Galantas Report Financial Results for the Quarter Ended June 30, 2024
August 29 2024 - 1:00AM
Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF)
("Galantas" or the "Company") is pleased to announce its unaudited
financial results for the Quarter ended June 30, 2024.
Financial Highlights
Highlights of the second quarter 2024 results, which are
expressed in Canadian Dollars, are summarized below:
All figures denominated in Canadian Dollars (CDN$) |
Quarter EndedJune 30 |
|
2024 |
2023 |
Revenue |
$ |
0 |
|
$ |
0 |
|
Cost and expenses of operations |
$ |
(30,318 |
) |
$ |
(72,881 |
) |
Loss before the undernoted |
$ |
(30,318 |
) |
$ |
(72,881 |
) |
Depreciation |
$ |
(107,281 |
) |
$ |
(128,989 |
) |
General administrative expenses |
$ |
(1,507,639 |
) |
$ |
(1,187,896 |
) |
Foreign exchange gain (loss) |
$ |
(31,399 |
) |
$ |
34,250 |
|
Unrealized gain on derivative fair value adjustment |
$ |
85,018 |
|
$ |
0 |
|
Net (Loss) for the quarter |
$ |
(1,591,619 |
) |
$ |
(1,355,516 |
) |
Working Capital Deficit |
$ |
(12,593,186 |
) |
$ |
(12,059,946 |
) |
Cash loss from operating activities before changes in non-cash
working capital |
$ |
(961,910 |
) |
$ |
(793,674 |
) |
Cash at June 30, 2024 |
$ |
395,514 |
|
$ |
586,464 |
|
|
Sales revenue for the quarter ended June 30,
2024 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$ 124,000 for the second quarter of 2024 compared to US$
255,000 for the second quarter of 2023. 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, 2024
amounted to $ 1,591,619 (2023: $ 1,355,516) and the cash outflow
from operating activities before changes in non-cash working
capital for the quarter ended June 30, 2024 amounted to $961,910
(2023: $793,674).
The Company had a cash balance of $395,514 at
June 30, 2024 compared to $586,464 at June 30, 2023. The working
capital deficit at June 30, 2024 amounted to $12,593,186 compared
to a working capital deficit of $12,059,946 at June 30,
2023.
Safety is a high priority for the Company and we
continue to invest in safety-related training and infrastructure.
The zero lost time accident rate since the start of underground
operations continues. Environmental monitoring demonstrates a high
level of regulatory compliance.
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 Person
The financial components of this disclosure have
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’ 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.
The information contained within this
announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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, Elliot PetersTelephone: +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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