Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF), which is developing the Omagh gold project in Northern Ireland, saw its losses widen in the first quarter.
Net losses grew to C$1.42mln from C$0.64mln as the company expanded its exploration programme and further developed its underground mine and on greater foreign exchange losses.
Concentrate sales generated US$219,000, down from US$567,000 in the first quarter of 2021, but the net proceeds from these sales are being offset against development assets until the mine starts commercial production.
Earlier this month, Galantas said it had resumed underground development and blasting and remained on track to start production in the second half of June.
READ: Galantas Gold intercepts new high-grade zone at its Omagh project
The company had C$2.42mln in cash at end-March.