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Galantas Gold Reports Financial Results For The Quarter Ended June 30, 2021
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) (TSXV & AIM: Symbol GAL) is pleased to announce its unaudited financial res
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) (TSXV & AIM: Symbol GAL) is pleased to announce its unaudited financial results for the Quarter ended June 30, 2021. Financial Highlights Highlights of the second quarter 2021 results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Quarter EndedJune 30 Six Months EndedJune 30 2021 2020 2021 2020 Revenue $ 0 $ 0 $ 0 $ 0 Cost and expenses of operations $ (61,333 ) $ (31,239 ) $ (107,481 ) $ (67,075 ) Loss before the undernoted $ (61,333 ) $ (31,239 ) $ (107,481 ) $ (67,075 ) Depreciation $ (87,088 ) $ (84,391 ) $ (159,153 ) $ (173,118 ) General administrative expenses $ (2,719,055 ) $ (650,727 ) $ (3,224,152 ) $ (1,307,495 ) Foreign exchange (loss) / gain $ (21,092 ) $ (25,784 ) $ (37,745 ) $ 75,232 Net Loss for the period $ (2,888,568 ) $ (792,141 ) $ (3,528,531 ) $ (1,472,456 ) Working Capital Surplus / (Deficit) $ 4,505,905 $ (7,700,406 ) $ 4,505,905 $ (7,700,406 ) Cash profit / (loss) from operating activities before changes in non-cash working capital $ 144,806 $ (294,582 ) $ 144,806 $ (294,582 ) Cash at June 30, 2021 $ 6,142,477 $ 199,953 $ 6,142,477 $ 199,953 Sales revenue for the quarter ended June 30, 2021 amounted to $ Nil compared to revenue of $ Nil for the quarter ended June 30, 2020. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 218,000 for the second quarter of 2021 compared to US $ Nil for the second 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 June 30, 2021 amounted to $ 2,888,568 (2020: $ 792,141) and the cash inflow from operating activities before changes in non-cash working capital for the quarter ended June 30, 2021 amounted to $ 144,806 (2020: ($ 294,582)). The difference in the net loss is mainly due to stock based compensation and warrant issue costs from financing activities. The Company had a cash balance of $ 6,142,477 at June 30, 2021 compared to $ 199,953 at June 30, 2020. The working capital surplus a...