Financial Highlights

Highlights of the 2021 audited annual results, which are expressed in Canadian Dollars, are summarized below:


All figures denominated in Canadian Dollars (CDN$)
Year Ended
December 31

2021 2020
Revenue $ 0 $ 0
Cost and expenses of operations $ (255,901 ) $ (127,868 )
Loss before the undernoted $ (255,901 ) $ (127,868 )
Depreciation $ (547,991 ) $ (355,196 )
General administrative expenses $ (4,332,865 ) $ (2,065,277 )
Foreign exchange (loss) $ (154,798 ) $ (91,621 )
Impairment of Exploration and Evaluation Assets $ 0 $ (47,490 )
Gain on disposal of property, plant and equipment $ 7,124 $ 0
Net Loss for the year $ (5,284,431 ) $ (3,228,452 )
Working Capital Deficit $ (1,095,882 ) $ (7,710,084 )
Cash loss from operating activities before changes in non-cash working capital $ (1,678,797 ) $ (1,249,659 )
Cash at December 31, 2021 $ 1,069,751 $ 612,094
Sales revenue for year ended December 31, 2021 amounted to $ Nil as per the year ended December 31, 2020. Provisional concentrate sales totalled US$ 1,114,000 for 2021 compared to US $ 1,355,000 for the year 2020. However, until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.

The Net Loss for the year ended December 31, 2021 amounted to $ 5,284,431 (2020: $3,228,452) and the cash outflow from operating activities before changes in non-cash working capital for the year ended December 31, 2021 amounted to $1,678,797 (2020: $1,249,659).

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https://www.globenewswire.com/news-release/2022/04/29/2432177/0/en/Galantas-Report-Annual-Financial-Results-for-the-Year-Ended-December-31-2021.html