Business
Galantas Gold Report Financial Results For The Quarter Ended March 31, 2021
TORONTO, May 28, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ended
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, May 28, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ended March 31, 2021. Financial Highlights Highlights of the first quarter 2021 results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Quarter EndedMarch 31 2021 2020 Revenue $ 0 $ 0 Cost and expenses of operations $ (46,148) $ (35,836) Loss before the undernoted $ (46,148) $ (35,836) Depreciation $ (72,065) $ (88,727) General administrative expenses $ (505,097) $ (656,768) Foreign exchange (loss) gain $ (16,653) $ 101,016 Net (Loss) for the quarter $ (639,963) $ (680,315) Working Capital Deficit $ (8,532,943) $ (7,299,380) Cash loss from operating activities before changes in non-cash working capital $ (296,161) $ (348,899) Cash at March 31, 2021 $ 487,193 $ 936,560 Sales revenue for the quarter ended March 31, 2021 amounted to $ Nil compared to revenue of $ Nil for the quarter ended March 31, 2020. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 567,000 for the first quarter of 2021 compared to US $ 186,000 for the first quarter of 2020. 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, 2021 amounted to $ 639,963 (2020: $ 680,315) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended March 31, 2021 amounted to $ 296,161 (2020: $ 348,899). The Company had a cash balance of $ 487,193 at March 31, 2021 compared to $ 936,560 at March 31, 2020. The working capital deficit at March 31, 2021 amounted to $ 8,532,943 compared to a working capital deficit of $ 7,299,380 at March 31, 2020. Production/Mine Development Certain underground work continued during 2020. The processing plant operated on a limited basis with feedstock for the plant being from low grade stock. In March 2020 and following UK government guidelines regarding Covid-19, processing operations ...