Galiano Gold Inc.

Good morning, ladies and gentlemen, and welcome to the Galliano Gold Full Year 2025 Results Release Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will 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, February 13, 2026. I would now like to turn the conference over to Matt Badalak, President and CEO. of Galliano 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 for the quarter 2025 results that we released yesterday after market closed. We will 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 fourth quarter 2025 financial operating results. They should be read in conjunction with our fourth quarter financial statements and MD&A available on our website and filed on CWBUS and EDGAR. Please also bear in mind that all dollar amounts mentioned on the conference With me on the call today, I have Michael Cardinals, our Chief Operating Officer, Matt Freeman, our Chief Financial Officer, and Chris Pepman, our Vice President of Exploration. For this presentation, I'll initially provide a brief overview of the quarter. and then Chris will review the recent exploration success his team has had at the AGM. I'll then provide some closing remarks and open the call for Q&A. Here on slide five, we can see the team continue to build momentum during the fourth quarter towards an improved operational outlook in 2026. Let me walk you through some highlights on this slide. Safety remains our top priority, and I'm proud to report that, again, commitment to our workforce. Turning to production, we produced 37,500 ounces of gold in Q4, up 15% from the 32,000 ounces produced in Q3. As you can see from the chart, this marks the fourth consecutive quarter of improved gold production at the AGM, with Q4 production 80% higher than Q1, and four-year production totaling 121,000 ounces, in line with our advice production guidance. Importantly, mill feed grades improved quarter on quarter and throughput in December exceeded the targeted 5.8 million tonne per annum run rate. From a financial perspective, cost control remains robust on site with all its sustained cash costs reducing quarter on quarter to $2,033 per annum and ending the year in line with the guidance range. Revenue came in at a record $160 million, up 40% quarter over quarter from $114 million. This was driven by higher production and improved global prices. Our balance sheet remained solid with cash balance remaining stable despite increasing our rate of spend on stripping at NCRAN and making a $25 million of NERD payment to Goldfields. During the quarter, we also established providing us with further financial flexibility to continue to invest in our operations, particularly as we advise stripping at NCRAN and invest heavily in exploration activities in 2026. The inclusion of a maiden underground mineral resource reshapes the future potential of resource growth at the asset. We have planned an aggressive exploration program for 2026, targeting the expansion of these underground resources and reserve growth at Asasi through conversion drilling of inferred ounces. The momentum we have built throughout the year positions us strongly to meet our production guidance target of between 140,000 to 160,000 ounces this year, which is a 25% increase from 2025 levels. Mick will provide more colour on this later. And with that, I'll hand it back over... I'll hand it over to Mick to discuss operations in more detail. Thank you, Matt, and good morning, everyone.

Starting with safety, the previous quarter's improvement continued without any lost time or recordable injuries in Q4. We finished the year with a lost time injury frequency rate of 0.24 and a total recordable injury frequency rate of 0.48, both per million hours worked. In terms of mining production, Nisazi Mining Research NCRAN pre-stripping continued ahead of plan with 23% more material moved compared with Q3, including some small quantities of oxide ore which are being identified during the mining process and opportunistically blended with a more fresh ore to supplement the plant feed. An additional excavator fleet is expected to be operational before the end of Q1 2026 to continue the expansion of Cut 3. We plan to mine in excess of 30 million tonnes this year, which is three times the movement of 2025 for an approximate spend of between $100 and $120 million of development capital. This maintains NCRAN Cup 3 is scheduled to deliver city-state ore production from early 2029. On slide 8, we can see the processing performance. Ongoing modifications in the circuit to fully optimise the performance after the commissioning of the secondary crusher continued in Q4 and yielded further positive results. Milling rates increased approximately 7% compared to Q3, with December production achieving an annualised rate at the target 5.8 million tonnes per annum. The increased grade throughput and recovery all culminated in an increase in gold production for Q4 of 15% versus Q3's production of 32,500 ounces to 37,500 ounces. We finished the year producing just over 121,000 ounces, which was in line with the revised forecast. Overall, you can see about metrics. On the slide down, we are providing information on the guidance. Looking forward to 2026, of our resource. Grades will continue to increase with depth at Abore as was seen in the last quarter of 2025. Production will be somewhat weighted towards the latter half of the year and continue into 2027 as we recover the higher grade material at depth. We expect On the way, I'll hand over to Matt Freeman to discuss Q4 financial results.

Thanks, Michael. Good morning, everyone. As Michael outlined, the fourth quarter was the strongest operation in 2025 and assisted by the very strong price of gold, which generated record revenues of $160 million and generated cash flows and operations of $56 million. Our headline earnings numbers continue to be impacted by the losses on hedges, Therefore, it allows us to more fully participate in the price of gold going forward. Adjusting the unrealised losses on hedges to be settled in 2026, we recognised adjusted net income of $0.15 per share. From a trade rate perspective, the balance sheet remains very healthy with over $100 million in cash, even after paying the first deferred payment to Goldfoot. Additionally, we are pleased to have closed the $75 million credit facility, which remains undrawn, but will provide us with additional liquidity should the need arise. This slide 11 illustrates that our operating costs remain consistent period-on-period and have generally been well controlled by the site. In particular, you can see processing costs have consistently fallen on a unit basis through 2025, but the throughput has improved.

CAPEX remains focused on critical projects such as the tailings net raise.

ASIC as expected fell significantly compared to the previous preceding quarters in 2025. This is primarily due to the high production levels that demonstrate the leverage on margins after high production. We've guided ASIC for 2026 to between 2000 and 2003, not in France, that period. Much of the elevation compared with Q4 2025 is due to the growing royalty burden with the consistently high gold prices being forecast in 2026. Ultimately, this is good for business, but it does increase ASIC in a manner which is beyond our control. The chart did demonstrate the increasing royalty burden we've seen through 2025 as a result of the significant increase in gold prices, but it also demonstrated the unit cost we can control and continue to fall as production improves. As many of you know, a new royalty regime has been proposed by the Ghanaian government, so we'll assess that impact on ASIC if it finally becomes enacted. As noted in my opening remarks, we have been able to maintain a strong capitalism at around 100 million. We're very happy with this given we've now settled the first deferred payment to garden fields, continued to ramp up stripping activity at ENCRAN, having invested approximately 35 million in 2025, and have made our first annual income tax payments in garden. As we look forward, we're doing Now initially it's a real inflection point because in 2027 we'll be past the fixed payments default bills and fully exposed to the gold price. This means even assuming the new royalty regime comes into play as proposed, or there is a significant reversal in gold prices, the company will be well positioned to generate significant cash flows for shareholders. And with that, I'll turn the call back over to Mick to run through our updated mineral reserve resource statements.

Thank you, Matt. Here on slide 14, The table shown is a summary of our MRMR as at December 31st, 2025. For detailed tables, please refer to the appendices and the recent news releases. Here on slide 15, this section through the NCRAN composite shows the current reserve shell and the newly defined underground resource stoves. As you can see, drilling. On slide 16, we show a comparable long section view for the Abore deposit. And again, it shows the similar story that stoves are able to be generated where we have drilling data. And because, like NCRAN, these mineralized systems are open in multiple directions, there is a likelihood that additional drilling will also yield additional underground resources here in Abore. And with that, I will turn the call over

Thanks, Michael. Q4 was another busy quarter in exploration, as we ended the year making a concerted effort to maximize the amount of infill and step-out drilling at Boré, completed by the end of December, in order for results to be included in the maiden underground resource outlined by Michael. We're very pleased with the team's ability to safely and cost-effectively deliver an additional 10,950 meters of Boré in partnership with our drilling contractors in Q4. As we've discussed in prior quarters, drilling results in Boree were excellent in 2025, leading to the expansion of the program to include a total of over 33,000 meters by the end of the year. Q4 drilling continues to deliver excellent results, including expanding the high-grade zones at Boree Main and Boree North, further proving continuity of high-grade mineralization at Boree South, and expanding the footprint of mineralization up to 200 meters below previous drilling as outlined in our January 22nd press release. Some of the highlighted intercepts of this drilling are shown here on slide 17. Next slide. Slide 18 shows a gram-meter-long section of a bore with Q4 drilling locations and intercepts, along with areas where high-grade mineralization has been expanded and continuity improved at a bore south, main, and north pits. This image also shows the location of four step-load holes drilled between 100 and 200 meters below existing drilling. These holes were designed to test for continuations of the ABORI granite and further high-grade mineralization. All four holes successfully intersect with mineralized ABORI granite, showing once again that the ABORI system has significant growth potential. Particularly encouraging is hole 448, which intersects at 87 meters of granite, containing three zones of mineralization at grades of 2.5, 3, and 3.4 grams a ton, over 27, 11, and 15 meters respectively, in an area that is 200 meters below sensing drilling and open in all directions. That hole, 448, is shown in cross-section here on slide 19, along with hole 444, which intercepted a wide hydrate zone consisting of 30 meters at 4.4 grams a ton and 18 meters at 2 grams a ton, immediately below the previous open-pit resource. This is a really good example of the room we have to grow the mineral resource in 2026 while we have confidence in the glory of the driver of future value at the AGM. Exploration work in 2026 will focus on continuing to build on momentum generated by the success of the 2025 program. With an initial budget of $17 million, work will focus on the three primary growth objectives as we look to support a potentially transformational life of mine update in 2027. We see significant opportunities to grow the underground resources and reserves at Iborian, where we're planning for a minimum of 30,000 meters of drilling in 2046. At Asafi, we will be focused on growing the open pit reserves at higher gold prices, with up to 35,000 meters of conversion drilling. We will also continue to advance our portfolio of greenfield targets, where our focus will remain on early stage work and drill testing of targets in the Nsoroma area, located approximately six kilometers southwest of NCRAN. First-pass drilling in 2025 confirmed the extension of the NCRAN shear through this area, along with favorable hose rocks, quartz faking, and alteration patterns, and we remain enthusiastic about the potential for discovery of new open-pit resource in this area. At Abore, we will continue to aggressively test for continuations of mineralization through step-out and infill drilling, designed to increase the underground mineral resource while also conducting targeted conversion drilling to increase the amount of indicated resource available for inclusion in a potential maiden underground reserve in 2027. Pie 21 here shows a long section through a foray with the locations of Q4 drilling and the new underground resource showing all grades greater than two grams a ton. High priority targets for 26 are shown by these yellow stars. As part of our short to medium-term exploration strategy, we will also be working in conjunction with the mining team to advance the necessary studies and workflows for potential development of an underground portal and exploration drilling unit that would be used to conduct future underground collineation drilling and deeper exploration target testing. Due to the density of existing drilling below the current middle reserve for SASE, we are uniquely positioned to realize immediate reserve growth at higher gold prices without additional drilling, allowing us to add value to the AGM quickly in the current gold price environment. In order to maximize that value, Exploration will be referring to the SASE in 2026 with a campaign of conversion drilling designed to convert additional inferred resources to indicated category at a gold price of $2,500 ahead of the 2027 MRI mark and long. Here on slide 22, we're showing a cross-section through ASASI with an example of a target area for conversion drilling in 2026 and is indicative of our targets across the entire deposit where drill density limits the extent of the indicated resource. Our 2026 program is well underway with rigs active at both the Borei and ASASI, and we anticipate 2026 will be even busier than 2025 for our exploration team. But we are well resourced and well positioned to deliver significant size to the AGM the resource reserve growth this year. Back to you, Matt.

Thank you, Chris. In closing, I'd like to reiterate that the positive momentum built through 2025 places us in good stead to realise meaningful production growth in 2026 and to execute our medium and long-term organic growth plans. Our steadily growing production profile, execution of the final deferred payment to Goldfields and the expiry of hedges made this year results in a near-term inflection point in cash flow generation, which should subsequently drive shareholder value. Beyond this, we have developed a robust exploration strategy and clearly understand where further expansion of middle reserves and resources will come from. I'm excited about the potential for mine life extension beyond the eight years, as we look to include underground mining and target expansion of open pit reserves. Our strong cash balance and access to the revolving credit facility allows us to aggressively invest in exploration while comfortably funding waste-stripping activities at NCRAD. Also, a reminder that Galliano has highly leveraged the gold price and remains Garda's largest single asset gold producer. With production increasing by approximately 25% in 2026, line of sites reserve expansion, and record gold prices, the potential for value creation for our shareholders remains high. With that, I'd like to turn it back to the operator and open up for questions. Thank you.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Vitaly Kononov with Freedom Brokers. Your line is now open.

Yes. Hello, gentlemen, and thank you for the presentation. I have several questions. With the production heavily weighted towards the second half of 2026, what are the key execution risks we should monitor in achieving the ramp-up profile?

Key risks.

Well, I think the key risks that we see, obviously, is we're aware of the fact that triple has an important role to play here, and we're really pleased in terms of the way that the crusher has ramped up over the second half of 2025 and uncomfortable that that crushing circuit will help deliver main plate production The other thing I think that Nick touched on here is the fact that we are expecting grades to increase steadily as we continue to mine through lower elevations of the borane and those two factors will be driving that production higher in 2026 and as we said, slightly weighted to the tail end of the year as well.

Thank you. Well, given the downward provision to the guidance that was provided early in 2025, it was lowered down. How does it impact your five-year outlook from now on?

Well, we expect to, as I said, have a slightly lower production profile in 2026, but we expect to ramp up further in 2027, more in line with previous guidelines.

in terms of production levels.

Thank you. That's just the last one. Following the maiden underground resources in Hawaii and Japan, what should we expect initial, when should we expect the initial economic studies published for those mines?

We'll be working on, as Chris mentioned, additional drilling to supplement having something available in 2027.

So that will be early, well, released with the annual results for next year, right?

That's correct. That's the plan. Got it. Thank you.

Ladies and gentlemen, as a reminder, should you have a question, please press star 1. There are no further questions at this time. I will now turn the call over to management for closing remarks.

Thank you, operator, and thank you for everyone who dialed in and took questions or asked questions. Thank you for your time today. I wish you a happy Friday and a good weekend. Thank you very much.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating in FIU. Please disconnect your lines.