Nov 26 Q3 MD&A
The Company had cash balances of $ 383,011 on September 30, 2024 compared with cash balances of $ 2,593,265 on December 31, 2023. Accounts receivable consisting mainly of trade debtors, reclaimable taxes and prepayments amounted to $ 1,321,219 on September 30, 2024 compared to $ 1,596,880 on December 31, 2023. The accounts receivable total also includes a prepayment of C$1M to QME for mobilisation costs which is detailed further in Note 4 to the Q1 2024 unaudited Financial Statements. Inventories of ores on September 30, 2024, which were processed during the following quarter, amounted to $ Nil compared with an inventory of $ 18,184 on December 31, 2023.
Accounts payable and other liabilities amounted to $ 3,380,616 on September 30, 2024 compared with $ 3,662,842 on December 31, 2023. Amounts due to related parties on September 30, 2024 amounted to $ 12,422,459 compared to $ 5,838,256 at the end of December 2023. At December 31, 2023 there were other liabilities of $ 1,187,437 which related to the loan balance due to Ocean Partners. This was converted to convertible debentures after the balance sheet date and there is no comparable liability at September 30, 2024.
Director fees totalled $ Nil for the Quarter ended September 30, 2024 ($ 35,000 for the Quarter ended September 30, 2023). Stock based compensation for these directors, the CFO and COO totalled $ 50,266 for the Quarter ended September 30, 2024 ($ 20,992 for the Quarter ended September 30, 2023). Remuneration for the President/CEO totalled $ 45,833 for the Quarter ended September 30, 2024. This compared to $ 43,750 for same period of 2023. Stock based compensation for the current President/CEO, was valued at $ 81,367 for the Quarter ended September 30, 2024 ($ 43,435 for the Quarter ended September 30, 2023). Remuneration of the CFO totalled $ 36,537 for the Quarter ended September 30, 2024 compared to $ 25,185 for the Quarter ended September 30, 2023. Stock based compensation for the CFO was valued at $20,342 for the Quarter ended September 30, 2024 ($ 8,782 for the Quarter ended September 30, 2023). 35 As at September 30, 2024 fees due to directors totalled $ 140,000 (December 31, 2023 - $ 140,000) and due to key management, primarily for salaries and benefits accrued at September 30, 2024 amounted to $ 139,429 and are included under due to related parties (December 31, 2023 - $ 25,106). As at September 30, 2024, the issued shares of Galantas total 114,841,403. Ross Beaty owns 3,744,747 common shares of the Company or approximately 3.3% of the outstanding common shares. Premier Miton owns 4,848,243 common shares of the Company or approximately 4.2%. Melquart owns, directly and indirectly, 28,140,195 common shares of the Company or approximately 24.5% of the outstanding common shares of the Company. G&F Phelps owns 5,353,818 common shares of the Company or approximately 4.7%. Eric Sprott owns 10,166,667 common shares of the Company or approximately 8.9%. Mike Gentile owns 6,217,222 common shares of the Company or approximately 5.4%. Excluding the Melquart Ltd, Premier Miton, Mr. Beaty, Mr. Phelps, Mr. Sprott and Mr. Gentile shareholdings discussed above, the remaining 49% of the shares are widely held, which includes various small holdings which are owned by directors of the Company. These holdings can change at anytime at the discretion of the of the owner.
Disclosure of Outstanding Share Data
The Company is authorized to issue in series an unlimited number of common and preference shares. On August 27, 2024 there were a total of 114,770,587 shares issued, 500,000 warrants with an expiry date of January 31, 2025, 100,000 warrants with an expiry date of February 13, 2025, 7,666,669 warrants with an expiry date of February 28, 2025, 407,962 warrants with an expiry date of March 27, 2025, 158,823 warrants with an expiry date of December 20, 2026, 7,924,841 warrants with an expiry date of March 27, 2028, 2,080,609 warrants with an expiry date of April 26, 2028 and 8,690,000 stock options outstanding with expiry dates from May 2026 to April 2029.