Galantas Gold (GAL) Q4 2024 earnings summary

Executive summary

• Reported a net loss of $1,488,684 for the year ended December 31, 2024, a significant improvement from a net loss of $8,568,140 in 2023.

• No sales revenue recognized for 2024 or 2023, as concentrate sales are offset against development assets until commercial production begins.

• Safety performance remained strong with zero lost time accidents since underground operations began.

Financial highlights

• 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.

• Cash balance at year-end 2024 was $525,643, compared to $2,593,265 at year-end 2023.

• Working capital deficit increased to $16,218,988 at December 31, 2024, from $12,599,514 at December 31, 2023.

• Provisional concentrate sales totaled US$853,591 in 2024, down from US$1,103,532 in 2023.

Significant events and developments

• Received further advances from Melquart Ltd. in November 2024 (£76,965) and April 2025 (£100,000) under the same terms as the 2023 loan agreement.

• Advances from Melquart, a substantial shareholder, are being reviewed as related party transactions under AIM Rule 13.