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Galantas Gold Reports Financial Results For The Quarter Ended September 30, 2021
TORONTO, Nov. 30, 2021 (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, Nov. 30, 2021 (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 ended September 30, 2021. Financial Highlights Highlights of the third quarter 2021 results are summarized below. All figures are in Canadian dollars unless otherwise stated. All figures denominated in Canadian Dollars (CDN$) Quarter EndedSeptember 30 Nine Months EndedSeptember 30 2021 2020 2021 2020 Revenue $ 0 $ 0 $ 0 $ 0 Cost and expenses of operations $ (74,462) $ (35,658) $ (181,943) $ (102,733) Loss before the undernoted $ (74,462) $ (35,658) $ (181,943) $ (102,733) Depreciation $ (89,151) $ (80,213) $ (248,304) $ (253,331) General administrative expenses $ (914,174) $ (597,315) $ (4,138,326) $ (1,904,810) Foreign exchange (loss) / gain $ (95,489) $ (63,770) $ (133,234) $ (11,462) Net Loss for the period $ (1,173,276) $ (776,956) $ (4,701,807) $ (2,249,412) Working Capital Surplus / (Deficit) $ 2,454,581 $ (7,936,041) $ 2,454,581 $ (7,936,041) Cash profit / (loss) from operating activities before changes in non-cash working capital $ (1,116,243) $ (359,304) $ (612,154) $ (1,007,785) Cash at September 30, 2021 $ 3,881,674 $ 638,433 $ 3,881,674 $ 638,433 Sales revenue for the quarter ended September 30, 2021 amounted to $Nil compared to revenue of $Nil for the quarter ended September 30, 2020. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$329,000 for the third quarter of 2021 compared to US$690,000 for the third 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 September 30, 2021 amounted to $1,173,276 (2020: $776,956) and the cash inflow from operating activities before changes in non-cash working capital for the quarter ended September 30, 2021 amounted ...