Galiano Gold Inc.

Processing

• Gold production during Q1 2025 was impacted by a 14-day shutdown of the processing plant to repair a key component of the SAG mill, during which no gold was recovered. The plant shutdown is estimated to have resulted in lower gold production by approximately 4,500 to 5,000 ounces for the quarter. The repairs to the SAG mill were completed during Q1 2025.

• The AGM produced 20,734 ounces of gold during Q1 2025, as the processing plant milled 1.1 Mt of ore at an average grade of 0.8 g/t with metallurgical recovery averaging 87%. While Q1 2025 gold production was lower than management's expectations, the Company forecasts annual production will be near the lower end of the guidance range.

• Gold production during Q1 2025 was impacted by lower milling rates, as mined and processed ore from Abore, which is harder and requires additional crushing and grinding, contributed to the reduction in mill throughput and gold production in Q1 2025 compared to Q1 2024.

• The construction of a permanent secondary crushing circuit at the AGM processing plant remains ongoing. The objective of the secondary crushing circuit is to maintain plant throughput at design capacity when treating harder ore. This project is expected to be completed in Q3 2025.

• Processing cost per tonne for Q1 2025 was $14.37, a 36% increase from Q1 2024. On an absolute basis, processing costs were consistent quarter-on-quarter. The increase in processing cost per tonne in Q1 2025 was driven by fewer tonnes milled, which increased fixed processing costs on a per unit basis.