Galiano Gold Inc.

Good day, ladies and gentlemen, and welcome to the Galeano Gold Inc. Third Quarter 2025 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 7th, 2025. I would now like to turn the conference over to Matt Badilak, President and CEO of Galeano Gold. Please go ahead.

Thank you, operator, and good morning, everyone. We appreciate you taking time to join us on the call today to review Galliano Gold's third quarter results that we released yesterday after the market closed. On slide two, we'll be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary notes and risk disclosures in our most recent MD&A, as well as this slide of the webcast presentation. Yesterday's release details our third quarter financial and operating results. They should be read in conjunction with our third quarter financial statements and MD&A available on our website and filed on CEDAR Plus and EDGAR. Also, please bear in mind that all dollar amounts mentioned in the conference call are in US dollars unless otherwise noted. On slide four, with me on the call today, I have Michael Cardinals, our Chief Operating Officer, Matt Freeman, our Chief Financial Officer, and Chris Pettman, our Vice President Exploration. For this presentation, I will initially provide a brief overview of the quarter. Michael will give an operations update, Matt will discuss the financials, and then Chris will review the ongoing exploration success his team is having at Abore. I will then provide some closing remarks and open the call for Q&A. Here on slide five, we can see the team continued the momentum during the third quarter towards an improved overall operational outlook. Let me walk you through the highlights on this slide. Safety remains a top priority. I am proud to report that again, no lost time injuries were reported for Q3, maintaining a strong safety record and demonstrating our unwavering commitment to our workforce. Turning to production, we produced just over 32,000 ounces of gold in Q3, up 7% from 30,000 ounces produced in Q2. This increase was driven by higher grades and increased throughput quarter on quarter following the commissioning of the secondary crusher in late July. From a financial perspective, revenue came in at $114 million, up 17% quarter over quarter from $97 million. This was driven by higher production and improved gold prices. Our balance sheet remains solid. We ended the quarter with $116 million in cash and cash equivalents, a slight improvement on Q2 despite stripping at NCRAN increasing during the period. This strong cash position provides us with the financial flexibility to continue to invest in our operations, particularly as we accelerate stripping at NCRAN in 2026. Expiration remains a key focus area. At Abore, we drilled just over 11,000 metres during the third quarter, focused on infill and step-out drilling around the high-grade zones identified earlier this year. Moving to slide six, please. Here on this slide, I'll provide a few words about the events that occurred at Asasi during the quarter. As previously disclosed, on September 9th, An incident occurred when a group of illegal miners attacked a military camp housing members of the Ghana Armed Forces and damaging our contractor's mining equipment at the Assasi deposit. Regrettably, the incident also resulted in the death of a community member. Due to the scale of damage sustained to the fleet, mining operations at Assasi were paused. However, haulage from low-grade stockpiles resumed shortly after the incident. Since early September, we have worked closely with our mining contractor to remobilize the fleet to Asasi. This process continued into early November, and I'm pleased to report that mining operations at Asasi have now recommenced and will continue to ramp up over the balance of the year. With that, I'll turn it over to Michael and Matt to discuss production and financial performance in more details in the coming slides. Over to you, Michael, and slide seven, please.

Thank you, Matt, and good morning, everyone. As Matt just highlighted, we continued to see an upward trend in performance during the third quarter of the year. We had a significant increase in personnel hours worked on site during Q3, with the ramp-up of NCRAN mining staff and contractors involved in the secondary crusher project and the TSF Stage 8 construction. Our safety statistics continue to improve with over 4.2 million man hours worked since the last lost time injury. On a 12-month rolling basis, our lost time injury and total recordable injury frequency rates are 0.39 and 0.9 respectively per million hours worked at the end of September. In terms of mining production, Isasi mining was impacted by the incident mentioned earlier by Matt, but production from Abore increased significantly, including a 57% increase in ore mined compared to the previous quarter. As Abore development has progressed with increasing depth and the pit has opened up to steady state, we now have a better understanding of the ore body and our ability to recover the resource. We find ourselves mining more ore tons at lower grade, resulting in approximately the same number of ounces. And Abore currently provides the majority of the mill feed and will continue to do so for the balance of the year. Despite the Asasi mining interruption, production from both Abore and NCRAN pits increased, and the total material mined increased 26% in Q3 compared with Q2. Onto slide eight, please. As you can see from the images in this slide, cut three of NCRAN pit is progressing well, including the development of support infrastructure in the form of an overhead power line extension and relocation, and the drilling of additional dewatering balls around the perimeter of the pit. NCRAN stripping also increased 111% compared to Q2. primarily as a result of an additional excavator being mobilized to site as part of our ramp-up plan. Development capital costs for pre-stripping at NCRAN totaled $12 million in Q3 and $22.1 million year-to-date. The contractor is on track to deliver additional equipment in Q4 2025 and the remainder of the planned fleet to ramp up to full capacity in 2026. putting us in good stead to continue stripping as per our schedule, with steady state oil production still due in early 2029. On to slide nine, please. On the processing performance, with the successful commissioning of the secondary crusher circuit at the end of July, we saw an increase in the plant performance for Q3. Milling rates since commissioning of the secondary crusher have increased approximately 13% compared to Q2. There remain some modifications in the circuit to fully optimize the performance, and as such, we expect to see further increases in production in Q4. Mill feed grade also improved compared to Q2 as we are getting deeper into the abore pit and have access to better grade at depth. which in turn helped increase the recovery. On the back of the improved plant throughput and grade, we increased gold production to 32,533 ounces for the quarter, compared to just over 30,000 ounces in Q2. The incident and subsequent interruption at Assasi have unfortunately had an impact on our plan for 2025. Despite having now restarted mining in Assasi, we will continue to see an impact as we ramp back up production over the balance of the quarter. Our forecast takes this into consideration along with our improved understanding of the Abore deposit and the recent performance of the plant following the commissioning of the secondary crushing circuit. We estimate a revised production guidance of between 120 and 125,000 ounces for the year. And with that, I would like to turn over to Matt Freeman to discuss the company's financial results.