Galiano Gold Delivers Annual Mineral Reserve and Mineral Resource Update, Highlighted by Maiden Underground Mineral Resources at Nkran and Abore

Executive Summary

• Galiano Gold Inc. released updated Mineral Reserve and Mineral Resource estimates for its Asanko Gold Mine (AGM) in Ghana, effective December 31, 2025.
• The update includes maiden underground Mineral Resources for the Nkran and Abore deposits, totaling 3.4 Mt of Indicated and 6.5 Mt of Inferred resources, signaling a potential shift toward underground mining operations.
• Total Proven and Probable Mineral Reserves stand at 47.5 Mt at 1.29 g/t for 1.97 Moz gold, while total open pit Mineral Resources are 77.0 Mt at 1.27 g/t for 3.14 Moz gold.

Key Details

• Mineral Reserves (Effective Dec 31, 2025):

  • Total Proven and Probable Reserves: 47.5 Mt at 1.29 g/t for 1.97 Moz gold.
  • Reserve valuation based on gold prices of $1,900/oz (Esaase), $1,700/oz (Nkran, Abore, Adubiaso, Midras South), and $1,500/oz (Miradani North, Dynamite Hill).
  • Nkran: 10.6 Mt Probable at 1.67 g/t for 570 koz gold.
  • Esaase: 14.8 Mt Probable at 1.12 g/t for 531 koz gold.
  • Abore: 9.3 Mt Probable at 1.16 g/t for 346 koz gold.
  • Miradani North: 6.8 Mt Probable at 1.41 g/t for 310 koz gold.
  • Stockpiles: 2.0 Mt Proven at 0.72 g/t for 47 koz gold.
  • Other deposits (Dynamite Hill, Adubiaso, Midras South) remain unchanged from prior estimates.

• Mineral Resources (Effective Dec 31, 2025):

  • Open Pit Resources: 77.0 Mt Measured and Indicated at 1.27 g/t for 3.14 Moz gold; 20.7 Mt Inferred at 1.14 g/t for 0.76 Moz gold.
  • Underground Resources (Maiden):
    • Indicated: 3.4 Mt at 2.74 g/t for 303 koz gold.
    • Inferred: 6.5 Mt at 2.52 g/t for 525 koz gold.
    • Valuation based on $2,400/oz gold price and 1.5 g/t stope cut-off grade.
  • Deposit-Specific Open Pit Resources:
    • Esaase: 33.0 Mt Indicated at 1.19 g/t for 1,266 koz; 12.2 Mt Inferred.
    • Nkran: 10.8 Mt Indicated at 1.73 g/t for 602 koz; 2.1 Mt Inferred.
    • Abore: 10.5 Mt Indicated at 1.15 g/t for 388 koz; 0.3 Mt Inferred.
    • Miradani North: 7.9 Mt Indicated at 1.39 g/t for 352 koz; 2.9 Mt Inferred.
    • Midras South: 4.9 Mt Indicated at 1.02 g/t for 162 koz; 1.4 Mt Inferred.
    • Adubiaso: 2.6 Mt Indicated at 1.36 g/t for 113 koz; 0.4 Mt Inferred.
    • Dynamite Hill: 2.2 Mt Indicated at 1.34 g/t for 95 koz; 1.0 Mt Inferred.
    • Asuadai: 1.6 Mt Indicated at 1.23 g/t for 64 koz; 0.1 Mt Inferred.
    • Akwasiso: 1.4 Mt Indicated at 1.16 g/t for 52 koz; 0.2 Mt Inferred.

• Operational Strategy and Production Guidance:

  • Near-Term Growth: Mill throughput expected to rise ~15% in FY 2026 due to secondary crushing circuit installation (completed July 2025) and higher-grade ore from Abore.
  • Production Forecast: FY 2026 production expected to increase ~25% compared to FY 2025.
  • Medium-Term Plan: Transition to Nkran open pit after Abore depletion; steady-state ore delivery expected by early 2029, targeting >200,000 oz/year.
  • Long-Term Plan: Evaluate economic viability of integrating underground mining at Nkran and Abore; target completion of mining studies and reserve declaration within 12-24 months.
  • Exploration Targets: Objective to add 1.0–1.5 Moz to combined resources/reserves over the next 2-3 years via brownfield and greenfield exploration.
  • Esaase Expansion: 2026 drilling program aims to expand Mineral Reserve base, potentially adding mill feed to complement future underground production.

• Technical Parameters:

  • Mining Costs: Base costs range from $1.94/t (Miradani North) to $2.63/t (Nkran).
  • Processing Costs: Range from $8.81/t to $11.52/t ore.
  • Strip Ratios: Overall AGM strip ratio is 7.4:1; Nkran is 12.5:1, Esaase is 6.2:1.
  • Recovery: Assumed at 94% for most deposits; Esaase varies by lithology (72-76% for transition/fresh ore).

Notable Quotes

• "The maiden underground Mineral Resources at Nkran and Abore represent a new and meaningful growth avenue for Galiano, marking a clear inflection point for the Company," said Matt Badylak, Galiano's President and Chief Executive Officer. "With significant potential to expand resources at depth and along strike, we see a compelling opportunity to extend mine life, further convert resources into reserves, and unlock long-term value."