Galantas Gold Corporation released its financial results for the quarter ended September 30, 2024, reporting nil revenue for the quarter, similar to the same period in 2023. The companys net loss for the quarter was $740,629, a decrease from the $1,313,355 loss in the third quarter of 2023. The companys cash balance as of September 30, 2024, was $383,011, compared to $609,047 at the end of the third quarter in 2023. The companys working capital deficit increased slightly to $14,098,845. The companys underground operations maintained a zero lost-time accident rate, and environmental monitoring showed a high level of regulatory compliance. The companys financial position and results were summarized, and the qualified persons for the financial and production components were noted. The special note regarding forward-looking statements was presented, highlighting the risks and uncertainties associated with the companys projections. The companys condensed interim consolidated financial statements for the three and nine months ended September 30, 2024, were provided, along with detailed notes. The companys going concern status and nature of operations were described, and the basis of preparation for the financial statements was outlined. Details on accounts receivable, prepaid expenses, inventories, property, plant and equipment, exploration and evaluation assets, decommissioning liability, accounts payable, financing facilities, convertible debentures, share capital, reserves, stock options, net loss per common share, revenues, and related-party disclosures were included. The segment disclosure and a note on the aggregates levy dispute contingency were also provided.
| Financial Item | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Cost and expenses of operations | $22,283 | $24,728 | $-2,445 |
| Loss before the undernoted | $22,283 | $24,728 | $-2,445 |
| Depreciation | $110,126 | $135,597 | $-25,471 |
| General administrative expenses | $1,174,156 | $858,600 | $315,556 |
| Foreign exchange gain (loss) | $26,553 | $294,430 | $-267,877 |
| Unrealized gain on derivative fair value adjustment | $592,489 | $0 | $592,489 |
| Net (Loss) for the quarter | $740,629 | $1,313,355 | $-572,726 |
| Working Capital Deficit | $14,098,845 | $14,010,771 | $88,074 |
| Cash gain/(loss) from operating activities before changes in non-cash working capital | $21,801 | $-1,088,096 | $1,109,997 |
| Cash at September 30 | $383,011 | $609,047 | $-226,036 |
| Total assets | $33,335,537 | $32,584,019 | $751,518 |
| Total liabilities | $23,496,797 | $21,226,863 | $2,270,934 |
| Equity | $9,838,740 | $11,357,156 | $-1,518,416 |