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Galantas Gold Report Financial Results for the Quarter Ended September 30, 2024
TORONTO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (the ‘Company’) is pleased to announce its unaudited finan
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ended September 30, 2024. Financial Highlights Highlights of the third quarter 2024 results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Quarter EndedSeptember 30 2024 2023 Revenue $ 0 $ 0 Cost and expenses of operations $ (22,283) $ (24,728) Loss before the undernoted $ (22,283) $ (24,728) Depreciation $ (110,126) $ (135,597) General administrative expenses $ (1,174,156) $ (858,600) Foreign exchange gain (loss) $ (26,553) $ (294,430) Unrealized gain on derivative fair value adjustment $ 592,489 $ 0 Net (Loss) for the quarter $ (740,629) $ (1,313,355) Working Capital Deficit $ (14,098,845) $ (14,010,771) Cash gain/(loss) from operating activities before changes in non-cash working capital $ 21,801 $ (1,088,096) Cash at September 30, 2024 $ 383,011 $ 609,047 Sales revenue for the quarter ended September 30, 2024 amounted to $ Nil compared to revenue of $ Nil for the quarter ended September 30, 2023. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 197,000 for the third quarter of 2024 compared to US$ 333,000 for the third 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 September 30, 2024 amounted to $ 740,629 (2023: $ 1,313,355) and the cash inflow from operating activities before changes in non-cash working capital for the quarter ended September 30, 2024 amounted to $21,801 (2023: cash outflow $1,088,096). The Company had a cash balance of $ 383,011 at September 30, 2024 compared to $ 609,047 at September 30, 2023. The working capital deficit at September 30, 2024 amounted to $ 14,098,845 compared to a working capital deficit of $ 14,010,771 at September 30, 2023. Safety is a high priority for the Company and we continue to invest in safety-related training and infrastructure. ...