Galiano Gold (GAU) Status Update summary

Operational guidance and mine plan

• Gold production is projected to rise from 130,000–150,000 ounces in 2025 to 230,000–260,000 ounces by 2029, with AISC declining from $1,750–$1,950/oz to $1,100–$1,400/oz as throughput increases to 5.8 Mtpa after secondary crusher commissioning.

• Mining will focus on three main pits—Abore, Esaase, and Nkran—over the next five years, providing operational stability and flexibility.

• Sustaining capital for 2025 is approximately $15 million, mainly for TSF Stage 8 construction, and development capital is $60–$65 million, increasing as Nkran ramps up.

• The TSF expansion will add nearly four years of capacity, covering needs until around 2030–2031.

• Processing plant has operated continuously since 2016, supporting a multi-deposit hub-and-spoke operation.

Exploration and resource update

• 2024 exploration increased Abore mineral reserves by about 151,000 ounces, with further drilling in 2025 targeting additional growth, especially at depth.

• A $10 million exploration budget is allocated for 2025 to advance both near-mine and greenfield targets, including Akoma and Sky Gold B.

• Regional exploration continues across AGM tenements, with high-priority targets identified for further drilling.

• The Abore deposit remains open at depth, and 2025 drilling will test for underground potential and continuity of mineralization.

• 2023–2024 near-mine drilling replaced 100% of depletion, supporting a robust five-year outlook.

Mineral reserves and resources

• As of December 31, 2024, proven and probable reserves total 47.1 Mt at 1.36 g/t Au for 2,055–2,060 koz.

• Measured and indicated resources stand at 83.9 Mt at 1.36 g/t Au for 3,668–3,670 koz, with inferred resources of 22.2 Mt at 1.26 g/t Au for 900–903 koz.

• Reserve and resource estimates are based on gold prices of $1,700/oz (reserves) and $2,000/oz (resources), with detailed cost and recovery assumptions.

• Processing recoveries generally assumed at 94%, with variations for Abore and Esaase based on ore type.

• Overall strip ratio for the mine is 7.4:1, with higher ratios at Nkran (13.5) and lower at Esaase (4.5).