Galantas Gold has cash of $395,514 at June 30
2024-08-29 10:38 ET - News Release
Mr. Mario Stifano reports
GALANTAS REPORT FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
Galantas Gold Corp. has released its unaudited financial results for the quarter ended June 30, 2024.
Financial highlights
Highlights of the second quarter 2024 results are summarized in an attached table.
Sales revenue for the quarter ended June 30, 2024, amounted to nil, compared with 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 $124,000 (U.S.) for the second quarter of 2024, compared with $255,000 (U.S.) for the second quarter of 2023. 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, 2024, amounted to $1,591,619 (2023: $1,355,516), and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended June 30, 2024, amounted to $961,910 (2023: $793,674).
The company had a cash balance of $395,514 at June 30, 2024, compared with $586,464 at June 30, 2023. The working capital deficit at June 30, 2024, amounted to $12,593,186, compared with a working capital deficit of $12,059,946 at June 30, 2023.
Safety is a high priority for the company, and Galantas continues to invest in safety-related training and infrastructure. The zero lost-time accident rate since the start of underground operations continues. Environmental monitoring demonstrates a high level of regulatory compliance.
The detailed results and the related management's discussion and analysis are available on SEDAR+ and on the company's website, and the highlights in this release should be read in conjunction with the detailed results and the MD&A. The MD&A provides an analysis of comparisons with previous periods, risk factors and trends affecting the business.