Analogy 1: Galiano Gold is like a smaller, regional **Barrick Gold** or **Newmont**, focused on gold production in West Africa.

Analogy 2: Galiano Gold is a developing gold miner, akin to a younger **Barrick Gold** focused on single or fewer assets.

• Gold: Galiano Gold's primary product is refined gold, extracted from its mining operations, predominantly from the Asanko Gold Mine in Ghana.

Galiano Gold (GAU) sells primarily to other companies.

According to the company's financial filings (e.g., Q3 2023 MD&A), Galiano Gold's revenue from the sale of gold doré bars is generated primarily through sales to a single counterparty. This customer is typically a major gold refiner or bullion dealer in the precious metals market.

The specific name of this customer is not publicly disclosed in the company's financial reports. Galiano Gold has stated that the loss of this customer would not have a material adverse impact on the company's operations, as gold is a readily traded commodity with numerous alternative purchasers.

Matt Badylak, President & Chief Executive Officer

Matt Badylak was appointed President & CEO of Galiano Gold on June 14, 2021. Before this, he served as EVP and Chief Operating Officer at Galiano, joining the company in 2020. He is a mining professional with 20 years of extensive experience in senior management and operational planning across various countries including Australia, Mongolia, China, Canada, Turkey, and Ghana. Prior to joining Galiano, Mr. Badylak was the General Manager of Kisladag with Eldorado Gold, a mid-tier gold producer. During his tenure at Eldorado Gold, he held several senior management roles, including Managing Director of China Operations, General Manager of Tanjianshan, and Director of Operational Support. He was involved in the asset divestment process during the sale of assets in China in 2016. Matt holds a Bachelor of Science in Extractive Metallurgy and a Bachelor of Science in Chemistry from Murdoch University.

Matt Freeman, Executive Vice President & Chief Financial Officer

Matt Freeman, ACA, has been with Galiano since 2020 and was appointed CFO following Fausto Di Trapani's departure in early May 2022. As EVP and CFO, he is responsible for overseeing Galiano's financial strategy, planning and analysis, accounting and financial reporting, as well as its tax and treasury functions. Mr. Freeman has a successful track record in senior financial roles, having previously served as CFO of Energold Drilling, where he managed a successful corporate restructuring. Before that, he held senior financial positions at SSR Mining, where he was instrumental in the company's growth to a mid-tier gold producer, leading initiatives in financial reporting, risk management, treasury management, and M&A activities. He received his BA/MA from Oxford University and holds the ICAEW designation.

Michael Cardinaels, Executive Vice President & Chief Operating Officer

Michael Cardinaels serves as the Executive Vice President & Chief Operating Officer for Galiano Gold.

Charles Amoah, Executive Vice President and Managing Director, Asanko Gold Ghana Ltd.

Charles Amoah is the Executive Vice President and Managing Director of Asanko Gold Ghana Ltd. Before joining Galiano, he held positions at Teberebie Goldfields Limited and was the processing manager at the Gold Fields Damang Mine. Mr. Amoah holds a PhD in Mineral Engineering from the University of Mines and Technology in Tarkwa, Ghana.

Krista Muhr, Senior Vice President, External Affairs & Sustainability

Krista Muhr brings 20 years of experience to her role as Senior Vice President, External Affairs & Sustainability, working with public companies in the global metals and mining sector. She has advised both corporate and trade association boards during over 10 years in executive roles, most recently as Senior Vice President, External Affairs and Sustainability for Eldorado Gold. Ms. Muhr has also served as a member of the Board of Directors for STLLR Gold Inc. and Ensign Minerals Inc. She holds a Bachelor of Commerce from Ryerson University and a Corporate Directors International designation.

Galiano Gold (symbol: GAU) is a gold mining company, and its main product is gold. The addressable market for gold is global.

The global gold market size was valued at approximately USD 291.68 billion in 2024. This market is projected to grow to approximately USD 457.91 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.80% from 2024 to 2032.

Galiano Gold (GAU) is expected to drive future revenue growth over the next two to three years through several key initiatives and market factors:

1. Increased Gold Production Volume: Galiano Gold anticipates a significant increase in gold production, with projections showing approximately 75% growth from 2024 levels over the next 24 months, aiming for around 200,000 ounces annually from 2026. This growth is primarily attributed to higher-grade mill feed expected from the Abore and Esaase deposits, with mining at Esaase commencing in early 2025. Additionally, the successful commissioning of a secondary crushing circuit is set to restore the processing plant's milling capacity to 5.8 million tonnes per annum, further enhancing throughput and overall production.
2. Development of the Nkran Deposit: A crucial driver for future revenue is the planned significant pit wall pushback at the Nkran deposit, which is expected to begin by mid-2025. This initiative aims to access high-grade ore at deeper elevations, contributing to increased production and potentially higher revenue streams.
3. Expansion of Mineral Reserves and Resources through Exploration: Galiano Gold is actively investing in exploration programs, with an estimated $10 million allocated for exploration at the Asanko Gold Mine in 2025. These efforts are focused on expanding Mineral Reserves and Resources at existing deposits like Abore and integrating new discoveries such as Midras South into the reserve estimate in 2025. Exploration also targets greenfield areas like Akoma and Sky Gold B, with successful outcomes potentially extending the mine life and identifying new high-grade ore bodies.
4. Favorable Gold Price Environment: The company is well-positioned to capitalize on a favorable gold price environment, which has historically shown significant increases. A sustained or upward trend in gold prices directly translates to higher revenue for each ounce of gold sold, bolstering Galiano Gold's financial performance.

Share Repurchases

• In Q1 2020, Galiano Gold repurchased and cancelled 2,431,409 common shares for $2.0 million under its normal course issuer bid (NCIB) program.
• In Q2 2020, an additional 326,654 common shares were repurchased and cancelled for $0.3 million under the NCIB program.

Share Issuance

• In March 2024, Galiano Gold issued 28.5 million common shares to Gold Fields Group Ltd. as part of the acquisition of Gold Fields' 45% interest in the Asanko Gold Mine. This resulted in Gold Fields owning 19.9% of Galiano's issued and outstanding shares.
• Galiano has the right to satisfy up to 20% of deferred payments totaling up to $85 million for the Gold Fields acquisition with Galiano common shares; these deferred payments include $25 million due by December 31, 2025, and $30 million due by December 31, 2026.

Capital Expenditures

• For the full year 2023, sustaining capital expenditures amounted to $4.8 million (excluding capitalized waste stripping at Abore), and development capital expenditures were $11.6 million.
• In Q2 2025, sustaining capital expenditures were $2.2 million, and development capital expenditures were $4.9 million (excluding Nkran pre-stripping costs), with an additional $6.9 million in capitalized development pre-stripping costs at Nkran Cut 3.
• Expected capital expenditures for 2025 could reach $60–65 million, with a primary focus on infrastructure initiatives such as the secondary crushing circuit, a total investment of approximately $20 million, anticipated for completion in Q3 2025.