Galantas Gold Corp has halved its net losses while it still has to post a commercial revenue from the Cavanacaw mine in Omagh, County Tyrone.
FINANCES
Net loss for the year ended 2023 totalled approximately CA$8.6 million compared with $16.7m the previous year.
The Canadian company recorded an impairment of $3.6m (2022: $10m) along with a fall in cost and expenses from operations to $182,295 (2022: $284,262) and administrative expenses to $4.2m (2022: $5.4m).
Cash outflow from operating activities decreased to $981,283 ($2.2m) while the company’s cash balance increased to $2.6m ($1m).
Galantas’ working capital deficit was $12.6m ($11m) with its current liabilities including financing facilities and loans.
Chief executive Mario Stifano’s wages fell to $197,748 ($246,894).
Provisional concentrate sales increased to US$1m for 2023 (US$608,000) with net proceeds offset against development assets, until the mine begins commercial production.
The company, which also has a project at Gairloch in Scotland, reported in March that an undrilled target might reveal a potentially wider gold district around the Cavanacaw mine.
As at 31 December 2023, Galantas’ issued shares totalled 114,841,403.
Of these Ross Beaty owns 3,744,747 common shares of the company or approximately 3.3% of the outstanding common shares; Premier Miton owns 4,848,243 shares (4.2%); Melquart owns, directly and indirectly, 28,140,195 shares (24.5% ); G&F Phelps owns 5,353,818 shares (4.7%); Eric Sprott owns 10,166,667 shares (8.9%); and Mike Gentile owns 6,217,222 shares (5.4%).
The company said that the remaining 49% of the shares were widely held, which includes various small holdings owned by directors of the company.