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 2022

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

Exhibit 99.1 included with this report is hereby incorporated by reference into the registrant's registration statement on Form F-10 (File no. 333-239109) (the "Registration Statement"), and to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

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/ Fausto Di Trapani
________________________________
Fausto Di Trapani
Executive Vice President and Chief Financial Officer

Date:  March 29, 2022

NI 43-101 Technical Report

for the Asanko Gold Mine, Ashanti Region,

Ghana

Effective Date:

February 28, 2022

Prepared by:

Galiano Gold Inc

1640-1066 West Hastings Street

Vancouver, BC V6E 3X1

Richard Miller, P.Eng.

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

Richard Miller, P.Eng.,

Suite 1640 - 1066 West Hastings St., Vancouver, British Columbia, Canada

Vice President, Technical Services, Galiano Gold Inc.

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
BASc Mining and Mineral Process Engineering, University of British Columbia, Canada, 1987
P.Eng., Engineers and Geoscientists British Columbia (EGBC)

I have practiced my profession continuously since 1987 and have worked at copper, diamond and gold mines in Canada, South Africa, Namibia, Guinea and Turkey in the progressive capacities of Mining Engineer, Project Manager, Mine Manager and General Manager. I have also held corporate positions as Manager Mining, Director Mine Engineering (Open Pit) and VP Technical Services, in which I have had overseeing involvement in mine engineering and technical services matters at various operating mines and development projects.

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
October 14 2021 to October 21 2021.

e. Responsibilities
I am responsible for Sections 1.1, 1.2, 1.7, 1.9 to 1.12, 2, 3, 4, 5, 15, 16, 18, 19, 20.1 to 20.8, 21, 22, 24, 25.1, 25.2, 25.6, 25.9, 25.10, 26.4, and 27 of this Technical Report.

f. Independence
I am not independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g. Prior Involvement
I started employment with Galiano Gold Inc in October 2021 in the capacity of Manager, Mining and in December 2021 was appointed to Vice President, Technical Services for Galiano Gold Inc.  In both of these capacities I have had oversight of planning and execution of technical programs supporting the Asanko Gold property, reviewed short and long term mining plans, had communications with and attended meetings with discipline leads at site and at the corporate level.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Gregory Collins, MAusIMM(CP)

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

Gregory Collins, P.Geo.,

#1640-1066 W. Hastings Street, Vancouver, British Columbia

(former) Vice President, Exploration, Galiano Gold Inc.

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications

B.AppSc Geology (Hons), Queensland University of Technology, Brisbane, Australia, 1992

MAusIMM CP (Geo) and SEG Fellow.

I have practiced my profession continuously since 1993 and have worked on exploration projects for gold, copper, zinc-lead-silver, and uranium in Australia, Mongolia, China, Russia, and Indonesia in the progressive capacities of Geologist, Chief Geologist, and Exploration Manager.  I have also held the corporate position of VP Exploration, in which I have had overseeing involvement in exploration/mine geology matters at various exploration projects and operating mines.

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

February 10, 2021 to May 5, 2021, with regular visits thereafter every quarter for approximately 3 weeks each visit. Most recent visit from October 12 to November 4, 2021.

e. Responsibilities

I am responsible for Sections 1.3, 1.4, 6, 7, 8, 9, 10, 11, 12, 23, 25.3, 25.4, and 26.3 of this Technical Report.

f. Independence
I am not independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g. Prior Involvement
As Vice President of Exploration, I had oversight of planning and execution of exploration programs on the Asanko Gold property; developed, reviewed and presented exploration programs and budgets; regularly met and communicated with exploration teams onsite to ensure smooth program execution. I coordinated and collaborated with other departments on related programs involving exploration efforts, such as metallurgical and geotechnical drilling, and resource infill drilling.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

 Eric Chen, P.Geo.
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

Eric Chen, P.Geo.,

#1640-1066 W. Hastings Street, Vancouver, British Columbia

(former) Vice President, Technical Services, Galiano Gold Inc.

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
BSc. Geology, Peking University, China, 1991
P.Geo., Engineers and Geoscientists British Columbia (EGBC)

I have practiced my profession continuously since 1991 and have 30 years of experience working at gold, copper, base metal projects and mines, both open pit and underground, in Canada, Mexico, United States, Turkey, China and Ghana, in the capacity of exploration and resource geologist, with progressive responsibilities as Superintendent, Manager, VP Mineral Resources, and VP Technical Services.

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 March 2021 (average 1 visit per quarter, 10-15 days per visit). Dates for most recent visit to site: 16th to 30th September 2021.

e. Responsibilities
I am responsible for Sections 1.6, 12.1, 14.0, 14.4, 14.5, 14.6, 14.7, 14.8, 25.5, and 26.2 of this Technical Report.

f. Independence
I am not independent of Galiano Gold Inc. in accordance with the application of Section 1.5 of National Instrument 43-101.

g. Prior Involvement
As VP Mineral Resource (Aug 2020 to Aug 2021) and VP Technical Services (Aug to Dec 2021) of Galiano Gold Inc., I had oversight of planning and execution of technical programs supporting resource and reserve development, grade control and reconciliation, and other relevant mining studies on the Asanko Gold property.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Alan Eslake, B.App.Sc.

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

Alan Eslake, B.App.Sc..

100 Winbourne Road, Hazelbrook 2779, NSW Australia

Chief Metallurgist, Asanko Gold Ghana Limited

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
B.App.Sc. (Materials), University of Technology, Sydney, 1992

Fellow, Australasian Institute of Mining and Metallurgy (FAusIMM)

I have practiced my profession continuously since 1992 and have worked in numerous commercial metallurgical laboratories and operating mine sites. Experienced with gold and base metals in global locations including New Zealand, PNG, China, Chile and Turkey.

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
Site based since December 2020.

e. Responsibilities
I am responsible for Sections 1.5, 1.8, 13, 17, 25.7, 25.8, and 26.1 of this Technical Report.

f. Independence
I am not 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 employed by Galiano Gold Inc. / Asanko Gold Ghana Limited in the capacity of Chief Metallurgist since December 2020. Areas of focus have included production enhancement projects and supervision of both internal and external testwork programs.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Mario E. Rossi, FAusIMM

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

Mario E. Rossi,

2385 NW Executive Center Dr., Suite 100, Boca Raton, FL, 33431, USA

Principal Geostatistician, GeoSystems International, Inc.

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
Mining Engineer, Universidad Nacional de San Juan, Argentina, 1985
Master of Science, Geostatistics, Stanford University, 1988
Fellow, Australian Instutute of Mining and Metallurgy (AusIMM)
Registered Member, Society for Mining, Metallurgy &Exploration (SME)

I have practiced my profession continuously since 1985. I have worked in over 100 different mining projects at various stages of development and operations around the world, including precious and base metals, multi-element deposits (Au, Ag, Cu, Fe, Pb, Zn, etc.), laterite-type deposits, sedimentary deposits (uranium, coal), Iron hematite and magnetite deposits, and industrial minerals such as limestone, nitrate, iodine, lithium and graphite deposits. I have over 30 years experience in resource modeling for epithermal-type gold deposits, including Birimian-style Au deposits. These include Ashanti Gold (Ghana); Yaoure Au deposits (Ivory Coast); Salobo (Senegal); Chaarat Au deposit (Kyrgyzstan); and several others that are similar in style to the Esaase and Abore deposits.

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 visited the site from March 18 through April 1, 2021

e. Responsibilities
I am responsible for Sections 14.1, 14.2, and 25.5 of this Technical Report.

f. Independence
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 had no prior involvement with Asanko Gold Mines or Galiano Gold Inc.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Malcolm Titley - BSc, MAusIMM, MAIG

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

Malcolm Titley, MAIG

Suite 2, First Floor, Springfield House, Horsham, West Sussex, United Kingdom, RH12 2RG

Principal Consultant, CSA Global

b. Title and Effective Date of Technical Report

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.

Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
BSc Geology and Chemistry, University of Cape Town, 1979
Member, Australian Institute of Geoscientists
Member, Australian Institute of Mining and Metallurgy

I have practiced my profession continuously since 1981 and have over 20 years operating experience at gold, iron ore and copper mines in Australia, Papua New Guinea and Ghana, in the progressive capacities of Geologist, Chief Geologist, Pit Superintendent and Mine Manager. I have practiced as a consultant to the mining industry for over 20 years, primarily focused on mineral resource estimation and reporting, due diligence and feasibility studies and operations support and business improvement. My consulting experience includes time as a Managing Director.

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 during the period November 2017 to January 2020 (on average 1 visit per quarter, minimum of 7 days per visit). Dates for most recent visit to site: 16th to 22nd January 2020.

e. Responsibilities
I am responsible for Sections 14.3 and 25.5 of this Technical Report.

f. Independence
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 was QP for the December 2017 Nkran, Akwasiso and Dynamite Hill deposits Mineral Resource Estimate. I was also an independent consultant to Asanko Gold Ghana providing business improvement support services through my independent company Maja Mining Limited during the period 1^st March 2018 until December 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 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, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Benoni Owusu Ansah, P.E.

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
Benoni M. Owusu Ansah, P.E., MGhIE, MASCE, MGGS, MGhIGS
No. 20 Second Close, Airport Residential Area, Accra, Ghana
Civil/Projects Manager, Knight Piésold, West Africa

b. Title and Effective Date of Technical Report
NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana.
Effective Date: February 28, 2022 (the Technical Report).

c. Qualifications
I have over 15 years of professional experience as a Civil Engineer with specialization in geotechnical, environmental, and structural engineering. My experience spans from prefeasibility, feasibility, detailed design to construction, and 'forensic' engineering of Tailings and Water Storage Dams, Harbours, Airports, and structural foundations. I have engineering design, construction and management experiences with various large-scale projects in Ghana, Cameroun, Congo DRC, Cote d'Ivoire, Burkina Faso, Mauritania, Sierra Leone, Congo, Togo, Mali and Guinea. I am currently a Civil/Projects Manager with Knight Piésold and undertake engineering designs as well as construction quality control and quality assurance for several mines. I am the Engineer of Record for the design and construction of the Tailings Storage Facility for the Asanko Gold Mine.

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 from 2019 through 2022 for various engineering design, constructions, and dam safety audits. Date of most recent visit to site was January 3^rd, 2022. A full day was spent on site providing technical guidance for the Stage 6 Expansion of the TSF and discussing future TSF developments with site management.

e. Responsibilities
I am responsible for Section 20.9 of this Technical Report.

f. Independence
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 was part of the engineering team for mine start-up construction, including Stage 1 of the existing TSF and Process Plant development. I have supervised/managed the construction of Stage 2 expansion to the TSF. I have served as the Lead Design Engineer and Projects Manager for Stage 4 through Stage 6. I provide ongoing support for life of mine TSF development. I am the Engineer of Record for the design and construction of the Tailings Storage Facility for the Asanko Gold Mine.

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 parts of the Technical Report that I am responsible for, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Table of Contents

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List of Tables

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List of Figures

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1 SUMMARY

1.1 Introduction

Galiano Gold Inc. (the "Company" or "Galiano Gold") 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/). The Company's flagship project is the jointly owned Asanko Gold Mine ("AGM"). Galiano Gold 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 Asanko Gold Ghana Limited.

The AGM is a large scale, multi-deposit gold asset, which is managed and operated by Galiano Gold. 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 (oz) of gold per year between 2017 to 2021 and had a record gold production of approximately 251,000 ounces in 2019. AGGL holds the largest land package on the highly prospective and underexplored Asankrangwa Gold Belt.

The AGM is a multi-deposit complex with two main deposits, Nkran and Esaase, six satellite deposits and a carbon-in-leach (CIL) processing plant with a current operating capacity of approximately 5.8 Mtpa.

This report is a National Instrument 43-101 (NI 43-101) Technical Report that summarizes the AGM and its updated Mineral Resources effective February 28, 2022. This NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana, with an effective date of February 28, 2022 ("Report") updates all material information on the AGM, is addressed to Galiano Gold,  supports the disclosure of updated Mineral Resource estimates and supports the scientific and technical content in Galiano Gold's Annual Information Form filing.

As at the effective date of this Report, Galiano Gold is not in a position to declare Mineral Reserves on the AGM property as a result of current metallurgical uncertainty of the Esaase material. AGM is in the process of investigating options for mitigating the issues, which will subsequently lead to a revised optimized mine plan. At that time, Galiano Gold will prepare an updated technical report supporting the new life of mine plan, based on Mineral Reserves.

Any references to "ore" apply to production during time periods when Mineral Reserves were stated.

The Report supersedes all previous technical reports.

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 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 eighth and Africa's largest gold producer. In addition to gold, the country has other mineral resources such as manganese, bauxite, and diamonds. At the moment, gold is Ghana's most important export commodity, followed by cocoa and timber products.

The AGM tenements are in the Amansie West and South Districts, of the Ashanti Region of Ghana, approximately 250 km NW of the capital Accra and some 50 km to 80 km southwest of the regional capital Kumasi. 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 concessions are owned 100% by Asanko Gold Ghana Limited. All mineral tenements are in good standing with the Government of Ghana. 

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

AGGL holds 7 mining leases, 9 prospecting licences and 1 reconnaissance licence which collectively make up the AGM property and span over a 40 km 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 and are summarized in Table 1-1.

Figure 1-1 Location of the Asanko Gold Mine Tenements

Source: Asanko Gold Mine, 2021

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Table 1-1 Asanko Gold Mine 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.

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. All 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 (BLC). The Akwasiso deposit on the Abirem mining lease is also subject to an additional 2% NSR royalty payable to the original concession owner.

1.3 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 (see Figure 1-2).

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Figure 1-2 Simplified Map of the West African Craton, with Associated Gold Deposits (Modified from Goldfarb et al, 2017)

Note: Numbers 1 to 9 outline the different Archean, Proterozoic, and Hercynian domains: 1 = Eglab, 2 = Yetti, 3 = Daomeyan, 4 = Baoulé-Mossi, 5 = Kenema-Man, 6 = Kédougou-Kénébia Inlier, 7 =Rokelides, 8 = Bassarides, 9 = Mauritanides

At the regional scale, the AGM deposits are in the Paleoproterozoic Birimian Supergroup within the Man-Leo Shield in the southeast West Africa Craton. The Birimian Supergroup rocks consist of five NNE-trending greenstone belts composed of calc-alkaline or tholeiitic volcanic rocks separated by wide intervening sedimentary basins formed during two major orogenic phases between 2.25 to 2.15 Ga and 2.12 to 2.06 Ga. Magmatic episodes affecting the Birimian Supergroup rocks include Tonalite-Trondhjemite-Granodiorite emplacement (2.17-2.21 Ga), Granodiorite and Granite intrusions (2.12 and 2.09 Ga), and Granite intrusions (2.11 to 2.07 Ga).

Orogenic gold mineralization in the Birimian Supergroup occurs as quartz-vein-hosted and disseminated sulphide most developed between 2.2 Ga and 1.8 Ga. Peak gold mineralization in the West African Craton occurred at approximately 2.15-2.10 Ga and produced very large (>10 Moz) gold deposits associated with regional northeast-southwest trending shear zones.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Figure 1-3 Regional Geology of Southwest Ghana Around AGM Concessions

Source: Ghana Geological Survey; CJM, 2014

At the local scale, the AGM deposits are in the Asankrangwa Gold Belt, a complex of northeast-trending shear zones along the central axis of the Kumasi Basin, which is one of the intervening basins between the greenstone belts. The Kumasi Basin is heavily faulted and consists of an isoclinally folded sequence of metasedimentary rocks. The basin is bound to the southeast by the Ashanti Fault/Shear and the Bibiani shear to the northwest. The regional 35-40° trending Nkran Shear, a zone of about 15 km in width, traced on a northeast to southwest trend for some 150 km hosts the Nkran, Asuadai, Dynamite Hill, and Akwasiso deposits. The parallel Esaase Shear Corridor hosts the Esaase, Adubiaso, and Abore deposits. The Miradani Shear Corridor hosts the Miradani deposit.

At the property scale, the AGM deposits are hosted along a 7 km wide and 50 km long segment of the Asankrangwa structural corridor locally coincident with magnetic lows and jogs along the NE trending shears. Quartz veins and disseminated sulphides are hosted in rocks ranging from granite and tonalite to sandstone, siltstone, and shale. Structural controls on gold mineralization include linking, conjugate, and tensional quartz veins associated with D2 shears.

1.4 Exploration and Drilling

Systematic exploration at the Asanko Gold Mine concessions includes regional generative and near mine programs, targeting new gold deposits as well as further delineation of Mineral Resources.

Multiple soil geochemical surveys have been undertaken on the AGM licences by various explorers. Since 2017, a total of 1,246 surface geochemical samples (grab, soil, stream sediment) have been taken across the AGM concessions with the focus on generation of greenfield targets.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Geophysical surveys over the property have included regional aeromagnetic imaging of the Ashanti Belt and adjacent Kumasi Basin by the Ghana Geological Survey, as well as induced potential (IP) ground geophysical surveying and airborne VTEM and magnetic survey centred over specific targets.

Surface drilling at the AGM includes reverse circulation (RC), diamond drill hole (DDH) and reverse circulation with diamond tail (RCD). 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 aircore, DDH, RC, and RCD drill holes totalling 652,425 m have been drilled at the AGM deposits.

1.5 Metallurgical Testwork and Recoveries

1.5.1 Esaase

The 2021 testing (ALS report A22281) returned recovery results for the bulk composites that align with those from the 2018/19 testwork programs. As such, no change has been made to the recovery estimates as per the Asanko Gold NI 43-101 Technical Report (2020) for the purpose of constraining the current Mineral Resource estimate.

These recovery estimates, based on lithological source/type, are calculated according to the equations in Table 1-2. The recovery estimates are of sufficient confidence to determine reasonable prospect for eventual economic extraction; however, in light of recent plant performance of the Esaase material, further understanding of the Esaase metallurgical variability is required to have sufficient confidence to declare Mineral Reserves.

Table 1-2 Head Grade Recovery Model Correlations

Note: * A fixed residue grade has been applied to the Esaase Oxide material

Although the variability composites testing completed in 2021 (A22281) indicated an upside to these recovery estimates, the results are not applied herein. The rationale behind deferring reliance on the higher recoveries obtained in the testing is twofold:

1. Current plant performance is yielding lower recoveries than previously modelled in equivalent spatial locations within the Esaase deposit. The deviation between actual plant performance and modelled recovery will need to be further examined to determine the cause and the extent to which this may persist within the deposit

2. The variability testing, although indicative of an upside to 90.1% average recovery, may require revised plant operating protocols

The Company is working to better understand the cause(s), magnitude and impact of the observed lower recovery, and to quantify the magnitude of benefits from a series of opportunities that have been identified. Previous metallurgical testwork demonstrated significant improvements in gold recovery from preg-robbing material through kerosene or diesel pre-conditioning, followed by addition of fresh or regenerated activated carbon.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

1.5.2 Nkran

Past gold recoveries from processing of the Nkran ore (2017 to 2019) averaged 94%. By way of confirmation testing, a suite of 7 diamond drill (DD) (half split of HQ diamond core) intervals were dispatched to ALS, Perth. Lithologies tested included granites (2), sandstones (4) and siltstone (1).

The simple average recovery from these tests was 95.3%. Allowing a 0.3% discount for operational losses, the resultant 95% recovery confirms the past processing results (94%) may be applied for further Nkran material processing.

1.5.3 Abore

A suite of metallurgical testwork was undertaken in 2021 on 7 DD core composites at ALS, Perth. The objective was to confirm that recoveries would align with those of past performance. Resolute mining and processing activities in 2002 returned overall recovery of 95%.

A total of 124 m of core was dispatched, with each interval composite averaging 18 m in length. Six of the composites were classified as granite while the seventh as a blend of granites (27%) and sandstones (73%). Granites constitute an estimated 85% of the Abore fresh ore zone tonnage.

The average recovery from these tests stands at 93.3% which includes a deduction for losses in processing. Taking into account past production recoveries realized by Resolute in the oxide and transitional zones yield overall recoveries of 95%. 94% recovery value is considered reasonable for the overall Abore recovery.

1.5.4 Miradani North

A total of 259 x 1 m core samples from 11 drill holes were delivered to ALS, Perth in June of 2021. Samples were selected based on available HQ drill core and considered mineralized lithologies which are predominantly in the intrusives (granites/tonalites) and the sediments along its peripheries (sandstones, siltstones, and intercalations of the two).

Results averaged 97.2% for oxide, 94.0% for transition, and 93.4% for fresh material. An overall value of 94% recovery value is concluded for the Miradani North material.

1.5.5 Akwasiso

Akwasiso represents a smaller scale version of Nkran, with mineralization hosted in shears on siltstone/sandstone contacts, and around and within the granitic intrusive. Strong alteration zones are associated with higher grades around the sandstone-granite contact. Mineralization is hosted in the sandstone unit with gold occurring within quartz-carbonate veins, similar to the other deposits in the belt.

Akwasiso is currently being fed to the process plant as a minor tonnage contributor along with the predominant Esaase mill feed. A 94% gold recovery value is attributed to this small satellite deposit.

No new testwork was conducted for the Akwasiso deposit.

1.5.6 Dynamite Hill

Dynamite Hill ore had been processed between November 2017 and August 2019. This was complementary to the main mill feed sourced from the Nkran pit and was at no stage processed in isolation.

Overall plant recoveries averaged 94% during this period, regardless of the Dynamite Hill component. The attributable recovery from future mill feed is therefore assumed to be in line with past production at 94%.

No new testwork was conducted for the Dynamite Hill deposit.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

1.5.7 Adubiaso

Adubiaso ore had been mined and processed through the Resolute plant from November 1999 to December 2000. The ore was complimentary mill feed to that of Nkran ore. Over the period Adubiaso ore accounted for an average of 34% of the mill feed tonnage.

During this period, gold recoveries were slightly greater than 96%. A slightly conservative gold recovery of 94% has been applied for future performance from this pit.

No new testwork was conducted for the Adubiaso deposit.

1.6 Mineral Resource Estimates

The effective date of the Mineral Resource is February 28, 2022, and comprises eight deposits, which have been combined into a global Mineral Resource table (Table 1-3).

Table 1-3 Summary of the Mineral Resource at a 0.5 g/t Au cut-off and $1,600/oz Au, as of February 28, 2022

Notes:

1. The Mineral Resource estimates are reported in accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves, adopted by CIM Council May 10, 2014.

2. The effective date for the Mineral Resource estimates is February 28, 2022

3. Mineral Resource estimates account for mining depletion up to and including February 28, 2022

4. Reasonable Prospects for eventual economic extraction assume open pit mining with conventional gold processing and was tested using NPV Scheduler™ pit optimization software at gold price of $1,600/oz. Mining, G&A, processing costs, and process recovery are dependent on deposit and detailed in the respective deposit sections.

5. Applicable rounding has been applied to the stated tonnages, grades, and metal content to reflect the level of accuracy and precision of the estimate

The Mineral Resource estimates for the Esaase and Abore deposits have been prepared by Mario E. Rossi, FAusIMM, SME, IAMG, and Principal Geostatistician of Geosystems International Inc. Mr. Rossi is independent of Galiano Gold in accordance with the application of Section 1.5 of National Instrument 43-101.

The Mineral Resource estimate for Nkran has been prepared by Malcolm Titley, MAIG, MAusIMM who is a Principal Consultant of CSA Global. Mr. Titley is independent of Galiano Gold in accordance with the application of Section 1.5 of National Instrument 43-101.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

The Mineral Resource estimates for Akwasiso, Miradani North, and Dynamite Hill have been prepared by Eric Chen, P.Geo. who is Galiano Gold’s former Vice President of Technical Services. The Mineral Resource estimates for Adubiaso, Asuadai and Stockpiles have been prepared by others and reviewed and accepted by Mr. Chen. Mr. Chen is not independent of Galiano Gold in accordance with the application of Section 1.5 of National Instrument 43-101.

1.7 Mineral Reserves

At the time of the effective date of this Report, there remains an uncertainty in the variability of metallurgical recovery of gold from the Esaase deposit. Although all metallurgical testwork to date indicate predictable trends in the recovery of gold from the Esaase deposit, recent mill feed consisting of primarily Esaase material has demonstrated lower recovery. As a result, the Company has concluded that there is insufficient confidence in the understanding of the Esaase metallurgical variability to estimate Mineral Reserves.

Given the uncertainty of metallurgical performance on the Esaase material, Galiano Gold has decided not to state Mineral Reserves for all deposits. Any plant feed in the short term will have significant Esaase material present and overall recovery would therefore be difficult to predict.

Only the Esaase material is believed to be performing adverse to expectations. Recovery of gold from Nkran and all other satellite deposits remain of sufficient confidence, but will be subject to additional metallurgical testwork. Upon conclusion of the planned metallurgical testwork, Galiano Gold will prepare an updated technical report supporting an optimized life of mine plan, based on Mineral Reserves. 

1.8 Mineral Processing

The existing AGM process plant located at Obotan is capable of processing approximately 5.8 Mtpa of total mill feed. Esaase material is being processed at present with supplementary feed from Akwasiso.

The key process operating criteria are shown in Table 1-4 and the process block flow diagram in Figure 1-4.

Table 1-4 Process Plant Operating Criteria

Note: AARL - Anglo American Research Laboratories

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Figure 1-4 Process Plant Block Flow Diagram

1.9 Infrastructure

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

Current site infrastructure at Obotan includes:

• An established mining operation with various structures, including offices, stores, workshops and fuel storage facilities

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

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

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

• Tailings Storage Facility

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

• Multiple operating boreholes for water supply

• Water treatment plant (construction in progress)

• A 161 kV incoming power line from the Asawinso substation

• Mobile communications facilities. A Vodafone tower is located at the Obotan camp and MTN connectivity is also available.

Current infrastructure at Esaase includes:

• An exploration camp and office

• A geological core shed

• Basic camp requirements such as a clinic, offices, kitchen, accommodation, potable water services, power supply, IT connectivity, radio communications and sewage system

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

• Mine service facilities, including mobile equipment workshops, wash bays, fuelling stations, and administrative buildings

• Water treatment plant

• Waste rock dumps

• Community services including hospital and community boreholes

• 33 kV overhead power line supplied by the Electricity Company of Ghana (ECG).

1.10 Environmental

Two key regulatory permits were required for the AGM as follows:

• 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 January 12^th, 2021 in respect of the following leases, all of which form part of the operational complex of the Asanko Gold Mine:

• LVD 7299/2013 located at Abirem

• LVD 21721/2012 located at Adubea

• LVD 21722/20 located at Abore

• LVD 3969A/90 located at Esaase

• LVD 8979A/95 located at Miradani

• LVD 5174/2012 located at Datano

The latest Environmental Certificate for the AGM (gold mining and mineral processing) was issued on July 30^th, 2021 and is valid for three years following which it will be due for renewal.

The AGM is currently implementing a preventative approach to environmental management with the primary objective of avoiding negative environmental impacts from the operational activities, whilst maximising positive benefits. Where inevitable, the 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.

The 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.

1.11 Risks and Opportunities

The following risks have been identified:

• Recent plant performance from predominantly Esaase fresh and transitional material has shown lower gold recoveries compared with the 2021 and prior metallurgical testwork as described in Section 13

• Variable nature of stockpiles: ability to accurately predict grades and recoveries in large continuous volumes of material

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

• Escalation of labour and material costs

• Gold price volatility

The following opportunities have been identified:

• Recovery upside - 2021 metallurgical testwork (A22281) for Esaase material demonstrated that an average recovery of above 90% is achievable. This program yielded slightly higher recoveries compared to previous metallurgical testwork at Esaase. It is indicative of upside potential to the current Esaase recovery estimates

• Metallurgical testwork has demonstrated that pre-treatment of Esaase carbonaceous material yields significant improvement in recovery in bench scale CIL tests. Additional work is required to investigate the applicability of kerosene pre-treatment in the plant environment

• Mass pull of the gravity concentrate can be increased with minor operational adjustments, which could yield better overall plant recovery

• Optimization of carbon management practices to introduce fresh or regenerated carbon to early stages of CIL is expected to partially mitigate effects of preg-robbing as demonstrated in previous metallurgical testwork

• Nkran Deeps (Underground potential) - Mineralization at Nkran remains open down plunge and extensions of the deposit would likely be amenable to underground mining methods. Additional deep drilling has commenced to explore the underground potential at Nkran.

• Miradani Deeps (Underground potential) - A well-defined steeply northeast plunging shoot is evident in longitudinal section through the deposit. This high grade +80 gold gram meters (gm.m) shoot remains open at depth. Further drilling has commenced to explore for extensions and repetitions to this high grade zone.

• Other exploration prospects as described in Section 9 provide additional opportunities to add to the Mineral Resources.

1.12 Conclusions and Recommendations

The AGM is a large scale, multi-deposit gold asset that is managed and operated by Galiano Gold. Since declaring commercial production, the AGM has produced on average 230,000 oz of gold per year, with record production of approximately 251,000 oz in 2019. AGGL holds the largest land package of the highly prospective and underexplored Asankrangwa Gold Belt.

As at the effective date or the report, the AGM comprises of eight deposits which contain 2.9 Moz Au of measured and indicated Mineral Resources, and 0.3 Moz Au of inferred Mineral Resources.

As at the effective date of this Report, Galiano Gold is not in a position to declare Mineral Reserves on the AGM property as a result of current metallurgical uncertainty of the Esaase material. AGM is in the process of investigating options for mitigating the issues, which will subsequently lead to a revised optimized mine plan. At that time, Galiano Gold will prepare an updated technical report supporting the new life of mine plan, based on Mineral Reserves.

This will be facilitated by the fact that the AGM is an established operation with a processing plant, site infrastructure, permits, and organizational capability already in place to readily support a future LOM.

Additional work programs are taking place concurrently to optimize capital and operating costs, ensure best practices in relation to the size and scope of the operations, infill drilling to improve the confidence in the Mineral Resource estimates, and drill mid- and long-term exploration prospects to accelerate addition of new Mineral Resources and provide more flexibility in mine planning.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

2 INTRODUCTION

2.1 Terms of Reference

The Company 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/). The Company's flagship project is the jointly owned Asanko Gold Mine. Galiano Gold and Gold Fields Limited (JSE & NYSE: GFI) jointly each own a 45% interest in Asanko Gold Ghana Limited, with the Government of Ghana retaining a 10% free-carried interest. The AGM concessions are owned 100% by Asanko Gold Ghana Limited.

The AGM is a large scale, multi-deposit gold asset, which is managed and operated by Galiano Gold. 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 between 2017 to 2021 and had a record gold production of approximately 251,000 ounces in 2019. AGGL holds the largest land package on the highly prospective and underexplored Asankrangwa Gold Belt.

The AGM is a multi-deposit complex with two main deposits, Nkran and Esaase, six satellite deposits and a carbon-in-leach processing plant with a current operating capacity of approximately 5.8 Mtpa.

This Report is a National Instrument 43-101 Technical Report that summarizes the AGM and its updated Mineral Resources effective February 28, 2022. This Report updates all material information on the AGM, is addressed to Galiano Gold, supports the disclosure of updated Mineral Resource estimates and supports the scientific and technical content in Galiano Gold's Annual Information Form filing.

As at the effective date of this Report, Galiano Gold is not in a position to declare Mineral Reserves on the AGM property as a result of current metallurgical uncertainty of the Esaase material. AGM is in the process of investigating options for mitigating the issues, which will subsequently lead to a revised optimized mine plan. At that time, Galiano Gold will prepare an updated technical report supporting the new life of mine plan, based on Mineral Reserves. 

Any references to "ore" apply to production during time periods when Mineral Reserves were stated.

The Report supersedes the following historical reports:

• NI 43-101 Technical Report for the Asanko Gold Mine, Ghana (Amended and Restated) in June 2020

• Definitive Feasibility Study (DFS 2017) prepared by DRA Projects (Pty) Limited on behalf of Asanko Gold Inc (Asanko Gold)

• Amended NI 43-101 Technical Report in December 2017. Amendments involved changing the Mineral Resource gold price from US$2,000 per ounce (/oz) to US$1,500/oz, and to remove the Inferred Resource from the economic analysis.

• NI 43-101 Technical Report prepared by DRA Projects (Pty) Limited on behalf of Asanko Gold Inc in June 2017

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

2.2 Qualified Persons

The list of Qualified Persons involved in the compilation of this Report are shown below:

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

2.3 References and Information Sources

All references and information sources are listed in Sections 3 and 27.

Mineral tenure, legal and environmental information on the Asanko Gold Mine was prepared by subject matter experts under the supervision of Frederick Attakumah, Executive Vice President and Managing Director for Asanko Gold Ghana Limited. This information provided the basis of the expert report referenced in Section 3.1.

2.4 Units, Currency and Abbreviations

Unless otherwise stated, all currencies are expressed in US dollars (US$), with metric units applied throughout this Report.

'Section' and 'Item' have been used interchangeably in this Report.

Abbreviations and units are shown in Table 2-1.

NI 43-101 Technical Report for the Asanko Gold Mine, Ashanti Region, Ghana Effective Date: February 28, 2022

Table 2-1 Abbreviations and Unit of Measurement