Galantas Report Annual Financial Results for the Year Ended December 31, 2023
April 25 2024 - 2:00AM
Galantas Gold Corporation (the ‘Company’) is pleased to announce
its audited annual financial results for the year ended December
31, 2023.
A copy of the Financial Statements and
Management Discussion and Analysis will be sent to shareholders in
due course and are available on the Company’s website at
www.galantas.com/investors.
The Annual and Special Meeting of the
Company is to be held at 11:00 a.m. (Toronto time) on 24th June
2024 at The Canadian Venture Building, 82 Richmond Street East,
Toronto, Ontario, M5C1P1, Canada.
Financial Highlights
Highlights of the 2023 audited annual results, which are
expressed in Canadian Dollars, are summarized below:
|
All figures denominated in Canadian Dollars (CDN$) |
Year EndedDecember 31 |
|
|
2023 |
2022 |
|
Revenue |
$ |
0 |
|
$ |
0 |
|
|
Cost and expenses of operations |
$ |
(182,295 |
) |
$ |
(284,262 |
) |
|
Loss before the undernoted |
$ |
(182,295 |
) |
$ |
(284,262 |
) |
|
Depreciation |
$ |
(515,003 |
) |
$ |
(624,620 |
) |
|
General administrative expenses |
$ |
(4,243,507 |
) |
$ |
(5,401,289 |
) |
|
Foreign exchange (loss) |
$ |
(233,651 |
) |
$ |
(195,938 |
) |
|
Impairment of Exploration and Evaluation Assets |
$ |
0 |
|
$ |
0 |
|
|
Unrealized gain on derivative fair value adjustment |
$ |
241,886 |
|
$ |
0 |
|
|
(Loss) / Gain on disposal 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 at December 31, 2022 |
$ |
2,593,265 |
|
$ |
1,038,643 |
|
| |
|
|
|
|
|
|
Sales revenue for year ended December 31, 2023
amounted to $ Nil as per the year ended December 31, 2022.
Provisional concentrate sales totalled US$ 1,103,532 for 2023
compared to US $ 608,000 for the year 2022. 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,
2023 amounted to $ 8,568,140 (2022: $ 16,633,939) and the cash
outflow from operating activities before changes in non-cash
working capital for the year ended December 31, 2023 amounted to $
981,283 (2022: $ 2,254,291).
The Company had a cash balance of $ 2,593,265 at
December 31, 2023 compared to $ 1,038,643 at December 31, 2022. The
working capital deficit at December 31, 2023 amounted to $
12,599,514 compared to a working capital deficit
of $11,027,964 at December 31, 2022. Current liabilities
include financing facilities and loans.
The detailed results and Management Discussion and Analysis
(MD&A) are available on www.sedar.com and www.galantas.com and
the highlights in this release should be read in conjunction with
the detailed results and MD&A. The MD&A provides an
analysis of comparisons with previous periods, trends affecting the
business and risk factors.
Qualified PersonThe financial components of
this disclosure has been reviewed 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, all qualified persons under the meaning of NI.
43-101. The information is based upon local production and
financial data prepared under their supervision.
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 revenues 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 in the circumstances. Many factors could
cause Galantas’ actual results, the performance or achievements to
differ materially from those expressed or implied by the forward
looking statements or strategy, including: gold price volatility;
discrepancies between actual and estimated production, actual and
estimated metallurgical recoveries and throughputs; mining
operational risk, geological uncertainties; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign involvement; speculative nature of
gold exploration; dilution; competition; loss of or availability of
key employees; additional funding requirements; uncertainties
regarding planning and other permitting issues; and defective title
to mineral claims or property. These factors and others that could
affect Galantas’ forward-looking statements are discussed in
greater detail in the section entitled “Risk Factors” in Galantas’
Management Discussion & Analysis of the financial statements of
Galantas and elsewhere in documents filed from time to time with
the Canadian provincial securities regulators and other regulatory
authorities. These factors should be considered carefully, and
persons reviewing this press release should not place undue
reliance on forward-looking statements. Galantas has no intention
and undertakes no obligation to update or revise any
forward-looking statements in this press release, except as
required by law.
Neither 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.
Information communicated within this
announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
Enquiries
Galantas Gold Corporation Mario Stifano CEO Email:
info@galantas.com 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
S.P Angel Corporate Finance (AIM Broker) David
Hignell, Charlie Bouverat (Corporate Finance)Grant Barker (Sales
and Broking)Telephone: +44(0)20 3470 0470
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