In results for the nine months to September 30, 2020, the company reported a loss of C$102,733, narrowed from a C$186,818 loss in the previous year, while it ended the period with cash of C$638,433.
Galantas said it had commenced shipments of concentrate from the Omagh mine in the second quarter of the year, adding that provisional revenues from concentrate sales for the nine months totalled around US$876,000 (C$1.1mln). The firm added that until the mine reaches the commencement of commercial production, the net proceeds from concentrate sales will be offset against development assets.
The firm also said that during its third-quarter it raised C$637,454 in a fully subscribed brokered private placement, noting that certain underground work continued at the project over the first nine months of the year despite ore production being suspended until financing is available to expand the underground operation.
During the second quarter of the year, the company said confirmation had been received from the police service of Northern Ireland regarding their satisfaction of certain secure storage and handling protocols required for an increase in mine blasting to a commercial level, subject to financial matters being agreed, following a temporary suspension in 2019.
Meanwhile, the company said its processing plant has continued to operate on a limited basis, and that concentrate production for the nine months totalled 186 tonnes grading at 90 grams per tonne of gold.
Galantas also said it is seeking strategic alternatives including reviewing its licenses and operations and considering the possibility of engaging in a sale, joint venture, partnership or other options with third parties and alternative financing structures.
For the third quarter period to September 30, the company reported a loss of C$35,658 compared to a C$31,310 a year ago with no revenue reported.