LONDON (ShareCast) - (Sharecast News) - Galantas Gold reported a narrower quarterly loss on Friday, as lower operating costs and foreign exchange gains offset ongoing development spending at its Omagh gold project in Northern Ireland.
The AIM-traded company posted a net loss of CAD 710,035 (£383,682) for the three months to 30 June, compared with a loss of CAD 1.59m in the same period last year.

Operating cash outflow before working capital changes fell to CAD 151,930 from CAD 961,910.

Revenue remained at zero, consistent with the prior year, as concentrate sales continue to be offset against development assets until commercial production begins.

The company recorded a foreign exchange gain of CAD 656,841 against a CAD 31,399 loss a year earlier, alongside an unrealised derivative gain of CAD 48,747.

General administrative expenses fell to CAD 1.27 million from CAD 1.51 million.

Cash at the end of June stood at CAD 245,085, down from CAD 395,514 a year earlier.

The working capital deficit widened to CAD 18.5 million from CAD 12.6 million.

Galantas said safety and environmental performance remain strong, with no lost time accidents since underground operations began and continued compliance with regulatory monitoring.

At 0834 BST, shares in Galantas Gold Corporation were up 9.83% at 3.84p.

Reporting by Josh White for Sharecast.com.

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