TORONTO, May 30, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the 'Company') is pleased to announce its unaudited financial results for the Quarter ended March 31, 2024.
Financial Highlights
Highlights of the first quarter 2024 results, which are expressed in Canadian Dollars, are summarized below:
| Quarter Ended | |||||
2024 | 2023 | |||||
Revenue | $ | 0 | $ | 0 | ||
Cost and expenses of operations | $ | (17,332) | $ | (50,215) | ||
Loss before the undernoted | $ | (17,332) | $ | (50,215) | ||
Depreciation | $ | (106,226) | $ | (126,105) | ||
General administrative expenses | $ | (1,173,035) | $ | (1,242,764) | ||
Foreign exchange gain (loss) | $ | 119,127 | $ | 25,470 | ||
Unrealized gain on derivative fair value adjustment | $ | 523,850 | $ | 0 | ||
Net (Loss) for the quarter | $ | (653,616) | $ | (1,393,614) | ||
Working Capital Deficit | $ | (11,290,856) | $ | (11,074,990) | ||
Cash loss from operating activities before changes in non-cash working capital | $ | (495,610) | $ | (475,530) | ||
Cash at March 31, 2024 | $ | 1,288,200 | $ | 2,516,822 | ||
Sales revenue for the quarter ended March 31, 2024 amounted to $ Nil compared to revenue of $ Nil for the quarter ended March 31, 2023. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 206,566 for the first quarter of 2024 compared to US $ 255,000 for the first 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 March 31, 2024 amounted to $ 653,616 (2023: $ 1,393,614) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended March 31, 2024 amounted to $495,610 (2023: $475,530).
The Company had a cash balance of $1,288,200 at March 31, 2024 compared to $2,516,822 at March 31, 2023. The working capital deficit at March 31, 2024 amounted to $11,290,856 compared to a working capital deficit of $11,074,990 at March 31, 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 and 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), the exploration and geological components by Sarah Coulter 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.
