GALIANO GOLD INC. MANAGEMENT'S DISCUSSION AND ANALYSIS For the three months ended March 31, 2024 and 2023 (Expressed in United States dollars) TABLE OF CONTENTS 1. First quarter 2024 highlights 3-4 2. Business overview 4-10 3. Guidance and outlook 11 4. Results of the Asanko Gold Mine 12-18 5. Results of the Company 19-21 6. Selected quarterly financial data 21-22 7. Liquidity and capital resources 22-24 8. Non-IFRS measures 25-29 9. Summary of outstanding share data 29 10. Related party transactions 30 11. ...