Galiano Gold, Inc. · TSX:GAU

Galiano Gold — Q4 2025 Earnings Presentation

28 slides from Galiano Gold's earnings presentation, Feb 13, 2026

  1. Slide 1: Q4 2025 Financial and Operating Results

    Q4 2025 Financial and Operating Results February 13, 2026 © Copyright 2026 Galiano Gold. All rights reserved.

  2. Slide 2: Forward Looking Information & Cautionary Statements

    Forward Looking Information & Cautionary Statements Certain statements and information contained in this presentation constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities l

  3. Slide 3: Non-IFRS Measures

    Non-IFRS Measures Non-IFRS Performance Measures  The Company has included certain non-IFRS performance measures in this presentation. These non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordin

  4. Slide 4: Participating Management

    Participating Management Matt Badylak Matt Freeman President & Chief Chief Financial Executive Officer Officer Michael Cardinaels Chris Pettman Chief Operating Vice President Officer Exploration 4

  5. Slide 5: Q4 Summary: Continued Momentum

    Q4 Summary: Continued Momentum 2025 Gold Production Profile Metric Q4 2025 Q3 2025 Change 40,000 92 35,000 91 Lost-time injuries Nil Nil - 30,000 90 Gold produced (oz) 37,574 32,533 +15% 25,000 89 Plant Recovery % Gold Poured (oz) 20,000 88 Gross revenue ($m) $159.7 $114.2 +40% 15,000 87 10,000 86 C

  6. Slide 6: Q4 Mining Overview

    Q4 Mining Overview Health & Safety  No lost-time injuries (“LTI”) nor total recordable injuries (inclusive of LTIs) (“TRI”). 6.5 million hours worked without an LTI.  12‐month rolling LTI and TRI frequency rates as of December 31st, 2025 of 0.24 and 0.48 per million hours worked, respectively. Abo

  7. Slide 7: Nkran Progress

    Nkran Progress  Development of Cut 3 at the Nkran deposit continued to ramp up with 4.5 Mt of material mined during Q4 2025, an increase of 23% compared to Q3 2025.  Capitalized development pre-stripping costs at Nkran Cut 3 of $11.1 million during Q4 2025, and $33.2 million in FY 2025.  Mining c

  8. Slide 8: Q4 Processing Update

    Q4 Processing Update Metric Unit Q4 Q3 Change Tonnes treated Mt 1.4 1.3 +7% Mill head grade g/t 1.0 0.9 +8% Recovery % 91 90 +1% Gold produced oz 37,574 32,533 +15% Gold sold oz 38,276 32,577 +17%  Circuit optimization since commissioning of the secondary crusher has further improved throughput, yi

  9. Slide 9: FY 2026 Guidance

    FY 2026 Guidance Guidance Range Production Production (Au Oz) 140,000 – 160,000 Production expected to be 25% higher than 2025 and weighted towards the second half of the year AISC1 ($/oz Au) $2,000 - $2,300 Nkran Cut 3 Accelerated stripping at Nkran compared to 2025 as a larger mining fleet is mobi

  10. Slide 10: Q4 2025 Consolidated Financial Metrics

    Q4 2025 Consolidated Financial Metrics Q4 2025 Results Gross Revenue Income from Mine Operations $159.7M $51.1M AISC(1) Adj. EBITDA(1) $2,033/oz $85.5M Cash Flow from Operations Adj. Net Income/Share(1) $55.8M $0.15 10 1. Non-IFRS measure

  11. Slide 11: Q4 Operating Costs In Line

    Q4 Operating Costs In Line Mining  Abore & Esaase mining cost = $3.48/t compared to $3.36/t in Q3 2025  Ore transportation costs = $4.45/t; 1.1Mt ore trucked from Abore and Esaase, compared to $4.35/t in Q3 2025. Processing  Processing cost = $12.13/t; improvement from $12.57/t in Q3 2025, which

  12. Slide 12: AISC Performance - Trailing Quarters

    AISC(1) Performance - Trailing 5 Quarters AISC1 Trailing 5 Quarters 3000 2500 2000 AISC ($/oz) 1500 1000 500 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 AISC less Royalty $/oz Royalty $/oz (1) Non-IFRS measure 12

  13. Slide 13: Maintaining Strong Cash Balance

    Maintaining Strong Cash Balance $25M deferred payment to Gold Fields in Q4 2025 140 1800 $1,711 1600 120 115 116 1400 108 AISC Margin After Hedging Losses ($/oz) 100 106 Consolidated Cash* (US$M) 1200 80 1000 $823 60 $701 800 600 40 400 20 $150 200 0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash Balance AI

  14. Slide 14: Maiden Underground Resource Declared

    Maiden Underground Resource Declared Mineral Resources as of December 31, 2025  Maiden Underground Resource declared at Measured and Indicated Inferred Abore and Nkran Category Au Au Tonnes Grade Tonnes Grade Contained Contained (Mt) (g/t Au) (Mt) (g/t Au) (koz) (koz) Open Pit 77.0 1.27 3,141 20.7

  15. Slide 15: Nkran Long Section View of COG1.5 MSO Stopes and Drillholes below Reserve Pit

    Nkran Long Section View of COG1.5 MSO Stopes and Drillholes below Reserve Pit 0m December 31, 2025 Reserve Pit Design -200 m -400 m Interpreted Mineralized Zone -600 m OPEN OPEN -800 m OPEN OPEN 15

  16. Slide 16: Abore Long Section View of COG1.5 MSO Stopes and Drillholes below Reserve Pit

    Abore Long Section View of COG1.5 MSO Stopes and Drillholes below Reserve Pit +200 m December 31, 2025 Reserve Pit Design 0m -200 m OPEN -400 m Granite (mineralization domain) OPEN OPEN OPEN OPEN -600 m 16

  17. Slide 17: Abore – Q4 2025 Results

    Abore – Q4 2025 Results  Q4 drilling expanded and improved continuity of high-grade ore zones across the deposit High Grade expanded  Four step out holes intercepted mineralized Abore granite and expanded the footprint of the Abore mineralizing system by at least 200 m  Two high- grade intercepts

  18. Slide 18: Abore: 2025 Q4 Results

    Abore: 2025 Q4 Results C  High grade mineralization was intercepted 200m below existing C1 drilling demonstrating opportunity for significant additional Resource growth at Abore  Q1 2026 drilling underway since January will further test this elevation across the entire 1.8 km strike length of the

  19. Slide 19: 2026 Exploration Plan

    $17M 2026 Exploration Plan 2026 Exploration Budget Multiple Growth Opportunities Abore Underground Resource & Reserve Growth  Continue the aggressive infill, conversion and step out drilling campaign at Abore designed to increase the UG Mineral Resource and support potential UG Reserve in 2027  Mi

  20. Slide 20: Abore 2026 Plan

    Abore 2026 Plan Underground Growth  2026 drilling will continue to target extensions of minerlization through step out and infill drilling  Targeted conversion drilling will aim to support a potential maiden underground Mineral Reserve in 2027 2026 Exploration Targets Long section through Abore sh

  21. Slide 21: Esaase 2026 Plan – Growing Open Pit Reserves

    Esaase 2026 Plan – Growing Open Pit Reserves Open Pit Growth  Given historic extent of Esaase drilling, Mineral Reserve growth can be achieved at higher gold prices with no new drilling expenditure  There is also significant potential for additional Reserve growth through As Built Pit conversion o

  22. Slide 22: Building on Strong Fundamentals

    Building on Strong Fundamentals Outlook Financial Exploration Mining Processing Location Valuation  Near term  Cash balance  Maiden  Abore grades  Higher grades  Largest single  Trailing peers production & $108M underground improve driving additional asset gold with near term free cash flow 

  23. Slide 23: Appendix

    Appendix G GALIANO GOLD

  24. Slide 24: AGM Mineral Reserve Estimate as of December 31, 2025

    AGM Mineral Reserve Estimate as of December 31, 2025 Proven Probable Total Proven and Probable Deposit Tonnes Au Grade Au Content Tonnes Au Grade Au Content Tonnes Au Grade Au Content (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) Nkran - - - 10.6 1.67 570 10.6 1.67 570 Esaase - - - 14.8 1.12 53

  25. Slide 25: AGM Mineral Resource Estimate as of December 31, 2025

    AGM Mineral Resource Estimate as of December 31, 2025 Measured Indicated Measured + Indicated Inferred Deposit Tonnes Grade Au Contained Tonnes Grade Au Contained Tonnes Grade Au Contained Tonnes Grade Au Contained (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) Open Pit (“OP”) M

  26. Slide 26: AGM Mineral Resource Estimate as of December 31, 2025

    AGM Mineral Resource Estimate as of December 31, 2025 Mineral Resource Notes: 1. Mr. Eric Chen, P.Geo., Vice President Mineral Resources for Galiano Gold Inc., is the Qualified Person (as defined under NI 43-101) responsible for the open pit Mineral Resources statements of the Nkran, Esaase, Abore,

  27. Slide 27: Tax

    Tax Ghana Corporate Tax Regime Corporate income tax Withholding taxes  Rate 35% for mining (general rate 25%)  Charged on purchases from foreign suppliers; rates depend on country of domicile, and type of service, but  Capital expenditure amortized over 5 years typically range from 8% to 20% Roya

  28. Slide 28: Contact

    Contact N. American Toll-Free: 1-855-246-7341 Email: info@galianogold.com © Copyright 2026 Galiano Gold. All rights reserved.

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