Schedule 13G: Donald Smith Reports 25.5M GAU Shares, Passive Position

Rhea-AI Filing Summary

Donald Smith & Co., Inc. filed a Schedule 13G reporting an aggregate beneficial ownership of 25,509,371 shares of Galiano Gold Inc. (CUSIP 36352H100), representing 9.91% of the outstanding common stock. The filing breaks down voting and dispositive power: Donald Smith & Co., Inc. holds 23,668,995 shares with sole voting power and 25,078,220 shares with sole dispositive power; DSCO Value Fund, L.P., Jon Hartsel and John Piermont report smaller sole holdings of 231,395, 183,756 and 16,000 shares respectively. Donald Smith & Co. identifies itself as an investment adviser and states these shares are held in the ordinary course of business on behalf of institutional clients, noting no single client owns more than 5% of the class.

Positive

• Detailed disclosure of aggregate holdings: 25,509,371 shares representing 9.91% of the class
• Clear breakdown of sole voting and dispositive power, aiding transparency for investors
• Investment adviser classification and statement that holdings are in the ordinary course of business (Schedule 13G), indicating passive intent

Negative

• None.

Insights

Financial Analyst

TL;DR A 9.91% passive stake disclosed by an investment adviser signals meaningful exposure but not an activist control intent.

The filing shows Donald Smith & Co., Inc. and affiliated reporting persons collectively own 25.5 million shares, or 9.91% of Galiano Gold Inc. Ownership is held in advisory accounts and characterized as ordinary-course holdings, which typically implies passive investment intent rather than a campaign to influence control. The breakdown of sole voting and dispositive powers clarifies that Donald Smith & Co. retains substantial voting and disposal authority over the majority of the reported position. For investors, this is material disclosure of concentrated institutional ownership without accompanying change-in-control claims.

Corporate Governance Expert

TL;DR The Schedule 13G indicates concentrated institutional voting power but affirms holdings are not meant to alter issuer control.

The filer classifies itself as an investment adviser and files under Schedule 13G, consistent with a passive investor position. The statement and Item 6 disclosure emphasize that ultimate dividend and sale proceeds rights rest with advisory clients and no single client exceeds 5% ownership, reducing concerns about a single dominant beneficiary. The clear attribution of sole voting and dispositive powers to Donald Smith & Co. helps downstream governance analysis by identifying who can exercise shareholder rights if decisions arise.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Galiano Gold Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

36352H100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 36352H100

1

Names of Reporting Persons

DONALD SMITH & CO., INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 23,668,995.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 25,078,220.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,509,371.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 36352H100

1

Names of Reporting Persons

DSCO Value Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 231,395.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 231,395.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,509,371.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 36352H100

1

Names of Reporting Persons

Jon Hartsel

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 183,756.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 183,756.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,509,371.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 36352H100

1

Names of Reporting Persons

John Piermont

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 16,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,509,371.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Galiano Gold Inc.
(b)	Address of issuer's principal executive offices: 680 - 1066 WEST HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, CANADA, V6E 3X2.
Item 2.
(a)	Name of person filing: Donald Smith & Co., Inc.
(b)	Address or principal business office or, if none, residence: 152 West 57th Street, 29th Floor New York, NY 10019
(c)	Citizenship: A Delaware Corporation
(d)	Title of class of securities: Common
(e)	CUSIP No.: 36352H100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 25,509,371
(b)	Percent of class: 9.91%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Donald Smith & Co., Inc. 23,668,995 DSCO Value Fund, L.P. 231,395 Jon Hartsel 183,756 John Piermont 16,000
	(ii) Shared power to vote or to direct the vote: SEE ITEM 6
	(iii) Sole power to dispose or to direct the disposition of: Donald Smith & Co., Inc. 25,078,220 DSCO Value Fund, L.P. 231,395 Jon Hartsel 183,756 John Piermont 16,000
	(iv) Shared power to dispose or to direct the disposition of: SEE ITEM 6
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Donald Smith & Co., Inc. does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client?s custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the institutional clients which Donald Smith & Co., Inc. serves as investment advisor. Any and all discretionary authority which has been delegated to Donald Smith & Co., Inc. may be revoked in whole or in part at any time. To the knowledge of Donald Smith & Co., Inc., with respect to all securities reported in this schedule owned by advisory clients of Donald Smith & Co., Inc., not more than 5% of the class of such securities is owned by any one client.2. With respect to the remaining securities owned, various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock of Galiano Gold Inc. No one person?s interest in the Common Stock of Galiano Gold Inc. is more than five percent of the total outstanding Common Stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. SEE EXHIBIT A
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DONALD SMITH & CO., INC.

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/14/2025

DSCO Value Fund, L.P.

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/14/2025

Jon Hartsel

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/14/2025

John Piermont

Signature:	Richard L. Greenberg
Name/Title:	CEO and Co-CIO
Date:	08/14/2025

FAQ

How many Galiano Gold Inc. (GAU) shares does Donald Smith & Co., Inc. report owning?

The filing reports an aggregate of 25,509,371 shares, representing 9.91% of Galiano Gold Inc.'s common stock.

Does the Schedule 13G indicate an intent to influence control of Galiano Gold Inc. (GAU)?

No. The filer certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Who holds voting and dispositive power over the reported shares?

Donald Smith & Co., Inc. reports 23,668,995 shares with sole voting power and 25,078,220 shares with sole dispositive power; affiliated individuals/funds hold smaller sole amounts.

Do any advisory clients of Donald Smith & Co. own more than 5% of Galiano Gold Inc.?

The filing states that, to the knowledge of Donald Smith & Co., no single client owns more than 5% of the class.

Which reporting persons are listed besides Donald Smith & Co., Inc.?

The filing lists DSCO Value Fund, L.P., Jon Hartsel, and John Piermont with respective sole holdings of 231,395, 183,756, and 16,000 shares.