# EDGAR Filing Document

**Accession Number:** 0001377757
**File Stem:** 0001193125-25-215518
**Filing Date:** 2025-9
**Character Count:** 18025
**Document Hash:** bb448ae3125938f65983c2122cbc5c7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-215518.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-215518

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Galiano Gold Inc.
- **CENTRAL INDEX KEY:** 0001377757
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83675
- **FILM NUMBER:** 251338900

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 680 - 1066 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 3X2
- **BUSINESS PHONE:** 604 683 8193

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 680 - 1066 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 3X2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Asanko Gold Inc.
- **DATE OF NAME CHANGE:** 20130311

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Keegan Resources Inc.
- **DATE OF NAME CHANGE:** 20061006
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLD FIELDS LTD
- **CENTRAL INDEX KEY:** 0001172724
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 150 HELEN ROAD
- **STREET 2:** SANDOWN
- **CITY:** SANDTON
- **STATE:** T3
- **ZIP:** 2196
- **BUSINESS PHONE:** 0027115629700

**MAIL ADDRESS:**
- **STREET 1:** POST NET SUITE 252
- **STREET 2:** PRIVATE BAG X30500
- **CITY:** HOUGHTON 2041 SOUTH AFRICA
- **STATE:** T3
- **ZIP:** 2041

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Galiano Gold Inc.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**04341Y105**

*(CUSIP Number)*

**Kelly Carter**<br>150 Helen Road<br>Sandown, Sandton T3 2196<br>011-27-11-562-9700

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **04341Y105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gold Fields Limited** | Name of reporting person<br>**Gold Fields Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**T3** | Citizenship or place of organization<br>**T3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** As of the date hereof, Gold Fields Limited has ceased to be the beneficial owner of more than 5% of the class of securities of the Issuer. As a result of the reporting person no longer owning more than 5% of the class of securities of the Issuer, this Amendment No. 4 constitutes an exit filing for the reporting person.

| **CUSIP No.** | **04341Y105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gold Fields Orogen Holding (BVI) Limited** | Name of reporting person<br>**Gold Fields Orogen Holding (BVI) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** As of the date hereof, Gold Fields Orogen Holding (BVI) Limited has ceased to be the beneficial owner of more than 5% of the class of securities of the Issuer. As a result of the reporting person no longer owning more than 5% of the class of securities of the Issuer, this Amendment No. 4 constitutes an exit filing for the reporting person.

| **CUSIP No.** | **04341Y105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gold Fields Netherlands Services B.V.** | Name of reporting person<br>**Gold Fields Netherlands Services B.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**P7** | Citizenship or place of organization<br>**P7** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** As of the date hereof, Gold Fields Netherlands Services B.V. has ceased to be the beneficial owner of more than 5% of the class of securities of the Issuer. As a result of the reporting person no longer owning more than 5% of the class of securities of the Issuer, this Amendment No. 4 constitutes an exit filing for the reporting person.

| **CUSIP No.** | **04341Y105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Marsh Holdings Inc.** | Name of reporting person<br>**Marsh Holdings Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** As of the date hereof, Marsh Holdings Inc. has ceased to be the beneficial owner of more than 5% of the class of securities of the Issuer. As a result of the reporting person no longer owning more than 5% of the class of securities of the Issuer, this Amendment No. 4 constitutes an exit filing for the reporting person.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

**(b) Name of Issuer:**
Galiano Gold Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1066 West Hastings Street, Suite 1640, Vancouver, A1, V6E 3X1

This Amendment No. 4 ("Amendment No. 4") amends and supplements the statement on Schedule 13D originally filed by the Reporting Persons on March 29, 2018 (the "Schedule 13D") and relating to the common shares, without par value, of Galiano Gold Inc. (the "Issuer" or "Galiano", formerly Asanko Gold Inc.), a corporation incorporated under the laws of British Columbia, Canada and is being filed pursuant to Section 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act"). Each item below amends and supplements the information disclosed under the corresponding Item of the Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D. When disclosure made in one Item in the Schedule 13D prior to this Amendment No. 4 was incorporated by reference into another Item, amendments made herein to any such first Item are incorporated into each such second Item of the Schedule 13D.

As of the date hereof, the Reporting Persons do not beneficially own any securities of the Issuer.

**Item 4. Purpose of Transaction**

The information set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information thereto:

On September 23, 2025, Gold Fields Limited through two of its wholly-owned subsidiaries: (i) Marsh Holdings Inc. ("Marsh") and (ii) Gold Fields Orogen Holding (BVI) Limited ("GF Orogen", and together with Marsh, the "Selling Shareholders") sold an aggregate of 50,471,657 common shares of the Issuer at a price of C$3.00 per Common Share, for total gross proceeds to the Selling Shareholders of approximately C$151,414,971 (the "Sale"). The Sale was made as a bought deal block trade to BMO Capital Markets, Scotiabank and CIBC Capital Markets, as principals.

Immediately prior to the Sale, the Reporting Persons beneficially owned an aggregate of 50,471,657 common shares (of which 21,971,657 common shares were held by Marsh and 28,500,000 common shares were held by GF Orogen), representing approximately 19.5% of the issued and outstanding common shares.

Following completion of the Sale, the Reporting Persons no longer own or control any common shares. However, pursuant to a share purchase agreement dated as of December 20, 2023 between GF Orogen, Galiano and certain of their affiliates (the "Share Purchase Agreement") under which Galiano acquired all of Gold Fields' 50% joint venture interest in the Asanko gold mine in Ghana, Galiano and its subsidiaries may elect to pay certain of the deferred acquisition consideration to GF Orogen in the form of Galiano common shares instead of cash. Specifically, the Share Purchase Agreement provides that in respect of certain required cash payments of US$25,000,000 due on or before December 31, 2025 (the "First Deferred Consideration") and US$30,000,000 due on or before December 31, 2026 (the "Second Deferred Consideration"), Galiano may elect to satisfy up to 20% of each of these amounts through the issuance of common shares, provided that such issuance of common shares does not result in the Gold Fields group holding more than 19.9% of the issued and outstanding common shares of the Issuer. If Galiano makes such election, such common shares will be issued at a deemed issue price equal to the volume-weighted average trading price ("VWAP") of the common shares of the Issuer on the NYSE American stock exchange (the "NYSE") for the five (5) trading days immediately preceding the date of such issuance.

For illustrative purposes, if Galiano were to elect to satisfy the maximum of 20% of both the First Deferred Consideration and the Second Deferred Consideration in common shares, and assuming a deemed issue price of US$2.47 (being the VWAP of the common shares of the Issuer on the NYSE for the five (5) trading days immediately precedeing September 15, 2025), then the number of Galiano Shares issuable to GF Orogen would be 4,453,441 shares, representing approximately 1.7% of the total issued and outstanding common shares of the Issuer.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a) -(e) of the Schedule 13D are hereby amended and restated as follows:

As of the date of this filing the Reporting Persons may be deemed the beneficial owners of 0 securities of the Issuer, representing 0% of the Issuer's issued and outstanding common shares.

**(b)**
As of the date of this filing the Reporting Persons may be deemed to have the shared power to vote and dispose of 0 common shares.

**(c)**
To the best of the Reporting Persons' knowledge, there were no transactions in the common shares effected by the Reporting Persons during the past 60 days and not previously reported.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Gold Fields Limited

**Signature:** /s/ Mike Fraser

**Name/Title:** Mike Fraser / Chief Executive Officer

**Date:** 09/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Gold Fields Orogen Holding (BVI) Limited

**Signature:** /s/ Johan Pool

**Name/Title:** Johan Pool / Director

**Date:** 09/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Gold Fields Netherlands Services B.V.

**Signature:** /s/ Johan Pool

**Name/Title:** Johan Pool / Director

**Date:** 09/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Marsh Holdings Inc.

**Signature:** /s/ Johan Pool

**Name/Title:** Johan Pool / Director

**Date:** 09/24/2025