TABLE OF CONTENTS

GALIANO GOLD INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(In thousands of United States Dollars, except for number of common shares)

6. Asanko Gold Mine joint venture (continued)

The assets and liabilities of the AGM JV, on a 100% basis, as at September 30, 2022 and December 31, 2021 were as follows:

8. Equity reserves and long-term incentive plan awards (continued)

The following table is a reconciliation of the movement in stock options for the period:

8. Equity reserves and long-term incentive plan awards (continued)

The following table is a reconciliation of the movement in the RSU liability for the nine months ended September 30, 2022 and year ended December 31, 2021:

Commitments

The following table reflects the Company's contractual obligations as they fall due, excluding commitments and liabilities of the JV, as at September 30, 2022 and December 31, 2021:

11. Finance income

The following is a summary of finance income earned during the three and nine months ended September 30, 2022 and 2021:

Geographic Information

As at September 30, 2022, the Company has only one reportable operating segment being the corporate function with its head office in Canada.  Total assets in West Africa include the Company's 45% interest in the Asanko Gold Mine JV.

Geographic allocation of total assets and liabilities

14. Segmented information (continued)

For the nine months ended September 30, 2022:

TABLE OF CONTENTS

This Management’s Discussion and Analysis (“MD&A”) of Galiano Gold Inc. (“Galiano” or the “Company”) has been prepared by management as of November 9, 2022 and should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2022 and 2021 and the notes thereto, and the audited consolidated annual financial statements and the notes thereto of the Company for the years ended December 31, 2021 and 2020. The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Galiano was incorporated on September 23, 1999 under the Business Corporations Act of British Columbia, Canada.

Additional information on the Company, including its most recent Annual Information Form ("AIF"), is available under the Company's profile at www.sedar.com and the Company's website: www.galianogold.com.

All dollar amounts herein are expressed in United States dollars ("US dollars") unless stated otherwise. References to $ means US dollars and C$ are to Canadian dollars.

This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in sections "12. Risks and uncertainties" and "15. Cautionary statements" at the end of this MD&A.

1. Third quarter 2022 highlights

Key Metrics of the Asanko Gold Mine Joint Venture (the "AGM") (on a 100% basis)

• Culture of safety: Strong safety performance with no lost-time injuries (“LTI”) nor total recordable injuries (“TRI”) recorded during the quarter, resulting in 12-month rolling LTI and TRI frequency rates of nil and 0.25 per million employee hours worked, respectively.  As of September 30, 2022, the AGM had achieved 9.4 million employee hours worked without an LTI.

• Metallurgical recoveries at Esaase: Independent third-party metallurgical test work completed on the Esaase deposit with overall weighted average estimated gold recoveries of 87%. These results support past test work and are in-line with metallurgical recoveries previously assigned to the Esaase deposit.

• Production performance: Gold production of 43,899 ounces during the quarter. Year-to-date production of 136,252 ounces, resulting in a further upward revision of guidance to 160,000 to 170,000 ounces for 2022. Refer to section "3. Guidance and outlook" for further details on guidance.

• Milling performance: Achieved milling throughput of 1.4 million tonnes (“Mt”) of ore at a grade of 1.1g/t and metallurgical recovery averaged 88% during the quarter, a continued improvement in recoveries since Q1 2022.

• Cost performance and cash flow: Total cash costs per ounce¹  of $1,001 and all-in sustaining costs¹ ("AISC") of $1,178/oz during the quarter, resulting in positive cash flows from operations of $26.1 million and free cash flow¹ of $16.3 million.

• Financial performance: Gold revenue of $76.8 million generated from 45,482 gold ounces sold at an average realized price of $1,687/oz. Net income after tax of $17.3 million during the quarter and Adjusted EBITDA¹ of $22.3 million.

• Exploration success: Completed a successful infill drilling program at Nkran which intercepted several high-grade intervals within and below the resource shell described in the AGM's National Instrument 43-101 Technical Report (effective February 28, 2022).  Additionally, deep directional drilling continued at Nkran to explore the underground potential of the deposit and define the continuity and extension of mineralization below the limits of observed Mineral Resources.  This drill program also intersected high grade mineralization.

• Improving liquidity: $85.8 million in cash, $6.5 million in gold on hand, $0.4 million in gold sales receivables and no debt as of September 30, 2022.

Highlights of the Company

• Stable balance sheet: Cash and cash equivalents of $54.7 million and $2.7 million in receivables as at September 30, 2022, while remaining debt-free.

• Earnings: Net income after tax of $1.3 million or $0.01 per common share during the quarter.

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¹ See "8. Non-IFRS measures"

2. Business overview

Galiano holds a 45% equity interest in the AGM and gold exploration tenements (collectively the "joint venture" or "JV") on the Asankrangwa Gold Belt in the Republic of Ghana ("Ghana"), West Africa. Galiano is the operator of the joint venture and currently receives an annual service fee from the JV of $7.1 million. Gold Fields Limited ("Gold Fields") owns a 45% equity interest in the AGM JV, with the Government of Ghana owning a 10% free-carried interest.

The AGM is a multi-deposit complex, with two main neighboring gold deposits, Nkran and Esaase, multiple satellite deposits and a carbon-in-leach processing plant, with a current nameplate capacity of 5.4 million tonnes per annum.

In addition to its interest in the AGM, the Company holds gold concessions in various stages of exploration in Ghana and Mali.

Galiano's vision is to build a sustainable business capable of long-term value creation for its stakeholders through a combination of exploration, accretive M&A activities and the disciplined deployment of its financial resources. The Company's shares are listed on the Toronto Stock Exchange and the NYSE American Exchange under the symbol "GAU".

Key business developments in 2022

Updated NI 43-101 Technical Report

On March 29, 2022, the AGM reported updated Measured and Indicated Mineral Resource Estimates ("MRE") of 66.4Mt at 1.36 g/t gold for 2.9Moz gold contained, based on a gold price assumption of $1,600/oz (the "2022 Technical Report"). The Company was not in a position to declare Mineral Reserves on the AGM property as a result of the metallurgical uncertainty of the material mined from Esaase (refer to the Company's news release dated February 25, 2022).

Highlights to the updated Mineral Resource Estimate include:

• Measured Mineral Resources of 23.6Mt at 1.06 g/t for 0.8Moz gold contained and Indicated Mineral Resources of 42.7Mt at 1.53 g/t for 2.1Moz gold contained.

• A maiden Indicated Mineral Resource of 7.1Mt at 1.28 g/t for 293,000oz of contained gold at Miradani North, contributing to 10% of the overall resource base.

• A 68% increase (329,000oz) in Indicated Mineral Resource contained gold at Nkran, after accounting for the mined depletion of 101,000oz.

• A 60% increase (132,000oz) in Indicated Mineral Resource contained gold at Abore.

For further information regarding the MRE and to review scientific and technical information contained in the 2022 Technical Report, readers are encouraged to read the entire 2022 Technical Report found under the Company's SEDAR profile at www.sedar.com.

The AGM continues to display a significant property-wide MRE of 2.9 million ounces of contained gold in Measured and Indicated Mineral Resources, which now comprises six satellite deposits augmenting the cornerstone Nkran and Esaase deposits. Additions to the total MRE exceeded mined depletion but did not fully offset a decrease in overall gold grade in Measured and Indicated Mineral Resources (1.70 g/t to 1.36 g/t) and resultant contained metal in the Esaase Mineral Resource.

The changes at Esaase resulted primarily from updates to the geological models used in the MRE. The remodeling work for Esaase yielded Measured and Indicated Mineral Resources totaling 22.6Mt at a grade of 1.26 g/t (Measured Mineral Resources of 10.9Mt at 1.25 g/t and Indicated Mineral Resources of 11.7Mt at 1.27 g/t), representing decreases of 25% in grade and 25% in tonnes, post depletion, from the previous estimate (refer to the technical report entitled "NI 43-101 Technical Report for the Asanko Gold Mine, Ghana (Amended and Restated)" published in June 2020 and filed on SEDAR for further information regarding the Company's prior MRE).  The Esaase deposit remains the largest contributor to the total AGM Mineral Resources, accounting for approximately one-third of its total ore tonnes and contained gold ounces.

Esaase Metallurgy Update

As announced on February 25, 2022, the Company reported that the AGM experienced lower than expected recoveries in Q1 2022 (see news release "Galiano Gold Reports Lower than Expected Gold Recovery at the Asanko Gold Mine"). Subsequent to the announcement, an extensive drilling campaign was completed to provide representative samples for metallurgical testing. The objective of the program was aimed at further defining metallurgical recoveries at Esaase, and to add to the extensive metallurgical test work previously carried out on the Esaase deposit.

During Q2 2022, significant work took place to optimize the AGM's plant performance. This included revising the mill feed blend regime, increasing the mass pull in the gravity circuit and adjusting operating parameters and reagent additions in the carbon-in-leach circuit, which assisted in the higher recoveries achieved since Q1 2022. Additionally, sixteen diamond drill holes were completed, along strike through both the Esaase Main and South pits. The resulting 2,221m increments were tested individually at the AGM laboratory as a preliminary recovery assessment and encouraging results were received, indicating alignment with the historical metallurgical test work previously carried out on the Esaase deposit.

Further to these internal results, an independent third-party metallurgical test work program was completed in Q3 2022. The program consisted of lab scale carbon-in-leach bottle roll tests conducted on a total of 8 bulk composites derived from mineralized drill core increments from the 2022 metallurgical drilling campaign at Esaase. The composites were selected to represent variations in lithological domains, oxidation states, visually logged carbon and gold grade. Overall weighted average gold recoveries of 87% were achieved for the Esaase deposit. These results support past test work and are in-line with metallurgical recoveries previously assigned to the Esaase deposit.

The weighted average estimated recovery of the Esaase deposit is summarized in the table below. This average estimate is calculated based on the proportion of contained material types within the most recent Measured and Indicated Mineral Resources for the Esaase deposit as described in the 2022 Technical Report.

Updated Life of Mine Plan

During Q3 2022, work programs by independent consultants to update the AGM's life of mine plan to feasibility level continued and is expected to be completed in Q1 2023. The supporting mineral resource models will include results of the 2022 infill drilling programs at Nkran, Miradani North, Midras South, Abore and Esaase. The expected mineral reserve will be supported by the metallurgical test work completed as described above.

Restructuring of the AGM's workforce

In light of the changing nature of operations at the AGM, the JV has completed a process of right sizing its workforce. Severance notifications were issued during Q1 2022 and personnel required as operations move forward were retained with new employment contracts.  Despite upfront severance costs associated with the restructuring, management expects to realize longer-term cost savings and a more streamlined and efficient operation going forward. For the nine months ended September 30, 2022, the AGM realized labour cost savings of $7.0 million resulting from the workforce restructuring. As of September 30, 2022, the AGM had an outstanding $12.3 million severance provision. Following the strong performance of the AGM's operations in 2022, the JV will pay out all remaining severance obligations in Q4 2022.

Changes to Board and Management

Marcel De Groot and Shawn Wallace did not stand for re-election at the Company's Annual General Meeting, and Greg Martin, former CFO of SSR Mining Inc. ("SSR Mining"), was elected as director effective June 2, 2022.  Mr. Martin has over 20 years of mining experience, most recently as Executive Vice President and CFO of SSR Mining, and holds an MBA from the University of Western Ontario and is a designated CPA, CGA.

On March 23, 2022, the Company announced that Fausto Di Trapani had stepped down as CFO of the Company to pursue another opportunity.  Mr. Di Trapani departed the Company on April 14, 2022 following which Matt Freeman was appointed as CFO, in line with the Company's succession plan.

On August 4, 2022, Chris Pettman joined the Company as Vice President Exploration. Mr. Pettman has over 15 years of exploration experience in a wide variety of geologic settings and deposit types.  Most recently he worked as Exploration Manager, Canada for Rio Tinto and previously as Chief Geoscientist at Chinalco Rio Tinto Exploration.

On September 1, 2022, Eric Chen rejoined the Company as Vice President Mineral Resources. Mr. Chen has over 30 years of experience in the mining industry, including with Newmont Corporation.

3. Guidance and outlook

2022 Guidance for the Asanko Gold Mine JV (100% basis)

While technical work to support a Mineral Reserve at the AGM is ongoing, the process plant is expected to continue to operate at full capacity (5.8Mtpa) processing a portion of the remaining 7.8Mt of stockpiles. Mining at Esaase was suspended in May 2022 and concluded at Akwasiso in July 2022.

Following continued outperformance of stockpile grades processed and recoveries achieved, production guidance is again being revised upwards to between 160,000 to 170,000 ounces of gold production in 2022 (originally 100,000 to 120,000 ounces and revised upwards to 140,000 to 160,000 ounces in Q2 2022).

Sustaining capital expenditure is forecast at $13 million (originally $22 million and revised to $17 million in Q2 2022) due to a change in timing of non-critical capital projects (spend as of September 30, 2022: $7.1 million).  Sustaining capital includes approximately $5 million for Nkran and Esaase infill drilling and metallurgical recovery test work (spend as of September 30, 2022: $3.9 million) and $5 million for a tailings storage facility ("TSF") lift (spend as of September 30, 2022: $1.5 million).

Development capital is forecast at $6 million (revised from $8 million) due to a change in timing of pre-mining activities at Abore (spend as of September 30, 2022: $2.0 million).  Development capital relates primarily to preparation of mining of Abore expected to begin in 2023. In addition, $15 million is budgeted for exploration, mainly around the Greater Midras, Abore and Miradani trends and assessing the underground potential at Nkran (spend as of September 30, 2022: $11.7 million).

At prevailing gold prices as of Q3 2022 and the midpoint of 2022 further revised production guidance (165,000oz), management expects the AGM to generate positive operating cash flows of approximately $90 million (previously $60 million) in 2022, before exploration costs, non-recurring working capital items related to winding down mining operations and payment of the Company's service fee as operator of the JV.

4. Results of the AGM

All results of the AGM in this section are on a 100% basis, unless otherwise noted. The Company's attributable equity interest in the AGM is 45%.

4.1 Operating performance

The following table and subsequent discussion provide a summary of the operating performance of the AGM (on a 100% basis) for the three and nine months ended September 30, 2022 and 2021, unless otherwise noted.

a) Health and Safety

There were no LTIs nor TRIs reported during the quarter and the 12-month rolling LTI and TRI frequency rates were nil and 0.25, respectively.  The AGM has now achieved 9.4 million employee hours worked without an LTI.

b) Mining

During Q3 2022, Cut 3 at the Akwasiso pit was fully depleted and delivered 0.1Mt of ore at an average gold grade of 1.8g/t and a strip ratio of 0.7:1. As previously communicated, the AGM will be processing stockpiled material for the balance of the year (refer to section "3. Guidance and outlook").

Mining cost per tonne for Q3 2022 was $25.27 compared to $3.28 during Q3 2021. The higher mining cost per tonne in Q3 2022 was due to lower tonnes mined relative to Q3 2021 resulting from the conclusion of mining activities at Akwasiso and transitioning to a stockpile only feed plan, which had the effect of increasing certain fixed mining costs on a per unit basis. On an absolute cost basis, mining costs were 83% lower in Q3 2022 relative to the comparative quarter due to the conclusion of mining activities mentioned above.

c) Processing

The AGM produced 43,899 ounces of gold during Q3 2022, as the processing plant achieved milling throughput of 1.4Mt of ore at a grade of 1.1g/t and metallurgical recovery averaging 88%. The AGM continued to achieve a significant improvement in recoveries from Q1 2022. Refer to the Company's news releases dated February 25, July 8 and September 29, 2022 for further information on metallurgical recoveries at the AGM.

During Q3 2022, the AGM processed 1.3Mt of stockpiled material to supplement mill feed from the Akwasiso pit.  Stockpiled ore fed to the processing plant during the quarter yielded ounces that again exceeded expectations resulting in a further upward revision to production guidance. The nature of stockpiled material can result in highly variably grades; therefore, the current quarter performance may not be indicative of future performance. 

Processing cost per tonne for Q3 2022 was $10.45 compared to $9.68 during Q3 2021, an increase of 8%. The higher processing cost per tonne in Q3 2022 was primarily due to lower tonnes processed relative to Q3 2021 (resulting from planned maintenance shutdowns), which had the effect of increasing certain fixed costs on a per unit basis. Additionally, the AGM experienced inflationary pressures on grinding costs, electricity, fuel and other key reagents ($1.4 million increase from Q3 2021). Partly offsetting these factors was lower labour costs in Q3 2022 ($1.2 million decrease from Q3 2021) resulting from the restructuring of the AGM's workforce.

d) Total cash costs and AISC

For the three and nine months ended September 30, 2022, total cash costs per ounce¹ were $1,001 and $1,189, respectively, compared to the three and nine months ended September 30, 2021 of $1,273 and $1,153, respectively.  Although gold sales volumes decreased by 6% in Q3 2022, total cash costs per ounce¹ decreased as a result of lower mining costs resulting from the winding down of operations at Akwasiso and a positive $3.2 million net realizable value ("NRV") adjustment on stockpile inventory that was credited against production costs. In addition, labour costs were lower in Q3 2022 ($4.3 million decrease) as a result of the AGM's workforce restructuring completed in Q1 2022. These factors were partly offset by general inflationary pressures on electricity, fuel and other key consumables and reagents. Total cash costs per ounce for Q3 2022 included approximately $480/oz of historical mining costs associated with stockpiled ore.

Relative to Q2 2022, total cash costs per ounce¹ were lower in Q3 2022, decreasing by 18% from $1,218 to $1,001. The decrease in total cash costs per ounce¹ was primarily due to higher mining costs in Q2 2022 as mining activities were still ongoing at both the Esaase and Akwasiso pits.

For the three and nine months ended September 30, 2022, AlSC¹ for the AGM amounted to $1,178/oz and $1,385/oz, respectively, compared to AISC¹ of $1,598/oz and $1,397/oz, respectively, for the three and nine months ended September 30, 2021. The decrease in AlSC¹ from Q3 2021 to Q3 2022 was predominantly due to the decrease in total cash costs per ounce¹ mentioned above, while Q3 2021 included $84/oz higher sustaining capital expenditures related to raising the height of the TSF and $96/oz of deferred stripping costs.  Additionally, general and administrative ("G&A") expenses were $26/oz lower in Q3 2022 relative to Q3 2021 as a result of the AGM restructuring its workforce and consulting costs associated with a strategic cost review being included in Q3 2021.  These factors were partly offset by a $51/oz increase in lease payments to mining contractors associated with the winding down of operations at Akwasiso.

Relative to Q2 2022, AlSC¹ was lower in Q3 2022, decreasing by 18% from $1,431/oz to $1,178/oz. The reduction in AISC¹ was primarily due to the decrease in total cash costs per ounce¹ mentioned above. In addition, Q2 2022 contained $17/oz higher sustaining capital expenditures related to infill drilling programs at Nkran Cut 3 and Esaase and $26/oz higher lease payments as mining was ongoing at both Esaase and Akwasiso.

For the three and nine months ended September 30, 2022, the AGM incurred non-sustaining capital and exploration expenditures (net of changes in payables) of $6.4 million and $13.8 million, respectively, compared to $4.8 million and $20.4 million, respectively, during the comparative periods in 2021. Non-sustaining capital expenditures during Q3 2022 amounted to $3.5 million and related primarily to Abore infill drilling and work programs underway to update the AGM's life of mine plan to feasibility level, while $2.9 million of non-sustaining exploration expenditures primarily related to deep directional drilling at Nkran Cut 3 to explore its underground potential and resource definition drilling at Miradani North.

e) Environmental, Social and Corporate Governance

The Company believes that a comprehensive sustainability program is integral to meeting its strategic objectives as it will assist the JV to positively support relationships with its stakeholders, improve its risk management, reduce the AGM's cost of production and both directly and indirectly benefit the communities that the JV and the Company operate in, beyond the life of the JV's mines. The Company's 2021 Sustainability Report was published on August 23, 2022 and is available on the Company's website at www.galianogold.com. The 2021 Sustainability Report was also distributed to local and national stakeholders in Ghana.

Galiano completed an independent human rights impact assessment in 2021 and the results of this study indicated that the Company is applying appropriate governance, monitoring systems, and mitigation measures to protect its employees, contractors and stakeholder communities. Recommendations on alignment with evolving international best practices are currently being implemented by the Company at the AGM and corporate levels.

The Company receives detailed bi-annual feedback from an independent tailings review panel on international best practices and risk mitigation with respect to the AGM's TSF. This panel includes renowned experts in geochemistry, hydrology and geotechnical and geological engineering and compliments the existing managerial and technical skill sets at the AGM, Galiano, as well as the contracted Engineer-of-Record to oversee the tailings management facility. In addition, the Company is supporting its JV partner's initiative to implement the Global Industry Standard on Tailings Management at the AGM by 2025.

Work continues on advancing the Company's Climate Change Adaptation Plan including implementing recommendations from a Climate Change Vulnerability Risk Assessment conducted on the AGM and finalizing efficiency initiatives as a result of a 2021 energy audit.

The AGM continues to be fully certified by the International Cyanide Management Code ("ICMC" or "Cyanide Code"). The AGM has aligned its approach to cyanide management at all operations with the Cyanide Code, which is recognized as an international best practice.  Furthermore, the AGM has fully integrated the Cyanide Code principles and standards of practice into its health, safety and environmental management systems to protect human health and reduce the potential for environmental impacts. This ICMC certification reflects the Company's ongoing commitment to adhering to international mining industry best practices.

4.2 Exploration update

The JV holds a district-scale land package of 476km² on the Asankrangwa Gold Belt. The following exploration programs were undertaken during the period to evaluate the current and potential expanded mineralization of each deposit to improve the mineral resource estimate and to assess the broader potential of each deposit.

• Nkran Cut 3 - the Nkran pit is located immediately adjacent to the processing plant. The JV completed an infill drill program during Q2 2022 with 24 holes drilled totaling 8,116m.  The objective of this drill program was to enhance the understanding of the mineral resource and explore for potential extensions of mineralization to incorporate into a Mineral Reserve and technical report.

Drilling highlights at Nkran Cut 3 reported during the quarter included (refer to the Company's news release dated August 25, 2022 for additional details on the drilling results, including data verification and quality assurance and quality control measures):

• Hole NKDD22‐100: 16 meters @ 47.3 g/t gold from 13.6m and 41 meters @ 3.0 g/t gold from 135.4m
• Hole NKDD22‐099: 11 meters @ 27.6 g/t gold from 259m
• Hole NKDD22‐083: 49 meters @ 3.4 g/t gold from 261.7m and 50 meters @ 3.5 g/t gold from 336m
• Hole NKDD22‐086: 16 meters @ 5.4 g/t gold from 191m
• Hole NKDD22‐080: 45 meters @ 2.3 g/t gold from 107m

• Hole NKDD22‐105: 8 meters @ 10.4 g/t gold from 109m
• Hole NKDD22‐106: 59 meters @ 2.7 g/t gold from 330m

The drill results received to date demonstrate the continuity of high‐grade mineralization below the previously mined portions of the Nkran deposit.  Additionally, mineralization appears to extend below the current resource shell and remains open at depth.

• Nkran Deep Directional Drilling - the JV has commenced a deep directional drill program to explore the underground potential at the Nkran deposit. Phase 1 of the drill campaign was completed in Q3 2022 and achieved 5,488m from 2 pilot holes yielding 8 directional (daughter) holes.

Drilling highlights at Nkran Deeps reported during the quarter included (refer to the Company's news release dated September 8, 2022 for additional details on the drilling results, including data verification and quality assurance and quality control measures):

• Hole NKDD22-090W1: 14 meters @ 4.56 g/t gold from 518.6m including 4 meters @ 9.48 g/t gold from 528.8m, 4 meters @ 4.77 g/t gold from 581m and 2 meters @ 37.57 g/t gold from 625m
• Hole NKDD22-090W2: 7 meters @ 7.03 g/t gold from 379m, 5 meters @ 4.18 g/t gold from 431m and 6 meters @ 7.25 g/t gold from 480m
• Hole NKDD22-090W3: 6 meters @ 6.99 g/t gold from 474m
• Hole NKDD22-090W4: 8 meters @ 5.19 g/t gold from 298m
• Hole NKDD22-077W1: 4.5 meters @ 7.28 g/t gold from 376.3m
• Hole NKDD22-077W2: 6 metres @ 7.25 g/t gold from 480m

Mineralization appears to be open in all directions, including the zone above this mineralization and below the bottom extents of previous infill resource drilling. Several mineralized intercepts indicate grades and widths that may be amenable to underground mining and additional drilling is currently being contemplated to follow-up on these initial results.

• Esaase - The JV designed an infill drill program to enhance the understanding of the mineral resource and convert inferred category mineral resources into the measured and indicated category. During Q3 2022, 34 holes were drilled totaling 4,997m and year-to-date 68 holes have been drilled for 11,579m. Assay results received to date are under evaluation.

• Abore - The JV designed an infill drill program to enhance the understanding of the mineral resource and convert inferred category mineral resources into the measured and indicated category. Drilling is ongoing and during Q3 2022, 87 holes were drilled totaling 15,559m.

• Miradani North - located 10km south-west of the processing plant and has Indicated Mineral Resources of 7.1Mt at 1.28g/t and Inferred Mineral Resources of 2.6Mt at 1.21g/t as reported in the 2022 Technical Report. The JV designed a low angle drill program targeting the conversion of inferred resources to the measured and indicated category.  The drill program was completed in Q3 2022. Year-to-date 19 holes have been drilled for 4,141m with assay results received to date under evaluation.

• Midras South - located 5km southwest of the processing plant, previously explored in 2015 and 2017 and currently has no stated resources. The JV has planned a 21,900m drill program for 2022 targeting definition of the deposit as well as extensions to the south and at depth. Previous drill results were reported in the Company's news release dated January 18, 2022. Refer to this news release for additional information regarding these drill results, including data verification and quality assurance and quality control measures. Similar in character to Esaase and Kaniago West, mineralization at Midras South is developed within a package of deformed sandstone, siltstone and phyllite. Year-to-date 74 holes have been drilled for 8,668m along the South Extension, Takorase and West trends.  Assay results received to date are under evaluation.

4.3 Financial results of the AGM

The following table presents excerpts of the financial results of the JV for the three and nine months ended September 30, 2022 and 2021. These results are presented on a 100% basis.

Three and nine months ended September 30, 2022 and 2021