GALANTAS GOLD CORPORATION Financial Highlights
Highlights of the second quarter 2021 results, which are expressed in Canadian Dollars, are summarized below:
All figures denominated in Canadian Dollars (CDN$) | Quarter Ended | Six Months Ended | ||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenue | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||
| Cost and expenses of operations | $ | (61,333 | ) | $ | (31,239 | ) | $ | (107,481 | ) | $ | (67,075 | ) |
| Loss before the undernoted | $ | (61,333 | ) | $ | (31,239 | ) | $ | (107,481 | ) | $ | (67,075 | ) |
| Depreciation | $ | (87,088 | ) | $ | (84,391 | ) | $ | (159,153 | ) | $ | (173,118 | ) |
| General administrative expenses | $ | (2,719,055 | ) | $ | (650,727 | ) | $ | (3,224,152 | ) | $ | (1,307,495 | ) |
| Foreign exchange (loss) / gain | $ | (21,092 | ) | $ | (25,784 | ) | $ | (37,745 | ) | $ | 75,232 | |
| Net Loss for the period | $ | (2,888,568 | ) | $ | (792,141 | ) | $ | (3,528,531 | ) | $ | (1,472,456 | ) |
| Working Capital Surplus / (Deficit) | $ | 4,505,905 | $ | (7,700,406 | ) | $ | 4,505,905 | $ | (7,700,406 | ) | ||
| Cash profit / (loss) from operating activities before changes in non-cash working capital | $ | 144,806 | $ | (294,582 | ) | $ | 144,806 | $ | (294,582 | ) | ||
| Cash at | $ | 6,142,477 | $ | 199,953 | $ | 6,142,477 | $ | 199,953 | ||||
Sales revenue for the quarter ended
The Net Loss for the quarter ended
The Company had a cash balance of
Exploration
The Company during the month of July initiated an initial 4,000 metre Phase 1 drill program targeting the Joshua vein from surface and targeting the
Safety is a high priority and the company continued 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. With the new management and operations team in place, detailed review of mine plans and production profile are ongoing.
“The Company has made great strides in advancing the Omagh project with the commencement of drilling to increase the confidence of resources for mine planning while also looking to expand known resources. Operationally the Company has secured critical new mining equipment to support mining activities while strengthening site management and operations team as we commence a phased restart of operations,” commented
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 Person
The financial components of this disclosure has been reviewed by
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’s 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
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
Enquiries
Email: info@galantas.com
Website: www.galantas.com
Telephone: 001 416 453 8433
Telephone: +44(0)20 7383 5100
Telephone: +44(0)20 7659 1234
2021 GlobeNewswire, Inc., source
