Galantas Report Financial Results for the Quarter Ended June 30, 2024

Core Viewpoint - Galantas Gold Corporation reported its unaudited financial results for the second quarter of 2024, highlighting a continued lack of revenue and a net loss, while also emphasizing safety and regulatory compliance in operations [1][4]. Financial Highlights - Revenue for the quarter ended June 30, 2024, was $0, consistent with the same quarter in 2023 [3]. - Total costs and expenses of operations decreased to $30,318 from $72,881 year-over-year [3]. - The net loss for the quarter was $1,591,619, compared to a loss of $1,355,516 in the same quarter of 2023 [4]. - Cash loss from operating activities before changes in non-cash working capital was $961,910, up from $793,674 in the previous year [4]. - The working capital deficit increased to $12,593,186 from $12,059,946 year-over-year [4]. - Cash balance at June 30, 2024, was $395,514, down from $586,464 at the same date in 2023 [4]. - Provisional revenues from concentrate sales for the second quarter of 2024 totaled US$124,000, compared to US$255,000 in the second quarter of 2023 [3]. Operational Insights - The company has maintained a zero lost time accident rate since the start of underground operations, indicating a strong focus on safety [4]. - Environmental monitoring shows a high level of regulatory compliance, reflecting the company's commitment to environmental standards [4].