Exploration

Additional Cross Sections for Exploration Update

Ghana is currently the largest gold producer on the African continent and, as such, plays host to a number of globally important gold belts and their associated deposits. The Asankrangwa gold belt is located within the Kumasi basin, which is dominated by Palaeoproterozoic metasedimentary and metavolcanic rocks. The belt itself is approximately 200km long and 20km wide and contains numerous significant gold deposits and occurrences. The Asanko Gold Mine (“AGM”) holds the largest land package within the belt, with approximately 21,000 hectares of tenure (see figure to the right) on this highly prospective and underexplored portion of central Ghana.

Exploration at the AGM is focused on two priorities:

  • Increasing Reserves and Resources at known deposits, and
  • Discovery of new deposits within and beyond existing tenements.

Near Mine

Esaase Reserve Growth

Esaase is positioned to deliver near-term value to the AGM at elevated gold prices due to the density of historic drilling. The 2026 exploration program will consist of an infill conversion drilling campaign that aims to significantly increase the Esaase open pit Mineral Reserve, support planning of potential future open pit expansions, and underpin potential underground development.

  • 2,500m of drilling was completed in Q1 2026, with positive initial results
  • Drilling program has been expanded to its full scope of 33,400m and five rigs are now active at Esaase
  • Completion of drilling targeted for Q3 2026 so as to be included in the 2027 MRMR update

Significant intercepts to date include:

  • Hole ABPC25-316: 6.7 g/t Au over 27m from 183m
  • Hole ABPC25-317: 3.0 g/t Au over 41m from 202m
  • Hole ABPC25-325: 6.7 g/t Au over 38m from 195m

Abore Underground Resource Growth

Through sustained and successful exploration programs from 2023 to 2026, Abore has grown from a satellite Resource into one of the key deposits at the AGM, tripling in size and becoming a cornerstone deposit of Galiano’s organic growth strategy, which includes a potential future transition to underground mining. Exploration is now focussed on further growing the underground Resource as continued success provides increasing confidence in the ability of the underground Resource to become a key pillar of an expanded Life of Mine, in conjunction with Reserve growth at Esaase.

The 2026 Abore drilling program includes both step-out drilling targeting new zones of mineralization beyond the known Mineral Resource and infill drilling focused on expanding and upgrading the existing underground Mineral Resource. As of May 2026, approximately 14,500m of a planned 30,000m program have been completed.

Current step-out drilling has intersected mineralization up to 180m below the existing underground Mineral Resource, while infill drilling has improved continuity across key mineralized zones that currently sit outside the existing Mineral Resource. Drilling within and beneath the Main and South pit areas also continues to confirm robust extensions of mineralization, both down plunge and along strike of existing mineralization.

Highlights from Current Q1 2026 Abore Drilling

High-grade continuity outside existing Mineral Resource

  • Significantly improved continuity of mineralization outside the current underground Mineral Resource, including a newly defined 200m long mineralized zone beneath the Main pit, with multiple strong intercepts in holes ABDD26-474, ABDD26-464, ABDD26-469, ABDD26-467, ABDD26-460, ABDD26-468 and ABDD26-472.

Ore zone extensions

  • Extension of the Main pit ore shoot by approximately 50m down plunge to the north and at depth in holes ABDD26-459 and ABDD26-456.
  • Significantly improved continuity of mineralization outside the current underground Mineral Resource, including hole ABDD26-477, which intersected 3.9 g/t Au from 53m and extends the high-grade South zone.

New high-grade zone identified beneath the northern end of the Abore Main pit intersected in hole ABDD26-478

Expanded mineralization at depth

  • New high-grade discovery approximately 180m below the current underground Mineral Resource in hole ABDD26-458

Significant intercepts from the 2026 Abore drilling program to date include:

  • Hole ABDD26-477 intersected 3.9 g/t Au over 53m from 179m
  • Hole ABDD26-459 intersected 4.7 g/t Au over 32m from 420m
  • Hole ABDD26-468 intersected 2.8 g/t Au over 29m from 371m
  • Hole ABDD26-474 intersected 2.2 g/t Au over 34m from 317m
  • Hole ABDD26-472 intersected 2.2 g/t Au over 32m from 343m
  • Hole ABDD26-458 intersected 3.0 g/t Au over 21m from 508m
  • Hole ABDD26-478 intersected 4.1 g/t Au over 9m from 382m, and 3.3 g/t Au over 17m from 480m
  • Hole ABDD26-456 intersected 8.4 g/t Au over 6m from 457m and 4.8 g/t Au over 5m from 500m
  • Hole ABDD26-447 intersected 4.3 g/t Au over 11m from 301m

Further details can be found in the press release “Galiano Gold expands Abore mineralized system with new intercepts including 32m @ 4.7 g/t Au and 53m @ 3.9 g/t Au,” dated May 11, 2026.

Regional Exploration

  • Property wide mapping, prospecting, and geophysical surveying continues to identify numerous new greenfields targets which are being actively advanced through the exploration pipeline.

  • 2025 and 2026 greenfields work has been primarily focused on the Nsoroma area located on the southwestern strike extension of the Nkran shear, which hosts the Nkran deposit.

  • Regional soil sampling has highlighted several prospective trends along which localized prospecting, mapping and ground geophysics surveys are being deployed.

  • Early-stage test drilling in the area in 2025 confirmed the presence of mineralized shears and work is ongoing to prioritize additional targets for potential drilling later in 2026.

Ghana map

Regional Geology

The geology of the Asankrangwa Belt comprises strongly deformed Birimian meta-sediments, with minor granitic intrusions and mafic igneous rocks. The lithological units are cut by steeply north-west dipping primary and secondary structures. It is this combination of structural architecture and permissive lithologies that have been important in the localization of gold mineralization and provides the capacity for enhanced fluid flow forming major alteration systems associated with the gold bearing systems. The gold mineralization is linked to at least two separate deformation events and fluid emplacement, with many similarities to the gold deposits on the adjacent Sefwi and Ashanti Greenstone Belts.

Much of the Asankrangwa belt geological understanding and prospectivity mapping comes from a combination of airborne geophysical surveys such as VTEM and magnetics, and the wealth of accumulated geochemical and geological data. These datasets have allowed the company to develop our current pipeline of exploration targets.