SCHEDULE 13G/A 0000938552 XXXXXXXX LIVE 4 Common Shares, no par value ("Common Shares") 09/30/2025 0001377757 Galiano Gold Inc. 36352H100 680 - 1066 WEST HASTINGS STREET VANCOUVER Z4 V6E 3X2 Rule 13d-1(c) Equinox Partners Investment Management LLC a DE 0 15707058 0 15707058 15707058 N 6.1 IA Items 6 & 7: Includes 9,339,816 common shares, no par value (the "Common Shares") of Galiano Gold Inc. (the "Issuer") held in one or more client accounts over which Equinox Partners Investment Management LLC, as investment advisor, has shared voting and dispositive power. The filing of this statement should not be deemed as admission that Equinox Partners Investment Management LLC is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Shares held in such client account(s). Equinox Partners, L.P. a DE 0 4458599 0 4458599 4458599 N 1.7 PN Mason Hill Partners, LP a DE 0 1217217 0 1217217 1217217 N 0.5 PN Equinox Partners Precious Metals Fund, L.P. a DE 0 691426 0 691426 691426 N 0.3 PN Sean M. Fieler a X1 0 15707058 0 15707058 15707058 N 6.1 IN Items 6. 8. & 9: See Comment on page 2. The filing of this statement should not be deemed an admission that Mr. Fieler is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Shares held in such client account(s). Galiano Gold Inc. 680 - 1066 WEST HASTINGS STREET, VANCOUVER, Canada (Federal Level), V6E 3X2 The names of the persons jointly filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: Equinox Partners Investment Management LLC, a Delaware limited liability company ("EPIM"). Equinox Partners, L.P., a Delaware limited partnership ("Equinox Partners"). Mason Hill Partners, LP, a Delaware limited partnership ("Mason Hill Partners"). Equinox Partners Precious Metals Fund, L.P., a Delaware limited partnership ("Equinox Partners Precious Metals Fund"). Sean M. Fieler, a United States Citizen ("Mr. Fieler"). EPIM's principal business is serving as an investment advisor to certain private investment funds, including Equinox Partners, Mason Hill Partners, Equinox Partners Precious Metals Fund and other client accounts. Each of Equinox Partners, Mason Hill Partners, and Equinox Partners Precious Metals Fund is a private investment fund. Mr. Fieler owns a controlling interest in, and is the managing member of, EPIM. The principal business office of each of the Reporting Persons is Three Stamford Plaza, 301 Tresser Blvd, 13th Fl., Stamford, CT 06901. Each of EPIM, Equinox Partners, Mason Hill Partners, and Equinox Partners Precious Metals Fund is organized under the laws of the State of Delaware. Mr. Fieler is a citizen of the United States. Y Each of EPIM and Mr. Fieler may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Act) the Common Shares which each of Equinox Partners, Mason Hill Partners and Equinox Partners Precious Metals Fund directly beneficially owns. Each of Mason Hill and Mr. Fieler disclaims beneficial ownership of such Common Shares for all other purposes. EPIM acts as an investment advisor to certain client accounts and, by virtue of investment management agreements with these clients, has voting and dispositive power over the Common Shares held in such client accounts. Mr. Fieler is the managing member of, and owns a controlling interest in, EPIM. The filing of this statement should not be deemed an admission that EPIM or Mr. Fieler is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Shares held in such client accounts. (i) EPIM beneficially owns 15,707,058 Common Shares. (ii) Equinox Partners beneficially owns 4,458,599 Common Shares. (iii) Mason Hill Partners beneficially owns 1,217,217 Common Shares. (iv) Equinox Partners Precious Metals Fund beneficially owns 691,426 Common Shares. (v) Mr. Fieler beneficially owns 15,707,058 Common Shares. (vi) Collectively, the Reporting Persons beneficially own 15,707,058 Common Shares. The following percentages are based on 258,434,108 Common Shares outstanding, as reported on Amendment No. 1 to Form F-10, filed on July 9, 2025 with the Securities and Exchange Commission. (i) EPIM's beneficial ownership of 15,707,058 Common Shares represents approximately 6.1% of the outstanding Common Shares. (ii) Equinox Partners' beneficial ownership of 4,458,599 Common Shares represents approximately 1.7% of the outstanding Common Shares. (iii) Mason Hill Partners' beneficial ownership of 1,217,217 Common Shares represents approximately 0.5% of the outstanding Common Shares. (iv) Equinox Partners Precious Metals Fund's beneficial ownership of 691,426 Common Shares represents approximately 0.3% of the outstanding Common Shares. (v) Mr. Fieler's beneficial ownership of 15,707,058 Common Shares represents approximately 6.1% of the outstanding Common Shares. (vi) Collectively, the Reporting Persons' beneficial ownership of 15,707,058 Common Shares represents approximately 6.1% of the outstanding Common Shares. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y Y Y N See Exhibit A of the Schedule 13G filed by the Reporting Persons on August 7, 2023. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Equinox Partners Investment Management LLC /s/ Sean M. Fieler 11/14/2025 Equinox Partners, L.P. /s/ Sean M. Fieler 11/14/2025 Mason Hill Partners, LP /s/ Sean M. Fieler 11/14/2025 Equinox Partners Precious Metals Fund, L.P. /s/ Sean M. Fieler 11/14/2025 Sean M. Fieler /s/ Sean M. Fieler 11/14/2025