Galiano Gold Inc.

GALIANO GOLD INC.Management's Discussion and AnalysisFor the three and six months ended June 30, 2025 and 2024

Exploration

• A deep step-out drilling program at the Abore deposit, totaling 1,907m across a 1,200m strike length, yielded positive results with mineralization intercepted in all four holes, including 36m at 2.5 g/t gold (refer to news release dated July 14, 2025). The program confirmed the Abore granite and mineralizing system continues 200m below the current Mineral Reserve pit shell over a strike length of at least 1,200m, remains open in all directions, and appears to carry sufficient grades and widths below the current Mineral Reserve pit shell to support the potential development of bulk underground mining.

RECENT DEVELOPMENTS

• On July 8, 2025, the Company filed a final short form base shelf prospectus (the "Prospectus"), under which the Company may sell from time‐to‐time securities of the Company, up to an aggregate of $500 million. The Prospectus has a term of 25‐months from the filing date. No securities have been issued under the Prospectus.

• Subsequent to quarter-end, the Company completed the construction of a permanent secondary crushing circuit at the AGM processing plant. The secondary crushing circuit was commissioned at the end of July 2025, and processing plant milling capacity is now expected to return to a 5.8 Mt per annum throughput rate.