THIRD QUARTER RESULTS CONFERENCE CALL - GALIANO GOLD INC

Financial Performance:

• Q3 2026 revenue reached $172 million from sales of 40,922 ounces, driven by an average realized price of $4,247/oz before hedges.
• Adjusted EBITDA improved to $93.3 million; basic EPS was $0.15 and adjusted EPS was $9.00.
• Net income swung to a $40 million profit from a $39 million loss in the prior year, a $79 million improvement driven by volume and price.
• Operating cash flow strengthened to $57 million in Q3 (vs. $40 million YoY).
• Sustaining costs (AISC) improved 5% to $2,346/oz; year-to-date AISC stands at $2,391/oz, well within the full-year guidance range of $2,300–$2,600/oz.
• Balance sheet remains debt-free with $87 million in cash; a $75 million revolving credit facility remains undrawn.
• The hedge program is nearly complete, with only 15,000 ounces remaining to be settled in Q4; full exposure to gold prices resumes in 2027.

Guidance and Future Outlook:

• Company remains confident in delivering full-year 2026 production and cost guidance.
• Anticipates slightly higher production in 2027 driven by higher grades and increased volumes.
• Full-year 2027 guidance and updated cost models for 2027 expected to be provided in early 2027 (February).
• Q4 grades expected to remain stable at Q3 levels, with potential for further improvement into 2027 as mining progresses to deeper elevations at Abore.
• Long-term priority includes defining the underground potential at Abore following the construction of a new exploration adit.

Business Segments and Product Lines:

• Abore: Primary ore source accounting for 82% of mined volume (1.4M tonnes at 1.1 g/t); grades rose 9% from Q2 due to deeper mining.
• Asasi: Supplemented supply with 0.3M tonnes at 0.8 g/t.
• NCRAN Cut 3: Development waste movement accelerated 40% to 8.5M tonnes; $24.6M invested in pre-stripping (YTD: $60.2M).
• Processing: Mill availability reached 93%; mill feed grade rose 11% to 1.0 g/t; recovery held steady at 90%.
• Exploration: Completed expanded infill drilling at Asasi (32,982m total); resumed drilling at Abore (20,600m YTD); secured regulatory approvals for a 2km Abore exploration adit.
• Lease Extensions: Secured extensions for Ebrim and Miradani mining leases post-quarter, enhancing operating certainty.

Market and Competitive Landscape:

• Operating in Ghana with strong government support from the Minerals Commission and Ministry of Lands and Natural Resources.
• No specific market share data provided; focus remains on execution within the Asanko Gold Belt.
• Sector-wide inflationary pressures on fuel (diesel) noted due to Middle East conflict, though current cost structure remains resilient.

Risks and Challenges:

• Commodity Hedging: Completion of the hedge program will expose financial results to full gold price volatility in 2027.
• Input Costs: Potential upward pressure on fuel and labor costs; diesel prices are currently elevated.
• Operational Execution: Underground development at Abore relies on successful contractor selection and mobilization; timeline for full resource definition extends beyond immediate quarters.
• Regulatory/Geopolitical: Monitoring labor cost inflation in Ghana and global geopolitical impacts on fuel prices.

Management Commentary and Tone:

• Tone was highly confident and positive, emphasizing "strong operating momentum," "discipline," and "execution."
• Management highlighted a "step forward" in operations, cost performance, and safety.
• Emphasis placed on the strategic advantage of removing the hedge book to fully capture gold price upside in 2027.
• Safety record celebrated with zero lost-time injuries (LTI) and 548 consecutive injury-free days.

Analyst Questions and Answers:

• 2027 Production/Costs: Management stated work is underway internally to finalize 2027 numbers for an early February release; expects slight production increase and manageable cost structures.
• Adit Construction: Tender process nearly finalized; contractor selection expected in Q4, with groundbreaking targeted for Q1 or early Q2 2027. Drilling may commence on ramps before the adit is fully complete.
• Production Mix: Abore will continue to supply 80-85% of mill feed; mill blend strategy will optimize throughput vs. hardness to maximize ounces.
• Underground Potential: Initial underground resource estimates exist (maiden resource updated earlier in year); comprehensive study awaits further drilling from the new adit.
• Labor/Headcount: Workforce is ~450 employees plus >2,000 contractors; labor costs may see slight inflation, but mining contracts are fixed/volume-based.
• NCRAN Costs: Unit costs are expected to remain flat or improve due to leverage on fixed management charges as volumes increase.

Other Key Points:

• The "Abore Exploration Adit" represents a major milestone, potentially defining the long-term underground viability of the Asanko Gold Belt.
• Full-time equivalent headcount is ~450, with the majority of the workforce comprising contractors from major mining firms (Rabotech, Rockshore).
• Management reiterated confidence in the team, assets, and financial strength to deliver the long-term plan.