Galiano Gold (GAU) investor relations material

Executive summary

• Gold production rose to 32,533 ounces in Q3 2025, a 7% increase from Q2, driven by higher grades and throughput after commissioning a secondary crusher in July.

• Revenue reached $114.2 million, up 17% quarter-over-quarter and 61% year-over-year, supported by improved gold prices and production.

• No lost-time injuries were reported, maintaining a strong safety record with a low frequency rate.

• Mining at Esaase/Asasi was temporarily paused in September due to a security incident involving illegal miners, but operations resumed in November.

• Cash and cash equivalents stood at $116.4 million as of September 30, 2025, with no debt.

Financial highlights

• Net loss before taxes was $5 million, mainly due to realized and unrealized losses on gold hedges and tax expenses.

• Cash flow from operations was $40.4 million, with adjusted EBITDA at $37.8 million and income from mine operations at $48.2 million.

• All-in sustaining costs (AISC) were $2,283/oz in Q3 2025, with full-year guidance raised to $2,200–$2,300/oz.

• $12 million was invested in Nkran/Encran pre-stripping in Q3, with $22.1 million year-to-date.

• $12 million in tax installments paid, with total 2025 tax expected in the $20–$30 million range.

Outlook and guidance

• Revised 2025 gold production guidance is 120,000–125,000 ounces, reflecting the Esaase/Asasi disruption and updated Abore performance.

• AISC guidance increased to $2,200–$2,300/oz for the year.

• Further throughput and cost improvements expected in Q4 as secondary crusher optimization continues.

• Mineral reserve/resource update planned for early 2026.

• Eight-year mine life projected, not including exploration upside.