Galiano Gold Inc.

Galiano Gold Inc. is a junior gold producer headquartered in Vancouver, Canada, operating primarily in Africa. The company's portfolio consists of 1 operating mine, in addition to several early-stage exploration prospects. Key assets include Asanko. The business model centers on the operation and development of mineral properties through a contractor-operated model, utilizing conventional truck and shovel open-pit mining methods. Processing capabilities are centralized around a 5.8 Mtpa carbon-in-leach facility configured as a semi-autogenous grinding, ball milling, and pebble crushing circuit, which also incorporates gravity recovery and an intensive leaching reactor. This integrated approach allows for the treatment of ore from multiple deposits, optimizing asset utilization. The operational framework relies on a combination of internal management and specialized external consultants to provide expertise in geology, engineering, and other technical fields. A key operational characteristic is the phased development of deposits, allowing for sequential mining and processing based on optimized mine plans. The company's structure is designed to support a district-scale development strategy, leveraging a large land package on a prospective mineral belt to create long-term value through systematic exploration and resource conversion.

Strategic focus centers on creating a sustainable business through disciplined production, targeted exploration, and prudent financial management. Operational priorities include maximizing value from the asset base by optimizing mine sequencing, evaluating process enhancements, and advancing near-mine exploration targets. A key initiative involves the commissioning of a new secondary crushing circuit by Q3 2025 to improve mill throughput when processing harder ore types. The organization also aims for long-term cost efficiencies through measures such as workforce restructuring and the strategic termination of a restrictive offtake agreement to enable sales at market prices. Resource base expansion is driven by systematic exploration programs, including infill drilling designed to convert inferred resources to the indicated category and to test for extensions of mineralization at depth and along strike. This approach is intended to advance satellite deposits toward maiden reserve estimates, thereby diversifying the feed source for the central processing facility and extending the operational life.

Board composition includes 8 directors, with 7 being independent non-executive members, ensuring robust oversight. Governance is structured through 5 specialized committees: Audit; Compensation, Governance and Nominating; Sustainability; and a Technical Committee established in 2025. The Technical Committee, working with the Sustainability Committee, provides dedicated oversight on the design, construction, and operation of the tailings storage facility. Executive leadership is led by a President and CEO with 20 years of experience in operations and a background in extractive metallurgy. The executive team was strengthened in 2024 with the appointment of a Chief Operating Officer possessing over 2 decades of senior operational experience. The governance framework includes quarterly committee meetings to review performance indicators, monitor emerging issues, and ensure compliance. The Audit Committee, composed entirely of independent and financially literate members, oversees financial reporting, internal controls, and auditor engagements. Management's approach involves leveraging both internal expertise and external consultants for specialized skills in geology, engineering, and risk management.

The sustainability strategy is governed by a dedicated board-level Sustainability Committee, which meets quarterly to oversee performance, and an Independent Tailings Review Panel (ITRP) that provides external expert advice on the primary tailings storage facility. The ITRP, comprising specialists in geochemistry, hydrology, and geotechnical engineering, conducts annual site visits and provides bi-annual feedback on risk mitigation. Environmental management is guided by a formal policy focused on pollution prevention, energy efficiency, and compliance with international best practices, including alignment with the International Cyanide Management Code. Social initiatives include conducting independent human rights impact assessments, with the most recent follow-up completed in 2024, and maintaining structured stakeholder engagement through local committees and established feedback mechanisms. The company adheres to international reporting standards, including the Global Reporting Initiative and SASB, and submitted its first report under Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act in 2024.

On March 4, 2024, the company completed the acquisition of Gold Fields' 45% interest in the Asanko Gold Mine, increasing its equity stake to 90% and consequently terminating the prior joint venture arrangement. As part of the transaction consideration, 28.5 million common shares were issued to Gold Fields, resulting in it becoming a significant shareholder with an approximate 19.9% ownership stake at closing. In connection with this transaction, the company entered into an amended investor rights agreement with Gold Fields, which grants pre-emptive rights to maintain its ownership percentage and includes a 12-month standstill period. The primary operating entity is Asanko Gold Ghana Ltd., in which the Government of Ghana holds a 10% free-carried, non-contributing interest. This government interest entitles it to 10% of declared dividends from the subsidiary's net profit after the recovery of all prior operating losses.