Gold mine developer Galantas Gold Corp (LON:GAL, CVE:GAL) ended 2017 with C$779,758 in cash (2016: C$557,005) as it continues to advance Northern Ireland's first underground mine.
As has been well documented, mining is currently suspended at the site and revenues for the year came in at C$35,308 (2016: C$74,068), mainly from jewellery sales.
WATCH: Galantas Gold secures additional finance to advance Omagh Mine
The net loss was around C$2.078mln versus a loss of C$1.61mln in 2016.
The group is currently awaiting the judgment of the Court of Appeal regarding an appeal by a third party regarding planning permission granted to the Omagh mine.
And this month it negotiated two tranches of additional finance that will be used to further develop the site.
Underground development continues to progress and is expected to accelerate, towards accessing the principal target - the main Kearney veins.
The mill has now been re-commissioned in anticipation of a restarting of concentrate shipments, subject to financing.
A budget of £2mln, excluding lease finance, for the first phase of underground mining has been estimated.
The underground mine will use the same processing methods as an open pit and will be the first underground gold mine, of any scale, in Ireland.
"I look forward to seeing the improved advanced rate expected with the interim tunnelling rig. At anticipated advance rates, we expect to reach the Kearney vein system, after approximately 160 metres of further development, in around 10 weeks," said Roland Phelps, the group's president and chief executive in today's results statement.