- Galantas Gold (GAL) has reported its unaudited financial results for the quarter and six months ended June 30, 2022
- Net loss for the quarter ended June 30, 2022 was $1,580,568 compared to $2,888,568 in 2021
- The company had a cash balance of $903,455 as of June 30, 2022
- Galantas Gold owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland
- Galantas Gold Corporation (GAL) is down 13 per cent on the day, trading at C$0.60 per share at 1:15 pm ET
Galantas Gold (GAL) has reported its unaudited financial results for the quarter and six months ended June 30, 2022.
Highlights of the second quarter 2022 results are summarized below:
The net loss for the quarter ended June 30, 2022 amounted to $1,580,568 (2021: $2,888,568) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended June 30, 2022 amounted to $1,738,055 (2021: $144,806).
The company had a cash balance of $903,455 as of June 30, 2022 compared to $6,142,477 at June 30, 2021. The working capital deficit at June 30, 2022 amounted to $3,687,844 compared to a working capital surplus of $4,505,905 at June 30, 2021.
On August 4, 2022, the company announced results for three holes from its ongoing 4,000-metre drilling program at the Omagh Project, including a hole that intersected 31.8 grams per tonne gold and 39.2 grams per tonne silver over 4.4 metres.
Ongoing development of the underground decline will facilitate deeper drilling and more precise targeting of dilation zones to the south at Kearney, planned later this year. Drilling is also planned from the 1084 level, with the aim of identifying and delineating new dilation zones to the north at Kearney.
The company is experiencing cost pressures in fuel and energy costs as well as input costs including labor and supplies. The long term impact of macroeconomic cost pressures result from supply chain issues arising from the COVID pandemic and energy cost increases resulting from the war in Ukraine.
Galantas Gold is involved in mining and exploration activities. The company owns and operates a producing open-pit gold mine near Omagh, County Tyrone, Northern Ireland.
Galantas Gold Corporation (GAL) is down 13 per cent on the day, trading at C$0.60 per share at 1:15 pm ET.