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Published on April 25, 2024 • 4 minute read
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TORONTO, April 25, 2024 (GLOBE NEWSWIRE) — Galantas Gold Corporation (the “Company”) is pleased to report its annual audited financial results for the year ended December 31, 2023.
A copy of the financial statements and management’s discussion and analysis will be sent to shareholders in due course and will be available on the Company’s website at www.galantas.com/investors.
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The Company’s annual and special meeting will be held on June 24, 2024 at 11:00 a.m. (Toronto time) at the Canadian Venture Building, 82 Richmond Street East, Toronto, Ontario, M5C1P1, Canada.
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Financial highlights
Highlights of the 2023 audited annual results, expressed in Canadian dollars, are summarized below:
| All figures are in Canadian dollars (CDN$) | year to end December 31 |
|||||
| 2023 | 2022 | |||||
| revenue | $ | 0 | $ | 0 | ||
| Costs and expenses for operation | $ | (182,295 | ) | $ | (284,262 | ) |
| Loss before the undersigned | $ | (182,295 | ) | $ | (284,262 | ) |
| depreciation | $ | (515,003 | ) | $ | (624,620 | ) |
| general administrative costs | $ | (4,243,507 | ) | $ | (5,401,289 | ) |
| Foreign exchange (loss) | $ | (233,651 | ) | $ | (195,938 | ) |
| Impairment of exploration and evaluation assets | $ | 0 | $ | 0 | ||
| Unrealized gain from fair value adjustment of derivatives | $ | 241,886 | $ | 0 | ||
| (Loss)/gain from the sale of property, plant and equipment | $ | 0 | $ | (2,910 | ) | |
| impairment | $ | (3,635,570 | ) | $ | (10,124,920 | ) |
| Net loss for the year | $ | (8,568,140 | ) | $ | (16,633,939 | ) |
| Working capital deficit | $ | (12,599,514 | ) | $ | (11,027,964 | ) |
| Cash loss from operating activities before changes in non-cash working capital | $ | (981,283 | ) | $ | (2,254,291 | ) |
| Cash as of December 31, 2022 | $ | 2,593,265 | $ | 1,038,643 | ||
Revenues for the year ended December 31, 2023 were $zero for the year ended December 31, 2022. Preliminary concentrate sales totaled $1,103,532 in 2023 compared to $608,000 in 2022. However, until the mine begins commercial production, net proceeds from concentrate sales will be offset against development assets.
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Net loss for the year ended December 31, 2023 was $8,568,140 (2022: $16,633,939) and cash used in operations before changes in non-cash working capital for the year ended December 31, 2023 year ending amounted to $981,283 (2022). : $2,254,291).
The Company had cash on hand of $2,593,265 at December 31, 2023 compared to $1,038,643 at December 31, 2022. Working capital deficit at December 31, 2023 was $12,599,514 Compares to a working capital deficit of $11,027,964 as of December 31, 2022 . Current liabilities include financing options and loans.
The detailed results and the Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this press release should be read in conjunction with the detailed results and the MD&A. The MD&A provides an analysis of comparisons to prior periods, trends affecting the business, and risk factors.
Qualified person
The financial components of this disclosure were prepared by Alan Buckley (Chief Financial Officer) and the production and permitting components by Brendan Morris (COO) and the exploration and geological components by Dr. Sarah Coulter verified, all qualified persons as defined by NI. 43-101. The information is based on local production and financial data prepared under their supervision.
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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 revenue 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 under the circumstances. Many factors could cause Galantas’ actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operations risk, geological uncertainties; regulatory restrictions, including environmental restrictions and liability; risks of state involvement; speculative nature of gold exploration; Dilution; Competition; loss or availability of key employees; additional financing needs; uncertainties regarding planning and other permitting issues; and defective ownership of mineral claims or property. These and other factors that could affect Galantas’s forward-looking statements are discussed in more detail in the “Risk Factors” section of Galantas’ Management Discussion & Analysis of Galantas’ financial reports and elsewhere in documents filed with the Company from time to time , discusses Canadian securities regulators and other regulators. These factors should be carefully considered and persons reading this press release should not place undue reliance on forward-looking statements. Galantas does not intend, and undertakes no obligation, to update or revise any forward-looking statements contained in this press release, except as required by law.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information provided in this communication is considered inside information within the meaning of the Market Abuse Regulation (EU) No 596/2014, which is part of UK law under the European Union (Withdrawal) Act 2018. With the publication of this announcement, this inside information is now considered to be in the public domain.
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Galantas Gold Corporation
CEO Mario Stifano
Email: [email protected]
Website: www.galantas.com
Telephone: +44 (0) 2882 241100
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Enzo Aliaj, Elliot Peters
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (sales and brokerage)
Telephone: +44(0)20 3470 0470
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