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Galantas Gold Reports Financial Results for the Quarter Ended June 30, 2023
TORONTO, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ende
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the Quarter ended June 30, 2023. Financial Highlights Highlights of the second quarter 2023 results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Quarter EndedJune 30 2023 2022 Six Months EndedJune 302023 2022 Revenue $ 0 $ 0 $ 0 $ 0 Cost and expenses of operations $ (72,881 ) $ (66,995 ) $ (123,096 ) $ (113,634 ) Loss before the undernoted $ (72,881 ) $ (66,995 ) $ (123,096 ) $ (113,634 ) Depreciation $ (128,989 ) $ (148,336 ) $ (255,094 ) $ (278,867 ) General administrative expenses $ (1,187,896 ) $ (1,412,941 ) $ (2,430,660 ) $ (2,584,111 ) Foreign exchange (loss) / gain $ (34,250 ) $ (48,104 ) $ (59,720 ) $ 19,368 Net Loss for the period $ (1,355,516 ) $ (1,580,168 ) $ (2,749,130 ) $ (2,995,980 ) Working Capital (Deficit) $ (12,059,946 ) $ (3,687,844 ) $ (12,059,946 ) $ (3,687,844 ) Cash (loss) / profit from operating activities before changes in non-cash working capital $ (793,674 ) $ (1,738,055 ) $ (793,674 ) $ (1,738,055 ) Cash at June 30, 2023 $ 586,464 $ 903,455 $ 586,464 $ 903,435 Sales revenue for the quarter ended June 30, 2023 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$ 255,000 (CAD$ 419,000) and US$ 516,000 (CAD$ 851,000) during the three and six months ended June 30 2023 compared to US $ Nil and US$ 219,000 for the three and six months ended June 30, 2022. 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, 2023 amounted to $ 1,355,516 (2022: $1,580,168) and the cash outflow from operating activities before changes in non-cash ...