Galantas Reports Financial Results for the Quarter Ended June 30, 2023
August 29 2023 - 12:26PM
Galantas Gold Corporation (the ‘Company’) is pleased to announce
its unaudited financial results for the Quarter ended June 30,
2023.
Financial Highlights
Highlights of the second quarter 2023 results, which are
expressed in Canadian Dollars, are summarized below:
|
All figures denominated in Canadian Dollars (CDN$) |
Quarter EndedJune 30 2023
2022 |
Six Months EndedJune 302023
2022 |
|
Revenue |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
Cost and expenses of operations |
$ |
(72,881 |
) |
$ |
(66,995 |
) |
$ |
(123,096 |
) |
$ |
(113,634 |
) |
|
Loss before the undernoted |
$ |
(72,881 |
) |
$ |
(66,995 |
) |
$ |
(123,096 |
) |
$ |
(113,634 |
) |
|
Depreciation |
$ |
(128,989 |
) |
$ |
(148,336 |
) |
$ |
(255,094 |
) |
$ |
(278,867 |
) |
|
General administrative expenses |
$ |
(1,187,896 |
) |
$ |
(1,412,941 |
) |
$ |
(2,430,660 |
) |
$ |
(2,584,111 |
) |
|
Foreign exchange (loss) / gain |
$ |
(34,250 |
) |
$ |
(48,104 |
) |
$ |
(59,720 |
) |
$ |
19,368 |
|
|
Net Loss for the period |
$ |
(1,355,516 |
) |
$ |
(1,580,168 |
) |
$ |
(2,749,130 |
) |
$ |
(2,995,980 |
) |
|
Working Capital (Deficit) |
$ |
(12,059,946 |
) |
$ |
(3,687,844 |
) |
$ |
(12,059,946 |
) |
$ |
(3,687,844 |
) |
|
Cash (loss) / profit from operating activities before changes in
non-cash working capital |
$ |
(793,674 |
) |
$ |
(1,738,055 |
) |
$ |
(793,674 |
) |
$ |
(1,738,055 |
) |
|
Cash at June 30, 2023 |
$ |
586,464 |
|
$ |
903,455 |
|
$ |
586,464 |
|
$ |
903,435 |
|
Sales revenue for the quarter ended June 30,
2023 amounted to $ Nil compared to revenue of $ Nil for the quarter
ended June 30, 2023. Shipments of concentrate commenced during the
third quarter of 2019. Concentrate sales provisional revenues
totalled US$ 255,000 (CAD$ 419,000) and US$ 516,000 (CAD$ 851,000)
during the three and six months ended June 30 2023 compared to US $
Nil and US$ 219,000 for the three and six months ended June 30,
2022. Until the mine commences commercial production, the net
proceeds from concentrate sales are being offset against
development assets.
The Net Loss for the quarter ended June 30, 2023
amounted to $ 1,355,516 (2022: $1,580,168) and the cash outflow
from operating activities before changes in non-cash working
capital for the quarter ended June 30, 2023 amounted to $ 793,674
(2022: $1,738,055). The main difference in the reduction in
net loss is due to a reduction in the value attributed to stock
based compensation and an increase in financing activities from
2021.
The Company had a cash balance of $ 586,464 at
June 30, 2023 compared to $ 903,455 at June 30, 2022. The working
capital deficit at June 30, 2023 amounted to $ 12,059,946 compared
to a working capital deficit of $ 3,687,844 at June 30,
2022.
The detailed results and Management Discussion
and Analysis (MD&A) are available on www.sedar.com and
www.galantas.com and the highlights in this release should be read
in conjunction with the detailed results and MD&A. The MD&A
provides an analysis of comparisons with previous periods, trends
affecting the business and risk factors.
Qualified PersonThe financial
components of this disclosure has been reviewed by Alan Buckley
(Chief Financial Officer) and the production and permitting
components by Brendan Morris (COO), qualified persons under the
meaning of NI. 43-101. The information is based upon local
production and financial data prepared under their supervision.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This press release contains forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws, including revenues and cost estimates, for the Omagh Gold
project. Forward-looking statements are based on estimates and
assumptions made by Galantas in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that Galantas
believes are appropriate in the circumstances. Many factors could
cause Galantas’ actual results, the performance or achievements to
differ materially from those expressed or implied by the forward
looking statements or strategy, including: gold price volatility;
discrepancies between actual and estimated production, actual and
estimated metallurgical recoveries and throughputs; mining
operational risk, geological uncertainties; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of
gold exploration; dilution; competition; loss of or availability of
key employees; additional funding requirements; uncertainties
regarding planning and other permitting issues; and defective title
to mineral claims or property. These factors and others that could
affect Galantas’s forward-looking statements are discussed in
greater detail in the section entitled “Risk Factors” in Galantas’
Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with
the Canadian provincial securities regulators and other regulatory
authorities. These factors should be considered carefully, and
persons reviewing this press release should not place undue
reliance on forward-looking statements. Galantas has no intention
and undertakes no obligation to update or revise any
forward-looking statements in this press release, except as
required by law.
Enquiries
Galantas Gold Corporation Mario Stifano – CEO Email:
info@galantas.com Website: www.galantas.com Telephone: 001 416 453
8433
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Samuel
Littler:
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)Grant Barker
(Sales and Broking)Telephone: +44(0)20 3470 0470
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