Galiano Gold Inc. (TSX:GAU) entered a share purchase agreement to acquire 45% stake in Asanko Gold Mine in Ghana from Gold Fields Limited (JSE:GFI) and Gold Fields Orogen Holding (BVI) Ltd. for $170 million on December 20, 2023. The consideration consists of $150 million in cash and $20 million in common equity. As part of the consideration, $170 million was paid towards assets. An aggregate cash purchase price of $150 million, payable as follows: (i) $65 million (the "Initial Cash Consideration") on the closing date of the transaction, subject to adjustment as described below; (ii) $25 million on or before December 31, 2025 (the "First Deferred Consideration"); (iii) $30 million on or before December 31, 2026 (the "Second Deferred Consideration"); and (iv) $30 million upon the production of 100,000 ounces of gold from the Nkran deposit forming part of the Asanko gold mine (the "Nkran Deposit"). Also $20 million (the "Share Consideration") to be satisfied by the issuance of Galiano Shares. Immediately prior to entering into the Share Purchase Agreement, Marsh Holdings Inc. owned 21,971,657 common shaes of Galiano, representing approximately 9.8% of the issued and outstanding shares ("Galiano Shares"). Post transaction, Gold Fields and its affiliates (collectively, the "Gold Fields group") holding more than 19.9% of the issued and outstanding Galiano Shares at the Closing Date. The transaction is subject to the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE American, and any required Ghanaian ministerial notifications and approvals. As of February 21, 2024, Ministry of Lands and Natural Resources of the Republic of Ghana approved the transaction. The acquisition is expected to close in Q1 2024. Edgehill Advisory Ltd. acted as financial advisor and Blake, Cassels & Graydon LLP acted as legal advisor to Galiano Gold.

Galiano Gold Inc. (TSX:GAU) completed the acquisition of 45% stake in Asanko Gold Mine in Ghana from Gold Fields Limited (JSE:GFI) and Gold Fields Orogen Holding (BVI) Ltd. for $170 million on March 4, 2024.