Galiano GOLD Reports Fourth Quarter and Full Year 2025 Results
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GALIANO GOLD REPORTS
FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Vancouver, British Columbia, February 12, 2026 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE
American: GAU) is pleased to report its fourth quarter (“Q4”) and full year (“FY”) 2025 operating and financial
results. Galiano owns a 90% interest in the Asanko Gold Mine (“AGM”) located on the Asankrangwa Gold Belt in the
Republic of Ghana, West Africa.
All financial information contained in this news release is reported in United States dollars.
Q4 AND FY 2025 HIGHLIGHTS
Safety
No lost-time injuries (“LTI”) nor total recordable injuries (“TRI”) reported during Q4 2025. The AGM has
achieved 6.5 million hours worked without an LTI.
12-month rolling LTI and TRI frequency rates as of December 31, 2025 of 0.24 and 0.48 per million hours
worked, respectively.
Financial
Cash and cash equivalents of $108.3 million as of December 31, 2025 and no debt.
Generated cash flow from operating activities of $55.8 million during Q4 2025 and $158.0 million for FY 2025.
Paid $25.0 million to Gold Fields Limited during Q4 2025 to settle the first deferred acquisition cost payment.
Income from mine operations of $51.1 million during Q4 2025 and $66.0 million for FY 2025. Adjusted income
from mine operations 1, excluding unrealized losses on gold hedge instruments, of $68.6 million during Q4 2025
and $140.6 million for FY 2025.
Net income of $0.06 and adjusted net income 1 $0.15 per common share (basic) during Q4 2025. Net loss of
$0.11 and adjusted net income 1 of $0.23 per common share (basic) for FY 2025.
Adjusted EBITDA1 of $85.5 million during Q4 2025 and $182.2 million for FY 2025.
Mining
Mined 1.6 million tonnes (“Mt”) of ore at an average mined grade of 0.9 grams per tonne (“g/t”) gold and a
strip ratio of 8.0:1 during Q4 2025. Mined 5.8 Mt of ore at an average mined grade of 0.9 g/t gold and a strip
ratio of 7.5:1 during FY 2025.
Development of Cut 3 at the Nkran deposit continued to ramp up during the quarter with 4.5 Mt of material
mined, an increase of 23% compared to Q3 2025. For FY 2025, 10.7 Mt of material was mined at Nkran.
Mining operations at Esaase resumed in early November 2025 following the community incident that occurred
in September 2025.
1 Non-IFRS measure. Refer to section “Non-IFRS Performance Measures” in this news release.
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Processing
1.4 Mt of ore was milled at an average feed grade of 1.0 g/t gold, with metallurgical recovery averaging 91%
during Q4 2025. For FY 2025, 4.9 Mt of ore was milled at an average feed grade of 0.9 g/t gold, with
metallurgical recovery averaging 90%.
Produced 37,574 ounces of gold during the quarter, a 15% increase compared to Q3 2025. Annual gold
production achieved 121,191 ounces for FY 2025, within the revised guidance range.
Sold 38,276 ounces of gold during the quarter at a record quarterly average price of $4,164 per ounce (“/oz”)
and sold 127,134 ounces of gold for the year at an average price of $3,516/oz, excluding the effect of realized
losses on gold hedging instruments.
Cost and Capital Expenditures
All-in sustaining costs 1 (“AISC”) of $2,033/oz in Q4 2025. AISC 1 for the quarter was 11% lower compared Q3
2025 due to higher gold ounces sold. AISC 1 for FY 2025 amounted to $2,233/oz, within revised guidance of
between $2,200/oz to $2,300/oz.
Capitalized development pre-stripping costs at Nkran Cut 3 of $11.1 million during Q4 2025 and $33.2 million
for FY 2025.
Exploration
Results from the Phase 2 drilling program at Abore were released 2 during Q4 2025. These positive results led
to an expanded drilling program with 10,907m drilled in Q4 2025. This program was designed to establish
continuity of known mineralization, as well as to test for continuations of the Abore mineralizing system at
depths up to 200m below previous drilling and below the Mineral Resource boundary.
FY 2026 Guidance
For FY 2026, gold production guidance at the AGM is forecast between 140,000 ounces and 160,000 ounces.
Higher mined grades are expected to be progressively mined from Abore over the course of the year, therefore
gold production is forecast to be weighted to the back half of FY 2026. FY 2026 gold production is forecast to
increase approximately 25% compared to FY 2025.
AISC1 guidance for FY 2026 is forecast between $2,000/oz and $2,300/oz at a gold price assumption of
$4,500/oz and under the current royalty framework in Ghana.
“The fourth quarter capped off a year of strong operating momentum at the AGM, with gold production increasing
for a fourth consecutive quarter and rising more than 80% compared to the first quarter of 2025. The successful
commissioning and optimization of the secondary crusher has been a key milestone, lifting plant performance to
near nameplate capacity, while improving mined grades at Abore continue to drive near-term organic growth," said
Matt Badylak, Galiano's President and Chief Executive Officer.
”During the quarter, we made the first $25 million deferred payment to Gold Fields yet still closed the year with
$108 million in cash. This financial strength supports our plans to advance stripping at Nkran Cut 3 in 2026 and
continue executing our growth strategy in a disciplined manner. With gold production expected between 140,000
to 160,000 ounces in 2026, an increase of approximately 25% year-on-year, we are well positioned to grow
production and execute on our aggressive exploration strategy to unlock the full long-term potential of the AGM.”
2 Refer to the Company’s news release titled “Galiano Gold Advances Towards A Maiden Underground Resource At Abore With
Additional High-Grade Results Encountered Including 4.7 g/t Au Over 28m And 3.5 g/t Au Over 17m” dated November 17, 2025,
which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
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FY 2026 GUIDANCE AND OUTLOOK
FY 2026 Production and Cost Guidance
The AGM is forecast to produce between 140,000 ounces and 160,000 ounces of gold at AISC 1 between $2,000/oz
and $2,300/oz (at a gold price assumption of $4,500/oz). Relative to FY 2025 reported AISC 1, FY 2026 AISC guidance
is higher by approximately $80/oz due to higher royalties resulting from higher forecast gold prices.
AISC1 guidance does not reflect the amendments to Ghana’s royalty framework that have been proposed to
Parliament. If the royalty amendments were ratified by Parliament, the Company’s AISC 1 would increase by
approximately $375/oz at current spot gold prices. AISC 1 for the AGM is anticipated to be lower from FY 2027
onwards compared to FY 2026 due to higher relative gold production.
With the secondary crusher commissioned and continuing to be optimized, the Abore deposit is expected to provide
the majority of mill feed in FY 2026, with the Esaase deposit providing supplementary ore. Higher mined grades are
expected from Abore in the second half of the year, therefore gold production is forecast to be weighted to the back
half of FY 2026. Given the expected ramp-up of gold production over FY 2026, the Company has provided indicative
production ranges for the first and second half of 2026 as follows.
Unit H1 2026 H2 2026
Gold production Oz 60,000 to 70,000 80,000 to 90,000
As previously disclosed, gold production is expected to experience a further positive step change beyond FY 2026.
Total sustaining capital expenditures are guided to $16 million to $18 million for FY 2026, excluding sustaining
capitalized stripping costs. Sustaining capital expenditures in FY 2026 include the expansion of the tailings facility,
minor upgrades to the processing plant, and upgrades to mine camp infrastructure.
Development capital for FY 2026 is guided at between $120 million to $140 million, which primarily relates to Nkran
Cut 3 waste stripping ($100 million to $120 million) and village resettlement costs.
Exploration expenditures at the AGM are guided to $17 million to $19 million for FY 2026, which includes
approximately 52,000 meters of drilling, as well as ground geophysics and regional prospecting and mapping. The
2026 exploration program is primarily focused on (a) infill drilling at Abore to improve data density in the
underground Mineral Resource and support a potential maiden underground Mineral Reserve, (b) an initial phase
of drilling to increase Mineral Reserves and Mineral Resources at Esaase by drilling the deposit in line with the
current gold price environment, and (c) targeting discoveries in both near mine and greenfield areas of the AGM’s
tenements.
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SUMMARY OF QUARTERLY OPERATIONAL AND FINANCIAL HIGHLIGHTS
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Health and safety
LTIs(1) - - - 2 1
TRIs(1) - 1 - 3 3
12-month rolling LTI frequency rate 0.24 0.39 0.42 0.43 0.15
Mining
Ore mined (‘000t) 1,575 1,605 1,365 1,296 531
Waste mined (‘000t) 12,661 12,493 9,824 9,124 8,698
Strip ratio (W:O) 8.0 7.8 7.2 7.0 16.4
Average gold grade mined (g/t) 0.9 0.8 0.8 0.8 1.0
Mining cost ($/t mined) – mine-wide (2) 3.48 3.36 3.65 3.36 3.41
Mining cost ($/t mined) – producing (2) 3.94 3.38 3.59 3.31 3.41
Mining cost ($/t mined) – development (2) 2.48 3.29 4.00 3.98 -
Ore tonnes trucked (‘000 t) 1,069 1,288 1,030 1,053 685
Ore transportation cost ($/t trucked) 4.45 4.35 4.49 4.43 4.75
Processing
Ore milled (‘000t) 1,369 1,283 1,193 1,086 1,179
Average mill head grade (g/t) 1.0 0.9 0.8 0.8 0.9
Average recovery rate (%) 91 91 89 87 85
Processing cost ($/t milled) 12.13 12.57 12.89 14.37 15.84
General and administrative cost ($/t milled) 7.58 6.62 6.24 5.78 6.28
Gold produced (oz) 37,574 32,533 30,350 20,734 28,508
Capital expenditures
Sustaining capital ($m) 4.4 4.2 2.2 1.3 0.8
Development capital ($m) 0.7 2.9 4.9 3.3 2.0
Sustaining capitalized stripping costs ($m) 11.7 11.9 15.1 11.9 19.1
Development capitalized stripping costs - Nkran ($m) 11.1 12.0 6.9 3.2 -
Financial, costs and cash flow
Gross revenue ($m) 159.7 114.2 97.3 76.6 64.6
Gold sold (oz) 38,276 32,577 29,287 26,994 24,673
Average gold sales price - gross ($/oz) (3) 4,164 3,501 3,317 2,833 2,609
Average gold sales price - net ($/oz) (4) 3,744 3,099 2,951 2,651 2,437
AISC ($/oz sold)(5) 2,033 2,283 2,251 2,501 2,638
Income (loss) from mine operations ($m) 51.1 10.0 24.7 (19.8) 26.1
Adjusted income from mine operations ($m) (5) 68.6 35.1 26.5 10.5 17.5
Adjusted net income (loss) ($m) (5) 40.0 (2.8) 21.0 0.4 5.1
Adjusted EBITDA ($m)(5) 85.5 37.8 39.9 19.0 21.2
Cash flow from operating activities ($m) 55.8 40.4 35.8 25.9 13.8
(1) The Company records and reports injuries in accordance with the International Council on Mining and Metals’ (ICMM) Mining
Principles.
(2) Total mining cost per tonne includes total mining costs for all producing deposits (Abore and Esaase) and deposits in
development (Nkran). Producing mining cost per tonne reflects unit mining rates at the Abore and Esaase deposits combined,
while development mining cost per tonne reflects unit mining rates at the Nkran deposit only.
(3) Gross average gold sales price is a non-IFRS measure and calculated by dividing gross revenue as reported in the Company’s
consolidated financial statements by the number of gold ounces sold.
(4) Net average gold sales price is a non-IFRS measure calculated by dividing gross revenue less realized losses on gold hedge
derivative instruments as reported in the Company’s consolidated financial statements by the number of gold ounces sold.
(5) Refer to “Non-IFRS Performance Measures” in this news release.
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Mining
Mined 1.2 Mt of ore at the Abore deposit at an average grade of 1.0 g/t gold, an increase in mined grade of 12%
from Q3 2025. The strip ratio at Abore was 6.1:1, in line with Q3 2025. The Company continued to focus on
accelerating mining activities at Abore with an objective of accessing higher grade ore at depth in the second
half of 2026.
Mining operations at Esaase resumed in early November following the community incident that occurred on
September 9, 2025.
Mined 0.2 Mt of ore at the Esaase deposit at an average grade of 0.7 g/t gold. The strip ratio at Esaase was 4.6:1,
a decrease of 28% from Q3 2025. Mined volumes at Esaase were impacted by the community incident that
occurred in September 2025 and strategically focusing mining operations on the Abore deposit for the second
half of the year.
Mining cost per tonne at Abore and Esaase averaged $3.94 per tonne (“/t”) in Q4 2025, 16% higher than mining
costs of $3.41/t at Abore in Q4 2024. The increase in mining cost per tonne was attributable to higher drill and
blast costs in Q4 2025.
Mining continued to ramp up at Cut 3 of the Nkran deposit with 4.5 Mt of material mined, including 0.2 Mt of
ore, during Q4 2025, an increase of 23% from Q3 2025.
At Nkran, mining cost per tonne was $2.48 for Q4 2025, 25% lower than Q3 2025, due to higher tonnes mined.
Processing
The AGM produced 37,574 ounces of gold during Q4 2025, an increase of 15% from Q3 2025, as the processing
plant milled 1.4 Mt of ore at an average grade of 1.0 g/t gold with metallurgical recovery averaging 91%.
FY 2025 gold production of 121,191 ounces, a 5% increased compared to FY 2024, and within revised FY 2025
guidance range.
With the secondary crushing circuit at the AGM processing plant commissioned (in late July 2025), milling
performance in December 2025 achieved nameplate annual capacity of 5.8 Mt.
Processing cost per tonne for Q4 2025 was $12.13, 4% lower than Q3 2025 and 23% lower than Q4 2024. The
decrease in processing cost per tonne in Q4 2025 was driven by more tonnes milled compared to Q3 2025 and
Q4 2024, which decreased fixed processing costs on a per unit basis.
Capital Expenditures
Sustaining capital expenditures, excluding capitalized stripping costs, during Q4 2025 totaled $4.4 million and
related primarily to a tailings facility expansion.
Development capital expenditures during Q4 2025 totaled $0.7 million (excluding Nkran pre-stripping costs) and
related primarily to drilling of boreholes at Nkran and village resettlement early works.
Development of Cut 3 at the Nkran deposit commenced in February 2025 and continued to ramp up throughout
the year. During Q4 2025, 4.3 Mt of waste was mined at a cost of $2.48/t or $11.1 million. These stripping costs
are classified as development capital expenditures. The Company anticipates a further ramp up of mining
activities at Nkran in 2026 following the mobilization of additional equipment by the mining contractor.
Costs
AISC1 for Q4 2025 was $2,033/oz, compared to $2,638/oz in Q4 2024. The decrease in AlSC1 was primarily driven
by a 55% increase in gold ounces sold in Q4 2025.
Relative to Q3 2025, AISC1 decreased by 11% in Q4 2025 on a per ounce basis, resulting from higher gold ounces
sold.
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Exploration
Additional positive results from the Phase 2 drilling program at Abore, carried out in Q3 2025, were released in
Q4 2025 3. These results continued to confirm multiple significant high-grade intercepts, demonstrating
continuity of mineralization within new ore shoots identified earlier in 2025 that lie below the existing Mineral
Reserve and Mineral Resource.
Continued drilling success prompted an expansion of the 2025 Abore drilling program by a further 11,000m
demonstrating the Company's strategic focus on increasing Abore's Mineral Resource. 10,907m of the planned
11,000m of diamond drilling was completed during Q4 2025. This most recent drilling program was designed to
test for further extensions of mineralization immediately below the known Mineral Resource, including several
deeper step-out holes to test for mineralization up to 200m below previous drilling levels, and the continuation
of the Abore granite, which hosts the bulk of mineralization. Refer to the Company’s news release dated January
29, 2026, which is available under the Company’s SEDAR+ profile, for significant intercepts reported from the
expanded Abore drilling program.
Balance Sheet
The Company has maintained a strong cash position with $108.3 million as of December 31, 2025 and no debt.
The Company finalized a $75 million revolving credit facility (the “RCF”) with FirstRand Bank Limited, acting
through its Rand Merchant Bank division, in Q4 2025. The purpose of the RCF is for general working capital
requirements. The RCF has a 4-year term and floating interest rate based on the Secured Overnight Financing
Rate (SOFR) plus a margin of 3.95% per annum, while the undrawn portion of the RCF is subject to a standby fee
of 1.38% per annum. As of December 31, 2025, the Company had not drawn on the RCF and was in full
compliance with all covenants.
CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024
The Company sold 38,276 ounces of gold in Q4 2025 at a quarterly record average gold price (before the effect
of realized hedging losses) of $4,164/oz for gross revenue of $159.7 million. The increase in revenue from the
comparative period was due to a 60% increase in average gold sales prices and a 55% increase in gold ounces
sold. The average gold sales price, including the effect of realized gold hedging losses, for Q4 2025 amounted to
$3,744/oz.
Income from mine operations for Q4 2025 totaled $51.1 million, compared to $26.1 million in Q4 2024. The
increase in income from mine operations was due to higher revenues as described above. This was partly offset
by higher depletion expense on Abore and Esaase development and capitalized stripping costs during Q4 2025.
(All amounts in 000's of US dollars, except per share amounts) 2025 2024
Gross revenue 159,676 64,551
Income from mi ne operati ons 51,139 26,114
Adjus ted income from mi ne operations
(1) 68,564 140,566
Net income attri butable to common s hareholders 16,826 946
Net income per s hare attri butable to common s hareholders 0.06 0.00
Adjus ted net income attributable to common shareholders
(1) 39,959 4,646
Adjus ted net income per s hare attributabl e to common s hareholders
(1) 0.15 0.02
Adjus ted EBITDA
(1) 85,485 21,175
Cas h and cash equi va l ents 108,327 105,775
Cas h generated from opera ti ng activi ties 55,839 13,806
Three months ended December 31,
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Royalties expense was also higher in Q4 2025 due to higher earned revenues and an increase to Ghana Growth
and Sustainability Levy (“GSL”) from 1% to 3% effective April 1, 2025.
The Company reported net income attributable to common shareholders of $16.8 million in Q4 2025, compared
to net income of $0.9 million in Q4 2024. The increase in net income during Q4 2025 was primarily due to higher
recorded revenues, partly offset by higher royalties and income taxes.
Reported Adjusted EBITDA 1 of $85.5 million in Q4 2025, compared to $21.2 million in Q4 2024. The increase in
Adjusted EBITDA 1 was primarily driven by higher revenues, partly offset by higher royalties and realized gold
hedging losses, as described above.
The Company generated $55.8 million of cash flow from operating activities in Q4 2025, compared to $13.8
million in Q4 2024. The increase in operating cash flow was primarily driven by higher average gold sales prices
during the quarter.
Paid $25.0 million to Gold Fields Limited during Q4 2025 to settle the first deferred acquisition costs payment.
As of December 31, 2025, the Company had cash and cash equivalents of $108.3 million and no debt.
CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
The Company sold 127,134 ounces of gold during the year ended December 31, 2025 at an average gold price
(before the effect of realized hedging losses) of $3,516/oz for gross revenue of $447.8 million. The increase in
revenue from FY 2024 was due to a 47% increase in average gold sales prices and 32% increase in gold ounces
sold. Gold ounces sold in FY 2025 were higher than FY 2024 as the Company only consolidated the financial
results of the AGM from March 4, 2024 onwards in the comparative year. The average gold sales price for FY
2025, including the effect of realized gold hedging losses, amounted to $3,164/oz.
Income from mine operations for the year ended December 31, 2025 totaled $66.0 million, compared to $54.9
million in FY 2024. The increase in income from mine operations was due to the increase in revenue, as described
above, and the Company only consolidating the financial results of the AGM from March 4, 2024 to December
31, 2024 in the prior year. These factors were partly offset by higher realized gold hedging losses, depreciation
and depletion expense and royalties in FY 2025.
The Company reported a net loss attributable to common shareholders of $29.3 million for the year ended
December 31, 2025, compared to net income of $6.1 million in FY 2024. The decrease in net income was
primarily driven by higher realized and unrealized losses on gold hedging instruments in FY 2025 and the
recording of current and deferred income tax expenses related to the AGM, which were partly offset by higher
recorded revenue.
(All amounts in 000's of US dollars, except per share amounts) 2025 2024
Revenue 447,767 231,339
Income from mi ne operati ons 66,013 54,889
Adjus ted income from mi ne operations
(1) 140,566 68,495
Net (l os s ) i ncome attri buta ble to common s hareholders (29,290) 6,118
Net (l os s ) i ncome per s hare attributa bl e to common s hareholders (0.11) 0.02
Adjus ted net income attributable to common shareholders
(1) 58,530 39,548
Adjus ted net income per s hare attributabl e to common s hareholders
(1) 0.23 0.16
Adjus ted EBITDA
(1) 182,180 71,292
Cas h and cash equi va l ents 108,327 105,775
Cas h generated from opera ti ng activi ties 157,994 55,746
Year ended December 31,
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Reported Adjusted EBITDA 1 of $182.2 million during the year ended December 31, 2025, compared to $71.3
million in FY 2024. The increase in Adjusted EBITDA 1 was driven by higher average gold sales prices and the
Company consolidating a full year of financial results of the AGM in FY 2025. These factors were partly offset by
higher realized gold hedging losses and royalties in FY 2025.
The Company generated $158.0 million of cash flow from operating activities during the year ended December
31, 2025, compared to $55.7 million in FY 2024. The increase in cash flow from operations was driven by higher
average gold sales prices and the Company consolidating a full year of financial results of the AGM in 2025.
This news release should be read in conjunction with Galiano’s Management’s Discussion and Analysis and the
Audited Consolidated Annual Financial Statements for the years ended December 31, 2025 and 2024, which are
available at www.galianogold.com and filed on SEDAR+.
1 Non-IFRS Performance Measures
The Company has included certain non-IFRS performance measures in this news release. These non-IFRS
performance measures do not have any standardized meaning and therefore may not be comparable to similar
measures presented by other issuers. Accordingly, these performance measures are intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. Refer to “Non-IFRS Measures” of Galiano’s Management’s Discussion and Analysis for an
explanation of these measures and reconciliations to the Company’s reported financial results in accordance with
IFRS.
Total Cash Costs per Gold Ounce Sold
Management of the Company uses total cash costs per gold ounce sold to monitor the operating performance
of the AGM. Total cash costs include the cost of production, adjusted for by-product revenue and production
royalties per ounce of gold sold.
AISC per Gold Ounce Sold
The Company has adopted the reporting of “AISC per gold ounce sold”. AISC include total cash costs, AGM general
and administrative expenses, sustaining capital expenditure, sustaining capitalized stripping costs, reclamation
cost accretion and lease payments made on the AGM’s mining and other service lease agreements per ounce of
gold sold.
EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) provides an indication of the
Company’s continuing capacity to generate income from operations before taking into account the Company’s
financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income (loss)
excluding finance expense, finance income, depreciation and depletion expense, and income taxes. Adjusted
EBITDA adjusts EBITDA to exclude non-recurring items and non-cash items (“Adjusted EBITDA”) and includes the
calculated Adjusted EBITDA of the AGM joint venture for periods prior to the consolidation of its ownership.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Common Share
The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net
income (loss) per common share. Neither adjusted net income (loss) nor adjusted net income (loss) per share
have any standardized meaning and are therefore unlikely to be comparable to other measures presented by
other issuers. Adjusted net income (loss) excludes certain non-cash items or non-recurring items from net income
(loss) to provide a measure which helps the Company and investors to evaluate the results of the underlying core
operations of the Company and its ability to generate cash flows and is an important indicator of the strength of
the Company’s operations and performance of its core business.