Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) announced its results for the third quarter of 2022 which showed a cash balance of C$3.6mln.
The AIM-listed company, which continues to develop the Omagh project in Northern Ireland, reported net losses in the three months to 30 September 2022 of C$1.6mln (£1.0mln), widening from C$1.2mln for the year-earlier quarter on zero revenue.
Provisional revenue from sales of concentrate totalled US$183,000 in the quarter. However, the net proceeds from concentrate sales are being offset against development assets until the start of commercial production at the mine.
Galantas recently appointed Micon International Ltd to produce a NI 43-101-compliant resource estimate for the Omagh gold project after Galantas completed more than 4,100 metres of drilling during the last year.