Galantas Report Financial Results for the Year Ended December 31, 2024

Core Viewpoint - Galantas Gold Corporation reported its audited financial results for the year ended December 31, 2024, highlighting a significant reduction in net loss compared to the previous year, despite no revenue generated from operations [1][3]. Financial Highlights - Revenue for 2024 was $0, consistent with 2023 [2]. - Total costs and expenses of operations decreased to $112,568 in 2024 from $182,295 in 2023 [2]. - Net loss for 2024 was $1,488,684, a substantial improvement from the net loss of $8,568,140 in 2023 [3]. - Cash outflow from operating activities before changes in non-cash working capital was $1,098,038 in 2024, down from $1,788,453 in 2023 [3]. - The company had a cash balance of $525,643 at the end of 2024, a decrease from $2,593,265 at the end of 2023 [4]. - Working capital deficit increased to $16,218,988 in 2024 from $12,599,514 in 2023 [4]. Operational Updates - The company has maintained a zero lost time accident rate since the start of underground operations, emphasizing its commitment to safety [5]. - Environmental monitoring indicates a high level of regulatory compliance [5]. Related Party Transactions - The company received a loan advance of £76,965 from Melquart Ltd. on November 6, 2024, and a further £100,000 on April 11, 2025, both under the same terms as a previous loan [7][8]. - As a substantial shareholder, Melquart is considered a related party, and the terms of these transactions are under review by the Board and its Nominated Adviser [9].