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TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL) (the ‘Company’) is pleased to announce its audited financial results for the year ended December 31, 2024.
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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.
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Financial Highlights
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Highlights of the 2024 results, which are expressed in Canadian Dollars, are summarized below:
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| All figures denominated in Canadian Dollars (CDN$) | Year Ended December 31 | |||
| 2024 | 2023 | |||
| Revenue | $ | 0 | $ | 0 |
| Cost and expenses of operations | $ | (112,568) | $ | (182,295) |
| Loss before the undernoted | $ | (112,568) | $ | (182,295) |
| Depreciation | $ | (434,912) | $ | (515,003) |
| General administrative expenses | $ | (4,611,618) | $ | (4,243,507) |
| Foreign exchange gain (loss) | $ | (561,986) | $ | (233,651) |
| Unrealized gain on derivative fair value adjustment | $ | 1,870,422 | $ | 241,886 |
| (Reversal) / Impairment of property, plant and equipment and exploration and evaluation assets | $ | 3,250,867 | $ | (3,635,570) |
| Write-down of prepaid expenses | $ | 888,889 | $ | 0 |
| Net (Loss) for the year | $ | (1,488,684) | $ | (8,568,140) |
| Working Capital Deficit | $ | (16,218,988) | $ | (12,599,514) |
| Cash gain/(loss) from operating activities before changes in non-cash working capital | $ | (1,098,038) | $ | (1,788,453) |
| Cash at December 31, 2024 | $ | 525,643 | $ | 2,593,265 |
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Sales revenue for the year ended December 31, 2024 amounted to $ Nil compared to revenue of $ Nil for the year ended December 31, 2023. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$ 853,591 for the year 2024 compared to US$ 1,103,532 for 2023. Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.
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The Net Loss for the year ended December 31, 2024 amounted to $ 1,488,684 (2023: $ 8,568,140) and the cash outflow from operating activities before changes in non-cash working capital for the year ended December 31, 2024 amounted to $1,098,038 (2023: $1,788,453).
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The Company had a cash balance of $ 525,643 at December 31, 2024 compared to $ 2,593,265 at December 31, 2023. The working capital deficit at December 31, 2024 amounted to $ 16,218,988 compared to a working capital deficit of $ 12,599,514 at December 31, 2023.
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