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

The November 17, 2025 news release provides an update on the 2025 drilling program at the Abore deposit, part of the Asanko Gold Mine (AGM) in Ghana. The company announced additional high-grade gold intercepts, including 4.7 g/t Au over 28.3 meters and 3.5 g/t Au over 16.7 meters.

Galiano also reported that the drill program has been expanded and a total of 22,000 meters has now been completed in 2025, double the originally planned 11,000 meters. The results from this expanded program will be used to define a maiden underground Mineral Resource for the Abore deposit, which is expected to be released in February 2026.

This news is positive as it confirms the continuity of high-grade mineralization at the Abore deposit and reinforces the potential for a future underground operation. The key highlights are the strong intercepts, the doubling of the drill program, and the clear timeline for a maiden underground resource (February 2026), which provides a tangible future catalyst.

However, the impact of this news must be viewed in the context of the company's recent operational performance. Just 11 days prior, on November 6, 2025, Galiano released its Q3 results, which included a material negative development: a significant cut to 2025 production guidance (from 130-150k oz to 120-125k oz) and a substantial increase in All-In Sustaining Cost (AISC) guidance (from $1,750-$1,950/oz to $2,200-$2,300/oz). This was attributed to an operational halt at the Esaase pit following a security incident and mining lower-grade material.

The stock price dropped over 14% on the Q3 news, from $3.34 to $2.85, reflecting the market's concern over operational execution and rising costs. The latest drill results, while excellent, do not solve these immediate, critical problems. The underground potential at Abore is a long-term value driver, but the company must first prove it can operate its existing open pits efficiently and within guidance.

Therefore, while the exploration news is encouraging and continues a positive trend established throughout 2025, it is considered routine. It does not fundamentally alter the near-term investment thesis, which is currently dominated by high operational costs and execution risk. It provides a welcome positive data point but does not override the material negative impact of the recent guidance miss.

Galiano Gold is a gold producer whose sole operating asset is a 90% interest in the Asanko Gold Mine (AGM) located in Ghana, West Africa. The AGM is a large-scale, multi-pit operation. The company's current strategy is a multi-year turnaround plan focused on a significant waste stripping campaign at the main Nkran deposit (Cut 3) to unlock higher-grade ore. This development is being funded by cash flow from mining other deposits, primarily Abore and Esaase. The company's long-term success is contingent on successfully executing this plan to increase annual production and significantly lower its AISC.