Galiano Gold Provides Miradani North Phase 3 Drilling Update

VANCOUVER, Feb. 25, 2021 - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE: GAU) is pleased to announce a further update from the exploration program underway at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa. The AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE, NYSE: GFI), with the JV managed and operated by Galiano.

The Miradani North target is strategically well located, approximately 10 kilometers south of the Asanko Gold Mine's processing plant on the Datano Mining Lease. A preliminary drilling campaign (Phase 1) was conducted in April 2019 (see news release dated April 30, 2019) which demonstrated encouraging widths of mineralization and grade in multiple parallel zones. A follow-up drill program was completed in Q4 2020 (Phase 2) expanding upon the previous results (see news release dated November 30, 2020). A Phase 3 program of combined step-out and infill drilling to better define mineralization at a 40m x 40m spacing has been ongoing from late 2020 (see news release dated February 1, 2020 and the results below).

Phase 3 Highlights (See Table 1 for full results)^{1, 3}

• 33 holes drilled to date, consisting of 9,285m total (7,769m diamond drill and 1,516m reverse circulation). Assay results are awaited on 11 holes.
• Hole TTDD20-030 intersected 44.33m at 2.04 g/t, including:
• • 17.33m at 2.0 g/t from 238.67m, and
  • 9m at 3.8 g/t from 274m
• Hole TTDD20-049 intersected 133.3m at 1.44 g/t, including:
• • 11m at 1.4 g/t from 189m, and
  • 23.32m at 1.8 g/t from 225.18m, and
  • 21.9m at 2.7 g/t from 259m, and
  • 28.4m at 1.5 g/t from 286m.
• Hole TTDD20-050 intersected 10.1m at 6.0 g/t from 163.5m
• Hole TTDD20-052 intersected 134m at 1.62 g/t, including:
• • 22m at 1.4 g/t from 117m, and
  • 28.1m at 2.0 g/t from 146m, and
  • 16m at 1.0 g/t from 182m, and
  • 48m at 2.3 g/t from 203m.
• Hole TTPC20-045 intersected 59.23m at 1.44 g/t, including:
• • 20m at 1.5 g/t from 136m, and
  • 10.59m at 3.2 g/t from 171.85m, and
  • 4.23m at 4.4 g/t from 191m.

"Miradani North continues to deliver exceptional drill results," said Greg McCunn, Chief Executive Officer . "With mineralization now shown to extend to a depth of 250m and still open, we have planned a further six strategic holes to be drilled in March to finalize the Miradani North drilling program ahead of an anticipated maiden resource estimate in Q3 2021. Importantly, we have also started the step-out drilling program to expand our knowledge of the more than 5km long trend that makes up the broader Miradani target."

About Miradani North - Geological Setting
The Miradani North target is situated along the Fromenda shear zone, a laterally extensive structure recognized from airborne VTEM and magnetic surveys and extensively mapped on the ground. The Fromenda shear zone forms part of the prominent northeast striking Asankrangwa gold belt which hosts all nine of AGM's gold deposits. Numerous historical geochemical anomalies and artisanal workings are associated with this feature, making it an attractive exploration target.

Mineralization at Miradani North is spatially associated with several narrow, sub-vertical granite bodies that have preferentially intruded along a northeast trending corridor. Mineralization occurs in the granite and in the surrounding deformed sandstone, siltstone and phyllite rock package. Stratigraphy and structure are both steeply dipping to the northwest as they do for most of the Asankrangwa Belt gold deposits. Gold mineralization at Miradani North occurs in quartz veins and in association with silica flooding, pyrite, arsenopyrite, and traces of base metal sulfides, within a broader envelope of quartz-sericite-pyrite and carbonate alteration.

Qualified Person and QA/QC
Dr. Paul Klipfel, CPG, Senior Vice President Exploration of Galiano Gold Inc., is a Qualified Person as defined by Canadian NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Klipfel is responsible for all aspects of the work including the Data Verification and Quality Control/Quality Assurance programs and has verified the data disclosed. Dr. Klipfel is not independent of Galiano Gold Inc.

Following is a summary of the data verification and QA/QC measures applied to the program. Certified Reference Materials and Blanks are inserted by Galiano Gold into the sample stream at the rate of 1:14 samples. Field duplicates are collected at the rate of 1:30 samples. All samples have been analysed by Intertek Minerals Ltd. in Tarkwa, Ghana with standard preparation methods and 50g fire assay with atomic absorption finish. Intertek Minerals Ltd. does their own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors.

Table 1. Intercepts for Miradani North drilling^1,2

About Galiano Gold Inc.

Galiano is focused on creating a sustainable business capable of long-term value creation for its stakeholders through exploration and disciplined deployment of its financial resources. The company currently operates and manages the Asanko Gold Mine, located in Ghana, West Africa which is jointly owned with Gold Fields Ltd. The Company is strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighbouring communities. For more information, please visit www.galianogold.com.

Cautionary Note to US Investors Regarding Mineral Reporting Standards:
As a British Columbia corporation and a "reporting issuer" under Canadian securities laws, the Company is required to provide disclosure regarding its mineral properties, including the AGM, in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. In accordance with NI 43-101, the Company uses the terms mineral reserves and resources as they are defined in accordance with the CIM Definition Standards on mineral reserves and resources (the "CIM Definition Standards") adopted by the Canadian Institute of Mining, Metallurgy and Petroleum. In particular, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this press release are Canadian mining terms defined in accordance with CIM Definition Standards. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

United States investors are also cautioned that while the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports are or will be economically or legally mineable.

Further, "inferred resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist. In accordance with Canadian rules, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Galiano Gold Inc.