Galantas Reports Financial Results for the Quarter Ended September 30, 2023
November 29 2023 - 2:00AM
Galantas Gold Corporation (the ‘Company’) is pleased to announce
its unaudited financial results for the Quarter Ended September 30,
2023.
Financial Highlights
Highlights of the third quarter 2023 results, which are
expressed in Canadian Dollars, are summarized below:
All figures denominated in Canadian Dollars (CDN$) |
|
Quarter EndedSeptember 30 |
|
|
Nine Months Ended September 30 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
Cost and expenses of operations |
$ |
(24,728 |
) |
$ |
(86,442 |
) |
$ |
(147,824 |
) |
$ |
(200,076 |
) |
Loss before the undernoted |
$ |
(24,728 |
) |
$ |
(86,442 |
) |
$ |
(147,824 |
) |
$ |
(200,076 |
) |
Depreciation |
$ |
(135,597 |
) |
$ |
(196,178 |
) |
$ |
(390,691 |
) |
$ |
(475,045 |
) |
General administrative expenses |
$ |
(858,600 |
) |
$ |
(1,179,927 |
) |
$ |
(3,289,260 |
) |
$ |
(3,764,038 |
) |
Foreign exchange (loss) / gain |
$ |
(294,430 |
) |
$ |
(96,277 |
) |
$ |
(234,710 |
) |
$ |
(112,645 |
) |
Net Loss for the period |
$ |
(1,313,355 |
) |
$ |
(1,555,824 |
) |
$ |
(4,062,485 |
) |
$ |
(4,551,804 |
) |
Working Capital (Deficit) |
$ |
(14,010,771 |
) |
$ |
(714,865 |
) |
$ |
(14,010,771 |
) |
$ |
(714,865 |
) |
Cash (loss) / profit from operating activities before changes in
non-cash working capital |
$ |
(1,088,096 |
) |
$ |
(324,827 |
) |
$ |
(1,088,096 |
) |
$ |
(3,003,660 |
) |
Cash at September 30, 2023 |
$ |
609,047 |
|
$ |
3,567,196 |
|
$ |
609,047 |
|
$ |
3,567,196 |
|
Sales revenue for the quarter ended September
30, 2023 amounted to $ Nil compared to revenue of $ Nil for the
quarter ended September 30, 2022. Shipments of concentrate
commenced during the third quarter of 2019. Concentrate sales
provisional revenues totalled US$ 333,000 (CAD$ 450,000) and US$
849,000 (CAD$ 1,148,000) during the three and nine months ended
September 30 2023 compared to US $ 183,000 and US$ 329,000 for the
three and nine months ended September 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 September 30,
2023 amounted to $ 1,313,355 (2022: $1,555,824) and the cash
outflow from operating activities before changes in non-cash
working capital for the quarter ended September 30, 2023 amounted
to $ 1,088,096 (2022: $ 324,827). The main difference in the
reduction in net loss is due to a reduction in the value attributed
to stock based compensation, an increase in financing activities
from 2022 and a foreign exchange loss as a result of movement in
the CAD$:Stg£ exchange rate.
The Company had a cash balance of $ 609,047 at
September 30, 2023 compared to $ 3,567,196 at September 30, 2022.
The working capital deficit at September 30, 2023 amounted to $
14,010,771 compared to a working capital deficit of $ 714,865
at September 30, 2022.
The detailed results and Management Discussion and Analysis
(MD&A) are available on www.sedar.com and www.galantas.com and
the highlights in this release should be read in conjunction with
the detailed results and MD&A. The MD&A provides an
analysis of comparisons with previous periods, trends affecting the
business and risk factors.
Qualified PersonThe financial components of
this disclosure has been reviewed by Alan Buckley (Chief Financial
Officer) and the production and permitting components by Brendan
Morris (COO), qualified persons under the meaning of NI. 43-101.
The information is based upon local production and financial data
prepared under their supervision.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This press release contains forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws, including revenues and cost estimates, for the Omagh Gold
project. Forward-looking statements are based on estimates and
assumptions made by Galantas in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that Galantas
believes are appropriate in the circumstances. Many factors could
cause Galantas’ actual results, the performance or achievements to
differ materially from those expressed or implied by the forward
looking statements or strategy, including: gold price volatility;
discrepancies between actual and estimated production, actual and
estimated metallurgical recoveries and throughputs; mining
operational risk, geological uncertainties; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of
gold exploration; dilution; competition; loss of or availability of
key employees; additional funding requirements; uncertainties
regarding planning and other permitting issues; and defective title
to mineral claims or property. These factors and others that could
affect Galantas’s forward-looking statements are discussed in
greater detail in the section entitled “Risk Factors” in Galantas’
Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with
the Canadian provincial securities regulators and other regulatory
authorities. These factors should be considered carefully, and
persons reviewing this press release should not place undue
reliance on forward-looking statements. Galantas has no intention
and undertakes no obligation to update or revise any
forward-looking statements in this press release, except as
required by law.
Enquiries
Galantas Gold Corporation Mario Stifano – CEO Email:
info@galantas.com Website: www.galantas.com Telephone: 001 416 453
8433
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Enzo
Aliaj:
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)Grant Barker
(Sales and Broking)Telephone: +44(0)20 3470 0470
SPDR SSgA Global Allocat... (AMEX:GAL)
Historical Stock Chart
From Oct 2024 to Nov 2024
SPDR SSgA Global Allocat... (AMEX:GAL)
Historical Stock Chart
From Nov 2023 to Nov 2024