Galantas Report Financial Results for the Quarter Ended

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# Galantas Report Financial Results for the Quarter Ended

Source: https://galantas.com/site/assets/files/8771/2025-05-29_galantas_q1_2025_press_release_final.pdf
Published: 2025-05-29T00:00:00+00:00
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# Galantas Report Financial Results for the Quarter Ended
GALANTAS GOLD CORPORATION
TSXV & AIM: Symbol GAL
GALANTAS REPORT FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2025
May 29, 2025: Galantas Gold Corporation (the ‘Company’) is pleased to announce its unaudited financial results for the
Quarter ended March 31, 2025.
Financial Highlights
Highlights of the first quarter 2025 results, which are expressed in Canadian Dollars, are summarized below:
Quarter Ended
All figures denominated in Canadian Dollars
(CDN$)
March 31
2025 2024
Revenue $ 0 $ 0
Cost and expenses of operations $ (14,935) $ (17,332)
Loss before the undernoted $ (14,935) $ (17,332)
Depreciation $ (89,792) $ (106,226)
General administrative expenses $ (1,087,488) $ (1,173,035)
Foreign exchange gain (loss) $ 243,500 $ 119,127
Unrealized gain / (loss) on derivative fair
$ 365,290 $ (523,850)
value adjustment
Net (Loss) for the quarter $ (1,225,116) $ (653,616)
Working Capital Deficit $ (17,274,760) $ (11,290,856)
Cash loss from operating activities before changes $ (51,250) $ (495,610)
in non-cash working capital
Cash at March 31, 2025 $ 729,387 $ 1,288,200
Sales revenue for the quarter ended March 31, 2025 amounted to $ Nil compared to revenue of $ Nil for the quarter ended
March 31, 2024. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional
revenues totalled US$ Nil for the first quarter of 2025 compared to US $ 207,000 for the first quarter of 2024. Until the
mine commences commercial production, the net proceeds from concentrate sales are being offset against development
assets.
The Net Loss for the quarter ended March 31, 2025 amounted to $ 1,225,116 (2024: $ 653,616) and the cash outflow from
operating activities before changes in non-cash working capital for the quarter ended March 31, 2025 amounted to $51,250
(2024: $432,610).
The Company had a cash balance of $729,387 at March 31, 2025 compared to $1,288,200 at March 31, 2024. The working
capital deficit at March 31, 2025 amounted to $17,274,760 compared to a working capital deficit of $11,290,856 at March
31, 2024.
Safety is a high priority for the Company and we continue 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.
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 have been reviewed by Alan Buckley (Chief Financial Officer), the
exploration and geological components by Sarah Coulter and the production and permitting components by Brendan
Morris (COO), qualified persons under the meaning of NI. 43-101. The information is based upon local production and
financial data prepared under their supervision.
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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the
retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now
considered to be in the public domain.
Enquiries
Galantas Gold Corporation
Mario Stifano – CEO
Email: info@galantas.com
Website: www.galantas.com
Telephone: 001 416 453 8433
Grant Thornton UK LLP (Nomad)
Philip Secrett, Harrison Clarke, Elliot Peters:
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales and Broking)
Telephone: +44(0)20 3470 0470