Business
Galantas Gold Reports Results for the Three and Nine Months Ended September 30, 2020 and Date for Annual General and Special Meeting
TORONTO, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its financial results for the Three and Nine months
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its financial results for the Three and Nine months ended September 30, 2020. Financial Highlights Highlights of the 2020 third quarter and first nine month’s results, which are expressed in Canadian Dollars, are summarized below: Third Quarter Ended Nine Months Ended All figures denominated in Canadian Dollars (CDN$) September 30 September 30 2020 2019 2020 2019 Revenue $ 0 $ 5,788 $ 0 $ 5,788 Cost and expenses of operations $ (35,658 ) $ (37,098 ) $ (102,733 ) $ (192,606 ) Loss before the undernoted $ (35,658 ) $ (31,310 ) $ (102,733 ) $ (186,818 ) Depreciation $ (80,213 ) $ (93,865 ) $ (253,331 ) $ (280,355 ) General administrative expenses $ (597,315 ) $ (606,535 ) $ (1,904,810 ) $ (1,855,345 ) Foreign exchange (loss) gain / $ (63,770 ) $ 13,664 $ 11,462 $ (66,908 ) Net Loss for the period $ (776,956 ) $ (718,046 ) $ (2,249,412 ) $ (2,389,426 ) Working Capital Deficit $ (7,936,041 ) $ (5,108,181 ) $ (7,936,041 ) $ (5,108,181 ) Cash loss from operating activities before changes in non-cash working capital $ (359,304 ) $ (514,132 ) $ (1,002,785 ) $ (1,578,613 ) Cash at September 30, 2020 $ 638,433 $ 1,356,147 $ 638,433 $ 1,356,147 The Net Loss for the three months ended September 30, 2020 amounted to CDN$ 776,956 (2019 Q3: CDN$ 718,046) and the cash loss from operating activities before changes in non-cash working capital for the third quarter of 2020 amounted to CDN$ 359,304 (2019 Q3: CDN$ 514,132). The Net Loss for the nine months ended September 30, 2020 amounted to CDN $ 2,249,412 (2019: CDN$ 2,389,426) and the cash loss from operating activities before changes in non-cash working capital for the first nine months of 2020 amounted to CDN$ 1,002,785 (2019: CDN$ 1,578,613). The Company had cash balances of $ 638,433 at September 30, 2020 compared to $ 1,356,147 at September 30, 2019. The working capital deficit at September 30, 2020 amounted to $ 7,936,041 compared to a working capital deficit of $ 5,108,181 at September 30, 2019. Shipments of concent...