Galiano Gold Inc.

GALIANO GOLD INC. Management's Discussion and Analysis For the years ended December 31, 2025 and 2024

Cost and Capital Expenditures

• All-in sustaining costs1 ("AISC") of $2,033/oz in Q4 2025. AISC1 for the quarter was 11% lower compared Q3 2025 due to higher gold ounces sold. AISC1 for FY 2025 amounted to $2,233/oz, within revised guidance of between $2,200/oz to $2,300/oz.

• Capitalized development pre-stripping costs at Nkran Cut 3 of $11.1 million during Q4 2025 and $33.2 million for FY 2025.

Exploration

• Results from the Phase 2 drilling program at Abore were released2 during Q4 2025. These positive results led to an expanded drilling program with 10,907m drilled in Q4 2025. This program was designed to establish continuity of known mineralization, as well as to test for continuations of the Abore mineralizing system at depths up to 200m below previous drilling and below the Mineral Resource boundary. See "Exploration Activities" for additional details.

Mineral Reserves and Resources

• The Company updated the Mineral Reserve and Mineral Resource estimates for the AGM effective December 31, 2025. Refer to section "Mineral Reserve and Mineral Resource Estimates" in this MD&A for additional details.

• Reported maiden underground Mineral Resource estimates for the Abore and Nkran deposits totaling 0.8 million ounces (“Moz”) gold contained, with estimated Indicated Mineral Resources of 3.4 Mt at an average grade of 2.74 g/t and estimated Inferred Mineral Resources of 6.5 Mt at an average grade of 2.52 g/t.

FY 2026 Guidance

• For FY 2026, gold production guidance at the AGM is forecast between 140,000 ounces and 160,000 ounces. Higher mined grades are expected to be progressively mined from Abore over the course of the year, therefore gold production is forecast to be weighted to the back half of FY 2026.

• AISC1 guidance for FY 2026 is forecast between $2,000/oz and $2,300/oz at a gold price assumption of $4,500/oz and under the current royalty framework in Ghana.

RECENT DEVELOPMENTS

• On December 19, 2025, the Company entered into a $75 million revolving credit facility (the "RCF") with FirstRand Bank Limited, acting through its Rand Merchant Bank division ("RMB"). The purpose of the RCF is for general working capital requirements. 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% per annum, while the undrawn portion of the RCF is subject to a standby fee of 1.38% per annum. The RCF is guaranteed by certain subsidiaries of the Company and is also secured by a first priority charge against the AGM's assets, and a first priority share pledge of certain of the Company's subsidiaries. The RCF contains financial covenants, to be tested semi-annually, which include gearing, net leverage and interest coverage ratios. As of December 31, 2025, the Company had not drawn on the RCF and was in full compliance with all covenants.

• The Government of Ghana has proposed a draft bill to amend the country's gold royalty framework. Under the proposed bill, royalties payable by mining companies on gold sold would be subject to a sliding scale of between 9% to 12%, with the upper limit applicable when spot gold prices are trading above $4,500/oz. The proposed amendments are still subject to Parliamentary approval.

2 Refer to the Company's news release titled "Galiano Gold Advances Towards A Maiden Underground Resource At Abore With Additional High-Grade Results Encountered Including 4.7 g/t Au Over 28m And 3.5 g/t Au Over 17m" dated November 17, 2025, which is available under the Company's SEDAR+ profile atwww.sedarplus.ca.