Galantas Gold Corporation reported an increase in losses for its operations at Cavanacaw mine in Omagh, Northern Ireland.
FINANCES
In its financial results for the quarter ended 31 March 2022, the Canadian company’s losses amounted to CA$1,415,812 (2021: $639,963).
General administrative expenses increased to $1,171,170 (2021: $505,097) while cash outflow from operating activities also rose to $577,604 (2021: $296,161).
Sales revenue remained $Nil as net proceeds from concentrate sales are offset against development assets until the mine starts commercial production.
Shipments of concentrate began during Q3 2019. Concentrate sales provisional revenues totalled US$219,000 for Q1 2022 (Q1 2021: US$567,000).
At 31 March 2022, Galantas had a cash balance of $2,417,152 (Q1 2021: $487,193) with a working capital deficit of $1,850,980 (Q1 2021: $8,532,943).
ENVIRONMENT AND SAFETY
The company recorded zero lost time accident rate since the start of underground operations continues, and environmental monitoring demonstrates a high level of regulatory compliance.