Galantas Gold Corporation shares climbed 2.8% to 36p in late morning trading on Friday, after the gold miner reported a narrowed net loss in Q2 2022 to $1.5 million compared to $2.8 million the year before.
Galantas Gold Corporation linked the reduction in net loss to a fall in the value attributed to stock based compensation and a drop in financing activities from FY 2021.
The firm announced a cash loss from operating activities of $1.7 million against a profit of $144,806 in Q2 2021.
Galantas Gold Corporation highlighted $66,995 in cost and operational expenses from $61,333, along with general administrative expenses of $1.4 million compared to $2.7 million.
The company noted a cash balance of $903,455 at 30 June 2022 against $6.1 million year-on-year, with a working capital deficit of $3.6 million compared to a working capital surplus of $4.5 million the last year.
