# MD&A

Source Brief: https://evesgoldminers.com/research/source-briefs/galantas-gold-corporation-2023-11-28-md-and-a-51e375f5
Original source: https://galantas.com/site/assets/files/8689/gal-q3-2023-mda.pdf
Original published: 2023-11-28
EGM generated: 2026-09-04
Company: Galantas Gold Corporation (GAL)

## Use Note

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## Extracted Document Text

# MD&A

Source: https://galantas.com/site/assets/files/8689/gal-q3-2023-mda.pdf
Published: 2023-11-28T00:00:00+00:00
Fetched: 2026-05-12T12:49:01.039+00:00
Source artifact: 51e375f5-f428-49aa-a415-63a65d834915
Normalizer input: text

## Content

# MD&A
GALANTAS GOLD CORPORATION
Management’s Discussion and Analysis
Three Months Ended
September 30, 2023
GALANTAS GOLD CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
Three Months Ended September 30, 2023
Introduction
This Management Discussion and Analysis (“MD&A”), dated November 28, 2023 provides a review of the
financial position and the results of operations of Galantas Gold Corporation (“Galantas” or the “Company”)
and constitutes management review of the factors that affected the Company’s financial and operating
performance for the three months ended September 30, 2023. This MD&A has been prepared in
compliance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. The
review is provided to enable the reader to assess the significant changes in the financial condition of the
Company as at and for the three and six months ended September 30, 2023. This MD&A should be read
in conjunction with the unaudited consolidated financial statements of the Company for the three months
ended September 30, 2023 together with the notes thereto. The Company’s consolidated financial
statements and the financial information reported in this MD&A have been prepared in accordance with
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards
Board (“IASB”) and interpretations issued by the IFRS Interpretations Committee (“IFRIC”). All amounts
presented are stated in Canadian dollars, unless otherwise indicated. Information contained herein is
presented as of September 30, 2023 unless otherwise indicated.
For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors,
considers the materiality of information. Information is considered material if: (i) such information results
in, or would reasonably be expected to result in, a significant change in the market price or value of
Galantas’ common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider
it important in making an investment decision; or (iii) it would significantly alter the total mix of information
available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with
reference to all relevant circumstances, including potential market sensitivity. Additional information about
the Company is available on SEDAR at www.sedar.com or at the Company’s website
www.galantas.com.
Cautionary Note Regarding Forward-Looking Information
This MD&A contains certain forward-looking information and forward-looking statements, as defined in
applicable securities laws (collectively referred to herein as “forward-looking statements”). These
statements relate to future events or the Company’s future performance. All statements other than
statements of historical fact are forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”,
“scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or
“believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions,
events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-
looking statements involve known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those anticipated in such forward-looking statements. The forward-looking
statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such
statement. The following table outlines certain significant forward-looking statements contained in this
MD&A and provides the material assumptions used to develop such forward-looking statements and
material risk factors that could cause actual results to differ materially from the forward looking statements.
1
Forward-looking information Assumptions Risk factors
Potential of the Company’s Financing will be available for Metal price volatility; uncertainties
properties to contain economic future exploration and involved in interpreting geological
deposits of base metals and other development and operation of the data and retaining title to acquired
metals. Company’s properties; the actual properties; the possibility that
results of the Company’s future exploration results will not
exploration activities will be be consistent with the Company’s
favourable; operating and expectations; availability of
exploration costs will not exceed financing for future exploration
the Company’s expectations; the and development of the
Company will be able to retain and Company’s properties; increases
attract skilled staff; all requisite in costs; environmental
regulatory and governmental compliance and changes in
approvals for exploration projects environmental and other local
and other operations will be legislation and regulation; interest
received on a timely basis upon rate and exchange rate
terms acceptable to the Company, fluctuations; changes in economic
and applicable political and and political conditions; the
economic conditions will be Company’s ability to retain and
favourable to the Company; the attract skilled staff.
price of applicable metals and
applicable interest and exchange
rates will be favourable to the
Company; no title disputes exist
with respect to the Company’s
properties
The Company’s ability to meet its The operating and exploration Adverse changes in debt and
working capital needs at the activities of the Company for the equity markets; timing and
current level for the year ending year ending September 30, 2024 availability of external financing
September 30, 2024. and the costs associated on acceptable terms; increases in
therewith, will be dependent on costs; environmental compliance
raising sufficient additional capital and changes in environmental
consistent with the Company’s and other local legislation and
current expectations; debt and regulation; interest rate and
equity markets, exchange and exchange rate fluctuations;
interest rates and other applicable changes in economic conditions.
economic conditions will be
favourable to the Company.
2
Management’s outlook regarding Financing will be available Metal price volatility; changes in
future trends. for the Company’s exploration, debt and equity markets; interest
development and operating rate and exchange rate
activities; the price of applicable fluctuations; changes in economic
metals, interest rates and and political conditions.
exchange rates will be favourable
to the Company.
Asset values for the quarter Management’s belief that no If the Company does not obtain
ended September 30, 2023. write-down is required for its equity or debt financing on terms
property and equipment resulting favorable to the Company or at all,
from continuing efforts to raise a decline in asset values that
capital (debt or equity, or a could be deemed to be other than
combination of both) to implement temporary, may result in
planned work programs on the impairment losses.
Company’s projects.
Sensitivity analysis of financial The Company has an interest rate Changes in debt and equity
instruments. risk on its G&F Phelps Ltd. and markets; interest rate and
Ocean Partners UK Ltd. loans. exchange rate fluctuations.
The Company has no significant
deposit interest rate risk due to
low interest rates on its cash
balances.
Prices and price volatility for The price of metals will be Changes in debt and equity
metals. favourable; debt and equity markets and the spot prices of
markets, interest and exchange metals; interest rate and
rates and other economic factors exchange rate fluctuations;
which may impact the price of changes in economic and political
metals will be favourable to the conditions.
Company.
3
Inherent in forward-looking statements are risks, uncertainties, and other factors beyond Galantas’ ability
to predict or control. Please also make reference to those risk factors referenced in the “Risks and
Uncertainties” section below. Readers are cautioned that the above chart does not contain an exhaustive
list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions
underlying such statements may prove to be incorrect. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the forward-looking statements contained in
this MD&A.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause Galantas' actual results, performance or achievements to be materially different from any of its future
results, performance or achievements expressed or implied by forward-looking statements. All forward-
looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly
or otherwise revise any forward-looking statements whether as a result of new information or future events
or otherwise, except as may be required by law. If the Company does update one or more forward-looking
statements, no inference should be drawn that it will make additional updates with respect to those or other
forward-looking statements, unless required by law.
Date of MD&A
This MD&A was prepared on November 28, 2023.
Overview – Strategy - Description of Business
Galantas Gold Corporation has been a producing mineral resource issuer and the first to acquire planning
consent to mine gold in Northern Ireland. Cavanacaw Corporation, a wholly owned subsidiary of Galantas,
owns all of the shares of the Northern Ireland companies – Flintridge Resources Limited, Omagh Minerals
Limited and Galantas Irish Gold Limited. During 2014 Cavanacaw acquired Flintridge Resources Limited,
a dormant company, and following a strategic review of its business, certain assets owned by Omagh
Minerals were acquired by Flintridge.
Mining at the Omagh mine had been conducted by open pit methods up to the suspension of production
in 2013. The mine produced a flotation concentrate and was shipped to a smelter under an off-take
agreement. The Company’s strategy to increase shareholder value has been to:
• With the additional funding, continue the expanded exploration programme and the further
development of its underground mine;
• Recommence production at the mine and processing plant;
• Continue to explore and develop extensions to the Kearney, Joshua and nearby known veins so as
to expand resources and increase gold production in stages;
• Explore the Company’s prospecting licences, focusing on the more than 60 gold targets identified
to date; these targets are the subject of further evaluation to rank and prioritise the more prospective
targets.
Underground development of a decline tunnel, located at the base of the existing open pit, commenced in
2017. The underground gold mine at Omagh commenced limited production of gold concentrate, from feed
produced in development of the Kearney vein in 2018. The processing plant uses a non-toxic flotation
process to produce concentrates, without the use of cyanide or mercury. It satisfies strict environmental
monitoring criteria set by the Northern Ireland regulatory authorities. The decline tunnel is planned to be
4
extended in depth to provide access to lower levels of in vein development which will form the development
necessary to block off production stopes.
Mineral Resources
During 2008, ACA Howe International Ltd prepared an updated estimate of mineral resources for the
Omagh mine. The report, entitled Technical Report on the Omagh Gold Pr

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