Galiano Gold Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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Sep 30, 2025 · Filed Nov 7, 2025
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EX-99.2 · OUTSTANDING SHARE DATA
GALIANO GOLD INC.Management's Discussion and AnalysisFor the three and nine months ended September 30, 2025 and 2024
Adjusted Net Income (Loss)
The Company has included the non-IFRS performance measures of adjusted net income (loss) and adjusted net income (loss) per share throughout this MD&A. 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 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. The Company believes that the presentation of adjusted net income (loss) is appropriate to provide additional information to investors regarding items that management does not expect to continue at the same level in the future or that management does not believe to reflect the Company's ongoing operating performance or operating performance of the current period. The Company further believes that its presentation of this non-IFRS financial measure provides information that is useful to investors because it is an important indicator of the strength of operations and the performance of the Company's core business.
The following table provides a reconciliation of adjusted net income (loss) to net income (loss) of the Company (the nearest IFRS measure) as presented in the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025 and 2024.
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (in thousands of US dollars, except per share amounts) | $ | $ | $ | $ |
| Net (loss) income attributable to common shareholders | (38,636) | 1,100 | (46,116) | 5,172 |
| Unrealized losses on gold hedges (1) | 22,595 | 14,897 | 51,415 | 19,954 |
| Deferred income tax expense(1) | 13,271 | - | 13,271 | - |
| Realized purchase price adjustments on inventories | - | - | - | 8,700 |
| Gain on derecognition of equity investment in joint venture | - | - | - | (1,416) |
| Transaction costs | - | 91 | - | 2,492 |
| Adjusted net (loss) income | (2,770) | 16,088 | 18,570 | 34,902 |
| Basic weighted average common sha res outstanding | 258,791,445 | 256,912,077 | 257,905,353 | 248,496,497 |
| Diluted weighted average common shares outstanding | 258,791,445 | 262,052,961 | 264,738,985 | 253,662,962 |
| Adjusted net (loss) income per share - basic | ($0.01) | $0.06 | $0.07 | $0.14 |
| Adjusted net (loss) income per share - diluted | ($0.01) | $0.06 | $0.07 | $0.14 |
(1) Reflects the Company's 90% interest in the AGM.
OUTSTANDING SHARE DATA
As of the date of this MD&A, there were 259,790,437 common shares of the Company issued and outstanding and 10,053,675 stock options outstanding (each exercisable to purchase one common share at exercise prices ranging between C$0.62 and C$2.37 per share). Additionally, there are 2,568,904 long-term incentive plan ("LTIP") awards, comprising restricted share units, performance share units and DSUs, that will be settled in equity. The maximum number of common shares issuable upon conversion of these LTIP awards is 3,200,904 common shares. The fully diluted outstanding share count at the date of this MD&A is 273,045,016.
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