TORONTO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- 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 Ended
September 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.

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