Business
Galantas Gold Report Annual Financial Results for the Year Ended December 31, 2023
TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its audited annual financial results for the year e
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its audited annual financial results for the year ended December 31, 2023. A copy of the Financial Statements and Management Discussion and Analysis will be sent to shareholders in due course and are available on the Company’s website at www.galantas.com/investors. The Annual and Special Meeting of the Company is to be held at 11:00 a.m. (Toronto time) on 24th June 2024 at The Canadian Venture Building, 82 Richmond Street East, Toronto, Ontario, M5C1P1, Canada. Financial Highlights Highlights of the 2023 audited annual results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Year EndedDecember 31 2023 2022 Revenue $ 0 $ 0 Cost and expenses of operations $ (182,295 ) $ (284,262 ) Loss before the undernoted $ (182,295 ) $ (284,262 ) Depreciation $ (515,003 ) $ (624,620 ) General administrative expenses $ (4,243,507 ) $ (5,401,289 ) Foreign exchange (loss) $ (233,651 ) $ (195,938 ) Impairment of Exploration and Evaluation Assets $ 0 $ 0 Unrealized gain on derivative fair value adjustment $ 241,886 $ 0 (Loss) / Gain on disposal of property, plant and equipment $ 0 $ (2,910 ) Impairment $ (3,635,570 ) $ (10,124,920 ) Net Loss for the year $ (8,568,140 ) $ (16,633,939 ) Working Capital Deficit $ (12,599,514 ) $ (11,027,964 ) Cash loss from operating activities before changes in non-cash working capital $ (981,283 ) $ (2,254,291 ) Cash at December 31, 2022 $ 2,593,265 $ 1,038,643 Sales revenue for year ended December 31, 2023 amounted to $ Nil as per the year ended December 31, 2022. Provisional concentrate sales totalled US$ 1,103,532 for 2023 compared to US $ 608,000 for the year 2022. However, until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets. The Net Loss for the year ended December 31, 2023 amounted to $ 8,568,140 (2022: $ 16,633,939) and the cash outflow from operating activities before changes in non-cash working capital for the year ended December 31, 2023 amounted to $ 981,283 (2022: $ 2,254,291). The Company had a cash balance of $ 2,...