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Galantas Gold Report Financial Results for the Quarter Ended June 30, 2024
TORONTO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce its u
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- 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 compl...