valid for three years, following which it will be due for renewal.

AGM is currently implementing the preventative approach to environmental management with the primary objective of limiting negative environmental impacts from the operational activities, whilst maximizing positive benefits. Where possible, AGM seeks to minimize such negative impacts through appropriate mitigation measures. This approach fulfils the aspirations of the corporate policy on the environment, environmental performance management systems, and various impact-specific environmental action plans.

AGM maintains an extensive programme for the regular monitoring of surface and groundwater quality. As per International Cyanide Management Code (ICMC) requirements, weekly sampling is conducted at cyanide facility areas for free cyanide, WAD-cyanide, and total cyanide levels. Pit water quality is also monitored monthly with additional monitoring conducted prior to any necessary discharges. Multiple locations within the TSF surrounds are monitored daily to enable detection of any potential discharges.

Although post-mining land uses are likely to be agriculturally oriented, a terrestrial fauna survey will be undertaken during the closure phase to assess habitat regeneration as well as compliance with AGM's Reclamation and Closure Plans.

AGM's reclamation objective is to ensure that the site is left in a condition that is safe and stable where long-term environmental impacts are minimized and any future liability to the community and future land use restrictions are minimized.

The final post-mining land use will be determined in consultation with the EPA, other Ghanaian government institutions, stakeholders, and local communities. Natural soil covers and vegetation will as far as possible be re-established over the disturbed areas.

Financial provision for reclamation and closure are made in accordance with the requirements of the Reclamation Security Agreement (RSA) that has been entered into between the mine and the EPA.

1.12 Cost Estimation

Most of the infrastructure to support the life of mine (LoM) is already in place and continues to be in operation as at the effective date of this report.

In 2018, the AGM commenced development of the Esaase orebody. All existing infrastructure between Obotan and Esaase, including a 28-km haul road, is established and is presently utilized for haulage of the stockpile material. The AGM also constructed infrastructure to support the mining of satellite deposits at Akwasiso and Dynamite Hill. The Akwasiso deposit was in production until 2022, and the Dynamite Hill deposit was in production between 2017 to 2019.

New infrastructure required to support the current LoM includes:

• New 11-km haul road to Miradani North deposit

• Utilities for newly established sites (Abore, Adubiaso, and Miradani North)

• Crop compensation and partial resettlement of affected structures/land within 500 m buffer of pits

• Diversion of affected public roads

• Contractor site establishment (admin building, change house, workshop, laydown, mess, etc.)

• TSF Stages 7 and 8; note Stage 7 is under construction at the time of this report

Capital costs are summarized below in Table 1-7. The base date for the capital cost estimate is Q4 2022 and it is expressed in US dollars.

Table 1-7 Capital expenditure summary

The AGM LoM operating costs are summarized in Table 1-8.

Table 1-8 Operating expenditure summary

Note: Mining costs above are exclusive of deferred stripping

Mining costs are primarily based on competitive tenders obtained by the AGM in Q4 2021. Major mining contractors prevalent in Ghana submitted tenders for the Nkran, Esaase and Abore deposits. The scope of work within the tender included contractor site establishment, mobilization and demobilization, monthly management fees, dewatering, drill & blast, load & haul, and unit rates for other miscellaneous activities.

Processing costs are based on first principle calculations for power, reagents, process consumables, labour, maintenance and other fixed costs. Supply costs are based on actual site unit supply cost data.

The current G&A cost structure at the AGM and its corporate G&A costs in Accra were analyzed to support the G&A component of the operating cost estimate.

1.13 Economic Analysis

Life-of-mine physical and financial metrics are provided in Table 1-9.

Table 1-9 LoM economic analysis summary

1 Unaudited as at December 31, 2022

2 Mining costs include deferred stripping of $428.4M (LoM) and ore transportation of $101.3M (LoM)

3 G&A costs include management fees payable to Galiano of approximately $7.0M per year

4 Non-IFRS performance measures; total cash costs are exclusive of capitalized stripping, corporate G&A, rehabilitation accretion, sustaining capital, and capitalized lease payments

The sensitivity of project value, as measured by post-tax NPV(5%), to changes in various key input assumptions is presented in Table 1-10.

Table 1-10  Sensitivity analysis

Project value is most sensitive to changes in gold price. Project NPV changes by approximately US$16M for every 1% change in gold price. This sensitivity is very similar for other parameters that directly affect revenue, such as grade and recovery. Project value is least sensitive to changes in capital expenditures, with NPV changing by approximately US$1M for every 1% change in capital cost.

2 Introduction

2.1 Terms of Reference

SRK was commissioned by Galiano to conduct a feasibility study and lead an NI 43-101 technical report on its AGM located in Ghana, West Africa. Additional contributors to the study and report are from CSA Global Ltd. (UK), Resource Engineering Consultants (Pty) Ltd. and ABS Africa (Pty) Ltd.

Galiano is a gold mining company listed on the TSX and NYSE, with headquarters at 1640-1066 West Hastings Street, Vancouver, British Columbia (https://www.galianogold.com). Galiano's flagship project is the jointly owned AGM. Galiano and Gold Fields Limited (JSE & NYSE: GFI) jointly each own a 45% interest in Asanko Gold Ghana Limited (AGGL), with the Government of Ghana retaining a 10% free-carried interest. The AGM concessions are owned 100% by AGGL.

The AGM is a large scale, multi-deposit gold asset, which is managed and operated by Galiano. The mine was built in 2015, with first gold poured in January 2016, and commercial production commencing in April 2016. The AGM has produced an average of approximately 230,000 ounces of gold per year from 2017 to 2021 and had a peak gold production of approximately 251,000 ounces in 2019. AGGL holds the largest land package on the prospective Asankrangwa Gold Belt.

The AGM is a multi-deposit complex with six deposits in the LoM plan - Nkran, Esaase, Abore, Miradani North, Adubiaso, and Dynamite Hill; and an operating carbon-in-leach processing plant with a current capacity of approximately 5.8 Mtpa.

This NI 43-101 technical report summarizes the AGM operations, LoM plan, and updated Mineral Reserves and Mineral Resources, effective December 31, 2022. The report updates all material information on the AGM, supports the disclosure of updated Mineral Reserve and Mineral Resource estimates, and supports the scientific and technical content in Galiano's Annual Information Form filing.

2.2 Qualified Person Responsibilities

The qualified persons (QPs) preparing this report are specialists in the fields of geology, metallurgy and mineral processing, exploration, mineral resource and reserve estimation, mine engineering, water and waste management, and economic analysis.

The following individuals, by virtue of their education, experience and professional association are considered QPs as defined in NI 43-101 and are members in good standing of appropriate professional institutions / associations. The QPs are responsible for the specific report sections as provided in Table 2-1.

Table 2-1 QP responsibilities and site visits

2.3 Sources of Information

This report is based on information collected by the QPs during site visits and on additional information provided by Galiano throughout the course of the study and report preparation. Other information was obtained from the public domain. The QPs have no reason to doubt the reliability of the information provided by Galiano or obtained from the public domain. This technical report is based on the following sources of information:

• Discussions with Galiano and AGM on-site personnel and management

• Inspection of the site, including surface facilities and drill core

• Review of exploration and historical mining data collected by Galiano

• Previous studies completed on the AGM

• New testwork completed during the course of this study by Galiano or by the QPs or their designates

• Additional information from public domain sources

2.4 Site Inspections

The list of QPs and dates of their most recent personal site inspections are summarized in Table 2-2.

Table 2-2  List of QPs and site inspection dates

2.5 Effective Date

The effective date of this report is 31 December 2022, after which date, no additional material  information has been collected or analyzed whose exclusion would invalidate the results of the technical study.

2.6 Declaration

The opinions of the QPs contained herein are based on information collected throughout the course of their investigations, which in turn reflect various technical and economic conditions at the time of writing. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be more or less favourable.

This report may include technical information that requires subsequent calculations to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

None of the QPs or any associates employed in the preparation of this report has any beneficial interest in Galiano and neither are insiders, associates nor affiliates. They are independent of Galiano. The results of this report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Galiano and the QPs. The QPs are being paid a fee for their work in accordance with normal professional consulting practice.

2.7 Units and Currency

The units of measure used in this report are as per the International System of Units (SI) or "metric", except for Imperial units that are commonly used in industry (i.e., troy ounces (oz.) for the mass of precious metals, US gallons per minute (gpm) for water flow rates).

All dollar figures quoted in this report refer to United States dollars (US$, USD or $) unless otherwise noted.

3 Reliance on Other Experts

For the purpose of this report, the QPs have relied on other experts for information regarding mineral rights, surface rights, agreements, political and permits as noted below.

The QPs have not reviewed the mineral tenure, nor verified the legal status or ownership of the property or underlying property agreements, including permits. As such, the QPs have fully relied upon, and disclaim responsibility for information derived from the following document:

• Kimathi & Partners, "Title Opinion: Relating to the Mineral Rights Owned by Asanko Gold Ghana Limited and Adansi Gold Ltd", prepared 31 December 2022

This information was prepared by Mr. Kimathi Kuenyehia Sr., Managing Partner of Kimathi & Partners, Corporate Attorneys, who act as legal counsel to AGGL and Adansi Gold Limited.

This document includes information concerning property licenses and mineral tenure, legal status, permits and royalties. This information is used in Section 4 of the report.

4 Property Description and Location

4.1 Ghana

The AGM is located in Ghana. Ghana is in West Africa, sharing boundaries with Togo to the east, Cote d'Ivoire to the west, Burkina Faso to the north and the Gulf of Guinea to the south.

The country is known to hold a significant portion of West Africa's gold deposits and has long attracted investors looking to trade and invest in its mineral riches. According to recent global statistics on gold production, Ghana is the world's sixth and Africa's largest gold producer. In addition to gold, the country has other mineral resources such as manganese, bauxite, and diamonds. Gold is Ghana's most important export commodity. Other top exports include crude cocoa and timber products.

Ghana has an estimated population of 33 million (2022 estimate) and covers an area of approximately 238,530 km².  Ghana's population is ethnically diverse. The Akans account for majority of the population. Other significant ethnic groups include the Mole-Dagdani, Ewe, Ga-Adamgbe  Gruma, and Grussi. Despite the prominence of these cultures, English, a legacy of British colonial rule, has become the official language.

In 1957, Ghana, (formerly known as the Gold Coast), became the first country in sub-Saharan Africa to gain independence. Ghana has been a stable democracy since 1992, which marked the drafting of a new constitution. Ghana is governed under a multi-party democratic system, with elected presidents allowed to hold power for a maximum of two terms of four years each.

Ghana predominantly has a tropical climate and consists mostly of low savannah regions with a central, hilled forest belt. Ghana's one dominant geographic feature is the Volta River, upon which the Akosombo HydroElectric Dam was built in 1964. The damming of the Volta created the enormous Lake Volta, which occupies a sizeable portion of Ghana's south-eastern territory.

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. Ghana has substantial natural resources and a much higher per capita output than many other countries in West Africa.

Major international airlines fly into and out of the international airport in Ghana's capital city, Accra.

4.2 Location and Area

The AGM tenements are in the Amansie West and South Districts, of the Ashanti Region of Ghana, approximately 250 km northwest of the capital Accra and some 75 km southwest of the regional capital Kumasi (Figure 4-1 and Figure 4-2). 

The AGM areas are accessed from the town of Obuasi, northward towards Kumasi on the Kumasi-Dunkwa highway to the Anwiankwanta Junction.  The AGM is accessed by travelling 35 km south to Anwiankwanta Junction, and then west into the AGM property on surfaced and un-surfaced all weather roads. 

The concessions cover an area of approximately 476 km² between latitudes 6º 19'40" N and 6º 28' 40" N; and longitudes 2º 00' 55" W and 1º 55' 00" W.

(Source: Muller and Umpire, 2014)

Figure 4-1 AGM location map (Ashanti region, Ghana)

(Source: AGM, 2021)

Figure 4-2 Location of AGM tenements

4.3 Licences and Mineral Tenure

The following legal information was prepared by subject matter experts within AGGL under the supervision of the Galiano legal counsel (see Section 3).

4.3.1 Mining Legislation Overview

The Minerals and Mining Act, 2006 (Act 703) (as amended by the Minerals and Mining (Amendment) Act, 2015 (Act 900) and the Minerals Commission Act, 1993 (Act 450) are the principal enactments setting out the framework of Ghanaian mining law. These acts express the basic position that minerals in their natural state are owned by the state. They also outline the licensing scheme for mineral operations, the incidents of the various mineral rights and the powers of the principal regulatory institutions. The following pieces of subordinate legislation add detail in specific areas to the regime set out in the principal legislation:

• Minerals and Mining (General) Regulations, 2012

• Minerals and Mining (Support Services) Regulations, 2012

• Minerals and Mining (Compensation and Settlement) Regulations, 2012

• Minerals and Mining (Licensing) Regulations, 2012

• Minerals and Mining (Explosives) Regulations, 2012

• Minerals and Mining (Health, Safety and Technical) Regulations, 2012

• Minerals and Mining (Local Content and Local Participation) Regulations 2020 (LI 2431)

The mining law divides the various licences that can be granted for a mineral right into three sequential categories: Reconnaissance Licence, Prospecting Licence and Mining Lease, defined under the Minerals and Mining Act, 2006 (Act 703). These licences are discussed below.

4.3.1.1 Reconnaissance Licence (Sections 31-33)

A reconnaissance licence entitles the holder to search for specified minerals by geochemical, geophysical and geological means. It does not generally permit drilling, excavation, or other physical activities on the land, except where such activity is specifically permitted by the licence. It is normally granted for 12 months and may be renewed for a period not exceeding 12 months if it is in the public interest. The area extent is negotiable, related to the proposed reconnaissance program.

4.3.1.2 Prospecting Licence (Sections 34-38)

A prospecting licence entitles the holder to search for the stipulated minerals and to determine their extent and economic value. This licence is granted initially for a period of up to three years covering a maximum area of 150 km². This may be renewed for an additional period of two years, but with a 50% reduction in the size of the licence area if requested. A prospecting licence will only be granted if the applicant shows adequate financial resources, technical competence and experience and shows an adequate prospecting program. It enables the holder to carry out drilling, excavation and other physical activities on the ground.

4.3.1.3 Mining Lease (Sections 39-46)

When the holder of a prospecting licence establishes that the mineral to which the licence relates is present in commercial quantities, notice of this must be given to the Minister of Lands, Forestry and Mines and if the holder wishes to proceed towards mining, an application for a mining lease must be made to the Minister within three months of the date of the notice.

4.3.2 Issuer's Title to the AGM Concessions

The AGM concessions are owned 100% by AGGL. The legal status of the mineral properties in Ghana in which AGGL has an interest have been verified by AGGL and by an independent legal entity, Kimathi Partners Corporate Attorneys based in Accra. As at 31 December 2022, all mineral tenements were in good standing with the Government of Ghana. Furthermore, it has been confirmed that the properties are lawfully accessible for evaluation and also mineral production.

AGGL holds seven mining leases, nine prospecting licences and one reconnaissance licence, which collectively make up the AGM property and span over 40 km in length of the Asankrangwa Belt. The AGM is made up of a series of contiguous concessions in the Obotan and Esaase area (Figure 4-2). These concessions cover a total area of 476 km².

The areas of the respective mining leases and prospecting licences with respective company owners are tabulated in (Table 4-1). 

In the case where an application is awaiting ministerial approval, the renewed application has been submitted and recognized by the Ghana Minerals Commission (Mincom) and is awaiting final Ministerial signature. Mining Leases are renewed for an extended period based on available reported resources whereas Prospecting Licenses are renewed for an additional three years from date of Ministerial Grant. The final step which may reverse this accepted status is the lease ratification by Parliament thereby preventing the Ministerial approval. This is, however, typically a formality.

A prospecting renewal application (three years) and a renewal for a Mining Lease is submitted to Mincom and is always accompanied by an updated technical report, relevant processing fees, consideration fees, annual mineral right fees and Stool Land fees. The renewal application is subsequently submitted by Mincom to the Ministry of Lands and Natural Resources for secondary approvals and is completed by Ministerial Approval thereafter.

The lease/concession boundaries have been surveyed by global positioning system (GPS) and are correlated with the latitude and longitude via degree coordinates as per the Ghanaian Mining Cadastre (July 2016).

AGGL is the merged entity of Keegan Resources Ghana Limited (KRGL) and Adansi Gold. When AGGL acquired the Esaase concessions, there was a mining lease in place from the historical alluvial mining operations. The Minister of Lands and Natural Resources granted the other Mining Leases for the Obotan Project to PMI Gold Inc (PMI) in November 2012, prior to the acquisition of PMI by AGGL in early 2014.

In November 2012, AGGL formally received mining leases on the Abore-Abirem and Adubea prospecting licences. The formal grant of these three Mining Leases, renewable under the terms of the Minerals and Mining Act, 2006 (Act 703), followed the favourable recommendation by the Minerals Commission of Ghana in September 2012. The Mining Leases cover a total area of 167 km², encompassing the two main deposits, Nkran and Esaase and the smaller satellite deposits, Abore, Adubiaso, Dynamite Hill, Akwasiso, Asuadai, Adubiaso Extension and Nkran Extension.

In 2017, AGGL acquired the Miradani Mining Lease area situated in the southern camp adjacent to the Datano concession area.

Table 4-1 AGM mining lease and prospecting concession areas

Note 1: Mepom License renewal pending since 2012. In process of being merged with Esaase ML

Note 2: License conversion from RL to PL pending since 2012.

4.4 Agreements, Royalties and Encumbrances

All concessions carry a 10% free carried interest in favour of the Ghanaian government and as a result, the Ghanaian government holds a 10% interest in AGGL. The mining leases are also subject to a 5% net smelter return (NSR) royalty payable to the Government of Ghana. In addition, the Adubea mining concession is subject to an additional 0.5% NSR royalty to the original concession owner. The Esaase mining lease is also subject to an additional 0.5% NSR royalty to the Bonte Liquidation Committee. The Akwasiso pit on the Abirem mining lease is also subject to an additional 2% NSR royalty payable to the original concession owner.

4.5 Environmental Liabilities and Obligations

Environmental liabilities and obligations are discussed in Section 20. 

4.6 Permitting

All operational permits are in place for the mine and processing facility in production.  The key operational permits are listed in Section 20.

4.7 Political Risk

The QP has used the Policy Perception Index from the 2021 Fraser Institute Annual Survey of Mining Companies report (Fraser Institute, 2022) as a credible source for the international mining industry consensus on the overall political risk facing an exploration or mining project in Ghana. The QP has relied on the Fraser Institute survey because it is globally regarded as an independent report-card style assessment to governments on how attractive their policies are from the point of view of an exploration manager of a mining company. The survey forms a proxy for the assessment by senior management in the mining industry of political risk in Ghana. Overall, Ghana ranked as Africa's second most attractive country to the mining industry in 2021 and was 47^th globally (out of the 84 jurisdictions in the 2021 Policy Perception survey).

The AGM is a developed mine in an established mining camp with the Ghanaian government as a free carried joint venture partner.

4.8 Other Factors and Risks

The QP is not aware of any other significant factors and risks that may affect access, title or the right or ability to perform work on the property, other than what is described in this report.

5 Accessibility, Climate, Infrastructure, Local Resources and Physiography

5.1 Topography, Elevation and Vegetation

The AGM lies in the Amansie West District of the western region of Ghana. The AGM is located in hilly terrain dissected by broad, flat drainages that typically form swamps in the wet season between May and late October (Figure 5-1). Hill tops are generally at very similar elevations, reflecting the elevation of a previous erosional peneplane that is now extensively eroded. Maximum elevations are approximately 80 masl, but the areas impacted by the project generally lie at less than 50 masl. Despite the subdued topography, hill slopes are typically steep. The concession areas are covered by a series of low, gently undulating hills, which rarely exceed 680 masl. Ecologically, the AGM is situated in the wet evergreen forest zone.

In general, the concession areas have been largely transformed, having experienced extensive degradation in recent years. The main land uses include secondary forest, subsistence and cash crop farming, and artisanal gold mining.

The soils of the area fall within the Bekwai and Nzema Oda classification. The soils of the Bekwai series are found on the summits and some upper slope sites of the hills of the area. They are generally deep to very deep (over 20 cm), humus, well drained, red in colour, loam to clay loam, gravelly and concretionary, with well-developed sub angular blocky structure and clay cutans within sub-soils. The soils are acidic throughout the profile.

Figure 5-1 Example of topography and vegetation near Esaase pit

The soils of the Nzema Oda series are heavy textured soils developed on alluvial deposits along streams of the area. The soils are poorly drained and are subjected to flooding during the wet seasons and are greyish in colour with prominent yellowish orange mottles. The soils are deep, acidic with clay loam to clay textures, but are structureless in the sub-soils.

5.2 Access

The AGM is accessed by road from the city of Kumasi, south towards Obuasi on the Kumasi-Dunkwa highway to the Anwiankwanta Junction then approximately 20 km west from this junction through Poano and Antoakurom on a tarred road onto a laterite road for approximately 30 km through Manso Akropon, Manso Atwere, Manso Nkwanta, Suntreso, Gyadukurom to Abore. At Abore, the road branches northwest to Akuntam, then northeast to Nkasu. At Gyadukurum, the road branches off south to Asuadai, Dynamite Hill, and Adubea. At Adubea, the road continues south to Kumpese and westward to Abirem, to Besease, then north to Mmooho. At Kumpese, the road branches south to Akwasiso, southwest to Koninase and to Nkran and Adubiaso. Areas of interest within the concession are reached via a combination of secondary roads, four-wheel drive tracks, logging roads, and farming/ hunting footpaths.

The Esaase property is accessed by road from the city of Kumasi by taking the tarred Sunyani-Kumasi road west for 10 km to the Bibiani Junction at Abuakwa and then southwest for 10 km along the tarred Bibiani-Kumasi highway to the village of Wiaso. A secondary tarred road is taken 8 km south from Wiaso to the village of Amankyea. Secondary gravel roads can be taken for a further 11 km via the villages of Ahewerwa and Tetrem. The Esaase deposit itself is accessed by a 28 km haul road constructed by AGGL.

5.3 Proximity to Population Centres and Transport

There are several local villages near the AGM site. The closest to the plant site is the Manso Nkran village, while the villages of Tetrem and Esaase are in close proximity to the Esaase deposit. Current site infrastructure and transport means are discussed in Section 5.5.

5.4 Climate and Length of Operating Season

The following is noted:

• Rainfall - The annual rainfall is in the range of 1,500 to 2,000 mm. The major rainy season takes place from April to July followed by a minor rainy season from September to October. The mine has operated without cessation or delay throughout both rainy seasons.

• Temperature - Maximum temperatures occur between January and April ranging 26 to 28°C and minimum temperatures between May and December when values range 24 to 25°C

• Wind speed and direction - The mean monthly wind speed is 0.59 knots with a mean monthly range from 0.4 to 1.3 knots. Mean monthly wind speeds rarely exceed 1.3 knots (0.67 m/s). August is generally the windiest month and wind direction is predominantly southeast during the year.

5.5 Infrastructure

Current site infrastructure with respect to the Obotan concessions consists of an office complex, metallurgical facility, tailings storage facility, senior and junior accommodation and mess facilities, workshops, power distribution facility, a core storage facility, potable and operational water supplies, a WSF, an upgraded dry weather air strip and a haul road from Esaase pit to Nkran pit. In addition, the following is noted for the Obotan concessions:

• Local facilities of importance to exploration and mining include towns, villages, roads, trails, power lines, rivers and rail roads.

• The principal towns within the Obotan concession area are Abore, Adubea, and Keniago.

• Nkran and Akwasiso which are communities also within the concession, and Abore a principal town, are where actual mining activities takes place.

• Surrounding villages are connected to the national electrical grid.

• There is grid power to the Nkran area, the processing plant and town site.

• Most areas are adequately serviced by several cellular telephone suppliers.

• The principal towns have potable water and health posts which cover local needs.

The following resources are available for the Esaase concession area:

• The Esaase camp and surrounding villages are connected to the national electrical grid.

• Esaase is in an area well serviced by the Ghana national power grid with at least two alternate points of supply within a 50 km radius of the open pit mining site.

• Mobile phone communication is accessible in most parts of the concession.

• Hospitals and most government offices are available in Kumasi.

• Food and general supplies are also purchased in Kumasi.

Ghana has a mature mining industry that has resulted in the local availability of both skilled and unskilled personnel.

5.6 Surface Rights

The laws regarding surface rights are captured in the Mineral and Mining Act 206, Act 703 sub-section 72. This section gives rights to the owners of the land (i.e., Chiefs, family, individuals, etc.) to be compensated by Mineral Rights holders (i.e., mining companies).

Sub-section: 72

(1) The holder of a mineral right shall exercise the rights under this Act subject to limitations that relate to surface rights that apply under an enactment and further limitations reasonably determined by the Minister.

(2) In the case of a dispute between a holder of a mining lease and the Minister concerning the limitations determined by the Minister under this subsection, the dispute shall be referred for resolution under section 27.

(3) The lawful occupier of land within an area subject to a mineral right shall retain the right to graze livestock upon or to cultivate the surface of the land if the grazing or cultivation does not interfere with the mineral operations in the area.

(4) In the case of a mining area, the owner or lawful occupier of the land within the mining area shall not erect a building or a structure without the consent of the holder of the mining lease, or if the consent is unreasonably withheld, without the consent of the Minister.

(5) The owner of a mining lease shall, in the presence of the owner or lawful occupier or accredited representative of the owner or lawful occupier of land, the subject of a mining lease and in the presence of an officer of the Government agency responsible for land valuation carry out a survey of the crops and produce a crop identification map for the compensation in the event that mining activities are extended to the areas.

(6) An owner or lawful occupier of land shall not upgrade to a higher value crop without the written consent of the holder of the mining lease, or if the consent is unreasonably withheld, without the consent of the Minister.

In the case of the AGM, all concessions belong to the Ashanti Kingdom who has in turn given same right to the relevant Divisional Chiefs and in some cases specific individuals to exercise that right in terms of compensation. Compensation with regards to surface rights comes in the form of:

• Crop compensation

• Deprivation for land use compensation

• Compensation of immovable properties (shrines, ponds, etc.)

• Royalty payment through the Stool lands

There are sufficient surface rights available now, or that can be obtained, if necessary, for any future mining operations. There are adequate sources of power, water, mining personnel, tailings storage areas, waste rock storage areas, and sites for processing facilities.

6 History

6.1 Prior Ownership and Ownership Changes

The deposits within the current AGM property have largely undergone a number of ownership changes since their discovery.

In 2007, Keegan Resources Inc acquired 100% of the Esaase Mining Lease from Sametro Company Limited, a private Ghana company. This lease includes the Esaase mineral deposit. In 2013, Keegan Resources Inc. changed the name of the company to Asanko Gold Inc. In 2014, Asanko Gold Inc. acquired the Abirem, Adubea, and Abore Mining Leases from PMI Gold Inc. These leases include the Nkran, Akwasiso, Asuadai, Adubiaso, Abore and Dynamite Hill mineral deposits. In 2017, Asanko Gold Inc. acquired the Miradani Mining Lease, which includes the Miradani North mineral deposit. In March 2020, Asanko Gold Inc. changed the name of the company to Galiano Gold Inc. All these properties, collectively known as the AGM, form the basis of a joint venture established between Galiano and Gold Fields Limited in 2018. Galiano is the JV operator.