Galiano Gold Inc.

GALIANO GOLD INC.Management's Discussion and AnalysisFor the three months ended March 31, 2026 and 2025

Exploration

• Drilled 11,578 meters (“m”) at the Abore deposit, which consisted of infill and step-out drilling up to 200m below the existing underground Mineral Resource boundary. Drilling successfully indicated extension of mineralization at depth, along strike, and across previously untested areas outside the current underground Mineral Resource. Highlights from the Q1 2026 Abore drilling program, as reported in the Company’s news release dated May 11, 2026, included:

• Main pit ore shoot expanded ~95m further down dip to the north;

• ~200m of strong mineralization defined between the Main pit ore shoot and the saddle zone;

• High-grade intercept below the northern end of Main pit, which remains open; and

• High-grade mineralization intersected up to 180m below the current underground Mineral Resource.

• Completed 2,501m of infill drilling at Esaase to support the conversion of Inferred Mineral Resources to the Indicated category. Following successful initial results, the Company has expanded the FY 2026 exploration budget by $7.5 million to complete a total program of 33,000m at Esaase.

RECENT DEVELOPMENTS

• The Company published updated mineral reserve and mineral resource estimates for the AGM on February 12, 2026. Refer to the Company’s news release dated February 12, 2026, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, for additional disclosure regarding the AGM’s Mineral Reserve and Mineral Resource estimates, including key assumptions underlying the estimates.

• Effective March 10, 2026, the Government of Ghana passed into law a bill to amend the country's royalty framework applicable to gold miners. Under this amendment, gold royalties payable are subject to a sliding scale, starting at 5% (if gold prices are below $1,900/oz) and increasing to 12% (if gold prices exceed $4,500/oz).

• On March 13, 2026, the Government of Ghana passed into law an amendment to the Growth and Sustainability Levy ("GSL") rate, reducing it from 3% to 1% of gold revenues.

• On March 20, 2026, the Company was added to the VanEck Junior Gold Miners ETF ("GDXJ"), following the GDXJ's most recent semi-annual review and rebalancing.