Here are 1-3 brief analogies for Galiano Gold (GAU):

• Think of it as a focused Barrick Gold, primarily operating one gold mine in Ghana.
• It's a gold producer, much like a smaller, Ghana-focused Kinross Gold.

• Gold: Galiano Gold explores, develops, and produces gold from its mining operations, primarily the Asanko Gold Mine in Ghana.

• Bigrock Mining Ghana Ltd.

Matt Badylak President & Chief Executive Officer

Matt Badylak was appointed President & CEO of Galiano Gold on June 14, 2021, having previously served as the Executive Vice President and Chief Operating Officer. He is a mining professional with two decades of extensive experience in senior management and operational planning across various global locations, including Australia, Mongolia, China, Canada, Turkey, and Ghana. Before joining Galiano in 2020, Mr. Badylak held the position of General Manager Kisladag with Eldorado Gold, a mid-tier gold producer, where he also served in senior management roles such as Managing Director - China Operations and General Manager Tanjianshan. He is recognized for building strong, results-oriented teams and implementing cost-saving and operational efficiency programs. 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, who joined Galiano in 2020, holds the role of Executive Vice President and Chief Financial Officer, overseeing the company's financial strategy, planning, analysis, accounting, financial reporting, tax, and treasury functions. He possesses extensive financial experience and deep knowledge of the mining sector, with a successful track record in senior roles. Notably, he served as CFO of Energold Drilling, where he successfully navigated a corporate restructuring. Prior to that, Mr. Freeman held senior financial positions at SSR Mining, playing a crucial financial role in its growth to a mid-tier gold producer and leading initiatives in financial reporting, risk management, treasury management, and M&A activities. He holds a BA/MA from Oxford University and the ICAEW designation.

Michael Cardinaels Executive Vice President & Chief Operating Officer

Michael Cardinaels serves as the Executive Vice President and Chief Operating Officer at 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. He holds a PhD in Mineral Engineering from the University of Mines and Technology in Tarkwa, Ghana. With expertise in managing mining operations, mineral engineering, metallurgy, and stakeholder relations, Mr. Amoah has been involved with the Asanko Gold Mine and its predecessor companies since 2012. He progressed from General Manager – Operations with PMI to Executive General Manager of the mine, where he led the team through permitting, construction, commissioning, and into operation.

Sean Gregersen Vice President, Corporate Development

Sean Gregersen joined Galiano Gold as Director of Corporate Development in April 2023 and is currently the Vice President, Corporate Development. He brings over 15 years of experience in the gold mining industry. Mr. Gregersen holds both a B.Sc. and an M.Sc. in Mining Engineering from Queen's University. His prior experience includes serving as Manager of Business Development with Eldorado Gold, where he contributed to the rapid growth of the mid-tier company through acquisition and development initiatives.

Galiano Gold Inc. (GAU) faces several key risks to its business, primarily stemming from its operational environment and commodity market exposure.

1. Operational Instability and Geopolitical Risks in Ghana: Galiano Gold's primary asset, the Asanko Gold Mine in Ghana, is susceptible to operational disruptions due to community conflicts, illegal mining activities, and the broader political and regulatory landscape in the region. Recent incidents have forced the temporary suspension of operations at key producing plants, raising uncertainty about the company's ability to meet production guidance. Clashes between local communities and security personnel at the mine site, sometimes involving fatalities, highlight significant social and security challenges. Furthermore, the company is exposed to potential changes in Ghana's mining and tax laws, such as the increase in the Growth and Sustainability Levy, which can impact profitability.

2. Gold Price Volatility and Cost Management: The profitability and financial outlook of Galiano Gold are highly dependent on sustained strong gold prices. However, gold prices are historically volatile and can experience prolonged periods of decline. The company has also experienced net losses exacerbated by realized and unrealized losses from gold hedging agreements. Operational pressures, including harder ore processing and lower mobile crusher availability, have contributed to rising All-in Sustaining Costs (AISC), impacting overall financial performance and potentially squeezing margins.

3. Mineral Reserve and Resource Uncertainty: The long-term viability of Galiano Gold is tied to the value of its mineral reserves and resources. There is a risk that mineral reserve and resource estimates may change or prove to be inaccurate, and metallurgical recoveries may not be economically viable. Declining ore grades also pose a risk to future project viability and production efficiency.

Galiano Gold Inc. (GAU) operates in the gold mining sector, with its primary asset being the Asanko Gold Mine in Ghana, West Africa. Therefore, the addressable market for its main product, gold, can be assessed on both a global and regional (West Africa/Ghana) scale.

The global gold market demonstrates significant size and projected growth. In 2024, the global gold market was valued at approximately USD 291.68 billion. It is projected to reach USD 400 billion by the end of 2030, exhibiting a compound annual growth rate (CAGR) of 6.51% during the 2025-2030 forecast period. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70% from 2026. Another estimate projects the market to grow from 5.1 kilotons in 2026 to 7.25 kilotons by 2031, at a 7.30% CAGR.

Regionally, West Africa is a significant contributor to the global gold market, accounting for nearly 20% of global gold output. Specifically, Ghana, where Galiano Gold's operations are located, is Africa's leading gold producer. In 2024, Ghana's gold exports surged to USD 11.6 billion. By April 2025, Ghana recorded historic gold exports of USD 897.6 million for that month alone.

Galiano Gold Inc. (GAU) is expected to drive future revenue growth over the next two to three years through a combination of increased gold production, successful exploration leading to expanded resources and reserves, and the processing of higher-grade ore, all within a potentially favorable gold price environment.

1. Increased Gold Production: Galiano Gold anticipates a significant increase in gold ounces produced from its Asanko Gold Mine (AGM) in Ghana. The company provided 2026 production guidance of 140,000 to 160,000 ounces, representing an approximate 25% year-on-year increase from 2025 production levels. This growth is supported by operational improvements such as the commissioning and optimization of a secondary crusher, which has enhanced plant performance and mill throughput. Further, long-term plans project average annual gold production of up to 240,000 to 254,000 ounces through to 2031, with a peak of 275,000 ounces by 2029.
2. Exploration Success and Resource/Reserve Expansion: The company has an aggressive exploration strategy to unlock the full potential of the AGM. Galiano plans to invest at least C$17 million in gold exploration in Ghana in 2026, marking a 70% year-on-year increase in its initial exploration budget, aimed at expanding reserves. Significant drilling programs are planned for key deposits like Abore (30,000 meters) and Esaase (9,000 meters) in 2026, with updated resource and reserve estimates expected by 2027. This exploration success is crucial for extending the mine life and underpinning future production increases.
3. Processing of Higher-Grade Ore: Future revenue growth is also expected from processing higher-grade mill feed. This includes aggressive waste stripping at the Nkran deposit, planned for 2026, to access high-grade ore at depth. Additionally, higher grades are anticipated from deeper elevations at both Abore and Esaase in the coming years, which are expected to contribute significantly to increased gold production.
4. Favorable Gold Price Environment: While not directly controlled by the company, a sustained favorable gold price environment significantly impacts Galiano Gold's revenue. Higher average gold sales prices were a primary driver of increased revenue and cash flow for the company in fiscal year 2025. A continued strong gold market would provide a tailwind for revenue growth in the next 2-3 years.

Outbound Investments

• Galiano Gold acquired an additional 45% interest in the Asanko Gold Mine from Gold Fields on March 4, 2024.
• The company paid $25.0 million to Gold Fields Limited during Q4 2025 to settle the first deferred acquisition cost payment.

Capital Expenditures

• Galiano Gold capitalized $33.2 million in development pre-stripping costs at Nkran Cut 3 for the full year 2025.
• Planned development capital spend for Nkran in 2026 is between $100 million and $120 million, focused on advancing stripping at Nkran Cut 3.
• The company's 2026 exploration budget is $17 million, with plans for at least 65,000 meters of drilling to expand underground reserves at Abore and open-pit reserves at Esaase.