| Condensed Consolidated Interim Statements of Financial Position | 2 | | --- | --- | | Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) | 3 | | Condensed Consolidated Interim Statements of Changes in Equity | 4 | | Condensed Consolidated Interim Statements of Cash Flow | 5 | | Notes to the Condensed Consolidated Interim Financial Statements | 6-24 | GALIANO GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED 1 GALIANO GOLD INC. UNAUDITED CONDENSED ...

[Galiano Gold Q4 and Full Year 2022 Results](index=1&type=section&id=Galiano%20Gold%20Q4%20and%20Full%20Year%202022%20Results) [Asanko Gold Mine (AGM) JV Performance (100% Basis)](index=1&type=section&id=Asanko%20Gold%20Mine%20(AGM)%20JV%20Performance%20(100%25%20Basis)) The Asanko Gold Mine achieved its 2022 production guidance and established a robust long-term plan via a new Feasibility Study AGM Full Year 2022 vs 2021 Financial & Operational Highlights (100% Basis) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Operations** | | | | Gold Produced (ounces) | 170,342 | 210,241 | | Gold Sold (ounces) | 167,849 | 216,076 | | Average Realized Gold Price ($/oz) | $1,767 | $1,767 | | Total Cash Costs ($/oz) | $1,157 | $1,177 | | All-in Sustaining Costs (AISC) ($/oz) | $1,346 | $1,431 | | **Financials (in millions)** | | | | Revenue | $297.1 | $382.4 | | Net Income (Loss) After Tax | $103.2 | $(114.5) | | Adjusted EBITDA | $79.2 | $76.7 | | Cash from Operating Activities | $75.5 | $86.6 | | Free Cash Flow | $43.8 | $25.9 | - A new NI 43-101 Feasibility Study outlines a revised life-of-mine plan with a **$343 million after-tax NPV5%**, average LOM AISC of **$1,143/oz**, and average annual gold production of **217,000 ounces**[3](index=3&type=chunk) - The AGM ended 2022 with a robust liquidity position, holding **$91.3 million in cash and cash equivalents** and no debt[6](index=6&type=chunk) - Safety performance was strong with **zero lost-time injuries (LTI)** in Q4, resulting in a 12-month rolling LTI frequency rate of **0.00 per million hours worked**[3](index=3&type=chunk) [Galiano Gold Inc. Corporate Performance](index=2&type=section&id=Galiano%20Gold%20Inc.%20Corporate%20Performance) The company returned to profitability in 2022, driven by its share of JV earnings, while maintaining a debt-free balance sheet Galiano Gold Inc. Full Year 2022 vs 2021 Financial Highlights | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income (Loss) After Tax | $40.8M | $(68.9)M | | Net Income (Loss) Per Share | $0.18 | $(0.31) | | Adjusted Net Income After Tax | $6.3M | $7.7M | | Adjusted EBITDA | $28.8M | $28.5M | | Cash and Cash Equivalents (Year-End) | $56.1M | $53.5M | - The company's balance sheet remains stable and **debt-free**, with cash and cash equivalents of **$56.1 million** as of December 31, 2022[6](index=6&type=chunk)[19](index=19&type=chunk) - The significant increase in net income was primarily due to the Company's share of the JV's earnings, which included a **$63.2 million impairment reversal** on mineral properties[10](index=10&type=chunk)[11](index=11&type=chunk) - Galiano initiated a Phase 1 drilling program at its 100% owned Asumura property to test for gold mineralization[6](index=6&type=chunk) [2023 Outlook](index=6&type=section&id=2023%20Outlook) The 2023 forecast anticipates lower production and higher costs due to significant capital investment, aiming for cash flow neutrality 2023 AGM Guidance and Budget | Metric | 2023 Guidance/Budget | | :--- | :--- | | Gold Production (ounces) | 100,000 - 120,000 | | AISC ($/oz) | $1,900 - $1,975 | | Sustaining Capital | $38 million | | Development Capital | $24 million | | Exploration Budget | $15 million | - AISC is expected to be high in 2023 primarily due to waste stripping at Abore and increased expenditures on the tailings storage facility (TSF)[12](index=12&type=chunk) - Despite a capital-intensive year, the AGM is projected to **break even on cash flow**, assuming production meets guidance at prevailing gold prices[15](index=15&type=chunk) [Non-IFRS Performance Measures](index=6&type=section&id=Non-IFRS%20Performance%20Measures) The company uses non-IFRS metrics like AISC and free cash flow to supplement its standard financial reporting - The report uses non-IFRS measures such as **Total Cash Costs, AISC, Adjusted EBITDA, Free Cash Flow, and Adjusted Net Income** to provide additional performance information[17](index=17&type=chunk) - All-in Sustaining Costs (AISC) is calculated based on World Gold Council guidance and includes total cash costs, corporate overhead, and sustaining capital expenditures[20](index=20&type=chunk) - Free cash flow is defined as cash flows from operating activities adjusted for capital expenditures and is used to evaluate the JV's capacity to meet cash outflows[22](index=22&type=chunk) [Forward-Looking Statements and Risk Factors](index=7&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to significant risks including gold price volatility and operational hazards - The report includes forward-looking statements concerning operating plans, drilling programs, production and cost guidance, and capital expenditures[25](index=25&type=chunk)[26](index=26&type=chunk) - Key assumptions include stable gold prices, accuracy of mineral reserve estimates, and continued agreement with JV partner Gold Fields on operating the AGM[26](index=26&type=chunk) - The company identifies numerous risk factors, including **metallurgical recovery risks, geopolitical risks in Ghana, operational hazards, and commodity price volatility**[27](index=27&type=chunk)

GALIANO GOLD INC. MANAGEMENT'S DISCUSSION AND ANALYSIS For the three and nine months ended September 30, 2022 and 2021 (Expressed in United States dollars) TABLE OF CONTENTS | 1. | Third quarter 2022 highlights | 3 | | --- | --- | --- | | 2. | Business overview | 4-6 | | 3. | Guidance and outlook | 7 | | 4. | Results of the AGM | 8-15 | | | | 16- | | 5. | Financial results of the Company | 17 | | 6. | Selected quarterly financial data | 18 | | | | 19- | | 7. | Liquidity and capital resources | 21 | | | | 21 ...

NYSE: GAU TSX: GAU Q2 2022 UPDATE FORWARD LOOKING INFORMATION 2 Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible e ...

GALIANO GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED For the three and six months ended June 30, 2022 and 2021 TABLE OF CONTENTS | Condensed Consolidated Interim Statements of Financial Position | 2 | | --- | --- | | Condensed Consolidated Interim Statements of Operations and Comprehensive Income | 3 | | Condensed Consolidated Interim Statements of Changes in Equity | 4 | | Condensed Consolidated Interim Statements of Cash Flows | 5 | | Notes to the Condensed Consolidated Interim ...

GALIANO GOLD INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNAUDITED For the three months ended March 31, 2022 and 2021 TABLE OF CONTENTS | Condensed Consolidated Interim Statements of Financial Position | 2 | | --- | --- | | Condensed Consolidated Interim Statements of Operations and Comprehensive (Loss) Income | 3 | | Condensed Consolidated Interim Statements of Changes in Equity | 4 | | Condensed Consolidated Interim Statements of Cash Flow | 5 | | Notes to the Condensed Consolidated Interim F ...

| --- | --- | |-----------------|-------| | | | | | | | | | | | | | | | | Q3 2021 Results | | FORWARD LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking stat ...

| --- | --- | |-----------------------------|-------------------------| | | | | | | | | | | | | | | | | | | | Q2 2021 Results August 2021 | | | | TSX, NYSE AMERICAN: GAU | FORWARD LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which ...

| --- | --- | |--------------------------------------------------|-------------------------| | | | | | | | | | | | | | CREATING A SUSTAINABLE BUSINESS Q3 2020 Results | | | | TSX, NYSE AMERICAN: GAU | FORWARD LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Can ...

| --- | --- | |--------------------------------------------------|-------------------------| | | | | | | | | | | | | | CREATING A SUSTAINABLE BUSINESS Q2 2020 Results | | | | TSX, NYSE AMERICAN: GAU | FORWARD LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Can ...