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Galantas Gold Reports Financial Results for the Quarter and Six Months Ended June 30, 2022
TORONTO, Aug. 26, 2022 (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. 26, 2022 (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 and Six Months ended June 30, 2022. Financial Highlights Highlights of the second quarter 2022 results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Quarter EndedJune 30 Six Months EndedJune 30 2022 2021 2022 2021 Revenue $ 0 $ 0 $ 0 $ 0 Cost and expenses of operations $ (66,995 ) $ (61,333 ) $ (113,634 ) $ (107,481 ) Loss before the undernoted $ (66,995 ) $ (61,333 ) $ (113,634 ) $ (107,481 ) Depreciation $ (148,336 ) $ (87,088 ) $ (278,867 ) $ (159,153 ) General administrative expenses $ (1,412,941 ) $ (2,719,055 ) $ (2,584,111 ) $ (3,224,152 ) Foreign exchange gain / (loss) $ 48,104 $ (21,092 ) $ (19,368 ) $ (37,745 ) Net Loss for the period $ (1,580,168 ) $ (2,888,568 ) $ (2,995,980 ) $ (3,528,531 ) Working Capital (Deficit) / Surplus $ (3,687,844 ) $ 4,505,905 $ (3,687,844 ) $ 4,505,905 Cash (loss) / profit from operating activities before changes in non-cash working capital $ (1,738,055 ) $ 144,806 $ (1,738,055 ) $ 144,806 Cash at June 30, 2022 $ 903,435 $ 6,142,477 $ 903,435 $ 6,142,477 Sales revenue for the quarter ended June 30, 2022 amounted to $Nil compared to revenue of $Nil for the quarter ended June 30, 2021. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$Nil for the second quarter of 2022 compared to US$218,000 for the second quarter of 2021. 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, 2022 amounted to $1,580,568 (2021: $2,888,568) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ende...