THIRD QUARTER RESULTS CONFERENCE CALL - GALIANO GOLD INC

Explicit Guidance:

• FY2026 AISC: Maintained at $2,300–$2,600 per ounce; Q3 YTD AISC was $2,346/oz (bottom half of range), with full-year guidance unchanged.
• FY2026 Production & Cost: Management expressed confidence in achieving full-year 2026 production and cost guidance, driven by Q3 performance and steady Q4 mining rates.
• FY2027 Production: Expect "slightly higher production" in 2027 compared to 2026, driven by higher grades and the completion of the hedge program.
• FY2027 Financials: Anticipate "strong operating cash flow" in 2027 resulting from the completion of the gold hedge book (leaving no hedges after Q4 2026) and increased production volumes, allowing full participation in spot gold prices.
• FY2027 Guidance Release: Formal 2027 production and cost guidance to be provided to the market in early 2027 (Q1).
• 2026 Cost Structure: Diesel price pressures noted due to Middle East conflict; management remains comfortable with cost structure, expecting flat or positive unit cost trends due to volume leverage at NCRAN Cut 3, despite potential underlying inflation.
• 2027 Labor Costs: Anticipates a "slight probably increase" in labor costs and headcount in Ghana for 2027, though site staffing is fully equipped; mining contracts for NCRAN Cut 3 are volume-based and locked in for the medium term.

Business-Segment Outlook:

• Sanko Gold Mine (Operations):
  • Q4 2026: Mining rates expected to remain steady; grades in Q4 projected to be similar to Q3 (approx. 1.0 g/t), with no expectation of further significant grade improvement in Q4, though potential for improvement into 2027 as mining deepens in Abore.
  • 2027: Continued grade improvement expected as mining moves deeper in Abore, supporting increased production.
  • Ore Blend: Strategy to sustain 80–85% ore contribution from Abore (high grade, hard rock) balanced with Asasi to optimize throughput and maximize ounces.
• Abore Underground Expansion:
  • Infrastructure: Regulatory approvals received for an approximately 2km adit; tender process for mining contractor expected to finalize in Q4 2026.
  • Timeline: Target for groundbreaking in Q1 or late Q1/early Q2 2027.
  • Drilling: Drilling anticipated to begin "as soon as possible" during adit construction (not waiting for full completion); initial drill results expected before construction finishes in 18 months.
  • Future Planning: No immediate underground feasibility study; requires additional conversion drilling first.
• Exploration (Asasi & Abore):
  • Asasi: Infill drilling (32,982m total) completed; data review underway to convert inferred to indicated resources and potentially increase reserves for future open-pit expansion.
  • Abore: Step-out drilling (approx. 20,600m of 32,000m planned) to continue in Q4 to expand underground mineral resources.
  • Resource Update: Mineral resource and mineral reserve update expected in Q1 2027, which will help solidize production and cost outlooks for 2027.
• NCRAN Cut 3: Development waste movement accelerated by 40% in Q3; program progressing according to schedule with additional equipment mobilized.

Market and Competitive Outlook:

• Hedge Program: 22,500 ounces settled in Q3 2026; only 15,000 ounces remaining to settle in Q4 2026. Full exposure to spot gold prices resumes in 2027.
• Production Volume: 2026 production guidance expected to be met; 2027 production expected to rise on the back of higher grades and operational momentum.
• Commodity Prices: Financial results in 2027 will fully reflect gold prices, previously masked by hedging.

Macro / Industry Outlook:

• Fuel Costs: Monitoring diesel price volatility (linked to Middle East conflict); costs are a factor in the cost structure but not expected to derail 2026 guidance.
• Labor Markets: Acknowledges upward pressure on labor costs and headcount in Ghana for 2027, though manageable within current structure.
• Regulatory Environment: Positive engagement with the Government of Ghana; mining lease extensions for Ebrim and Miradani secured post-Q3, providing operating certainty for the Life of Mine (LOM) plan.
• Geopolitical/Commodity: Sector-wide inflation on fuel/inputs monitored; management confident in long-term mining contract structures at NCRAN Cut 3 insulating against short-term cost fluctuations.

Strategic Initiatives:

• Adit Construction (Abore): Construction of 2km underground adit to enable efficient drilling and evaluate long-term underground potential; contractor selection finalization targeted for Q4 2026.
• Exploration Capital: Continued investment in Isassi and Abore exploration programs to support future production and mine life extensions.
• Capital Allocation: Balanced approach between sustaining the mine (tailings storage facility expansion), exploration, and growth projects; balance sheet remains debt-free with $87M cash to fund these priorities.
• Mine Life Extension: Strategic focus on converting reserves at Asasi and expanding resources at Abore to support potential long-term mine life extensions.

Risks and Headwinds to Outlook:

• Grade Variability: Management notes the "fine line" between throughput and grade due to the hardness of Abore material; operational execution is critical to maintaining target production.
• Fuel Price Volatility: Elevated diesel prices could impact costs if not managed, though current contract structures provide some insulation.
• Contractor Selection: Timelines for Adit groundbreaking depend on the finalization of the mining contractor tender process in Q4 2026.
• Resource Conversion: Future production estimates for 2027 depend on successful conversion of inferred resources to indicated/measured categories at Asasi and Abore.
• Labor Inflation: Potential for slight increases in labor costs in Ghana.

Management Tone on the Future:

• Confidence Level: High; "enter the final quarter with confidence," "solid operating momentum," and "confident in our path ahead."
• Momentum: Emphasizes Q3 as a "step forward" and "inflection point," citing improved production, costs, and cash flow alongside zero injury frequency.
• Strategic Clarity: Describes the completion of the hedge program and adit approvals as "defining moments" and "clear opportunities" for 2027.
• Discipline: Repeated emphasis on disciplined capital allocation and safety (13.4M hours without lost time injury) as foundational to future success.

Miscellaneous:

• Safety Record: Achieved 548 consecutive injury-free days; Lost Time Injury Frequency Rate (LTIFR) and Total Recordable Injury Frequency Rate (TRIFR) at zero.
• Balance Sheet: Zero debt; $87M cash on hand; $75M revolving credit facility undrawn.
• Site Operations: ~450 Asanko employees on payroll; >2,000 total personnel including contractors (Rabotech at Asasi, Rockshore at NCRAN).
• Hedge Settlement: Remaining 15,000 ounces to be settled in Q4 2026.