Galiano Gold swings to $45.4M profit in Q3 2026

Q: How much revenue and net income did GAU report for Q3 2026?

GAU reported revenue of $172.138 million and net income of $45.359 million for Q3 2026. In Q3 2025, revenue was $114.197 million and net income was a $42.020 million loss.

Q: How much gold did GAU produce and sell in Q3 2026?

GAU produced 40,922 ounces and sold 40,403 ounces in Q3 2026. The average gross gold sales price was $4,247 per ounce, excluding realized losses on gold hedges.

Q: When is Galiano's deferred consideration due?

The acquisition agreement provides for $30.0 million of deferred consideration due on or before December 31, 2026. Its carrying amount was $29.546 million as of September 30, 2026.

The Abirem and Miradani mining leases were extended by 15 and 17 years, through 2041 and 2043, respectively.

Available on EDGAR 11/06/2026 - 06:06 AM EST Accepted by SEC EDGAR 11/05/2026 - 06:50 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Galiano Gold Inc. (GAU) reported Q3 2026 revenue of $172.138 million, versus $114.197 million in Q3 2025, and net income of $45.359 million, compared with a $42.020 million loss. Operating cash flow was $56.950 million, compared with $40.449 million. The Asanko Gold Mine produced 40,922 ounces of gold and sold 40,403 ounces at an average gross price of $4,247 per ounce; production was 19% higher than Q2 2026. Q3 all-in sustaining costs were $2,346 per ounce, 5% below Q2.

As of September 30, 2026, cash and cash equivalents were $86.822 million and restricted cash was $25.922 million; Galiano reported no debt, and its revolving credit facility remained undrawn. 2026 guidance remains 140,000–160,000 ounces of gold production and all-in sustaining costs of $2,300–$2,600 per ounce. Sustaining capital guidance is $16–$18 million, development capital $105–$125 million, and exploration $24–$26 million.

2 points · 1 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

Major pointQ3 revenue was $172.138 million, and net income was $45.359 million.
Moderate pointQ3 operating cash flow rose to $56.950 million, from $40.449 million.

Negative

Minor pointRestricted cash of $25.922 million was unavailable for on-demand withdrawal.

Filing Explained

At September 30, $25,922 thousand was restricted, and a $30 million acquisition payment is due by December 31, 2026.

Form 6-K furnishes interim material information; here, Galiano Gold reports $25,922 thousand of cash restricted at September 30, 2026 and unavailable on demand under a Ghana court order.

The balance sheet also records $29,546 thousand of deferred acquisition consideration as a current liability, with $30.0 million due on or before December 31, 2026.

An arbitrator found no breach of contract but awarded approximately $13.0 million plus interest for services rendered. On March 26, 2026, the Court of Appeal dismissed the company’s case on a procedural matter without considering the merits. Galiano reports that it has appealed the garnishee order and sought a stay; the funds remain unavailable on demand until the order is set aside.

Key Figures

Revenue: $172.138 million Net income: $45.359 million Cash flow from operating activities: $56.950 million +5 more

8 metrics

Revenue $172.138 million Q3 2026; $114.197 million in Q3 2025

Net income $45.359 million Q3 2026; compared with a $42.020 million net loss in Q3 2025

Cash flow from operating activities $56.950 million Q3 2026; $40.449 million in Q3 2025

Gold produced 40,922 ounces Q3 2026

Gold sold 40,403 ounces Q3 2026

Average gross gold sales price $4,247 per ounce Q3 2026, excluding realized losses on gold hedges

All-in sustaining costs $2,346 per ounce Q3 2026; 5% lower than Q2 2026

Restricted cash $25.922 million As of September 30, 2026

Key Terms

all-in sustaining costs, zero cost collar, contingent consideration, strip ratio, +1 more

5 terms

all-in sustaining costs financial

"All-in sustaining costs of $2,346/oz for the quarter"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

zero cost collar financial

"zero cost collar (ZCC) gold hedges commitment"

contingent consideration financial

"$30.0 million of the aggregate consideration payable is contingent"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

strip ratio technical

"Strip ratio (waste-to-ore)"

Strip ratio measures how much non-valuable material (waste) must be removed to access a given amount of mineral-bearing rock (ore) at a surface mine, expressed as a simple ratio like 3:1 meaning three units of waste per one unit of ore. Investors care because a higher strip ratio typically means higher extraction costs, larger equipment and disposal needs, and lower profit margins—think of peeling more rind to get the same amount of fruit, which affects project economics and cash flow.

cliff vesting feature technical

"PSUs have a cliff vesting feature"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue and net income did GAU report for Q3 2026?

GAU reported revenue of $172.138 million and net income of $45.359 million for Q3 2026. In Q3 2025, revenue was $114.197 million and net income was a $42.020 million loss.

How much gold did GAU produce and sell in Q3 2026?

GAU produced 40,922 ounces and sold 40,403 ounces in Q3 2026. The average gross gold sales price was $4,247 per ounce, excluding realized losses on gold hedges.

What are the terms of Galiano's revolving credit facility?

AGGL entered into a four-year revolving credit facility with FirstRand Bank Limited, acting through its Rand Merchant Bank division. Its floating rate is based on SOFR plus a margin of 3.95% to 4.20% per annum; standby fees on the undrawn portion are 1.38% to 1.47% per annum.

When is Galiano's deferred consideration due?

The acquisition agreement provides for $30.0 million of deferred consideration due on or before December 31, 2026. Its carrying amount was $29.546 million as of September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File No. 001-33580

GALIANO GOLD INC.
(Translation of registrant's name into English)

Suite 1640, 1066 West Hastings Street
Vancouver, British Columbia, V6E 3X1, Canada
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F [ ] Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) [ ]

SUBMITTED HEREWITH

Exhibits 99.1 and 99.2 included with this report are hereby incorporated by reference as exhibits to the registrant's registration statement on Form F-10 (File No. 333-288285) (the "Registration Statement"), and to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibits

99.1	Unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025

99.2	Management's Discussion and Analysis for the three and nine months ended September 30, 2026 and 2025

99.3	CEO certification of interim filings

99.4	CFO certification of interim filings

99.5	News release dated November 5, 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GALIANO GOLD INC.

/s/ Matthew Freeman
________________________________
Matthew Freeman
Chief Financial Officer

Date: November 5, 2026

Condensed Consolidated Interim Financial Statements

For the three and nine months ended September 30, 2026 and 2025

(Unaudited, expressed in thousands of United States dollars, unless otherwise stated)

TABLE OF CONTENTS

Condensed Consolidated Interim Statements of Financial Position	2

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)	3

Condensed Consolidated Interim Statements of Changes in Equity	4

Condensed Consolidated Interim Statements of Cash Flows	5

Notes to the Condensed Consolidated Interim Financial Statements	6 - 33

GALIANO GOLD INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(In thousands of United States dollars)

		September 30, 2026		December 31, 2025
	Note	$		$
Assets
Current assets
Cash and cash equivalents	4	86,822		108,327
Restricted cash	12(a)	25,922		-
Accounts receivable		918		71
Inventories	5	121,130		70,802
Value added tax receivables		27,837		10,808
Prepaid expenses and other	6	14,396		12,175
		277,025		202,183
Non-current assets
Mineral properties, plant and equipment	7	479,906		388,609
Other non-current as sets	9,12(b)	8,033		8,259
		487,939		396,868
Total assets		764,964		599,051
Liabilities
Current liabilities
Accounts payable and accrued liabilities	8	117,161		87,053
Income taxes payable	21	13,597		4,167
Financial liabilities	23	16,879		77,317
Lease liabilities	10	20,206		16,806
Deferred consideration	11(a)	29,546		28,242
Provisions	12(a)	6,995		6,995
		204,384		220,580
Non-current liabilities
Lease liabilities	10	51,912		20,269
Contingent consideration	11(b),(c)	29,399		26,308
Asset retirement provisions	12(b)	72,808		75,732
Deferred tax liabilities	21	28,615		23,024
Other non-current liabilities		-		11,480
		182,734		156,813
Total liabilities		387,118		377,393
Equity
Common shareholders' equity
Share capital		622,621		619,311
Equity reserves		56,291		54,530
Accumulated deficit		(319,912	)	(454,985	)
Total common shareholders' equity		359,000		218,856
Non-controlling interest	15	18,846		2,802
Total equity		377,846		221,658

Total liabilities and equity		764,964		599,051

Commitments and contingencies	23

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Approved on behalf of the Board of Directors:

	"Matt Badylak"		"Greg Martin"
	Director		Director

GALIANO GOLD INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands of United States dollars, except share and per share amounts)

		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025
	Note	$		$		$		$
Revenue	16	172,138		114,197		495,230		288,091
Realized and unrealized losses on gold hedges ⁽¹⁾	16	(7,294	)	(38,199	)	(2,013	)	(85,824	)
Net revenue		164,844		75,998		493,217		202,267

Cost of sales:
Production costs	17	(55,940	)	(41,630	)	(156,186	)	(123,175	)
Depreciation and depletion	7	(16,312	)	(15,256	)	(44,295	)	(42,703	)
Royalties	18	(20,346	)	(9,135	)	(55,239	)	(21,515	)
Total cost of sales		(92,598	)	(66,021	)	(255,720	)	(187,393	)

Income from mine operations		72,246		9,977		237,497		14,874

General and administrative expenses	19	(4,723	)	(8,922	)	(11,265	)	(18,265	)
Exploration and evaluation expenditures		(1,640	)	(879	)	(3,253	)	(3,260	)
Income (loss) from operations		65,883		176		222,979		(6,651	)

Finance income		873		2,247		2,176		5,297
Finance expense⁽¹⁾	20	(4,801	)	(4,621	)	(16,442	)	(13,245	)
Foreign exchange gain (loss)		32		(3,248	)	(1,706	)	2,036
Income (loss) before taxes		61,987		(5,446	)	207,007		(12,563	)

Current income tax expense	21	(15,255	)	(21,828	)	(50,299	)	(22,549	)
Deferred income tax expense	21	(1,373	)	(14,746	)	(5,591	)	(14,746	)
Net income (loss) and comprehensive income (loss)		45,359		(42,020	)	151,117		(49,858	)

Net income (loss) attributable to:
Common shareholders of the Company		40,505		(38,636	)	135,073		(46,116	)
Non-controlling interest	15	4,854		(3,384	)	16,044		(3,742	)
Net income (loss) for the period		45,359		(42,020	)	151,117		(49,858	)

Weighted average number of shares outstanding:
Basic		261,782,898		258,791,445		261,125,875		257,905,353
Diluted	22	269,718,423		258,791,445		269,619,136		257,905,353

Net income (loss) per share attributable to common shareholders:
Basic		0.15		(0.15	)	0.52		(0.18	)
Diluted		0.15		(0.15	)	0.50		(0.18	)

⁽¹⁾ September 30, 2025 figures have been restated as a result of changes to the presentation of realized and unrealized losses on gold hedge derivative instruments. For more information on this change in accounting policy, refer to note 16 of these interim financial statements and note 3(n) of the Company's audited consolidated annual financial statements for the year ended December 31, 2025.

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GALIANO GOLD INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands of United States dollars, except for number of common shares)


		Number of						Non-
		common		Equity		Accumulated		controlling
		shares	Share capital	reserves		deficit		interest		Total equity
	Note		$	$		$		$		$
Balance as at January 1, 2025		257,077,946	616,203	52,948		(425,695	)	4,313		247,769
Issuance of common shares:
Exercise of stock options	14(a)	2,282,498	2,682	(847	)	-		-		1,835
Equity-settled long-term incentive plan awards	14(b)	77,996	97	-		-		-		97
Share-based compensation expense	14(e)	-	-	2,110		-		-		2,110
Net loss and comprehensive loss for the period		-	-	-		(46,116	)	(3,742	)	(49,858	)
Balance as at September 30, 2025		259,438,440	618,982	54,211		(471,811	)	571		201,953

Balance as at January 1, 2026		259,790,437	619,311	54,530		(454,985	)	2,802		221,658
Issuance of common shares:
Exercise of stock options , net of issuance costs	14(a)	2,126,997	2,978	(913	)	-		-		2,065
Equity-settled long-term incentive plan awards	14(b)	136,996	332	(86	)	-		-		246
Share-based compensation expense	14(e)	-	-	2,760		-		-		2,760
Net income and comprehensive income for the period		-	-	-		135,073		16,044		151,117
Balance as at September 30, 2026		262,054,430	622,621	56,291		(319,912	)	18,846		377,846

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GALIANO GOLD INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (In thousands of United States dollars)

		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025
	Note	$		$		$		$

Operating activities:
Net income (loss) for the period		45,359		(42,020	)	151,117		(49,858	)
Adjustments for:
Depreciation and depletion	7,19	16,344		15,285		44,391		42,793
Share-based compensation	14(e)	1,241		5,713		446		7,806
Finance income		(531	)	(2,247	)	(1,578	)	(5,297	)
Finance expense	20	4,801		4,621		16,442		13,245
Unrealized (gain) loss on gold hedge derivative instruments	16,25(b)	(20,585	)	25,105		(71,432	)	57,128
Unrealized foreign exchange loss (gain)		454		1,011		1,521		(1,509	)
Current income tax expense	21	15,255		21,828		50,299		22,549
Income taxes paid	21	(18,331	)	(11,577	)	(40,932	)	(12,298	)
Deferred income tax expense	21	1,373		14,746		5,591		14,746
Operating cash flow before working capital changes and legal restriction		45,380		32,465		155,865		89,305
Change in working capital	24	11,570		7,984		(20,300	)	12,850
Cash flow from operating activities, before legal restriction		56,950		40,449		135,565		102,155
Legal restriction on cash and cash equivalents	12(a)	-		-		(25,922	)	-
Cash flow from operating activities		56,950		40,449		109,643		102,155

Investing activities:
Expenditures on mineral properties, plant and equipment	7	(45,638	)	(35,260	)	(118,221	)	(83,336	)
Interest received		278		879		1,290		2,763
Purchase of marketable securities		(788	)	-		(856	)	(473	)
Sale of marketable securities		776		-		842		-
Cash flow us ed in investing activities		(45,372	)	(34,381	)	(116,945	)	(81,046	)

Financing activities:
Lease liability payments	10	(5,076	)	(5,076	)	(14,938	)	(13,798	)
Shares is sued for cash on exercise of stock options, net of costs	14(a)	551		978		2,065		1,835
Revolving credit facility standby fees and other costs	9	(340	)	-		(1,009	)	-
Cash flow us ed in financing activities		(4,865	)	(4,098	)	(13,882	)	(11,963	)

Impact of foreign exchange on cash and cash equivalents		84		(211	)	(321	)	1,519

Net increase (decrease) in cash and cash equivalents during the period		6,797		1,759		(21,505	)	10,665
Cash and cash equivalents, beginning of period		80,025		114,681		108,327		105,775
Cash and cash equivalents, end of period		86,822		116,440		86,822		116,440

Supplemental cash flow information	24

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

GALIANO GOLD INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Expressed in thousands of United States dollars, unless otherwise stated

1. Nature of operations

Galiano Gold Inc. ("Galiano" or the "Company") was incorporated on September 23, 1999 under the Business Corporations Act of British Columbia, Canada. The Company's head office and principal address is located at 1640 - 1066 West Hastings Street, Vancouver, British Columbia, V6E 3X1, Canada. The Company's registered and records office is located at Suite 3500, 1133 Melville Street, Vancouver, V6E 4E5. The Company's common shares trade on the Toronto Stock Exchange and NYSE American Exchange under the ticker symbol "GAU".

The Company's principal business activity is the operation of the Asanko Gold Mine ("AGM"), of which the Company owns 90% and the Government of Ghana holds a 10% free-carried interest (non-controlling interest). The AGM consists of four main open-pit mining areas: Abore, Nkran, Esaase and Miradani North, multiple satellite deposits and exploration projects located on the Asankrangwa Gold Belt in the Amansie West District of the Republic of Ghana ("Ghana"), West Africa.

2. Basis of presentation

(a) Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations issued by the International Financial Reporting Interpretations Committee. These condensed consolidated interim financial statements do not include all of the necessary annual disclosures in accordance with IFRS accounting standards and should be read in conjunction with the Company's audited consolidated annual financial statements for the year ended December 31, 2025.

These condensed consolidated interim financial statements were authorized for issue and approved by the Company's Board of Directors on November 5, 2026.

The accounting policies followed by the Company in these condensed consolidated interim financial statements are the same as those applied in the Company's audited consolidated annual financial statements for the year ended December 31, 2025.

(b) Basis of presentation and consolidation

These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments carried at fair value.

All amounts are expressed in thousands of United States dollars, unless otherwise stated, and the United States ("U.S.") dollar is the functional currency of the Company and each of its subsidiaries. References to C$ are to Canadian dollars.

Certain comparative period financial information has been restated to conform with the current period presentation.

These condensed consolidated interim financial statements incorporate the financial information of the Company and its subsidiaries as at September 30, 2026. The Company controls an entity when it has power over that entity, exposure or rights to variable returns arising from its involvement, and the ability to exercise that power to affect the amount of the Company's returns.

2. Basis of presentation (continued)

(b) Basis of presentation and consolidation (continued)

All significant intercompany amounts and transactions between the Company and its subsidiaries have been eliminated on consolidation.

There have been no material changes in the Company's subsidiaries from those disclosed in the audited consolidated annual financial statements for the year ended December 31, 2025.

IFRS 7 and 9

In May 2024, the IASB issued amendments to the classification and measurement of financial instruments (IFRS 7 and IFRS 9), which included clarification that a financial liability is derecognized on the 'settlement date'; an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met; clarification on how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance‐linked features; and required additional disclosures under IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event. The amendments to IFRS 7 and IFRS 9 were effective for annual reporting periods beginning on or after January 1, 2026. The amendments to IFRS 7 and IFRS 9 had no significant impact on the Company's consolidated financial statements.

(d) Accounting standards and amendments issued but not yet adopted

The following standards and interpretations, which may be applicable to the Company, have been issued but are not yet effective as of September 30, 2026:

IFRS 18

On April 9, 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements, a new standard on presentation and disclosure in financial statements with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but may change what an entity reports as its 'operating profit or loss'. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. The Company has advanced its evaluation of the implementation of IFRS 18 and identified the following potential impacts, which are not exhaustive, on its consolidated financial statements:

2. Basis of presentation (continued)

(d) Accounting standards and amendments issued but not yet adopted (continued)

IFRS 18 (continued)

– Certain items of income or expense will be grouped differently within the operating, investing and financing categories resulting in new subtotals or line items in the Statement of Operations and Comprehensive Income (Loss);

– The starting point of the Statement of Cash Flows under the indirect method will be 'operating profit or loss', which may result in fewer reconciling items within operating activities;

– There may be further disaggregation of certain operating expenses in the financial statement notes such that line items aggregate expenses with similar characteristics; and

– There will be new disclosures for management-defined performance measures ("MPM"). An MPM has been defined as a subtotal of income and expenses that is used in communications outside of the financial statements to highlight a particular aspect of overall financial performance. On a preliminary basis, the Company has identified the following MPMs used in communications outside of the financial statements: adjusted net income; earnings before interest, taxes, depreciation, and amortization ("EBITDA"); and adjusted EBITDA.

3. Significant accounting judgements and estimates

The preparation of financial statements, in conformity with IFRS accounting standards, requires management to make judgements, estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in these condensed consolidated interim financial statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows.

The Company's significant accounting judgements and estimates are unchanged as compared to those presented in note 5 of the Company's audited consolidated annual financial statements for the year ended December 31, 2025.

4. Cash and cash equivalents

	September 30, 2026	December 31, 2025
	$	$
Cash held in banks	82,997	98,799
Short-term investments	3,825	9,528
Cash and cash equivalents	86,822	108,327

5. Inventories

	September 30, 2026	December 31, 2025
	$	$
Gold dore on hand	939	469
Gold-in-process	3,774	3,880
Ore stockpiles	98,156	49,361
Supplies	18,261	17,092
Total inventories	121,130	70,802

6. Prepaid expenses and other

	September 30, 2026	December 31, 2025
	$	$
Prepaid expenses	10,960	7,649
Marketable securities	3,436	4,526
Total prepaid expenses and other	14,396	12,175

During the three and nine months ended September 30, 2026, the Company recorded a $0.3 million and $1.4 million mark-to-market loss on its marketable securities, respectively, which is presented in finance expense in the Statements of Operations and Comprehensive Income (Loss) (three and nine months ended September 30, 2025 - $1.4 million and $2.5 million mark-to-market gain, respectively, presented in finance income).

7. Mineral properties, plant and equipment ("MPP&E")

			Exploration
			and	Plant,				Assets
	Mineral		evaluation	buildings and		Right-of-		under		Corporate
	properties		assets	equipment		use assets		construction		assets		Total
	$		$	$		$		$		$		$
Cost
As at January 1, 2025	108,004		3,964	195,002		47,615		1,784		515		356,884
Additions	106,197		-	1,260		11,157		8,818		76		127,508
Change in asset retirement provisions (note 12(b))	6,992		-	-		-		-		-		6,992
Transfers	-		-	8,677		-		(8,677	)	-		-
As at December 31, 2025	221,193		3,964	204,939		58,772		1,925		591		491,384
Additions	102,538		-	2,247		43,991		8,134		27		156,937
Change in asset retirement provisions (note 12(b))	(5,394	)	-	-		-		-		-		(5,394	)
Transfers	271		-	-		-		(271	)	-		-
As at September 30, 2026	318,608		3,964	207,186		102,763		9,788		618		642,927

Accumulated depreciation and depletion
As at January 1, 2025	(9,970	)	-	(5,672	)	(11,339	)	-		(474	)	(27,455	)
Depreciation and depletion expense	(50,099	)	-	(9,281	)	(15,915	)	-		(25	)	(75,320	)
As at December 31, 2025	(60,069	)	-	(14,953	)	(27,254	)	-		(499	)	(102,775	)
Depreciation and depletion expense	(45,194	)	-	(3,628	)	(11,396	)	-		(28	)	(60,246	)
As at September 30, 2026	(105,263	)	-	(18,581	)	(38,650	)	-		(527	)	(163,021	)

Net book value:
As at December 31, 2025	161,124		3,964	189,986		31,518		1,925		92		388,609
As at September 30, 2026	213,345		3,964	188,605		64,113		9,788		91		479,906

7. Mineral properties, plant and equipment ("MPP&E") (continued)

During the three and nine months ended September 30, 2026, additions to mineral interests included capitalized stripping costs at the Abore and Esaase deposits of $4.5 million and $19.4 million, respectively, (three and nine months ended September 30, 2025 - $11.9 million and $38.9 million, respectively) and $24.6 million and $60.2 million of pre‐stripping costs at the Nkran deposit, respectively (three and nine months ended September 30, 2025 - $12.0 million and $22.1 million, respectively).

During the three and nine months ended September 30, 2026, depreciation and depletion expense recognized in the Statements of Operations and Comprehensive Income (Loss) included a credit of $8.6 million and $15.9 million to depreciation expense, respectively, which was capitalized to inventories (three and nine months ended September 30, 2025 - credit of $6.2 million and $9.0 million to depreciation expense, respectively, which was capitalized to inventories).

Refer to note 19 for depreciation expense on corporate fixed assets, which is recorded within general and administrative expenses. Refer to note 9 for details on the Company's revolving credit facility, which is secured by a first priority charge against Asanko Gold Ghana Ltd.'s ("AGGL") assets, including mineral properties, plant and equipment.

8. Accounts payable and accrued liabilities

The Company's accounts payable and accrued liabilities are primarily comprised of amounts outstanding for purchases relating to mining operations, exploration and evaluation activities, and corporate expenses. The normal credit period for supplier payables is typically between 30 and 90 days. Accounts payable and accrued liabilities are comprised of the following items:

	September 30, 2026	December 31, 2025
	$	$
Supplier payables	36,445	22,226
Accrued liabilities	43,765	36,737
Royalties, mineral rights fees and withholding taxes	26,835	14,510
Current portion of long-term incentive plan liabilities (note 14)	10,116	13,580
Total accounts payable and accrued liabilities	117,161	87,053

9. Revolving credit facility

On December 19, 2025, the Company's subsidiary AGGL entered into a revolving credit facility (the "RCF") with FirstRand Bank Limited, acting through its Rand Merchant Bank division. The RCF has a 4-year term and floating interest rate based on the Secured Overnight Financing Rate (SOFR) plus a margin of 3.95% to 4.20% per annum, while the undrawn portion of the RCF is subject to a standby fee of 1.38% to 1.47% per annum. During the nine months ended September 30, 2026, the Company recognized standby fees of $0.8 million.

The RCF is guaranteed by certain subsidiaries of the Company and is also secured by a first priority charge against AGGL's assets, and a first priority share pledge of certain of the Company's subsidiaries. Additionally, the RCF includes certain financial covenants to be tested semi-annually, as disclosed in the Company's consolidated annual financial statements for the year ended December 31, 2025. As of September 30, 2026, the Company had not drawn on the RCF and was in compliance with all covenants.

The Company deposited $1.1 million of cash into a reserve account in connection with the RCF. This cash is restricted until the term of the RCF expires and has been presented within other non-current assets in the Statement of Financial Position.

10. Lease liabilities

	September 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	37,075		38,872
Leases entered into and additions during the period (note 7)	43,991		11,157
Lease payments	(14,938	)	(19,265	)
Interest expense (note 20)	5,990		6,311
Total lease liabilities, end of period	72,118		37,075

Less: current portion of lease liabilities	(20,206	)	(16,806	)
Total non-current portion of lease liabilities	51,912		20,269

During the nine months ended September 30, 2026, the Company recognized additions to lease liabilities relating to additional mining equipment made available for use under an existing lease arrangement, and the remeasurement of another lease following the modification of that lease arrangement's terms and conditions.

During the three and nine months ended September 30, 2026, the Company incurred $50.6 million and $125.4 million, respectively, relating to variable lease payments under mining services contracts and other mining related contracts which have not been included in the measurement of lease liabilities (three and nine months ended September 30, 2025 - $36.7 million and $92.1 million, respectively).

11. Deferred and contingent consideration

On March 4, 2024, the Company acquired Gold Fields Limited's ("Gold Fields") 45% interest in the AGM ("the Acquisition"). In accordance with the Acquisition agreement, certain consideration payable to Gold Fields is deferred in time or contingent upon certain future events.

The Company recognized the following financial liabilities at fair value as of the acquisition date, which were subsequently remeasured as of September 30, 2026 in accordance with IFRS 9, Financial Instruments ("IFRS 9").

	September 30, 2026		December 31, 2025
	$		$
Deferred consideration	29,546		28,242
Contingent consideration	20,700		19,320
Nkran royalty	8,699		6,988
Total deferred and contingent consideration	58,945		54,550

Less: current portion of deferred consideration	(29,546	)	(28,242	)
Total non-current portion of deferred and contingent consideration	29,399		26,308

11. Deferred and contingent consideration (continued)

(a) Deferred consideration

$55.0 million of the aggregate consideration payable was deferred with $25.0 million due on or before December 31, 2025 (paid) and $30.0 million due on or before December 31, 2026. The Company estimated the fair value of the deferred consideration at initial recognition by discounting the contractual future cash flows at a discount rate of 6.3%. After initial recognition, the deferred consideration was measured at amortized cost.

During the three and nine months ended September 30, 2026, the Company recognized accretion expense of $0.4 million and $1.3 million, respectively, in finance expense in the Statements of Operations and Comprehensive Income (Loss) (three and nine months ended September 30, 2025 - $0.8 million and $2.3 million, respectively). The $30.0 million payment due on or before December 31, 2026 has been presented as a current liability in the Statement of Financial Position.

The following table summarizes the change in the carrying amount of the deferred consideration for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026	December 31, 2025
	$	$
Balance, beginning of period	28,242	50,109
Payments	-	(25,000	)
Accretion expense (note 20)	1,304	3,133
Balance, end of period	29,546	28,242

(b) Contingent consideration

$30.0 million of the aggregate consideration payable is contingent upon 100,000 gold ounces being produced from the Nkran deposit. In accordance with IFRS 3 and IFRS 9, contingent consideration payable by an acquirer in a business combination shall be subsequently measured at fair value through profit or loss. The Company remeasured the fair value of the contingent consideration to $20.7 million as of September 30, 2026, and recognized $27 and $1.4 million fair value adjustment for the three and nine months ended September 30, 2026, respectively, in finance expense in the Statements of Operations and Comprehensive Income (Loss) (three and nine months ended September 30, 2025 - fair value adjustment of $0.6 million and $1.8 million recognized in finance expense, respectively).

In determining the fair value at September 30, 2026, the Company applied the same fair value methodology as the December 31, 2025 valuation. Due to the recent increase in treasury bill and bond yields, the Company has applied a 16.0% discount rate assumption in the contingent consideration fair value model (December 31, 2025 - 14.5%). The contingent consideration falls within level 3 of the fair value hierarchy.

11. Deferred and contingent consideration (continued)

(b) Contingent consideration (continued)

The following table summarizes the change in the carrying amount of the contingent consideration for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026	December 31, 2025
	$	$
Balance, beginning of period	19,320	16,873
Change in fair value during the period	1,380	2,447
Balance, end of period	20,700	19,320

A 1% net smelter return royalty on gold revenue generated from the Nkran deposit is payable beginning upon 100,000 gold ounces being produced, and subject to a maximum of 447,000 gold ounces of production. In accordance with IFRS 3 and IFRS 9, contingent consideration payable by an acquirer in a business combination shall be subsequently measured at fair value through profit or loss.

The Company estimated the fair value of the Nkran royalty by discounting forecast future cash flows at a discount rate of 16.0% (December 31, 2025 - 14.5%). The gold price assumption applied in estimating future royalty payments as of September 30, 2026 was based on a long-term consensus gold price of $3,600 per ounce. The Company remeasured the fair value of the Nkran Royalty to $8.7 million as of September 30, 2026, and recognized a $0.2 million (credit) and $1.7 million (debit) fair value adjustment for the three and nine months ended September 30, 2026, respectively, in finance expense in the Statements of Operations and Comprehensive Income (Loss) (three and nine months ended September 30, 2025 - fair value adjustment of $0.8 million and $1.8 million, respectively, recognized in finance expense). The Nkran Royalty falls within level 3 of the fair value hierarchy.

The following table summarizes the change in the carrying amount of the Nkran royalty for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026	December 31, 2025
	$	$
Balance, beginning of period	6,988	4,388
Change in fair value during the period	1,711	2,600
Balance, end of period	8,699	6,988

12. Provisions

(a) Legal provision

In 2019, a services provider of the AGM filed a dispute with an arbitration tribunal alleging the AGM breached the terms of a services agreement and claimed approximately $25.0 million in damages. The arbitrator ruled in favour of the AGM that there had not been a breach of any terms of the contract, yet made an award to the counterparty of approximately $13.0 million plus interest for services rendered. The Company, consistent with the arbitration ruling, maintains the view that there was no breach of contract, and all contractual amounts were paid as due. The Company has sought to appeal the arbitration ruling. On March 26, 2026, the Court of Appeal dismissed the case on a procedural matter and did not consider the substantive merits of the case. The Company will continue to follow the mandated Ghanaian judicial process until the matter is settled.

A provision of $7.0 million has been recorded as of September 30, 2026 (December 31, 2025 - $7.0 million), which represents management's best estimate to settle the claim. While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes the estimated provision is reasonable based on the information currently available.

Restricted cash

On June 22, 2026, AGGL received a garnishee order from a court in Ghana in the amount of $25.9 million, which impacts AGGL's ability to withdraw these funds on demand. The garnishee order was in connection with the aforementioned arbitrator's award plus interest. The Company believes the garnishee order was issued contrary to a stay of execution previously granted by a High Court in Ghana, which prevented the service provider from collecting payment while AGGL's appeal of the arbitrator's original award of $13.0 million worked through the judicial process. Additionally, the Company believes the amount of interest determined in the garnishee order is erroneous. AGGL has taken legal steps to appeal the garnishee order and filed for a stay of execution of the garnishee order. Until such time that the garnishee order is set aside, $25.9 million of AGGL's cash balance cannot be withdrawn on demand and as such has been presented as restricted cash in the Statement of Financial Position.

(b) Asset retirement provisions

	September 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	75,732		66,060
Accretion expens e (note 20)	2,635		2,889
Change in estimate (note 7)	(5,394	)	6,992
Reclamation undertaken during the period	(165	)	(209	)
Total asset retirement provisions, end of period	72,808		75,732

As at September 30, 2026, the Company's reclamation cost estimates were discounted using a long‐term risk‐free discount rate of 5.2% (December 31, 2025 - 4.1%).

The Company is required to provide security to the Environmental Protection Agency of Ghana ("EPA") for the performance by the Company of its reclamation obligations in respect of its mining leases at the AGM. The reclamation deposits have been presented within other non‐current assets in the Statement of Financial Position. Additionally, the Company has provided bank guarantees to the EPA in the amount of $18.6 million (December 31, 2025 - $16.2 million).

13. Share capital

Authorized

Unlimited common shares without par value or restrictions.

14. Equity reserves and long-term incentive plan awards

The Company has an equity incentive plan under which stock options, restricted share units ("RSUs"), performance share units ("PSUs"), and deferred share units ("DSUs") may be awarded to directors, officers, employees, and other service providers. All share units awarded under the equity incentive plan may be designated by the Company's Board of Directors to be settled in either cash, common shares or a combination thereof.

(a) Stock options

Options granted vest in one-third increments every twelve months following the grant date for a total vesting period of three years. Stock options have a maximum term of five years following the grant date. The fair value of stock options granted is determined using the Black-Scholes option pricing model. Expected volatility is determined based on the historical volatility of the Company's share price over a period consistent with the expected life of the stock options.

The following table is a reconciliation of the movement in stock options for the period:

			Weighted average
			exercise price
	Number of Options		C$
Balance, January 1, 2025	11,049,839		1.04
Granted	2,494,000		1.81
Exercised	(2,634,495	)	1.08
Forfeited	(855,669	)	1.07
Balance, December 31, 2025	10,053,675		1.21
Granted	1,354,500		4.06
Exercised	(2,126,997	)	1.34
Forfeited	(626,003	)	2.61
Balance, September 30, 2026	8,655,175		1.53

For stock options granted during the nine months ended September 30, 2026, the following assumptions were applied in the Black-Scholes option pricing models:

		Assumptions
Expected life of option (years)		3.6
Forfeiture rate		17.7%
Dividend yield		0.0%
Risk-free rate		3.5%
Volatility		61.0%
Black Scholes fair value per option (in US dollars)	$	1.53

14. Equity reserves and long-term incentive plan awards (continued)

(b) Restricted share units

RSUs granted vest in one-third increments every twelve months following the grant date for a total vesting period of three years. The following table is a reconciliation of the movement in the number of RSUs outstanding for the nine months ended September 30, 2026 and year ended December 31, 2025:

	Number of RSUs
	September 30, 2026		December 31, 2025
Balance, beginning of period	439,440		548,284
Granted	332,000		223,000
Settled in cash	(93,436	)	(204,581	)
Settled in common shares	(136,996	)	(77,996	)
Forfeited	(61,001	)	(49,267	)
Balance, end of period	480,007		439,440

Cash-settled	185,000		97,436
Equity-settled	295,007		342,004
Total RSUs	480,007		439,440

RSUs granted during the nine months ended September 30, 2026 had an estimated forfeiture rate of 19.1% and a fair value per award of C$4.40 (nine months ended September 30, 2025 - estimated forfeiture rate of 8.8% and a fair value per award of C$1.76). Of the RSU awards granted in 2026, 135,000 units were classified as equity-settled awards and 197,000 units were classified as cash-settled. The liability associated with cash-settled awards is presented in accounts payable and accrued liabilities.

The following table is a reconciliation of the movement in the RSU liability for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	441		380
Awards vested and change in fair value, net of forfeited awards	242		439
Settled in cash	(239	)	(281	)
Equity-settled units transferred to share capital	(246	)	(97	)
Total RSU liability, end of period	198		441

Less: current portion of RSU liability	(198	)	(357	)
Non-current RSU liability, end of period	-		84

14. Equity reserves and long-term incentive plan awards (continued)

PSUs have a cliff vesting feature and vest after a service period of three years. All PSUs contain a performance criterion applied to the number of units that vest. The number of units that vest will be determined by the Company's relative share price performance in comparison to a peer group of companies or upon achievement of Company defined strategic objectives. The PSU performance multiplier ranges from 0% to 150%.

	Number of PSUs
	September 30, 2026		December 31, 2025
Balance, beginning of period	1,591,968		1,476,487
Granted	267,000		612,000
Settled in cash	(419,810	)	(592,750	)
Added due to performance condition	91,842		154,498
Forfeited	(132,000	)	(58,267	)
Balance, end of period	1,399,000		1,591,968

For all PSUs granted during the nine months ended September 30, 2026, the awards had an estimated forfeiture rate of 6.1% and a fair value per award of C$4.40 (nine months ended September 30, 2025 - awards granted had an estimated forfeiture rate of 7.0% and a fair value per award of C$1.76).

The following table is a reconciliation of the movement in the PSU liability for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	1,320		927
Awards vested and change in fair value, net of forfeited awards	205		1,112
Settled in cash	(1,062	)	(719	)
Total PSU liability, end of period	463		1,320

Less: current portion of PSU liability	(463	)	(918	)
Non-current PSU liability, end of period	-		402

14. Equity reserves and long-term incentive plan awards (continued)

(d) Deferred share units

DSUs granted vest quarterly over a period of one year and will be paid to directors upon their retirement from the Board of Directors of the Company.

The following table is a reconciliation of the movement in the number of DSUs outstanding for the nine months ended September 30, 2026 and year ended December 31, 2025:

	Number of DSUs
	September 30, 2026	December 31, 2025
Balance, beginning of period	5,793,800	4,830,900
Granted	426,400	962,900
Balance, end of period	6,220,200	5,793,800

Cash-settled	4,830,900	4,830,900
Equity-settled	1,389,300	962,900
Total DSUs	6,220,200	5,793,800

For DSUs granted during the nine months ended September 30, 2026 and 2025, the awards had an estimated weighted-average forfeiture rate of 0.0%. DSUs granted during the nine months ended September 30, 2026 had a fair value per award of C$4.40 (nine months ended September 30, 2025 - C$1.76). DSU awards granted since 2025 have been classified as equity-settled awards, and therefore the fair value determined on the grant date is amortized over the vesting period of one year. During the three and nine months ended September 30, 2026, the Company recognized $0.1 million and $1.3 million of share-based compensation expense, respectively, related to equity-settled DSU awards (three and nine months ended September 30, 2025 - $0.1 million and $1.2 million of share-based compensation expense, respectively).

The following table is a reconciliation of the movement in the DSU liability for the nine months ended September 30, 2026 and year ended December 31, 2025:

	September 30, 2026		December 31, 2025
	$		$
Balance, beginning of period	12,305		6,098
Awards vested and change in fair value	(2,761	)	6,219
Effect of foreign exchange on DSU liability	(89	)	(12	)
DSU liability, end of period	9,455		12,305

The financial liability associated with cash-settled DSU awards is presented within accounts payable and accrued liabilities in the Statement of Financial Position.

14. Equity reserves and long-term incentive plan awards (continued)

(e) Share-based compensation expense

The following table is a summary of consolidated share-based compensation expense for the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026		2025
	$	$	$		$
Equity-settled awards:
Stock options (note 14(a))	326	267	966		725
Share units	319	235	1,794		1,385
Share-based compensation expense, equity-settled awards - G&A	645	502	2,760		2,110

Share-based compensation expense (recovery), cash-settled awards - G&A	548	5,211	(2,407	)	5,696
Share-based compensation expense, cash-settled awards - production costs	48	-	93		-
Total share-based compensation expense	1,241	5,713	446		7,806

15. Non-controlling interest ("NCI")

	September 30, 2026	December 31, 2025
	$	$
Balance, beginning of period	2,802	4,313
Net earnings (loss) attributable to NCI	16,044	(1,511	)
Balance, end of period	18,846	2,802

16. Revenue

During the three and nine months ended September 30, 2026, the Company physically settled a portion of its gold hedges (note 23) by delivering 22,500 gold ounces and 50,000 gold ounces, respectively (three and nine months ended September 30, 2025 - nil). The sale of these gold ounces was recorded as revenue based on the London Bullion Market Association PM spot gold price on the date of delivery. Separately, the corresponding realized loss on the gold hedge derivative instrument was recorded within net revenue in the Statement of Operations and Comprehensive Income (Loss). The following table outlines the components of the Company's revenue and net revenue for the three and nine months ended September 30, 2026 and September 30, 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Gold revenue at spot prices	171,607		114,043		493,854		287,641
By-product silver revenue	531		154		1,376		450
Revenue	172,138		114,197		495,230		288,091
Realized loss on gold hedges (note 25(b))	(27,879	)	(13,094	)	(73,445	)	(28,696	)
Realized revenue	144,259		101,103		421,785		259,395
Settlement of gold hedges with losses recognized in prior periods	30,981		2,393		68,696		5,543
Unrealized (loss ) gain on gold hedges (notes 23 and 25(b))	(10,396	)	(27,498	)	2,736		(62,671	)
Net revenue	164,844		75,998		493,217		202,267

During the three and nine months ended September 30, 2026 and 2025, the Company sold its gold to London Bullion Market Association registered banks at spot gold prices and sold a portion of its production to the Bank of Ghana under the country's gold buying program.

During the nine months ended September 30, 2026, revenue from four customers accounted for approximately 34%, 28%, 26% and 12% of the Company's total revenue, respectively (nine months ended September 30, 2025 - three customers accounted for 56%, 29% and 15% of total revenue, respectively).

17. Production costs

The following is a summary of production costs by nature recorded by the Company during the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Raw materials and consumables	(18,124	)	(12,377	)	(47,680	)	(36,732	)
Salaries and employee benefits	(8,630	)	(6,885	)	(25,403	)	(19,203	)
Contractors and consultants	(39,132	)	(22,891	)	(101,442	)	(56,936	)
Change in inventories	15,436		6,545		33,303		6,956
Insurance, government fees, permits and other	(5,490	)	(6,022	)	(14,964	)	(17,260	)
Total production costs	(55,940	)	(41,630	)	(156,186	)	(123,175	)

18. Royalties

Until March 10, 2026, all of the AGM's concessions were subject to a 5% gross revenue royalty payable to the Government of Ghana. Effective March 10, 2026, the Government of Ghana amended the royalty law applicable to gold miners to a sliding scale royalty. Under this amendment, gold royalties are subject to a sliding scale, starting at 5% (if gold prices are below $1,900 per ounce) and increasing to 12% (if gold prices exceed $4,500 per ounce). Furthermore, the Nkran deposit is subject to an additional 1% royalty on a portion of production as described in note 11(c) and the Esaase deposit is subject to an additional 0.5% net smelter return royalty.

Additionally, for mining companies in Ghana, the Growth and Sustainability Levy ("GSL") was levied at a rate of 3% of revenues. On March 13, 2026, the Government of Ghana passed into law an amendment to the GSL rate, reducing it to 1%.

19. General and administrative ("G&A") expenses

The following is a summary of G&A expenses incurred during the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Wages, benefits and consulting	(2,327	)	(2,280	)	(7,253	)	(7,062	)
Office, rent and administration	(339	)	(382	)	(1,127	)	(1,118	)
Professional and legal	(329	)	(312	)	(1,056	)	(1,153	)
Share-based compensation	(1,193	)	(5,713	)	(353	)	(7,806	)
Travel, marketing, investor relations and regulatory	(503	)	(206	)	(1,380	)	(1,036	)
Depreciation	(32	)	(29	)	(96	)	(90	)
Total G&A expenses	(4,723	)	(8,922	)	(11,265	)	(18,265	)

20. Finance expense

The following is a summary of finance expense recorded by the Company during the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Interest on lease liabilities (note 10)	(2,615	)	(1,591	)	(5,990	)	(4,872	)
Accretion expense on asset retirement provisions (note 12(b))	(1,007	)	(729	)	(2,635	)	(2,139	)
Accretion expense on deferred consideration (note 11(a))	(448	)	(795	)	(1,304	)	(2,322	)
Change in fair value of contingent consideration (notes 11(b) and (c))	122		(1,426	)	(3,091	)	(3,650	)
Mark-to-market adjustment on marketable securities	(272	)	-		(1,373	)	-
RCF standby fees and other costs	(473	)	-		(1,379	)	-
Other	(108	)	(80	)	(670	)	(262	)
Total finance expense	(4,801	)	(4,621	)	(16,442	)	(13,245	)

21. Income taxes

(a) Current income tax

During the three and nine months ended September 30, 2026, the Company recognized current income tax expense of $15.3 million and $50.3 million, respectively (three and nine months ended September 30, 2025 - $21.8 million and $22.5 million, respectively) and paid income tax of $18.3 million and $40.9 million, respectively (three and nine months ended September 30, 2025 - $11.6 million and $12.3 million, respectively). In Ghana, income tax installments are paid quarterly, with 90% of estimated taxes due by December 31st of the current tax year. Any remaining tax payments are made upon filing of the annual tax return.

During the three and nine months ended September 30, 2026, the Company recognized $0.3 million and $1.1 million of withholding taxes payable in Ghana, which is presented in current income tax expense.

(b) Deferred income tax

During the three and nine months ended September 30, 2026, the Company recognized a deferred income tax ("DIT") expense of $1.4 million and $5.6 million, respectively (three and nine months ended September 30, 2025 - $14.7 million). The Company's DIT liability arises due to certain liabilities of AGGL that may not have tax basis at the time those liabilities are expected to be incurred.

The Company's ETR differs from the combined Canadian federal and provincial statutory tax rate of 27% because the current income tax expense arises primarily from taxable income generated in Ghana by AGGL, which is subject to a statutory tax rate of 35%. The Company's other subsidiaries generated tax losses during the period, with no corresponding tax benefit recognized.

(d) Significant developments

There were no changes to income tax legislation that materially affected the Company, nor its subsidiaries, during the nine months ended September 30, 2026.

22. Income (loss) per share

For the three and nine months ended September 30, 2026 and 2025, the calculation of basic and diluted income (loss) per share was based on the following data:

	Three months ended September 30,					Nine months ended September 30,
		2026		2025			2026		2025
Net income (loss) for the period attributable to common shareholders	$	40,505	$	(38,636	)	$	135,073	$	(46,116	)
	$	40,505	$	(38,636	)	$	135,073	$	(46,116	)

Number of shares
Weighted average number of ordinary shares - basic		261,782,898		258,791,445			261,125,875		257,905,353
Effect of dilutive equity-settled share units		3,504,676		-			3,248,855		-
Effect of dilutive stock options		4,430,849		-			5,244,406		-
Weighted average number of ordinary shares - diluted		269,718,423		258,791,445			269,619,136		257,905,353

For the three and nine months ended September 30, 2026, excluded from the calculation of diluted weighted average shares were 1,129,500 stock options and 376,000 share units that were determined to be anti-dilutive.

For the three and nine months ended September 30, 2025, the effect of all potentially dilutive securities was anti-dilutive given that the Company reported a net loss in those periods.

23. Commitments and contingencies

Commitments

The following table reflects the Company's contractual obligations as they fall due as at September 30, 2026 and December 31, 2025.

			Over	September 30,	December 31,
	Within 1 year	1 - 5 years	5 years	2026	2025
Accounts payable and accrued liabilities	107,045	-	-	107,045	73,473
ZCC gold hedges	16,879	-	-	16,879	88,311
Long-term incentive plan (cash-settled awards)	10,116	-	-	10,116	14,066
Mining and other services contracts	29,083	63,265	-	92,348	63,901
Asset retirement provisions (undiscounted)	-	3,696	81,199	84,895	81,553
Deferred and contingent consideration (undiscounted)	30,000	44,096	2,417	76,513	73,004
Corporate office lease	116	353	-	469	561
Total commitments	193,239	111,410	83,616	388,265	394,869

The zero cost collar ("ZCC") gold hedges commitment represents the mark‐to‐market fair value of the AGM's current gold hedging program. The settlement amount of these hedges, if any, will be dependent on the price of gold at the settlement date. The Company does not apply hedge accounting to the ZCC gold hedges. The remaining ZCC hedges are for 15,000 gold ounces of production in 2026. The ZCC hedges have a weighted-average put strike of $2,300 per ounce and a weighted-average call strike of $3,060 per ounce.

23. Commitments and contingencies (continued)

Long‐term incentive plan commitments due within one year include all cash-settled DSU awards given they are current liabilities as the timing of those payments is beyond the control of the Company in the event that a director is to retire or there is a change of control.

The Company has several mining and other service contracts. These contracts include monthly fixed fees as well as variable cost measures. The contractual obligations disclosed in the above table relate only to the fixed fees payable to the contractors.

The timing of contingent payments, totaling $46.5 million, is based upon management's best estimate of when payments would be required to be made based on the AGM's current life of mine plan.

Contingencies

Due to the nature of its business, the Company and its subsidiaries may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes that the ultimate resolution of these actions is not reasonably likely to have a material adverse effect on the Company's financial condition or future results of operations.

24. Supplemental cash flow information

The following table discloses non‐cash transactions impacting the Statements of Cash Flows for the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,			Nine months ended September 30,
	2026		2025	2026		2025
	$		$	$		$
Operating activities:
Presentation of restricted cash (note 12(a))	-		-	(25,922	)	-
RSU liabilities settled by issuance of common shares	-		-	(246	)	(97	)

Investing activities:
Change in asset retirement provisions included in MPP&E	(4,654	)	1,139	(5,394	)	5,724
Capitalized leases included in MPP&E	-		-	43,991		11,157

24. Supplemental cash flow information (continued)

The following table summarizes the changes in working capital for the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Accounts receivable	(646	)	(18	)	(867	)	38
Inventories	(15,682	)	(6,329	)	(34,435	)	(4,753	)
Value added tax receivables	514		(3,238	)	(18,650	)	(3,053	)
Prepaid expenses and other	(3,697	)	5,378		(3,146	)	(2,463	)
Accounts payable and accrued liabilities	31,081		12,191		36,798		23,081
Change in non-cash working capital	11,570		7,984		(20,300	)	12,850

25. Financial instruments

(a) Financial assets and liabilities by categories

	Fair value through
	profit or loss	Amortized cost	Carrying value	Fair value
As at September 30, 2026	$	$	$	$
Financial assets:
Cash and cash equivalents (note 4)	-	86,822	86,822	86,822
Restricted cash (note 12(a))	-	25,922	25,922	25,922
Accounts receivable	-	918	918	918
Marketable securities (note 6)⁽¹⁾	3,436	-	3,436	3,436
Total financial assets	3,436	113,662	117,098	117,098

Financial liabilities:
Accounts payable and accrued liabilities ⁽²⁾	10,116	107,045	117,161	117,161
Financial liabilities ⁽²⁾	16,879	-	16,879	16,879
Lease liabilities (note 10)	-	72,118	72,118	72,118
Deferred consideration (note 11(a))	-	29,546	29,546	29,546
Contingent consideration (note 11(b),(c))	29,399	-	29,399	29,399
Total financial liabilities	56,394	208,709	265,103	265,103

⁽¹⁾ Marketable securities are presented within prepaid expenses and other in the Statement of Financial Position.

⁽²⁾ Accounts payable and accrued liabilities and financial liabilities include long‐term incentive plan and gold hedge derivative liabilities, which are measured at fair value through profit or loss.

25. Financial instruments (continued)

(a) Financial assets and liabilities by categories (continued)

	Fair value through
	profit or loss	Amortized cost	Carrying value	Fair value
As at December 31, 2025	$	$	$	$
Financial assets:
Cash and cash equivalents	-	108,327	108,327	108,327
Accounts receivable	-	71	71	71
Marketable securities ⁽¹⁾	4,526	-	4,526	4,526
Total financial assets	4,526	108,398	112,924	112,924

Financial liabilities:
Accounts payable and accrued liabilities ⁽²⁾	13,580	73,473	87,053	87,053
Financial liabilities ⁽²⁾	77,317	-	77,317	77,317
Lease liabilities	-	37,075	37,075	37,075
Deferred consideration	-	28,242	28,242	28,242
Contingent consideration	26,308	-	26,308	26,308
Other non-current liabilities ⁽²⁾	11,480	-	11,480	11,480
Total financial liabilities	128,685	138,790	267,475	267,475

⁽¹⁾ Marketable securities are presented within prepaid expenses and other in the Statement of Financial Position.

⁽²⁾ Accounts payable and accrued liabilities, financial liabilities, and other non‐current liabilities include long‐term incentive plan and gold hedge instrument liabilities, which are measured at fair value through profit or loss. Long‐term incentive plan liabilities relate to cash-settled share‐based payments accounted for under IFRS 2 and are measured at fair value at each reporting date, with changes recognized in profit or loss.

(b) Derivative instruments

The Company's derivatives are comprised of ZCC gold hedging instruments. Realized and unrealized gains or losses on gold hedge derivative instruments are presented within net revenue in the Statement of Operations and Comprehensive Income (Loss) and are disclosed in note 16.

25. Financial instruments (continued)

The categories of the fair value hierarchy that reflect the inputs to valuation techniques used to measure fair value are as follows:

Level 1: fair values based on unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: fair values based on inputs for the asset or liability based on unobservable market data.

Contingent consideration and the Nkran royalty are recorded at fair value at the reporting date and fall within Level 3 of the fair value hierarchy. The ZCC gold hedging instruments and marketable securities are measured at fair value at each reporting date. The ZCC gold hedging instruments are classified within Level 2 of the fair value hierarchy, while marketable securities are classified within Level 1.

There were no transfers between the fair value levels during the nine months ended September 30, 2026 or 2025.

Refer to note 11 for a discussion on the valuation techniques applied to the contingent consideration and Nkran royalty. Cash-settled long-term incentive plan liabilities are measured based on the number of outstanding vested awards multiplied by the Company's share price as of the reporting date. Refer to note 14 for further details. ZCC gold hedging instruments and marketable securities are valued using observable market prices.

(d) Financial instrument risks

The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are described as follows.

Credit risk

Credit risk is the risk of an unexpected loss if a customer or the issuer of a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on cash and cash equivalents and restricted cash held at banks in Canada, Isle of Man, and Ghana. The Company invests its cash and cash equivalents with the objective of maintaining safety of principal and providing adequate liquidity to meet all current obligations. In making allocation decisions, management attempts to avoid unacceptable concentrations of credit risk to any single counterparty. The risk of loss associated with cash investments is considered low as most of the Company's cash and cash equivalents are held with highly rated banking institutions.

As at September 30, 2026, the Company had a $27.8 million value added tax receivable due from the Government of Ghana (December 31, 2025 - $10.8 million). The credit risk associated with value added tax receivables is considered to be low, based on historical collection experience. However, should the Government of Ghana not honour its commitments or default on its obligations, the Company may incur losses.

Liquidity risk

Liquidity risk encompasses the risk that the Company cannot meet its financial obligations as they fall due. The Company manages liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support current operations, expansion and development plans, and by managing the Company's capital structure. By managing liquidity risk, the Company aims to ensure that it will have sufficient liquidity to settle obligations and liabilities as they fall due.

25. Financial instruments (continued)

(d) Financial instrument risks (continued)

Liquidity risk (continued)

Through a combination of the Company's cash balance, cash flows generated by the Company's operations, and funds available to be drawn under the RCF, the Company believes it can meet all working capital requirements, contractual obligations, and commitments as they fall due. However, the Company's cash flows and its ability to meet working capital requirements and contractual obligations are significantly influenced by the price of gold and the performance of the AGM. The Company manages its liquidity by ensuring that it can manage spending and provide adequate cash flows to meet all commitments.

As at September 30, 2026, the Company continues to maintain its ability to meet its financial obligations as they come due.

Market risk

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The average interest rate earned by the Company on its cash and cash equivalents during the nine months ended September 30, 2026 was 2.1% (nine months ended September 30, 2025 - 4.1%). A +/‐1% change in short‐term interest rates during the nine months ended September 30, 2026 and 2025 would not have had a material impact on the Company's net income (loss) for the periods.

Amounts drawn on the RCF are subject to a floating interest rate based on SOFR plus a margin of 3.95% to 4.20% per annum. As at September 30, 2026, the RCF remained undrawn and therefore did not expose the Company to interest rate risk. However, future borrowings under the RCF, if any, would be subject to changes in SOFR, which would impact the Company's interest expense payable.

The contingent consideration and Nkran royalty are financial liabilities measured at fair value through profit or loss with fair values determined by reference to discounted cash flow models. Changes in interest rates would impact the discount rate applied to forecast future cash flows and accordingly the fair value of these financial liabilities. Any change in interest rates would therefore impact the Company's earnings, however would not impact cash payments required to settle these obligations. The following table highlights the sensitivity of the fair values related to these financial liabilities as of September 30, 2026 and 2025 for a 1% decrease (increase) in the underlying discount rate.

			Change in fair value
	As at September 30, 2026			As at September 30, 2025
	1% increase to		1% decrease to	1% increase to		1% decrease to
	discount rate		discount rate	discount rate		discount rate
	$		$	$		$
Contingent consideration	(439	)	453	(560	)	582
Nkran royalty	(334	)	349	(273	)	286

(ii) Foreign currency risk

The Company presents its financial statements in U.S. dollars; however, certain operating and capital costs are incurred in Canadian dollars and Ghana Cedis. As a result, the financial results of the Company's operations as reported in U.S. dollars are subject to changes in the value of the U.S. dollar relative to local currencies. As the majority of the Company's gold sales are denominated in U.S. dollars and a portion of the Company's operating and capital costs are in local currencies, the Company may be negatively impacted by strengthening local currencies relative to the U.S. dollar and positively impacted by the inverse.

25. Financial instruments (continued)

(d) Financial instrument risks (continued)

Market risk (continued)

(iii) Price risk

Price risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from currency risk or interest rate risk.

The Company is exposed to gold price risk as changes in the gold price may affect the Company's earnings or the value of its financial instruments. The Company's revenue is directly dependent on gold prices, which have demonstrated significant volatility and are beyond the Company's control.

From time to time, the Company enters into hedging programs to manage its exposure to gold price risk with an objective of margin protection, specifically during periods of forecast elevated capital spend. The Board of Directors continually assesses the Company's strategy towards its gold hedging program. The effectiveness of gold hedging programs is directly dependent on the price of gold and can impact the Company's earnings and cash flows, as the Company remeasures hedging instruments to fair value at each reporting date and may incur realized gains or losses at maturity. Refer to notes 16 and 25(b) for disclosure of realized losses recorded on the Company's gold hedging instruments during the period.

26. Segmented information

Geographic information

As at September 30, 2026, the Company has one reportable segment, being the AGM, and has provided segmented information based on geographic location.

Geographic allocation of total assets and liabilities

As at September 30, 2026:

	Canada	Ghana	Total
	$	$	$
Current assets	15,677	261,348	277,025
Mineral properties, plant and equipment and right-of-use assets	444	479,462	479,906
Other non-current assets	-	8,033	8,033
Total assets	16,121	748,843	764,964
Current liabilities	41,463	162,921	204,384
Non-current liabilities	29,692	153,042	182,734
Total liabilities	71,155	315,963	387,118

26. Segmented information (continued)

Geographic allocation of total assets and liabilities (continued)

As at December 31, 2025:

	Canada	Ghana	Total
	$	$	$
Current assets	47,307	154,876	202,183
Mineral properties, plant and equipment and right-of-use assets	514	388,095	388,609
Other non-current assets	-	8,259	8,259
Total assets	47,821	551,230	599,051
Current liabilities	43,712	176,868	220,580
Non-current liabilities	27,148	129,665	156,813
Total liabilities	70,860	306,533	377,393

Geographic allocation of the Statements of Operations and Comprehensive Income (Loss)

For the three months ended September 30, 2026:

	Canada		Ghana		Total
	$		$		$
Revenue	-		172,138		172,138
Realized and unrealized losses on gold hedges	-		(7,294	)	(7,294	)
Net revenue	-		164,844		164,844

Cost of sales:
Production costs	-		(55,940	)	(55,940	)
Depreciation and depletion	-		(16,312	)	(16,312	)
Royalties	-		(20,346	)	(20,346	)
Income from mine operations	-		72,246		72,246

General and administrative expenses	(3,605	)	(1,118	)	(4,723	)
Exploration and evaluation expenditures	-		(1,640	)	(1,640	)
(Loss) income from operations	(3,605	)	69,488		65,883

Finance income	422		451		873
Finance expense	(593	)	(4,208	)	(4,801	)
Foreign exchange gain (loss )	(11	)	43		32
(Loss) income before income taxes	(3,787	)	65,774		61,987

Current income tax expense	-		(15,255	)	(15,255	)
Deferred income tax expense	-		(1,373	)	(1,373	)
Net (loss) income and comprehensive (loss) income for the period	(3,787	)	49,146		45,359

26. Segmented information (continued)

Geographic allocation of the Statements of Operations and Comprehensive Income (Loss) (continued)

For the three months ended September 30, 2025:

	Canada		Ghana		Total
	$		$		$
Revenue	-		114,197		114,197
Realized and unrealized losses on gold hedges	-		(38,199	)	(38,199	)
Net revenue	-		75,998		75,998

Cost of sales:
Production costs	-		(41,630	)	(41,630	)
Depreciation and depletion	-		(15,256	)	(15,256	)
Royalties	-		(9,135	)	(9,135	)
Income from mine operations	-		9,977		9,977

General and administrative expenses	(8,096	)	(826	)	(8,922	)
Exploration and evaluation expenditures	-		(879	)	(879	)
(Loss) income from operations	(8,096	)	8,272		176

Finance income	2,116		131		2,247
Finance expense	(2,233	)	(2,388	)	(4,621	)
Foreign exchange gain (loss)	21		(3,269	)	(3,248	)
(Loss) income before income taxes	(8,192	)	2,746		(5,446	)

Current income tax expense	-		(21,828	)	(21,828	)
Deferred income tax expense	-		(14,746	)	(14,746	)
Net loss and comprehensive loss for the period	(8,192	)	(33,828	)	(42,020	)

26. Segmented information (continued)

Geographic allocation of the Statements of Operations and Comprehensive Income (Loss) (continued)

For the nine months ended September 30, 2026:

	Canada		Ghana		Total
	$		$		$
Revenue	-		495,230		495,230
Realized and unrealized losses on gold hedges	-		(2,013	)	(2,013	)
Net revenue	-		493,217		493,217

Cost of sales:
Production costs	-		(156,186	)	(156,186	)
Depreciation and depletion	-		(44,295	)	(44,295	)
Royalties	-		(55,239	)	(55,239	)
Income from mine operations	-		237,497		237,497

General and administrative expenses	(8,536	)	(2,729	)	(11,265	)
Exploration and evaluation expenditures	-		(3,253	)	(3,253	)
(Loss) income from operations	(8,536	)	231,515		222,979

Finance income	1,070		1,106		2,176
Finance expense	(5,851	)	(10,591	)	(16,442	)
Foreign exchange gain (loss)	81		(1,787	)	(1,706	)
(Loss) income before income taxes	(13,236	)	220,243		207,007

Current income tax expense	-		(50,299	)	(50,299	)
Deferred income tax expense	-		(5,591	)	(5,591	)
Net (loss) income and comprehensive (loss) income for the period	(13,236	)	164,353		151,117

26. Segmented information (continued)

Geographic allocation of the Statements of Operations and Comprehensive Income (Loss) (continued)

For the nine months ended September 30, 2025:

	Canada		Ghana		Total
	$		$		$
Revenue	-		288,091		288,091
Realized and unrealized losses on gold hedges	-		(85,824	)	(85,824	)
Net revenue	-		202,267		202,267

Cost of sales:
Production costs	-		(123,175	)	(123,175	)
Depreciation and depletion	-		(42,703	)	(42,703	)
Royalties	-		(21,515	)	(21,515	)
Income from mine operations	-		14,874		14,874

General and administrative expenses	(15,930	)	(2,335	)	(18,265	)
Exploration and evaluation expenditures	-		(3,260	)	(3,260	)
(Loss) income from operations	(15,930	)	9,279		(6,651	)

Finance income	4,860		437		5,297
Finance expense	(5,994	)	(7,251	)	(13,245	)
Foreign exchange gain	88		1,948		2,036
(Loss) income before income taxes	(16,976	)	4,413		(12,563	)

Current income tax expense	-		(22,549	)	(22,549	)
Deferred income tax expense	-		(14,746	)	(14,746	)
Net loss and comprehensive loss for the period	(16,976	)	(32,882	)	(49,858	)

Management's Discussion and Analysis

For the three and nine months ended September 30, 2026 and 2025

(Expressed in United States dollars, unless otherwise stated)

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

This Management's Discussion and Analysis ("MD&A") of Galiano Gold Inc. ("Galiano" or the "Company") has been prepared by management and approved by the Board of Directors as of November 5, 2026 and should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and the notes thereto for the three and nine months ended September 30, 2026 and 2025, the audited consolidated annual financial statements and the notes thereto for the year ended December 31, 2025 and the related MD&A. The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting of the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

This discussion covers the three and nine months ended September 30, 2026 and the subsequent period up to the date of issuance of this MD&A. All dollar amounts herein are expressed in United States dollars ("U.S. dollars") unless otherwise stated. References to $ means U.S. dollars and C$ are to Canadian dollars. The first, second, third, and fourth quarters of the Company's fiscal years ("FY") are referred to as "Q1", "Q2", "Q3", and "Q4", respectively.

The Company has included certain non-IFRS performance measures throughout this MD&A. These performance measures are employed by management to assess the Company's operating and financial performance and to assist in business decision-making. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use this information to evaluate the Company's operating and financial performance; however, as explained elsewhere herein, these non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS accounting standards. Refer to section "Non-IFRS Measures" in this MD&A for additional information regarding these non-IFRS measures.

This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described under the headings "Risks and Uncertainties" and "Cautionary Statements" at the end of this MD&A.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

TABLE OF CONTENTS

BUSINESS OVERVIEW	4

Q3 2026 AND YEAR-TO-DATE HIGHLIGHTS	5

RECENT DEVELOPMENTS	6

2026 GUIDANCE AND OUTLOOK	6

SELECTED OPERATIONAL AND FINANCIAL HIGHLIGHTS	7

EXPLORATION ACTIVITIES	10

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE	12

MACROECONOMIC FACTORS	13

REVIEW OF Q3 2026 CONSOLIDATED FINANCIAL RESULTS	14

REVIEW OF YEAR-TO-DATE CONSOLIDATED FINANCIAL RESULTS	17

FINANCIAL CONDITION	19

LIQUIDITY AND CAPITAL RESOURCES	20

SUMMARY OF QUARTERLY FINANCIAL RESULTS	24

NON-IFRS MEASURES	24

OUTSTANDING SHARE DATA	28

RELATED PARTY TRANSACTIONS	29

CRITICAL ACCOUNTING POLICIES AND ESTIMATES	29

RISKS AND UNCERTAINTIES	30

INTERNAL CONTROL	31

QUALIFIED PERSONS	32

CAUTIONARY STATEMENTS	32

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

BUSINESS OVERVIEW

Galiano was incorporated on September 23, 1999, under the Business Corporations Act of British Columbia, Canada. Galiano is a gold mining company with a strategic vision to become a mid-tier producer. The Company's operating gold mine is the Asanko Gold Mine ("AGM") located on the Asankrangwa Gold Belt in the Republic of Ghana ("Ghana"), West Africa. The AGM consists of four main open-pit deposits: Abore, Nkran, Esaase and Miradani North, multiple satellite deposits and a carbon-in-leach processing plant, with a capacity of 5.8 million tonnes ("Mt") per annum. The AGM also owns various exploration licenses across the highly prospective and underexplored Asankrangwa Gold Belt.

Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration, and disciplined deployment of its financial resources.

The Company's common shares trade under the symbol "GAU" on the Toronto Stock Exchange in Canada and the NYSE American Stock Exchange in the United States.

Additional information on the Company, including its most recent Annual Information Form ("AIF"), is available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's website: www.galianogold.com.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Q3 2026 AND YEAR-TO-DATE HIGHLIGHTS

Safety

No lost-time injuries ("LTI") nor total recordable injuries (inclusive of LTIs) ("TRI") recorded during Q3 2026. The AGM has achieved 13.4 million hours worked without an LTI, equating to 548 accident-free days, as of September 30, 2026.
12‐month rolling LTI and TRI frequency rates as of September 30, 2026 of 0.00 and 0.00 per million hours worked, respectively.

Financial

Cash and cash equivalents of $86.8 million and restricted cash of $25.9 million as of September 30, 2026 and no debt.
Generated cash flow from operating activities of $57.0 million during Q3 2026.
Income from mine operations of $72.2 million during Q3 2026.
Net income of $0.15 and adjusted net income¹ of $0.09 per common share (basic) during Q3 2026.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA¹") of $82.3 million and Adjusted EBITDA¹ of $93.3 million during Q3 2026.
Settled 22,500 ounces of gold hedges during Q3 2026. The Company has 15,000 ounces remaining under its hedging program that are expected to be settled in Q4 2026.

Mining Operations

Mined 1.7 Mt of ore at an average mined grade of 1.0 grams per tonne ("g/t") gold with a strip ratio of 4.4:1 during Q3 2026. Approximately 82% of mined ore was from the Abore deposit.

Processing

1.4 Mt of ore was milled at an average feed grade of 1.0 g/t, with metallurgical recovery averaging 90% during Q3 2026. Mill availability during the quarter was 92%.
Produced 40,922 ounces of gold during the quarter, 19% higher than Q2 2026, and 110,060 ounces of gold year-to-date. Gold production for FY 2026 is tracking in line with annual gold production guidance of between 140,000 ounces and 160,000 ounces.
Sold 40,403 ounces of gold during the quarter and 109,831 ounces of gold year-to-date at average prices of $4,247 per ounce ("/oz") and $4,497/oz, respectively, excluding the effect of realized losses on gold hedging instruments.

Nkran Cut 3 Development

Development of Cut 3 at the Nkran deposit accelerated during the quarter with 8.5 Mt of waste mined, an increase of 40% from Q2 2026. Additional mining equipment was mobilized during Q3 2026, leading to increased mining rates at Nkran that are anticipated to further increase in Q4 2026.
Capitalized development pre-stripping costs at Nkran Cut 3 of $24.6 million during Q3 2026 and $60.2 million year-to-date.

Costs

All-in sustaining costs¹ ("AISC") of $2,346/oz for the quarter, a 5% decrease compared to Q2 2026 primarily resulting from higher gold ounces sold.
Year-to-date AISC¹ of $2,391/oz, tracking in line with FY 2026 cost guidance of between $2,300/oz and $2,600/oz.

¹ Non-IFRS measure. Refer to section "Non-IFRS Measures" in this MD&A.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Mining Lease Extension

The Abirem and Miradani mining leases were extended by 15 years and 17 years through 2041 and 2043, respectively. The leases host the Nkran, Adubiaso, and Miradani North deposits, as well as the AGM's processing facility. Securing these mining lease extensions lays the foundation for operational certainty and production growth at the AGM.

Exploration

The Esaase conversion drilling program was completed during Q3 2026 with approximately 32,900 meters (“m”) drilled for the program. Data review and modelling are underway, and results of this work are expected to be included in the AGM’s 2027 mineral reserves and mineral resources update planned for Q1 2027.
During the quarter, approximately 4,500m were drilled at Abore and year-to-date drilling stands at approximately 20,600m of a planned 32,000m program. The objective of this program is to test extensions of mineralization 200m below Abore’s existing underground mineral resource.
Secured the necessary regulatory approvals in Ghana to develop an underground exploration adit at the Abore deposit. The Company has commenced a contract tender and mining contractor selection process.

RECENT DEVELOPMENTS

On October 8, 2026, the Company announced that it had secured the extension of the Abirem and Miradani Mining Leases at the AGM. The Abirem Mining Lease was extended for 15 years through 2041, while the Miradani Mining Lease was extended for 17 years through 2043. The Abirem and Miradani Mining Leases host the Nkran, Adubiaso and Miradani North deposits, as well as the AGM's 5.8 Mt per annum processing facility, associated infrastructure and Nkran Cut 3, a key component of the AGM's long-term mine plan.

2026 GUIDANCE AND OUTLOOK

FY 2026 production guidance for the AGM remains between 140,000 ounces and 160,000 ounces of gold and FY 2026 AISC¹ remains guided to between $2,300/oz and $2,600/oz.

Total sustaining capital expenditures remain guided to between $16 million and $18 million for FY 2026, excluding sustaining capitalized stripping costs. Sustaining capital expenditures in FY 2026 include expansion of the AGM's tailings facility, minor upgrades to the processing plant, and upgrades to mine camp infrastructure.

Development capital for FY 2026 remains guided to between $105 million to $125 million, which primarily relates to Nkran Cut 3 waste stripping ($100 million to $120 million) and village resettlement costs. Mined volumes at Nkran Cut 3 have steadily increased as the year progresses as additional mining equipment is mobilized to the AGM.

Exploration expenditures at the AGM remain guided to between $24 million to $26 million, targeting mineral reserves growth at Esaase, underground mineral resource expansion at Abore, and priority greenfield areas on the AGM’s tenements.

⁽¹⁾ Non-IFRS measure. Refer to section "Non-IFRS Measures" in this MD&A.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

SELECTED OPERATIONAL AND FINANCIAL HIGHLIGHTS

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Mining Operations
Ore mined ('000t)	1,712	1,751	1,521	1,575	1,605
Waste mined ('000t)	7,579	6,529	9,084	8,337	9,067
Strip ratio (waste-to-ore)	4.4	3.7	6.0	5.3	5.7
Average gold grade mined (g/t)	1.0	0.9	0.9	0.9	0.8
Mining costs ($/t mined)	4.53	4.56	3.73	3.94	3.38
Ore tonnes trucked ('000 t)	1,573	1,192	1,163	1,069	1,288
Ore transportation costs ($/t trucked)	4.65	4.96	4.42	4.45	4.35
Processing
Ore milled ('000t)	1,396	1,255	1,305	1,369	1,283
Average mill head grade (g/t)	1.0	0.9	0.9	1.0	0.9
Average recovery rate (%)	90	90	90	91	91
Processing costs ($/t milled)	15.40	14.05	12.79	12.13	12.57
General and administrative costs ($/t milled)	7.97	8.48	7.04	7.58	6.62
Gold produced (oz)	40,922	34,391	34,747	37,574	32,533
Development Stripping - Nkran Cut 3
Waste mined ('000t)	8,536	6,113	4,707	4,324	3,426
Mining costs ($/t mined)	2.87	3.58	2.85	2.48	3.29
Development capitalized stripping costs ($m)	24.6	22.1	13.5	11.1	12.0
Capital Expenditures
Sustaining capital ($m)	5.0	2.0	3.6	4.4	4.2
Development capital ($m)	2.2	2.4	3.4	0.7	2.9
Sustaining capitalized stripping costs ($m)	4.5	8.5	6.4	11.7	11.9
Financial, Costs and Cash Flow
Revenue ($m)	172.1	156.6	166.5	159.7	114.2
Gold sold (oz)	40,403	35,247	34,181	38,276	32,577
Average gold sales price - gross ($/oz)⁽¹⁾	4,247	4,432	4,857	4,164	3,501
Average gold sales price - net ($/oz)⁽²⁾	3,557	3,853	4,122	3,744	3,099
AISC ($/oz sold)⁽³⁾	2,346	2,473	2,361	2,033	2,283
Income from mine operations ($m)	72.2	92.8	72.5	51.1	10.0
Adjusted net income (loss) ($m)⁽³⁾	23.2	23.1	29.5	40.0	(2.8	)
Adjusted EBITDA ($m)⁽³⁾	93.3	78.5	93.9	85.5	40.2
Cash flow from operating activities ($m)	57.0	6.0	46.7	55.8	40.4

⁽¹⁾ Gross average gold sales price is a non-IFRS measure and calculated by dividing revenue, as reported in the Company's consolidated financial statements, by the number of gold ounces sold during the period.

⁽²⁾ Net average gold sales price is a non-IFRS measure and calculated by dividing revenue less realized losses on gold hedge derivative instruments, as reported in the Company's consolidated financial statements, by the number of gold ounces sold during the period.

⁽³⁾ Non-IFRS measure. Refer to "Non-IFRS Measures" in this MD&A.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Q3 2026 Operational Analysis for the Asanko Gold Mine

Mining Operations

Abore

Mined 1.4 Mt of ore, an increase of 4% from Q2 2026, at an average grade of 1.1 g/t gold. Mined grades at Abore during Q3 2026 increased by 9% compared to Q2 2026, as higher grades at deeper elevations began to be mined.
Strip ratio of 3.4:1, a decrease of 8% from Q2 2026, resulting from Abore transitioning into a lower waste phase as future ore benches have been exposed.

Esaase

Mined 0.3 Mt of ore at an average grade of 0.8 g/t gold. Mined ore tonnes and grade were largely consistent with Q2 2026.
Strip ratio of 10.9:1, higher than Q2 2026 but in line with plan.

Mining Operating Costs

Mining costs per tonne at Abore and Esaase averaged $4.53 per tonne ("/t") in Q3 2026, consistent with Q2 2026.

Compared to mining unit costs of $3.38/t in Q3 2025, the 34% increase in mining costs per tonne in Q3 2026 was attributable to higher drill and blast costs resulting from mining a higher proportion of fresh rock at Abore, and higher diesel prices.

Ore Transportation

Ore transportation reflects ore transported from mined deposits located greater than 5 kilometers ("km") from the processing plant, which currently includes the Abore and Esaase deposits. Ore transported from closer deposits is considered rehandling, the costs of which are included within mining costs. During the quarter, 1.6 Mt of ore was trucked from the Abore and Esaase deposits to the processing plant, 32% higher than Q2 2026. The increase in ore transported was to support higher mill throughput in Q3 2026.

Ore transportation unit costs in Q3 2026 were 6% lower than Q2 2026 due to higher tonnes trucked.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Processing

Gold Production

The AGM produced 40,922 ounces of gold during Q3 2026 as the processing plant milled 1.4 Mt of ore at an average grade of 1.0 g/t with metallurgical recovery averaging 90%. Gold production in Q3 2026 was 19% higher than Q2 2026 due to higher mined grades from Abore and improved plant throughput. Approximately 80% of the mill feed was sourced from mined ore at Abore, with the remainder of mill feed primarily from the Esaase deposit.

Milled Tonnes

Mill throughput in Q3 2026 was 11% higher than Q2 2026 as there was less plant downtime in the current quarter. Consequently, mill availability improved from 90% in Q2 2026 to 92% during Q3 2026.

Average Head Grade

Average mill head grades in Q3 2026 were 16% higher than Q2 2026, which was supported by higher mined grades from deeper elevations at Abore.

Processing Costs

Processing costs per tonne in Q3 2026 were 10% higher than Q2 2026 due to replacement of mill liners and maintenance on the primary crusher and ball mill.

Capital Expenditures

Sustaining capital expenditures totaled $5.0 million during Q3 2026, $3.0 million higher than Q2 2026. The increase in sustaining capital expenditures was due to advancing the construction of tailings facility expansion.

Development capital expenditures during Q3 2026 totaled $2.2 million, consistent with Q2 2026. Development capital expenditures in Q3 2026 related mainly to initial costs of relocating villages near the AGM's operations.

Nkran Cut 3 Development

Nkran Cut 3 waste stripping accelerated during Q3 2026 with 8.5 Mt of waste rock mined, a 40% increase from Q2 2026, which was supported by the mobilization of additional mining equipment. Mining unit costs at Nkran in Q3 2026 were 20% lower compared to Q2 2026, driven by higher tonnes mined.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Total Cash Costs and AISC

Total Cash Costs¹

For the three and nine months ended September 30, 2026, total cash costs¹ were $1,875/oz and $1,912/oz, respectively. Total cash costs per ounce¹ in Q3 2026 were 12% lower than Q2 2026 due to more gold ounces sold.

AISC¹

For the three and nine months ended September 30, 2026, AlSC¹ was $2,346/oz and $2,391/oz, respectively. AISC¹ in Q3 2026 was 5% lower than Q2 2026 resulting from more gold ounces sold and partly offset by higher sustaining capital expenditures related to a tailings facility expansion.

EXPLORATION ACTIVITIES

The Company holds a district-scale land package of 476km² on the highly prospective and underexplored Asankrangwa Gold Belt. During 2026, the Company conducted exploration programs at the AGM to assess existing mineralization and expansion potential at several deposits, while also evaluating their broader resource prospects. Concurrent efforts focused on identifying greenfield exploration opportunities throughout the regional tenement portfolio.

Following a successful 2025 program, exploration efforts at the AGM in 2026 have focused on supporting a revised life of mine plan and mineral reserves and mineral resources updates, anticipated in Q1 2027.

Exploration activities are heavily focused on delivering near-term value through mineral reserves and mineral resources growth within the brownfields space, while simultaneously continuing to advance the AGM's greenfield generative portfolio via early-stage fieldwork and drill testing at numerous high-priority regional targets.

Esaase

The 2026 infill drilling program at Esaase is designed to convert existing open pit mineral resources from inferred to the indicated category, with an objective of significantly increasing Esaase’s mineral reserves to support planning of potential open pit expansions.

Esaase drilling concluded during Q3 2026 with 16,732m of drilling completed in the quarter, bringing the program total to approximately 32,900m. Data review and modelling are underway, and results of this work are expected to be included in the AGM’s 2027 mineral reserves and mineral resources update planned for Q1 2027.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Abore

A drilling program at Abore aims to continue to grow the underground mineral resource through step out drilling to at least 200m below the maiden underground mineral resource, which was released in February 2026. Planned drilling consists of selective infill drilling designed to prove continuity of mineralization within and below the current mineral resource with flexibility to step out and test for mineralization at deeper elevations based on results as drilling progresses.

Drilling completed up to Q2 2026 intersected mineralization up to 180m below the existing underground mineral resource, while infill drilling improved continuity across key mineralized zones that currently sit outside the existing mineral resource. Drilling beneath the Main and South pit areas also continued to confirm robust extensions of mineralization both down plunge and along strike of existing mineralization.

The Abore drilling campaign, which was previously paused to prioritize the Esaase conversion drilling program, resumed in late Q3 2026. During the quarter, 4,445m were drilled at Abore and year-to-date drilling stands at approximately 20,600m of a planned 32,000m program. Completion of this underground drilling program is expected in Q4 2026.

Greenfield Targets

Work on regional greenfield targets across the AGM's tenements was focused on the New Obuasi and Amoaman prospecting leases, which contain the Nsoroma, Ahuofe, and other priority targets located along strike to the southwest of the Nkran deposit. Work in Q3 2026 consisted of induced polarization (IP) surveying, general prospecting, mapping, ground truthing, data interpretation and targeting activities.

An IP survey in the Fromenda 1 area within the New Obuasi prospecting lease was completed in Q3 2026. This survey is designed to identify extensions of the known mineralized structures within the Fromenda tenement.

Results of the IP surveys have identified several high-priority areas that show potential for drill targeting. Further evaluation of these results is ongoing in conjunction with surficial geochemistry and mapping.

Exploration Cost

Exploration expenditures during the three and nine months ended September 30, 2026 were $6.8 million and $17.6 million, respectively. Exploration costs are tracking in line with guidance.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

Sustainability is at the core of Galiano's business strategy. The Company believes that a comprehensive sustainability strategy is integral to meeting its strategic objectives by positively supporting stakeholder relationships, ensuring regulatory compliance, improving risk management, reducing the AGM's production costs, and benefiting host communities beyond the life of the mine.

For further details on the Company's sustainability program, refer to the Company's 2025 Sustainability Report published on June 1, 2026, which is available on the Company's website at www.galianogold.com.

Health & Safety

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Health and safety
LTIs⁽¹⁾	-	-	-	-	-
TRIs⁽¹⁾	-	-	-	-	1
12-month rolling LTI frequency rate⁽¹⁾	0.00	0.00	0.00	0.24	0.39
12-month rolling TRI frequency rate⁽¹⁾	0.00	0.11	0.11	0.48	0.90

⁽¹⁾ The Company records and reports injuries in accordance with the International Council on Mining and Metals' (ICMM) Mining Principles.

Safety performance remained strong in Q3 2026, achieving a significant milestone of no recorded LTIs or TRIs, reflecting sustained safety leadership and effective risk management. The Company achieved 18 consecutive months, and 13.4 million hours worked, without a reported LTI. As of September 30, 2026, it had been 548 days since an LTI occurred.

Social Performance

Implementation of the Five-Year Socio-Economic Development Plan continued during Q3 2026, with progress across local employment, skills development, alternative livelihoods and community infrastructure initiatives.

Environmental Performance

Environmental monitoring during Q3 2026 indicated full compliance with regulatory standards for water and air quality. Routine quarterly regulatory inspections were completed during Q3 2026 with no material non-conformances identified.

Additionally, the AGM completed a follow-up review under the International Cyanide Management Code ("ICMC"), which confirmed that the AGM remains in substantial compliance with the ICMC.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

MACROECONOMIC FACTORS

Gold Price

The price of gold is the largest single external factor in determining the Company's profitability and cash flows from operations. Therefore, the financial performance of the Company is expected to be closely linked to the price of gold. Historically, the price of gold has been subject to volatile price movements over short periods of time and affected by numerous macroeconomic factors that are beyond the Company's control. The price of gold may be impacted by currency exchange rate fluctuations and the relative strength of the U.S. dollar, the supply of and demand for gold, geopolitical events, and macroeconomic factors, such as interest rates and inflation expectations. During Q3 2026, the price of gold traded between a low of $3,994/oz in mid-July and a high of $4,664/oz in late August. The average gold price for Q3 2026 was $4,262/oz, based on the London Bullion Market Association ("LBMA") PM benchmark. Gold prices during Q3 2026 were influenced by geopolitical risks and volatility in interest rates and the U.S. dollar, among other factors. Central bank demand for gold continues to be a key driver influencing prices, as central banks diversify their reserve holdings away from treasuries and into gold.

During Q3 2026, the Company's average gross gold sales price was $4,247/oz, excluding the effect of realized losses on gold hedging instruments.

Ghana Economy

Ghana successfully completed its three-year, $3 billion Extended Credit Facility bailout program with the International Monetary Fund ("IMF"). The program helped restore macroeconomic stability, sharply reduced inflation and improved confidence in the Ghanaian Cedi ("Cedi"). The ratings agency Fitch upgraded Ghana's sovereign rating to 'B' from 'B-'.

Ghana's recent fiscal climate has not materially impacted the operations of the AGM, as much of the cost structure is tied to the U.S. dollar.

During Q3 2026, the Cedi depreciated by approximately 3% relative to the U.S. dollar. Periods when the Cedi demonstrates strength relative to the U.S. dollar puts moderate pressure on the AGM's cost and capital structure. However, most of the AGM's significant cost drivers (e.g. mining contracts, diesel) are denominated in U.S. dollars, thus isolating them from volatile movements in the Cedi.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Oil Prices

During Q3 2026, tensions in the Middle East remained high and tanker traffic in the Strait of Hormuz (“Strait”) remains severely restricted. It is estimated that 20% to 30% of global oil supply flows through the Strait and, consequently, oil prices have experienced significant volatility in 2026 with Brent crude oil spot prices near $98 per barrel as of November 4, 2026.

Diesel fuel is a key cost driver of the AGM’s cost structure. To the extent oil prices remain at elevated levels, the AGM’s mining costs would be impacted. Since closure of the Strait in early March 2026, diesel prices in Ghana have increased by approximately 60%. For the nine months ended September 30, 2026, higher diesel prices impacted the Company’s AISC¹ by approximately $95/oz relative to the comparative period in 2025.

REVIEW OF Q3 2026 CONSOLIDATED FINANCIAL RESULTS

Selected financial results for the three months ended September 30, 2026 and 2025

	Three months ended September 30,
	2026		2025
(in thousands of US dollars, except per share amounts)	$		$
Revenue	172,138		114,197
Realized and unrealized losses on gold hedges	(7,294	)	(38,199	)
Net revenue	164,844		75,998

Cost of sales:
Production costs	(55,940	)	(41,630	)
Depreciation and depletion	(16,312	)	(15,256	)
Royalties	(20,346	)	(9,135	)
Total cost of sales	(92,598	)	(66,021	)
Income from mine operations	72,246		9,977
General and administrative expenses	(4,723	)	(8,922	)
Exploration and evaluation expenditures	(1,640	)	(879	)
Income from operations	65,883		176
Finance income	873		2,247
Finance expense	(4,801	)	(4,621	)
Foreign exchange gain (loss)	32		(3,248	)
Income (loss) before taxes	61,987		(5,446	)
Current income tax expense	(15,255	)	(21,828	)
Deferred income tax expense	(1,373	)	(14,746	)
Net income (loss) and comprehensive income (loss)	45,359		(42,020	)

Weighted average number of shares outstanding:
Basic	261,782,898		258,791,445
Diluted	269,718,423		258,791,445
Net income (loss) per share attributable to common shareholders:
Basic	0.15		(0.15	)
Diluted	0.15		(0.15	)

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Revenue

During Q3 2026, the Company sold 40,403 ounces of gold at an average gold sales price of $4,247/oz for total revenue of $172.1 million (including $0.5 million of by-product silver revenue). During Q3 2025, the Company sold 32,577 ounces of gold at an average gold sales price of $3,501/oz for total revenue of $114.2 million (including $0.2 million of by-product silver revenue). The average gold sales price, including the effect of realized gold hedging losses, for Q3 2026 amounted to $3,557/oz.

The increase in revenue quarter-on-quarter was due to a 24% increase in gold ounces sold and a 21% increase in average gold sales price.

Realized and Unrealized Losses on Gold Hedges

In Q4 2025, the Company changed its presentation of realized and unrealized losses on gold hedge derivative instruments from a component of finance expense to a component of net revenue. The Q3 2025 comparative period financial information has been restated to conform with the current period presentation.

During Q3 2026, the Company settled 22,500 hedged ounces and recorded a $27.9 million realized loss, of which $31.0 million had been recognized as unrealized losses in previous periods. Additionally, the Company recorded a further $10.4 million unrealized loss on our remaining hedged gold ounces during the quarter. The unrealized loss was driven by a higher gold price on September 30, 2026 compared to the gold price on June 30, 2026.

Refer to "Liquidity and Capital Resources" in this MD&A for details regarding the Company's remaining gold hedging program.

Production costs

During Q3 2026, the Company incurred production costs of $55.9 million, compared to $41.6 million in Q3 2025. Production costs were higher than the comparative period due to more gold ounces sold in Q3 2026, as well as higher diesel costs.

Depreciation and Depletion

During Q3 2026, depreciation and depletion expense was $16.3 million, compared to $15.3 million in Q3 2025. Depreciation and depletion expense was higher in Q3 2026 due to 24% higher gold ounces sold, partly offset by less depreciation expensed from stockpiles consumed due to improving grades.

Royalties

Until March 10, 2026, all of the AGM's concessions were subject to a 5% gross revenue royalty payable to the Government of Ghana. Effective March 10, 2026, the Government of Ghana passed into law a bill to amend the country's royalty framework such that gold royalties are subject to a sliding scale, starting at 5% and increasing to 12% when gold prices exceed $4,500/oz.

On March 13, 2026, the Government of Ghana also passed into law an amendment to the Growth and Sustainability Levy ("GSL") rate, reducing it from 3% to 1% of gold revenues. The GSL is presented as a royalty expense in the Statement of Operations.

The net effect of the aforementioned royalty amendments is an increase in total royalty rates from 8% to 12% at gold prices between $4,000/oz to $4,500/oz.

Royalties expense was higher in Q3 2026 due to higher recorded revenues and the aforementioned amendments to Ghana's royalty rates.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

General and Administrative ("G&A") Expenses

G&A expenses in Q3 2026 were $4.2 million lower than Q3 2025 predominantly due to a $4.5 million decrease in share-based compensation expense resulting from a decrease in the fair value of cash‐settled long‐term incentive plan awards linked to the price of the Company's common shares.

Finance Expense

The following table summarizes the significant components of finance expense for the three months ended September 30, 2026 and 2025:

	Three months ended September 30,
	2026		2025
(in thousands of US dollars)	$		$
Interest on lease liabilities	(2,615	)	(1,591	)
Accretion expense on as set retirement provisions	(1,007	)	(729	)
Accretion expense on deferred consideration	(448	)	(795	)
Change in fair value of contingent consideration	122		(1,426	)
Mark-to-market adjustment on marketable securities	(272	)	-
RCF standby fees and other costs	(473	)	-
Other	(108	)	(80	)
Total finance expense	(4,801	)	(4,621	)

Finance expense was higher in Q3 2026 primarily due to $1.0 million of higher interest on lease liabilities, costs associated with a revolving credit facility (includes $0.3 million of standby fees), and a $0.3 million mark-to-market loss on marketable securities. These factors were offset by a positive fair value adjustment on contingent consideration during Q3 2026, resulting from an increase in the discount rate applied in the fair value model that reduced the carrying value of the associated liability.

Foreign Exchange Gain (Loss)

The majority of foreign exchange gains or losses relate to the quarter-end revaluation of value added tax ("VAT") receivables in Ghana that are denominated in Cedis, and accounts payable denominated in currencies other than the U.S. dollar. The value of the Cedi relative to the U.S. dollar was largely unchanged during the quarter, resulting in nominal foreign exchange impacts in Q3 2026. The foreign exchange loss in the prior quarter resulted from the revaluation of VAT receivables and was impacted by an approximate 20% weakening of the Cedi relative to the U.S. dollar.

Current Income Tax Expense

During Q3 2026, the Company recorded current income tax ("CIT") expense of $15.3 million. The CIT expense primarily relates to taxable income generated in Ghana by the AGM, which is subject to a statutory tax rate of 35%. The decrease in CIT expense quarter-on-quarter was due to a lower effective tax rate.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

REVIEW OF YEAR-TO-DATE CONSOLIDATED FINANCIAL RESULTS

Selected financial results for the nine months ended September 30, 2026 and 2025

	Nine months ended September 30,
	2026		2025
(in thousands of US dollars, except per share amounts)	$		$
Revenue	495,230		288,091
Realized and unrealized losses on gold hedges	(2,013	)	(85,824	)
Net revenue	493,217		202,267
Cos t of sales:
Production costs	(156,186	)	(123,175	)
Depreciation and depletion	(44,295	)	(42,703	)
Royalties	(55,239	)	(21,515	)
Total cost of sales	(255,720	)	(187,393	)
Income from mine operations	237,497		14,874
General and administrative expenses	(11,265	)	(18,265	)
Exploration and evaluation expenditures	(3,253	)	(3,260	)
Income (loss) from operations	222,979		(6,651	)
Finance income	2,176		5,297
Finance expense	(16,442	)	(13,245	)
Foreign exchange (loss) gain	(1,706	)	2,036
Income (loss) before taxes	207,007		(12,563	)
Current income tax expense	(50,299	)	(22,549	)
Deferred income tax expense	(5,591	)	(14,746	)
Net income (loss) and comprehensive income (loss)	151,117		(49,858	)

Weighted average number of s hares outstanding:
Basic	261,125,875		257,905,353
Diluted	269,619,136		257,905,353
Net income (loss) per share attributable to common shareholders:
Basic	0.52		(0.18	)
Diluted	0.50		(0.18	)

Revenue

During the nine months ended September 30, 2026, the Company sold 109,831 ounces of gold at an average gold sales price of $4,497/oz for total revenue of $495.2 million (including $1.4 million of by-product silver revenue). During the comparative period of 2025, the Company sold 88,858 ounces of gold at an average gold sales price of $3,237/oz for total revenue of $288.1 million (including $0.5 million of by-product silver revenue). The average gold sales price, including the effect of realized gold hedging losses, for the nine months ended September 30, 2026 amounted to $3,828/oz.

The increase in revenue period-on-period was due to a 39% increase in average gold sales prices and a 24% increase in gold ounces sold.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Realized and Unrealized Losses on Gold Hedges

During the nine months ended September 30, 2026, the Company settled 50,000 hedged ounces and recorded a $73.4 million realized loss, of which $68.7 million had been recognized as unrealized losses in previous periods. The Company also recorded a $2.7 million unrealized gain during the period on its remaining hedged gold ounces. The unrealized gain was driven by a decrease in gold prices during 2026.

Refer to "Liquidity and Capital Resources" in this MD&A for details regarding the Company's remaining gold hedging program.

Production Costs

During the nine months ended September 30, 2026, the Company incurred production costs of $156.2 million, compared to $123.2 million in the comparative period of 2025. Production costs were higher due to more gold ounces sold in 2026.

Depreciation and Depletion

Depreciation and depletion expense during the nine months ended September 30, 2026 and 2025 were comparable, as more gold ounces sold were largely offset by less depreciation expensed from stockpiles consumed due to improving grades.

Royalties

Royalties expense was higher during the nine months ended September 30, 2026 due to higher recorded revenues and the aforementioned amendments to Ghana's royalty rates.

G&A Expenses

G&A expenses during the nine months ended September 30, 2026 were $7.0 million lower than the comparative period in 2025 mainly due to a $7.5 million decrease in share-based compensation expense resulting from a decrease in the fair value of cash‐settled long‐term incentive plan awards linked to the price of the Company's common shares.

Finance expense

The following table summarizes the significant components of finance expense for the nine months ended September 30, 2026 and 2025:

	Nine months ended September 30,
	2026		2025
(in thousands of US dollars)	$		$
Interest on lease liabilities	(5,990	)	(4,872	)
Accretion expense on as set retirement provisions	(2,635	)	(2,139	)
Accretion expense on deferred consideration	(1,304	)	(2,322	)
Change in fair value of contingent consideration	(3,091	)	(3,650	)
Mark-to-market adjustment on marketable securities	(1,373	)	-
RCF standby fees and other costs	(1,379	)	-
Other	(670	)	(262	)
Total finance expense	(16,442	)	(13,245	)

Finance expense was higher in 2026 due to a $1.4 million unrealized mark-to-market loss on marketable securities and $1.4 million in standby fees and amortization of other costs related to a revolving credit facility. Interest on lease liabilities was also higher in 2026 due to additional mining contractor leases entered into during the period.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Foreign Exchange (Loss) Gain

The majority of the foreign exchange loss was unrealized and related to the revaluation of VAT receivables in Ghana that are denominated in Cedis. The value of the Cedi depreciated against the U.S. dollar during the nine months ended September 30, 2026, resulting in an unrealized revaluation loss on VAT receivables. The foreign exchange gain in the prior period was impacted by an approximately 18% strengthening of the Cedi against the U.S. dollar.

Current Income Tax Expense

During the nine months ended September 30, 2026, the Company recorded CIT expense of $50.3 million. In 2025, the Company's Ghanaian operating subsidiary had tax losses carried forward from prior years, which were utilized to offset taxes payable in the comparative period.

FINANCIAL CONDITION

	September 30,	December 31,
	2026	2025
(in thousands of US dollars)	$	$
Cash and cash equivalents	86,822	108,327	Cash and cash equivalents decreased resulting from $25.9 million of the Company's cash being reclassified to restricted cash related to an ongoing legal case.

Restricted cash	25,922	-	Refer to section "Liquidity and Capital Resources" under the heading "Contingencies and Restricted Cash" for a discussion on the nature of restricted cash.

Other current assets	164,281	93,856	Other current assets increased primarily due to a build-up of ore stockpiles and higher VAT receivables.

Non-current assets	487,939	396,868	Non-current assets increased due to capitalized stripping costs at the Abore, Esaase and Nkran deposits, and the recognition of $44.0 million in right-of-use assets related to mining and ore haulage contracts.
Total assets	764,964	599,051
Current liabilities	204,384	220,580	Current liabilities decreased due to a reduction in gold hedge derivative liabilities, partly offset by higher mining contractor and royalty accruals and income taxes payable in Ghana.

Non-current liabilities	182,734	156,813	Non-current liabilities increased due to the recognition of new lease liabilities, partly offset by the remaining gold hedge derivative liabilities now being classified within current liabilities.
Total liabilities	387,118	377,393

Common shareholders' equity	359,000	218,856	Shareholders' equity increased as the Company reported net earnings for the nine months ended September 30, 2026.

Non-controlling interest	18,846	2,802
Total liabilities and equity	764,964	599,051

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

LIQUIDITY AND CAPITAL RESOURCES

A key financial objective of the Company is actively managing its cash balance and liquidity to achieve positive operating cash flows that internally fund operating, capital and project development requirements, and generate shareholder returns. Material changes in the Company's liquidity and capital resources will be substantially determined by the success or failure of the Company's operations, exploration and development programs, the ability to obtain equity or other sources of financing, and the price of gold.

On December 19, 2025, the Company entered into a 4-year, $75.0 million revolving credit facility ("RCF") with Rand Merchant Bank ("RMB"). The purpose of the RCF is for general working capital requirements. As of September 30, 2026, the Company had not drawn on the RCF and was in full compliance with all covenants.

The Company's cash and cash equivalents of $86.8 million as of September 30, 2026, together with available funds under the RCF and projected cash flows from operations over the next 12 months at current spot gold prices, are expected to be sufficient to meet the Company's financial, operating, capital commitments and contractual obligations requiring settlement within the next 12 months, including the $30.0 million deferred consideration payment due on December 31, 2026. However, the Company's cash flows and its ability to meet working capital requirements and contractual obligations is significantly influenced by the price of gold. Volatility in the gold price contributes to risk that cash flows from operations and other sources of liquidity will be insufficient to meet the Company's financial obligations as they become due and fund the Company's ongoing development and exploration projects. The Company aims to manage its liquidity by ensuring that it can manage spending and provide adequate cash flows to meet all commitments as they fall due.

Working Capital

As at September 30, 2026, the Company had net working capital of $53.7 million (December 31, 2025 – working capital deficiency of $11.4 million). The increase in net working capital since December 31, 2025 was predominantly due to a decrease in the fair value of the Company’s gold hedge derivative liabilities, a build-up of ore stockpiles, and higher VAT receivables. These factors were partly offset by higher mining contractor and royalty accruals and the reclassification of $25.9 million of the Company’s cash and cash equivalents as restricted cash as of September 30, 2026.

(in thousands of US dollars)	September 30, 2026 $		December 31, 2025 $
Cash and cash equivalents	86,822		108,327
Accounts recei va ble	918		71
Inventories	121,130		70,802
Value added tax recei va bles	27,837		10,808
Prepaid expenses and other	14,396		12,175
Accounts payable and a ccrue d liabilities	(117,161	)	(87,053	)
Income taxes payable	(13,597	)	(4,167	)
Financial liabilities	(16,879	)	(77,317	)
Lease liabilities - current	(20,206	)	(16,806	)
Deferred consideration	(29,546	)	(28,242	)
Total net working capital (deficiency)	53,714		(11,402	)

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Cash Flows

The following table provides a summary of the Company's cash flows for the three and nine months ended September 30, 2026 and 2025:

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars)	$		$		$		$
Cash flow from (used in):
Operating activities	56,950		40,449		109,643		102,155
Investing activities	(45,372	)	(34,381	)	(116,945	)	(81,046	)
Financing activities	(4,865	)	(4,098	)	(13,882	)	(11,963	)
Impact of foreign exchange on cash and cash equivalents	84		(211	)	(321	)	1,519
Increase (decrease) in cash and cash equivalents	6,797		1,759		(21,505	)	10,665
Cash and cash equivalents, beginning of period	80,025		114,681		108,327		105,775
Cash and cash equivalents, end of period	86,822		116,440		86,822		116,440

Cash Flows From Operating Activities

The $16.5 million increase in operating cash flows during Q3 2026, relative to the comparative period, was mainly due to higher revenues resulting from higher average gold sales prices and more gold ounces sold. This was partly offset by higher royalties expense.

During the nine months ended September 30, 2026, operating cash flows increased by $7.5 million, relative to the comparative period, primarily due to higher earned revenues and partly offset by higher royalties expense and income taxes paid, as well as higher working capital tie-up. Furthermore, operating cash flows for the nine months ended September 30, 2026 were impacted by $25.9 million of the Company's cash and cash equivalents being presented as restricted cash as of September 30, 2026 (refer to discussion under the heading "Contingencies and Restricted Cash" below).

Cash Flows Used in Investing Activities

During Q3 2026, the Company invested $45.6 million in additions to mineral properties, plant and equipment ("MPP&E") (Q3 2025 - $35.3 million). Total cash expenditures on MPP&E during the current quarter included $24.6 million of development pre-stripping costs at Nkran Cut 3, $8.6 million of sustaining capitalized stripping costs at the Abore and Esaase deposits, capitalized infill drilling at Esaase and costs related to a tailings facility expansion. The increase in capital expenditure during Q3 2026 was mainly due to higher volumes mined at Nkran Cut 3.

During the nine months ended September 30, 2026, the Company invested $118.2 million in additions to MPP&E (nine months ended September 30, 2025 – $83.3 million). The increase in capital expenditure during 2026 was driven by an acceleration of Nkran Cut 3 pre-stripping, capitalized exploration costs to support mineral reserves and mineral resources growth and a tailings facility expansion.

Cash Flows Used in Financing Activities

Cash flows used in financing activities primarily related to capitalized lease payments on the Company's mining and other service contracts and standby fees on the RCF. The increase in cash flows used in financing activities during the nine months ended September 30, 2026 was due to additional lease agreements entered into in the second half of 2025. The Company also received $2.1 million from the exercise of stock options in 2026.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Commitments and Contractual Obligations

The following table summarizes the Company's commitments and contractual obligations as at September 30, 2026 and December 31, 2025.

	Less than	1-3	4-5	After	September 30,	December 31,
(in thousands of US dollars)	1 year	years	years	5 years	2026	2025
Accounts payable and accrued liabilities	107,045	-	-	-	107,045	73,473
Gold hedges	16,879	-	-	-	16,879	88,311
Long-term incentive plan (cash-settled awards)	10,116	-	-	-	10,116	14,066
Mining and other services contracts	29,083	45,323	17,942	-	92,348	63,901
Asset retirement provisions (undiscounted)	-	3,326	370	81,199	84,895	81,553
Deferred and contingent consideration (undiscounted)	30,000	32,413	11,683	2,417	76,513	73,004
Corporate office lease	116	240	113	-	469	561
Total commitments	193,239	81,302	30,108	83,616	388,265	394,869

The gold hedges commitment represents the mark-to-market fair value of the Company's current gold hedging program (see "Gold Price Hedging" below) based upon a spot price of approximately $4,176/oz as of September 30, 2026. The settlement amount of these hedges will depend on the price of gold at the settlement date.

Long-term incentive plan commitments due within one year include cash-settled deferred share unit ("DSU") awards granted prior to 2025 amounting to $9.5 million. These commitments are current liabilities because the timing of payments could be accelerated if a director retires, or in the event of a change of control. DSU awards granted from 2025 onwards will be settled by the issuance of the Company's common shares.

The Company has a number of mining and other service contracts. These contracts include monthly fixed fees as well as variable cost measures. The contractual obligations disclosed in the above table relate only to the fixed fees payable to the contractors. The variable cost measures of these contracts are dependent on volumes, such as bank cubic meters mined or ore tonnes transported. The expense relating to these variable payments and recognized as an operating expense during the three and nine months ended September 30, 2026 was $50.6 million and $125.4 million, respectively (three and nine months ended September 30, 2025 - $36.7 million and $92.1 million, respectively). The mining services contracts include termination clauses, which allow the Company to terminate the agreements provided a termination fee is paid to the contractor.

The timing of contingent payments, totaling $46.5 million, is management's best estimate of when payments would be required to be made based upon the AGM's current life of mine plan.

Contingencies and Restricted Cash

In 2019, a former services provider of the AGM filed a dispute with an arbitration tribunal alleging the AGM breached the terms of a services agreement and claimed approximately $25.0 million in damages. The arbitrator ruled in favour of the AGM that there had not been a breach of any terms of the contract yet made an award to the counterparty of approximately $13.0 million, plus interest, for services rendered. The Company, consistent with the arbitration ruling, maintains the view that there was no breach of contract, and all contractual amounts were paid as due. The Company has sought to appeal the arbitration ruling. On March 26, 2026, the Court of Appeal dismissed the case on a procedural matter and did not consider the substantive merits of the case. The Company will continue to follow the mandated Ghanaian judicial process until the matter is settled.

A provision of $7.0 million has been recorded as at September 30, 2026 as management's best estimate to settle the claim (December 31, 2025 - $7.0 million). While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes the estimated provision is reasonable based on the information currently available.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

On June 22, 2026, the Company’s operating subsidiary Asanko Gold Ghana Ltd. (“AGGL”) received a garnishee order from a court in Ghana in the amount of $25.9 million, which impacts AGGL’s ability to withdraw these funds on demand. The garnishee order was in connection with the aforementioned arbitrator’s award plus interest. The Company believes the garnishee order was issued in violation of a subsisting order previously granted by a High Court in Ghana, which prevented the service provider from collecting payment while AGGL’s appeal of the arbitrator’s original award of $13.0 million worked through the judicial process. Additionally, the Company believes the amount of interest determined in the garnishee order is erroneous. AGGL has taken legal steps to appeal the garnishee order and filed for a stay of execution of the garnishee order. Until such time that the garnishee order is set aside, $25.9 million of the Company’s cash balance cannot be withdrawn on demand and as such has been presented as restricted cash in the Statement of Financial Position.

Due to the nature of its business, the Company may from time to time be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. While the Company cannot reasonably predict the ultimate outcome of any such actions, and inherent uncertainties exist in predicting such outcomes, the Company believes that the ultimate resolution of these actions is not reasonably likely to have a material adverse effect on the Company's financial condition or future results of operations.

Off-Balance Sheet Arrangements

The Company has no off‐balance sheet arrangements.

Gold Price Hedging

The Company periodically enters into gold hedging arrangements to mitigate gold price risk during periods of planned elevated capital investment. During the three and nine months ended September 30, 2026, the Company delivered 22,500 ounces and 50,000 ounces to the hedge counterparties, respectively. The Company’s remaining gold hedges are for 15,000 ounces of production that are expected to be settled in Q4 2026. The gold hedges have a weighted-average put strike of $2,300/oz and a weighted-average call strike of $3,060/oz.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

SUMMARY OF QUARTERLY FINANCIAL RESULTS

The following table provides a summary of unaudited financial data for the last eight quarters. Except for basic and diluted income (loss) per share, the totals in the following table are presented in thousands of U.S. dollars.

		Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025			Q2 2025		Q1 2025			Q4 2024
Revenue		172,138		156,568		166,524		159,676		114,197			97,304		76,590			64,551
Income (loss) from mine operations		72,246		92,798		72,453		51,139		9,977			24,653		(19,756	)		26,114
Income (loss) from operations		65,883		90,368		66,728		43,915		176			19,118		(26,327	)		7,401
Net income (loss) for the period		45,359		68,898		36,860		19,057		(42,020	)		21,554		(29,392	)		3,369
Basic net income (loss) per share	$	0.15	$	0.24	$	0.13	$	0.06	$	(0.15	)	$	0.07	$	(0.10	)	$	0.00
Diluted net income (loss) per share	$	0.15	$	0.23	$	0.12	$	0.06	$	(0.15	)	$	0.07	$	(0.10	)	$	0.00
Adjusted net income (loss) attributable to common shareholders ⁽¹⁾		23,216		23,086		29,515		39,959		(2,770	)		20,952		388			4,646
Adjusted basic net income (loss ) per share⁽¹⁾	$	0.09	$	0.09	$	0.11	$	0.15	$	(0.01	)	$	0.08	$	0.00		$	0.02
Cash flow from operating activities		56,950		6,004		46,689		55,839		40,449			35,814		25,892			13,806
EBITDA⁽¹⁾		82,259		105,625		77,780		67,635		12,213			37,681		(11,716	)		16,424

⁽¹⁾ Non-IFRS measure. Refer to section "Non-IFRS Measures" of this MD&A.

The net loss in Q1 2025 was primarily attributable to a $30.2 million unrealized loss and a $4.9 million realized loss on gold hedge derivative instruments.

The net loss in Q3 2025 was due to a $25.1 million unrealized loss and a $13.1 million realized loss on gold hedges. The Company also recorded CIT and deferred income tax expenses of $21.8 million and $14.7 million, respectively.

From Q2 2025 to Q3 2026, improved mining and production rates at the AGM, coupled with higher average gold sales prices, led to strong revenue, income from operations, net earnings and positive operating cash flows. The reduction in operating cash flows in Q2 2026 was impacted by the Company reclassifying $25.9 million of its cash and cash equivalents as restricted cash.

NON-IFRS MEASURES

The Company has included certain non-IFRS performance measures throughout this MD&A. These performance measures are employed by management to assess the Company's operating and financial performance and to assist in business decision-making. The Company believes that, in addition to conventional measures prepared in accordance with IFRS accounting standards, certain investors and other stakeholders use this information to evaluate the Company's operating and financial performance; however, as explained elsewhere herein, these non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS accounting standards.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Total Cash Costs per Gold Ounce Sold

The Company has included the non-IFRS performance measure of total cash costs per gold ounce sold throughout this MD&A. The Company follows the recommendations of the Gold Institute Production Cost Standard (the "Gold Institute"). The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of suppliers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by many gold mining companies. Total cash costs are calculated by taking production costs related to gold production, removing costs allocated to by-products and then adding royalties. Management uses total cash costs per gold ounce sold to monitor the operating performance of the AGM. The Company believes that, in addition to conventional measures prepared in accordance with IFRS accounting standards, some investors use this information to evaluate the Company's performance and ability to generate cash flow.

The following table provides a reconciliation of the AGM's total cash costs per gold ounce sold to production costs of the Company (the nearest IFRS accounting standards measure) as presented in the unaudited condensed consolidated interim financial statements of the Company for the three and nine months ended September 30, 2026 and 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars, except per ounce amounts)	$		$		$		$
Production costs	55,940		41,630		156,186		123,175
Costs allocated to by-products	(531	)	(154	)	(1,376	)	(450	)
Royalties	20,346		9,135		55,239		21,515
Total cash costs	75,755		50,611		210,049		144,240
Gold ounces sold	40,403		32,577		109,831		88,858
Total cash costs per gold ounce sold ($/oz)	1,875		1,554		1,912		1,623

AISC per Gold Ounce Sold

The Company has adopted the reporting of "AISC per gold ounce sold", which is a non-IFRS performance measure. The Company believes that the AISC per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. The Company believes that, in addition to conventional measures prepared in accordance with IFRS accounting standards, some investors use this information to evaluate the AGM's performance and ability to generate cash flows.

AISC adjusts total cash costs for mine site G&A expenses, reclamation cost accretion, sustaining capitalized stripping costs, sustaining capital expenditures and sustaining lease payments on the AGM's mining and service lease agreements. Sustaining capital expenditures, capitalized stripping costs, reclamation cost accretion and lease payments are not line items on the Company's financial statements. Sustaining capital expenditures are defined as those capital expenditures which do not materially benefit annual or life of mine gold ounce production at a mine site. A material benefit to a mine site is considered to be at least a 10% increase in annual or life of mine production, net present value, or mineral reserves compared to the remaining life of mine of the operation. As such, sustaining costs exclude all expenditures at the AGM's new projects and certain expenditures at the AGM's operating sites which are deemed expansionary in nature. Capitalized stripping costs represent costs incurred at steady-state operations during the period; these costs are generally not considered expansionary in nature as the stripping phase is expected to take less than 12 months and resulting ore production is of a short-term duration. Reclamation cost accretion represents the growth in the AGM's reclamation provision due to the passage of time. This amount does not reflect cash outflows, but it is considered to be representative of the periodic costs of reclamation and remediation. Lease payments on mining and service lease agreements represent cash outflows. Reclamation cost accretion is presented within finance expense in the Company's profit or loss.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

The following table provides a reconciliation of AISC for the AGM to production costs and various operating expenses of the Company (the nearest IFRS accounting standards measures) as presented in the unaudited condensed consolidated interim financial statements of the Company for the three and nine months ended September 30, 2026 and 2025.

Three months ended September 30,

Nine months ended September 30,

2026

2025

2026

2025

(in thousands of US dollars, except per ounce amounts)

Total cash costs (as reconciled above)

75,755

50,611

210,049

144,240

G&A expenses of the AGM (see table below)

1,135

853

2,828

2,394

Sustaining capital expenditures and capitalized stripping costs (see table below)

12,949

17,708

34,636

44,698

Reclamation accretion expense

1,007

729

2,635

2,139

Sustaining lease payments⁽¹⁾

3,933

4,480

12,494

12,574

All-in sustaining costs

94,779

74,381

262,642

206,045

Gold ounces sold

40,403

32,577

109,831

88,858

All-in sustaining costs per gold ounce sold ($/oz)

2,346

2,283

2,391

2,319

⁽¹⁾ Lease payments for the three and nine months ended September 30, 2026 were $5,076 and $14,938, respectively, per the Company's consolidated interim financial statements, which included $28 and $85 of lease payments for corporate office space, respectively, and $1,115 and $2,359 of non-sustaining lease payments on a mining services contract, respectively.

The following table reconciles G&A expenses of the AGM to the Company's G&A expenses (the nearest IFRS accounting standards measure) as presented in the Statements of Operations of the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars)	$		$		$		$
Consolidated G&A expenses	4,723		8,922		11,265		18,265
Less:
Corporate G&A expenses	(3,588	)	(8,069	)	(8,437	)	(15,871	)
G&A expenses of the AGM	1,135		853		2,828		2,394

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

The following table reconciles sustaining capital expenditures and sustaining capitalized stripping costs to the Company's total MPP&E additions (the nearest IFRS accounting standards measure) as presented in note 7 of the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars)	$		$		$		$
Additions to MPP&E (note 7 of financial statements)	41,570		33,782		156,937		96,498
Add (less):
Non-sustaining capital expenditures	(32,665	)	(17,508	)	(83,558	)	(38,573	)
Capital expenditures - corporate	(22	)	(44	)	(27	)	(65	)
Non-cash additions related to leases	-		-		(43,991	)	(11,157	)
Change in accounts payable related to capitalized stripping costs	4,066		1,478		5,275		(2,005	)
Sustaining capital expenditures	12,949		17,708		34,636		44,698

EBITDA and Adjusted EBITDA

EBITDA is a non-IFRS measure and provides an indication of the Company's continuing capacity to generate income from operations before considering the Company's financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income (loss) excluding finance expense, finance income, depreciation and depletion expense and income taxes. Adjusted EBITDA, also a non-IFRS measure, adjusts EBITDA to exclude non-recurring items and non-cash items ("Adjusted EBITDA").

The following table provides a reconciliation of the Company's EBITDA and Adjusted EBITDA to net income (loss) of the Company (the nearest IFRS accounting standards measure) as presented in the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars)	$		$		$		$
Net income (loss)	45,359		(42,020	)	151,117		(49,858	)
Add back (deduct):
Depreci ation and depletion expense	16,344		15,285		44,391		42,793
Finance income	(873	)	(2,247	)	(2,176	)	(5,297	)
Finance expense	4,801		4,621		16,442		13,245
Current income tax expense	15,255		21,828		50,299		22,549
Deferred income tax expense	1,373		14,746		5,591		14,746
EBITDA	82,259		12,213		265,664		38,178
Add back (deduct):
Unrealized loss (gain) on gold hedge derivatives	10,396		27,498		(2,736	)	62,671
Non-cash long-term incentive plan compensation	645		502		2,760		2,110
Adjusted EBITDA	93,300		40,213		265,688		102,959

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Adjusted Net Income (Loss)

The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net income (loss) per share throughout this MD&A. Neither adjusted net income (loss) nor adjusted net income (loss) per share have any standardized meaning and are therefore unlikely to be comparable to other measures presented by other issuers. Adjusted net income (loss) excludes certain non-cash items, and items of income or expense not expected to recur in the future, from net income (loss) to provide a measure which helps the Company and investors to evaluate the results of the underlying core operations of the Company and its ability to generate cash flows. The Company believes that the presentation of adjusted net income (loss) is appropriate to provide additional information to investors regarding items that management does not expect to continue at the same level in the future or that management does not believe to reflect the Company's ongoing operating performance or operating performance of the current period. The Company further believes that its presentation of this non-IFRS financial measure provides information that is useful to investors because it is an important indicator of the strength of operations and the performance of the Company's core business.

The following table provides a reconciliation of adjusted net income (loss) to net income (loss) of the Company (the nearest IFRS accounting standards measure) as presented in the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(in thousands of US dollars, except per share amounts)	$		$		$		$
Net income (loss) attributable to common shareholders	40,505		(38,636	)	135,073		(46,116	)
Settlement of gold hedges with losses recognized in prior periods ⁽¹⁾	(27,882	)	(2,153	)	(61,826	)	(4,989	)
Unrealized loss (gain) on gold hedge derivatives ⁽¹⁾	9,357		24,748		(2,462	)	56,404
Deferred income tax expense⁽¹⁾	1,236		13,271		5,032		13,271
Adjusted net income (loss)	23,216		(2,770	)	75,817		18,570
Basic weighted average common shares outstanding	261,782,898		258,791,445		261,125,875		257,905,353
Diluted weighted average common shares outstanding	269,718,423		258,791,445		269,619,136		264,738,985
Adjusted net income (loss) per share - basic	$0.09		($0.01	)	$0.29		$0.07
Adjusted net income (loss) per share - diluted	$0.09		($0.01	)	$0.28		$0.07

⁽¹⁾ Reflects the Company's 90% interest in the AGM.

OUTSTANDING SHARE DATA

As of the date of this MD&A, there were 262,054,430 common shares of the Company issued and outstanding and 8,655,175 stock options outstanding (each exercisable to purchase one common share at exercise prices ranging between C$0.66 and C$4.16 per share). Additionally, there were 3,083,307 long-term incentive plan ("LTIP") awards, comprising restricted share units, performance share units and DSUs, that will be settled in equity. The maximum number of common shares issuable upon conversion of these LTIP awards is 3,782,807 common shares, assuming the maximum performance factor is achieved for all outstanding performance share units. The fully diluted outstanding share count at the date of this MD&A is 273,792,912.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

RELATED PARTY TRANSACTIONS

As at September 30, 2026, the Company's related parties are its subsidiaries and key management personnel, defined as directors and executive officers of the Company. During the normal course of operations, the Company enters into transactions with its related parties. During the three and nine months ended September 30, 2026, all related party transactions were in the normal course of business, including compensation payments to key management personnel.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Estimates and Judgements

The preparation of financial statements in conformity with IFRS accounting standards requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in preparing the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025 are reasonable; however, actual results could differ from those estimates and assumptions and could impact future results of operations and cash flows. The Company's significant accounting judgements and estimates are presented in note 5 of the Company's audited consolidated annual financial statements for the years ended December 31, 2025 and 2024.

Changes in Accounting Policies Including Initial Adoption

Accounting standards adopted during the period

IFRS 7 and 9

Accounting standards and amendments issued but not yet adopted

The following standards and interpretations, which may be applicable to the Company, have been issued but are not yet effective as of September 30, 2026:

IFRS 18

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

– The starting point of the Statement of Cash Flows under the indirect method will be 'operating profit or loss', which may result in fewer reconciling items within operating activities;

– There may be further disaggregation of certain operating expenses in the financial statement notes such that line items aggregate expenses with similar characteristics; and

RISKS AND UNCERTAINTIES

Financial Instruments and Risk

The Company's business, operations and future prospects are subject to significant risks. For details of these risks, refer to the risk factors set forth in the Company's most recently filed AIF for the year ended December 31, 2025, which can be found under the Company's SEDAR+ profile at www.sedarplus.ca, and the Company's most recently filed Form 40-F Annual Report for the year ended December 31, 2025, which can be found on EDGAR at www.sec.gov.

Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, prospects and price of the Company's common shares. If any of the risks actually occur, the business of the Company may be harmed, and its financial condition and results of operations may suffer significantly.

Financial Instruments

As at September 30, 2026, the Company's financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, marketable securities, accounts payable and accrued liabilities, lease liabilities, financial liabilities (gold hedge derivatives), long-term incentive plan liabilities, deferred and contingent consideration payable and the 1% net smelter return royalty payable on production from the Nkran deposit (the "Nkran Royalty"). The Company classifies cash and cash equivalents, restricted cash and accounts receivable as financial assets measured at amortized cost, while accounts payable and accrued liabilities and deferred consideration are classified as other financial liabilities and measured at amortized cost. Lease liabilities are measured in accordance with IFRS 16, Leases. Marketable securities, contingent consideration and the Nkran Royalty are financial assets and financial liabilities, respectively, measured at fair value through profit or loss. Cash-settled long-term incentive plan liabilities are accounted for under IFRS 2, Share-based Payment, and measured at fair value at each reporting date, with changes recognized in profit or loss. Marketable securities fall within Level 1 of the fair value hierarchy, while contingent consideration and the Nkran Royalty fall within Level 3. The gold hedge derivative liabilities are also recorded at fair value at the reporting date and fall within Level 2 of the fair value hierarchy. Refer to note 11 of the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025 for discussion on the significant assumptions made in determining the fair value of the contingent consideration and Nkran Royalty.

The credit risk, liquidity risk and market risk associated with the Company's financial instruments are disclosed in note 25(d) of the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

As at September 30, 2026, the carrying and fair values of the Company's financial instruments by category are as follows (in thousands of U.S. dollars):

	Fair value through
	profit or loss	Amortized cost	Carrying value	Fair value
As at September 30, 2026	$	$	$	$
Financial assets:
Cash and cash equivalents	-	86,822	86,822	86,822
Restricted cash	-	25,922	25,922	25,922
Accounts receivable	-	918	918	918
Marketable securities ⁽¹⁾	3,436	-	3,436	3,436
Total financial assets	3,436	113,662	117,098	117,098

Financial liabilities:
Accounts payable and accrued liabilities ⁽²⁾	10,116	107,045	117,161	117,161
Financial liabilities ⁽²⁾	16,879	-	16,879	16,879
Lease liabilities	-	72,118	72,118	72,118
Deferred consideration	-	29,546	29,546	29,546
Contingent consideration	29,399	-	29,399	29,399
Total financial liabilities	56,394	208,709	265,103	265,103

⁽¹⁾ Marketable securities are presented within prepaid expenses and other in the Statement of Financial Position.

⁽²⁾ Accounts payable and accrued liabilities and financial liabilities include long-term incentive plan and gold hedge derivative liabilities, which are measured at fair value through profit or loss.

INTERNAL CONTROL

Internal Control over Financial Reporting ("ICFR")

Management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), have evaluated the Company's ICFR to determine whether any changes occurred during the period that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

During the nine months ended September 30, 2026, there have been no changes in ICFR that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

Limitations of Controls and Procedures

The Company's management, including the CEO and CFO, believes that any disclosure controls and procedures or ICFR, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgements in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

QUALIFIED PERSONS

The exploration information contained in this MD&A has been reviewed and approved by Mr. Chris Pettman, P.Geo, Vice President Exploration of Galiano. For further information regarding the exploration information in this MD&A, including the Quality Control and Quality Assurance and data verification measures taken with respect to such exploration information, refer to the Company's news releases dated January 29, 2026, February 12, 2026 and May 11, 2026, which are filed on the Company's SEDAR+ profile at www.sedarplus.ca.

All other scientific and technical information contained in this MD&A has been reviewed and approved by Ms. Victoria Addison, P.Eng., Director, Mine Planning of Galiano. Mr. Pettman and Ms. Addison are "Qualified Persons" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

CAUTIONARY STATEMENTS

Cautionary Statement on Forward-Looking Information

The Company cautions readers regarding forward-looking statements found in this MD&A and in any other statement made by, or on behalf of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", or "might" occur. Forward-looking statements are made based on management's beliefs, estimates and opinions and are given only as of the date of this MD&A. Such statements may constitute "forward-looking information" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.

Forward-looking statements are statements not based on historical information, and which relate to future operations, strategies, financial results or other developments. Forward-looking statements reflect the Company's current views with respect to expectations, beliefs, assumptions, estimates and forecasts about the business of the Company and the industry and markets in which the Company operates. Forward-looking statements include, but are not limited to, statements with respect to:

the deferred consideration payable in connection with a business combination transaction that closed on March 4, 2024;
the future price of gold;
the Company's operating plans for the AGM;
the estimation of mineral reserves and mineral resources;
the objective to increase mineral reserves and mineral resources, including any targets for additions to mineral reserves or mineral resources through exploration activities;
the Company's vision to grow its business into a sustainable mid-tier producer;
the potential for future underground mining;
the timing and amount of estimated future production from the AGM, including production rates and gold recovery;
operating costs with respect to the operation of the AGM;
capital expenditures that are required to sustain and expand mining activities;
the meeting of working capital requirements, contractual obligations and other financial commitments as they fall due;
the timing, costs and project economics associated with the Company's development plans for the AGM;
the availability of capital to fund the AGM's expansion and development plans;

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

the focus of future exploration programs;
any additional work programs to be undertaken by the Company;
the Company's planned and future drilling programs, including the timing thereof;
the timing of fleet mobilization and expectations with respect to volumes mined at the Nkran deposit;
expectations regarding the outcome of the garnishee order;
expectations regarding processing plant milling capacity and milling rates;
interpretation of the metallurgical testing results received to date and alignment with the metallurgical recovery model;
timing of delivery of higher grade ore from the Abore and Esaase deposits and the effects of such on gold production levels;
the ability of the AGM to maintain current inventory levels;
the timing of the development of new deposits;
success of exploration activities;
renewal of mining and exploration licenses and other permits necessary for mining operations;
hedging practices;
currency exchange rate fluctuations;
central bank interest rate forecast;
estimate of a legal provision;
requirements for additional capital;
operating cash flows;
government regulation of mining operations;
regulatory investigations, claims, lawsuits and other proceedings;
environmental risks and remediation measures;
advancement and implementation of the Company's sustainability program;
alignment with International Council on Mining and Metals' Mining Principles;
unanticipated reclamation expenses;
changes in accounting policies and resulting impact on disclosures;
title disputes or claims;
limitations on insurance coverage; and
usefulness of certain non-IFRS measures.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which are difficult to predict. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. The Company's actual future results or performance are subject to certain risks and uncertainties, including but not limited to:

mineral reserves and mineral resources estimates may change and may prove to be inaccurate;
exploration activities may not result in the delineation of additional mineral resources or the conversion of mineral resources into mineral reserves within anticipated timeframes, or at all;
life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect;
actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control;
sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company;
inflationary pressures and the effects thereof;
adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure;
geotechnical risks associated with the design and operation of a mine and related civil structures;

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process gold as planned is dependent on a number of factors and assumptions which may not be present or occur as expected;
risks related to artisanal and illegal mining activities at or near the AGM, including that the Company's mineral properties may experience a loss of ore, and the Company may experience lack of access to its mineral properties and other issues;
the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment;
the ability of the Company to manage procurement risks, including securing timely and cost-effective equipment and services, and mitigate risks related to supplier performance, fraud, collusion, bribery, kickbacks and unethical procurement practices;
outbreaks of infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial condition and results of operations and the market price of its common shares;
the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures;
the Company may be unsuccessful in attracting and retaining key personnel;
labour disruptions could adversely affect the Company's operations;
metallurgical recoveries may not be economically viable, or recoveries may be lower in the future and have a negative impact on the Company's gold production and financial results;
the Company's business is subject to risks associated with operating in a foreign country;
risks related to the Company's use of mining and other contractors;
the hazards and risks normally encountered in the exploration, development and production of gold;
the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations;
the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency;
the Company's operations and workforce are exposed to health and safety risks;
unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations;
the Company's title to exploration, development and mining interests can be uncertain and may be contested;
the Company's properties may be subject to claims by various community stakeholders;
risks related to limited access to infrastructure and water;
risks associated with establishing new mining operations;
the Company's revenues are dependent on the market prices for gold, which have recently experienced significant fluctuations;
the Company may not be able to secure additional financing when needed or on acceptable terms;
the Company's shareholders may be subject to future dilution;
risks related to changes in interest rates and foreign currency exchange rates;
changes to taxation laws applicable to the Company may affect the Company's profitability and ability to repatriate funds;
risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws;
risks related to information systems security threats;
the impact of technological developments on the Company's operations;
non-compliance with public disclosure obligations could have an adverse effect on the Company's share price;
the carrying value of the Company's assets may change, and these assets may be subject to impairment charges;
risks associated with changes in reporting standards;
the Company may be liable for uninsured or partially insured losses;

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

the Company may be subject to litigation;
the garnishee order may not be set aside and the restricted cash may not be released or may be paid out;
damage to the Company's reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations, which may have adverse effects on the business, results of operations and financial conditions of the Company, and the Company's share price;
the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders;
the Company must compete with other mining companies and individuals for mining interests;
the Company's growth, future profitability and ability to obtain financing may be impacted by global financial conditions;
the Company's common shares may experience price and trading volume volatility;
the Company has never paid dividends and does not expect to do so in the foreseeable future;
the Company's shareholders may be unable to sell significant quantities of the Company's common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and
any such other risk factors described under the heading "Risk Factors" in the Company's most recently filed AIF.

Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements or information contained in this MD&A include, among others:

the price of gold will not decline significantly or for a protracted period of time;
the accuracy of the estimates and assumptions underlying mineral reserves and mineral resources estimates;
the Company's ability to raise sufficient funds from future equity financings or debt facilities to support its operations, and general business and economic conditions;
the global financial markets and general economic conditions will be stable and prosperous in the future;
the AGM will not experience any significant uninsured production disruptions that would materially affect revenues;
the ability of the Company to comply with applicable governmental regulations and standards;
the mining laws, tax laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional exchange controls in Ghana;
the success of the Company in implementing its development strategies and achieving its business objectives;
the Company will have sufficient working capital necessary to sustain its operations on an ongoing basis; and
the key personnel of the Company will continue their employment.

Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this MD&A if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Historical results of operations and trends that may be inferred from the following discussions and analysis may not necessarily indicate future results from operations. Historically, the Company's operations have been primarily funded from debt and share issuances, as well as the exercise of stock options. The Company has had and may have future capital requirements in excess of its currently available resources. In the event the Company's plans change, its assumptions change or prove inaccurate, or its capital resources in addition to projected cash flow, if any, prove to be insufficient to fund its future operations, the Company may be required to seek additional financing.

Although the Company has to date been able to raise capital, there can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future.

GALIANO GOLD INC.
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025

Cautionary Note for United States Investors

All technical disclosure in this MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to domestic United States issuers. The terms "mineral reserves", "proven mineral reserves", "probable mineral reserves", "mineral resources", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" used in this MD&A are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, as adopted by NI 43-101. The Company's disclosure of mineralization and other technical information herein may differ significantly from the information that would be disclosed had the Company prepared the reserve and resource estimates under the standards adopted under the rule of the Securities and Exchange Commission ("SEC") applicable to domestic United States issuers. Accordingly, the disclosure in this MD&A regarding the Company's mineral properties is not comparable to the disclosure of United States issuers subject to the SEC's mining disclosure requirements.

Form 52-109F2

Certification of interim filings - full certificate

I, Matt Badylak, Chief Executive Officer of Galiano Gold Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Galiano Gold Inc. (the "issuer") for the interim period ended September 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is based on Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 5, 2026

/s/ Matt Badylak

_______________________

Matt Badylak

Chief Executive Officer

Form 52-109F2

Certification of interim filings - full certificate

I, Matthew Freeman, Chief Financial Officer of Galiano Gold Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Galiano Gold Inc. (the "issuer") for the interim period ended September 30, 2026.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: November 5, 2026

/s/ Matthew Freeman

_____________________

Matthew Freeman

Chief Financial Officer

GALIANO GOLD REPORTS

THIRD QUARTER 2026 RESULTS

Gold Production Increases 19% Quarter over Quarter, Full-Year Guidance Remains on Track at the Asanko Gold Mine

Vancouver, British Columbia, November 5, 2026 - Galiano Gold Inc. ("Galiano" or the "Company") (TSX, NYSE American: GAU) is pleased to report its third quarter ("Q3") 2026 operating and financial results. Galiano's operating asset is its 90% interest in the Asanko Gold Mine ("AGM") located in the Republic of Ghana, West Africa.

“Our team delivered a strong third quarter producing 40,922 gold ounces, improving all-in sustaining costs and achieving positive operating cash flows of $57 million. These results reflect the strength of our operations and position us well to achieve our full-year 2026 production and cost guidance,” said Matt Badylak, Galiano’s President and Chief Executive Officer.

“The recent extension of key mining licenses combined with a robust balance sheet provides a solid foundation to continue investing in the long-term growth of the AGM. During the quarter, we advanced several strategic initiatives, including resource definition drilling at Esaase, activities supporting the future underground development of Abore and accelerated waste stripping at Nkran Cut 3. These investments are designed to enhance operational flexibility and unlock additional value across the mine plan. We remain firmly on track to deliver our updated mineral reserves and mineral resources estimates in the first quarter of 2027. With our hedge book set to expire by year-end, we anticipate a significant inflection point in cash flow generation in 2027, positioning the Company to create sustainable long-term value.”

All financial information contained in this news release is unaudited and reported in United States dollars.

Q3 2026 AND YEAR-TO-DATE HIGHLIGHTS

Safety

No lost-time injuries ("LTI") nor total recordable injuries (inclusive of LTIs) ("TRI") recorded during Q3 2026. The AGM has achieved 13.4 million hours worked without an LTI, equating to 548 accident-free days, as of September 30, 2026.
12‐month rolling LTI and TRI frequency rates as of September 30, 2026 of 0.00 and 0.00 per million hours worked, respectively.

Financial

Cash and cash equivalents of $86.8 million and restricted cash of $25.9 million as of September 30, 2026 and no debt.
Generated cash flow from operating activities of $57.0 million during Q3 2026.
Income from mine operations of $72.2 million during Q3 2026.
Net income of $0.15 and adjusted net income¹ of $0.09 per common share (basic) during Q3 2026.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA¹") of $82.3 million and Adjusted EBITDA¹ of $93.3 million during Q3 2026.

________________________________
¹ Non-IFRS measure. Refer to section "Non-IFRS Performance Measures" in this news release.

Settled 22,500 ounces of gold hedges during Q3 2026. The Company has 15,000 ounces remaining under its hedging program that are expected to be settled in Q4 2026.

Mining Operations

Mined 1.7 million tonnes ("Mt") of ore at an average mined grade of 1.0 grams per tonne ("g/t") gold with a strip ratio of 4.4:1 during Q3 2026. Approximately 82% of mined ore was from the Abore deposit.

Processing

1.4 Mt of ore was milled at an average feed grade of 1.0 g/t, with metallurgical recovery averaging 90% during Q3 2026. Mill availability during the quarter was 92%.
Produced 40,922 ounces of gold during the quarter, 19% higher than Q2 2026, and 110,060 ounces of gold year-to-date.
The Company maintains its full-year 2026 production guidance of between 140,000 ounces and 160,000 ounces of gold.
Sold 40,403 ounces of gold during the quarter and 109,831 ounces of gold year-to-date at average prices of $4,247 per ounce ("/oz") and $4,497/oz, respectively, excluding the effect of realized losses on gold hedging instruments.

Nkran Cut 3 Development

Development of Cut 3 at the Nkran deposit accelerated during the quarter with 8.5 Mt of waste mined, an increase of 40% from Q2 2026. Additional mining equipment was mobilized during Q3 2026, leading to increased mining rates at Nkran that are anticipated to further increase in Q4 2026.
Capitalized development pre-stripping costs at Nkran Cut 3 of $24.6 million during Q3 2026 and $60.2 million year-to-date.

Costs

All-in sustaining costs¹ ("AISC") of $2,346/oz for the quarter, a 5% decrease compared to Q2 2026 primarily resulting from higher gold ounces sold.
Year-to-date AISC¹ of $2,391/oz. The Company maintains its full-year 2026 AISC¹ guidance of between $2,300/oz and $2,600/oz.

Mining Lease Extension

The Abirem and Miradani mining leases were extended by 15 years and 17 years through 2041 and 2043, respectively. The leases host the Nkran, Adubiaso, and Miradani North deposits, as well as the AGM's processing facility. Securing these mining lease extensions lays the foundation for operational certainty and production growth at the AGM.

Exploration

The Esaase conversion drilling program was completed during Q3 2026 with approximately 32,900 meters (“m”) for the program. Data review and modelling are underway, and results of this work are expected to be included in the AGM’s 2027 mineral reserves and mineral resources update planned for Q1 2027.
During the quarter, approximately 4,500m were drilled at Abore and year-to-date drilling stands at approximately 20,600m of a planned 32,000m program. The objective of this program is to test extensions of mineralization 200m below Abore’s existing underground mineral resource.
Secured the necessary regulatory approvals in Ghana to develop an underground exploration adit at the Abore deposit. The Company has commenced a contract tender and mining contractor selection process.

Conference Call and Webcast

Management will host a conference call and webcast to review and discuss the results of Q3 2026 at 10:30am ET (7:30am PT or 8:30am Vancouver time) on Friday, November 6, 2026. Please refer to the details below to join the conference call or the webcast.

Conference Call Participant Details
Webcast URL	https://www.gowebcasting.com/15027 https://www.gowebcasting.com/14680
Local	Toronto: 1-647-932-3411
North American toll-free	1-800-715-9871
Conference ID	9798035
Conference Replay
URL	https://www.gowebcasting.com/15027

SUMMARY OF QUARTERLY OPERATIONAL AND FINANCIAL HIGHLIGHTS

	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Health and Safety
LTIs⁽¹⁾	-	-	-	-	-
TRIs⁽¹⁾	-	-	-	-	1
12-month rolling LTI frequency rate	0.00	0.00	0.00	0.24	0.39
12-month rolling TRI frequency rate	0.00	0.11	0.11	0.48	0.90
Mining Operations
Ore mined ('000t)	1,712	1,751	1,521	1,575	1,605
Waste mined ('000t)	7,579	6,529	9,084	8,337	9,067
Strip ratio (waste-to-ore)	4.4	3.7	6.0	5.3	5.7
Average gold grade mined (g/t)	1.0	0.9	0.9	0.9	0.8
Mining costs ($/t mined)	4.53	4.56	3.73	3.94	3.38
Ore tonnes trucked ('000 t)	1,573	1,192	1,163	1,069	1,288
Ore transportation costs ($/t trucked)	4.65	4.96	4.42	4.45	4.35
Processing
Ore milled ('000t)	1,396	1,255	1,305	1,369	1,283
Average mill head grade (g/t)	1.0	0.9	0.9	1.0	0.9
Average recovery rate (%)	90	90	90	91	91
Processing costs ($/t milled)	15.40	14.05	12.79	12.13	12.57
General and administrative costs ($/t milled)	7.97	8.48	7.04	7.58	6.62
Gold produced (oz)	40,922	34,391	34,747	37,574	32,533
Development Stripping - Nkran Cut 3
Waste mined ('000t)	8,536	6,113	4,707	4,324	3,426
Mining costs ($/t mined)	2.87	3.58	2.85	2.48	3.29
Development capitalized stripping costs ($m)	24.6	22.1	13.5	11.1	12.0
Capital Expenditures
Sustaining capital ($m)	5.0	2.0	3.6	4.4	4.2
Development capital ($m)	2.2	2.4	3.4	0.7	2.9
Sustaining capitalized stripping costs ($m)	4.5	8.5	6.4	11.7	11.9
Financial, Costs and Cash Flow
Revenue ($m)	172.1	156.6	166.5	159.7	114.2
Gold sold (oz)	40,403	35,247	34,181	38,276	32,577
Average gold sales price - gross ($/oz)⁽²⁾	4,247	4,432	4,857	4,164	3,501
Average gold sales price - net ($/oz)⁽³⁾	3,557	3,853	4,122	3,744	3,099
AISC ($/oz sold)⁽⁴⁾	2,346	2,473	2,361	2,033	2,283
Income from mine operations ($m)	72.2	92.8	72.5	51.1	10.0
Adjusted net income (loss) ($m)⁽⁴⁾	23.2	23.1	29.5	40.0	(2.8)
Adjusted EBITDA ($m)⁽⁴⁾	93.3	78.5	93.9	85.5	40.2
Cash flow from operating activities ($m)	57.0	6.0	46.7	55.8	40.4

⁽¹⁾ The Company records and reports injuries in accordance with the International Council on Mining and Metals' (ICMM) Mining Principles.

⁽²⁾ Gross average gold sales price is a non-IFRS measure and calculated by dividing revenue, as reported in the Company's consolidated financial statements, by the number of gold ounces sold during the period.

⁽³⁾ Net average gold sales price is a non-IFRS measure and calculated by dividing revenue less realized losses on gold hedge derivative instruments, as reported in the Company's consolidated financial statements, by the number of gold ounces sold during the period.

⁽⁴⁾ Refer to "Non-IFRS Performance Measures" in this news release.

Q3 2026 Operational Analysis for the Asanko Gold Mine

Mining

Mined 1.4 Mt of ore at the Abore deposit at an average grade of 1.1 g/t gold and a strip ratio of 3.4:1. Mined grades at Abore during Q3 2026 increased by 9% compared to Q2 2026, as higher grades at deeper elevations began to be mined.

Mined 0.3 Mt of ore at the Esaase deposit at an average grade of 0.8 g/t gold and a strip ratio of 10.9:1. Mined ore tonnes and grade were largely consistent with Q2 2026.
Mining costs per tonne at Abore and Esaase averaged $4.53 per tonne ("/t") in Q3 2026, consistent with Q2 2026.

Processing

The AGM produced 40,922 ounces of gold during Q3 2026, a 19% increase from Q2 2026 gold production, as the processing plant milled 1.4 Mt of ore at an average grade of 1.0 g/t gold with metallurgical recovery averaging 90%.
Mill throughput in Q3 2026 was 11% higher than Q2 2026 as there was less plant downtime in the current quarter. Consequently, mill availability improved from 90% in Q2 2026 to 92% during Q3 2026.
Approximately 80% of the mill feed was sourced from mined ore at Abore, with the remainder of mill feed primarily from the Esaase deposit.
Processing costs per tonne for Q3 2026 was $15.40, a 10% increase from Q2 2026. The increase in processing costs per tonne was largely driven by replacement of mill liners and maintenance on the primary crusher and ball mill.

Costs

AISC¹ for Q3 2026 was $2,346/oz, compared to $2,473/oz in Q2 2026. The 5% decrease in AlSC¹ resulted from more gold ounces sold, partly offset by higher sustaining capital expenditures related to a tailings facility expansion.
For the nine months ended September 30, 2026, reported AISC¹ was $2,391/oz, tracking in line with full-year 2026 cost guidance of between $2,300/oz and $2,600/oz.

Nkran Cut 3

Nkran Cut 3 waste stripping accelerated during the quarter with 8.5 Mt of waste rock mined, an increase of 40% from Q2 2026, which was supported by the mobilization of additional mining equipment.
Mining costs per tonne at Nkran was $2.87 for Q3 2026, compared to $3.58/t in Q2 2026. The decrease in mining unit costs was driven by higher tonnes mined.
Nkran Cut 3 development capitalized stripping costs totaled $24.6 million during Q3 2026 and $60.2 million for the nine months ended September 30, 2026.

Capital Expenditures

Sustaining capital expenditures totaled $5.0 million during Q3 2026, $3.0 million higher than Q2 2026. The increase in sustaining capital expenditures in Q3 2026 related to advancing the construction of a tailings facility expansion.
Development capital expenditures during Q3 2026 totaled $2.2 million, consistent with Q2 2026. Development capital expenditures in Q3 2026 related mainly to costs of relocating villages near the AGM's operations.

Exploration

An infill drilling program at Esaase was completed during Q3 2026. This program was designed to convert existing open pit mineral resources from the inferred to indicated category and has the potential to significantly increase Esaase’s mineral reserves to support planning of potential open pit expansions. 16,732m of drilling was completed in the quarter, bringing the program total to approximately 32,900m. Data review and modelling are underway, and results of this work are expected to be included in the AGM’s 2027 mineral reserves and mineral resources update planned for Q1 2027.
A drilling program at Abore, designed to expand the underground mineral resource through step out drilling to at least 200m below the maiden underground mineral resource, resumed in late Q3 2026. The Abore drilling campaign was previously paused to prioritize the Esaase conversion drilling program. During the quarter, 4,445m were drilled at Abore and year-to-date drilling stands at approximately 20,600m of a planned 32,000m program. Completion of this underground drilling program is expected in Q4 2026.

CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	Three months ended September 30,
(All amounts in 000's of US dollars, except per share amounts)	2026	2025
Revenue	172,138	114,197
Income from mine operations	72,246	9,977
Net income (loss) attributable to common shareholders	40,505	(38,636	)
Net income (loss) per share attributable to common shareholders - basic	0.15	(0.15	)
Adjusted net income (loss) attributable to common shareholders ⁽¹⁾	23,216	(2,770	)
Adjusted net income (loss) per share attributable to common shareholders ⁽¹⁾	0.09	(0.01	)
EBITDA⁽¹⁾	82,259	12,213
Adjusted EBITDA⁽¹⁾	93,300	40,213
Cash and cash equivalents	86,822	116,440
Restricted cash	25,922	-
Cash flow from operating activities	56,950	40,449

The Company sold 40,403 ounces of gold in Q3 2026 at an average gold sales price of $4,247/oz, before the effect of realized hedging losses, generating gross revenue of $172.1 million. The increase in revenue from the comparative period reflected a 24% increase in gold ounces sold and a 21% increase in average gold sales price. The average gold sales price, including the effect of realized gold hedging losses, for Q3 2026 amounted to $3,557/oz.
Income from mine operations for Q3 2026 totaled $72.2 million, compared to $10.0 million in Q3 2025. The increase was primarily due to higher revenue as described above. This was partly offset by higher royalties expense in Q3 2026 resulting from higher gold revenue and the introduction of a sliding scale royalty by the Government of Ghana, which took effect on March 10, 2026.
The Company reported net income attributable to common shareholders of $40.5 million in Q3 2026, or $0.15 per common share, compared to net loss of $38.6 million, or a loss of $0.15 per common share, in Q3 2025. The increase in net income was mainly due to higher recorded revenues, partly offset by higher royalties.

Reported Adjusted EBITDA¹ of $93.3 million in Q3 2026, compared to $40.2 million in Q3 2025. The increase in Adjusted EBITDA¹ was driven by higher revenues, partly offset by higher royalties, as described above.
The Company generated $57.0 million of cash flow from operating activities during Q3 2026, compared to $40.4 million in Q3 2025. The increase resulted from higher average gold sales prices and more gold ounces sold, partly offset by higher royalties expense and income taxes paid.
As of September 30, 2026, the Company maintained a strong cash position of $112.7 million, including cash and cash equivalents and restricted cash, and no debt.

CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	Nine months ended September 30,
(All amounts in 000's of US dollars, except per share amounts)	2026	2025
Revenue	495,230	288,091
Income from mine operations	237,497	14,874
Net income (loss) attributable to common shareholders	135,073	(46,116	)
Net income (loss) per share attributable to common shareholders - basic	0.52	(0.18	)
Adjusted net income attributable to common shareholders ⁽¹⁾	75,817	18,570
Adjusted net income per share attributable to common shareholders ⁽¹⁾	0.29	0.07
EBITDA⁽¹⁾	265,664	38,178
Adjusted EBITDA⁽¹⁾	265,688	102,959
Cash and cash equivalents	86,822	116,440
Restricted cash	25,922	-
Cash flow from operating activities, before legal restriction	135,565	102,155

The Company sold 109,831 ounces of gold during the nine months ended September 30, 2026 at an average gold sales price of $4,497/oz, before the effect of realized hedging losses, generating gross revenue of $495.2 million. The increase in revenue from the comparative period was due to a 39% increase in average gold sales prices and a 24% increase in gold ounces sold. The average gold sales price, including the effect of realized gold hedging losses, for the nine months ended September 30, 2026, amounted to $3,828/oz.
Income from mine operations for the nine months ended September 30, 2026, totaled $237.5 million, compared to $14.9 million in the comparative period of 2025. The increase was mainly due to higher revenue as described above. This was partly offset by higher royalties expense in 2026 resulting from higher gold revenue and the introduction of a sliding scale royalty by the Government of Ghana.
The Company reported net income attributable to common shareholders of $135.1 million for the nine months ended September 30, 2026, or $0.52 per common share, compared to a net loss of $46.1 million, or a loss of $0.18 per common share, in the comparative period of 2025. The increase in net income was largely driven by higher recorded revenues, partly offset by higher royalties and income taxes.
Reported Adjusted EBITDA¹ of $265.7 million during the nine months ended September 30, 2026, compared to $103.0 million in the comparative period of 2025. The increase in Adjusted EBITDA¹ was driven by higher revenues, partly offset by higher royalties, as described above.
The Company generated $135.6 million of cash flow from operating activities, before legal restrictions, during the nine months ended September 30, 2026, compared to $102.2 million in the comparative period of 2025. The increase in operating cash flow benefited from higher average gold sales prices and gold ounces sold, partly offset by higher royalties and income taxes paid.

This news release should be read in conjunction with Galiano's Management's Discussion and Analysis and the Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2026 and 2025, which are available at www.galianogold.com and filed on SEDAR+.

¹ Non-IFRS Performance Measures

The Company has included certain non-IFRS performance measures in this news release. These non-IFRS performance measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS accounting standards. Refer to "Non-IFRS Measures" of Galiano's Management's Discussion and Analysis for an explanation of these measures and reconciliations to the Company's reported financial results in accordance with IFRS accounting standards.

Total Cash Costs per Gold Ounce Sold

Management of the Company uses total cash costs per gold ounce sold to monitor the operating performance of the AGM. Total cash costs include the costs of gold production, adjusted for costs allocated to by-products and production royalties per ounce of gold sold.

AISC per Gold Ounce Sold

The Company has adopted the reporting of "AISC per gold ounce sold". AISC includes total cash costs, AGM general and administrative expenses, sustaining capital expenditure, sustaining capitalized stripping costs, reclamation cost accretion and lease payments made on the AGM's mining and other service lease agreements per ounce of gold sold.

EBITDA and Adjusted EBITDA

EBITDA provides an indication of the Company's continuing capacity to generate income from operations before taking into account the Company's financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income (loss) excluding finance expense, finance income, depreciation and depletion expense, and income taxes. Adjusted EBITDA adjusts EBITDA to exclude non-recurring items and non-cash items ("Adjusted EBITDA").

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Common Share

The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net income (loss) per common share. Neither adjusted net income (loss) nor adjusted net income (loss) per share have any standardized meaning and are therefore unlikely to be comparable to other measures presented by other issuers. Adjusted net income (loss) excludes certain non-cash items, and items of income or expense not expected to recur in the future, from net income (loss) to provide a measure which helps the Company and investors to evaluate the results of the underlying core operations of the Company and its ability to generate cash flows and is an important indicator of the strength of the Company's operations and performance of its core business.

Qualified Person

The exploration information contained in this news release has been reviewed and approved by Mr. Chris Pettman, P.Geo, Vice President Exploration of Galiano.

All other scientific and technical information contained in this news release has been reviewed and approved by Ms. Victoria Addison, P.Eng., Director, Mine Planning of Galiano. Mr. Pettman and Ms. Addison are "Qualified Persons" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Galiano Gold Inc.

Galiano is a gold producer focused on creating long-term value for its stakeholders through responsible production, development and exploration, underpinned by disciplined allocation of its financial resources. The Company's principal asset is the Asanko Gold Mine, located in Ghana, West Africa. Galiano is committed to safe and responsible mining, the highest standards of environmental management and social responsibility, and the health and safety of its employees and neighbouring communities. The Company's shares trade on the TSX and NYSE American under the symbol "GAU." For more information, please visit www.galianogold.com.

Contact Information

Kathy Li

Vice President, Investor Relations

Toll-Free (N. America): 1-855-246-7341
Email: info@galianogold.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information contained in this news release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.

Forward-looking statements in this news release include, but are not limited to: statements regarding the Company's operating plans for the AGM and timing thereof; expectations and timing with respect to current and planned drilling programs, including at Abore and Esaase, and the results thereof; the focus of the 2026 exploration programs; expectations and timing with respect to ramping up of mining activities at Nkran, including the mobilization of additional mining equipment; anticipated production and cost guidance, including expectations related to production in Q4 2026; expectations regarding the outcome of the garnishee order; expectations regarding cash flows from operations; any additional work programs to be undertaken by the Company; potential exploration opportunities and statements regarding the usefulness and comparability of certain non-IFRS measures; total cash costs and corresponding cost performance relating to the Company's activities; and details of the upcoming conference call and webcast. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: development plans and capital expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to raise sufficient funds from future equity financings to support its operations, and general business and economic conditions; the global financial markets and general economic conditions will be stable and prosperous in the future; the AGM will not experience any significant uninsured production disruptions that would materially affect revenues; the ability of the Company to comply with applicable governmental regulations and standards; the mining laws, tax laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional exchange controls in Ghana; the success of the Company in implementing its development strategies and achieving its business objectives; the Company will have sufficient working capital necessary to sustain its operations on an ongoing basis and the Company will continue to have sufficient working capital to fund its operations; and the key personnel of the Company will continue their employment.

The foregoing list of assumptions cannot be considered exhaustive.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: the mineral reserve and mineral resource estimates may change and may prove to be inaccurate; exploration activities may not result in the delineation of additional mineral resources or the conversion of mineral resources into mineral reserves within anticipated timelines, or at all; life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect; actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control; inflationary pressures and the effects thereof; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process gold as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; risks related to artisanal and illegal mining activities at or near the AGM, including that the Company's mineral properties may experience a loss of ore, and the Company may experience lack of access to its mineral properties and other issues, which may impact planned production levels; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; the ability of the Company to manage procurement risks, including securing timely and cost-effective equipment and services, and mitigate risks related to supplier performance, fraud, collusion, bribery, kickbacks and unethical procurement practices; outbreaks of infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial condition and results of operations and the market price of the common shares of the Company; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; metallurgical recoveries may not be economically viable or recoveries may be lower in the future and have a negative impact on the Company's gold production and financial results; the Company's business is subject to risks associated with operating in a foreign country; risks related to the Company's use of mining and other contractors; the hazards and risks normally encountered in the exploration, development and production of gold; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency; the Company's operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration, development and mining interests can be uncertain and may be contested; geotechnical risks associated with the design and operation of a mine and related civil structures; the Company's properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; risks associated with establishing new mining operations; the Company's revenues are dependent on the market prices for gold, which have recently experienced significant fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company's shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; changes to taxation laws applicable to the Company may affect the Company's profitability and ability to repatriate funds; risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; risks related to information systems security threats; the impact of technological developments on the Company's operations; non-compliance with public disclosure obligations could have an adverse effect on the Company's share price; the carrying value of the Company's assets may change and these assets may be subject to impairment charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; the garnishee order may not be set aside and the restricted cash may not be released or may be paid out; damage to the Company's reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on the business, results of operations and financial conditions of the Company and the Company's share price; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; the Company's growth, future profitability and ability to obtain financing may be impacted by global financial conditions; the Company's common shares may experience significant price and trading volume volatility; the Company has never paid dividends and does not expect to do so in the foreseeable future; the Company's shareholders may be unable to sell significant quantities of the Company's common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and any such other risk factors described under the heading "Risk Factors" in the Company's most recently filed Annual Information Form.

Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.

Source: Galiano Gold Inc.

Source: View Original Filing on SEC EDGAR

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Galiano Gold swings to $45.4M profit in Q3 2026

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How much revenue and net income did GAU report for Q3 2026?

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