Galantas Gold Corp said on Wednesday its net loss increased as it still awaits to commence production at the Omagh gold project in Northern Ireland.
The Toronto-based mining company reported a net loss of C$1.6 million during the third quarter of 2022, up 33% from C$1.2 million a year prior, largely due to a decrease in the accretion and loan interest costs, decreasing stock-based compensation value and a one-off increase in management and administration wages.
Revenue remains unchanged at nil as net proceeds from concentrate sales provisional revenues are being offset against development assets until the mine begins commercial production. Concentrate sales provisional revenues totalled $183,000, down 44% from $329,000.
Galantas announced on September 15 that its subsidiary Flintridge Resources Ltd appointed QME Ltd as a mining contractor to develop the access and exploration drives to the Joshua vein at the Omagh mine.
The contract comprises a total of 600 metres of underground development and is expected to
commence in January 2023. Development to an exploration drive is expected to be completed by May
2023, followed by access drives to two mining levels at the Joshua vein in the third quarter of 2023.
Shares in Galantas were up 1.5% at 35.00 pence each in London on Wednesday afternoon.
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