Galantas Gold Reports Second Quarter 2026 Results
Galantas Gold Corporation (GAL) reported its financial and operating results for the three and six months ended June 30, 2026, revealing a total net loss from operations of $7,040,372 for the year-to-date period. The company highlighted a strong liquidity position, holding approximately $108.9 million in cash and cash equivalents as of June 30, 2026. This balance follows a $100 million private placement completed in May 2026.
For the year-to-date period ending June 30, 2026, Galantas reported a net loss per share of $(0.01). The financial breakdown included cost and expenses of operations at $(2,241,341), general administrative expenses of $(4,158,604), a foreign exchange loss of $(90,152), an unrealized loss on derivative fair value adjustment of $(448,485), and a share of loss on investment in associate of $(101,790).
As of June 30, 2026, the company’s balance sheet showed cash and cash equivalents of $108,853,827, total assets of $217,570,601, and total non-current liabilities of $24,580,648. The company reported a working capital surplus of $91,637,721.
Significant corporate transactions and financing activities occurred during the period. On June 23, 2026, Galantas announced the successful acquisition of the Andacollo Gold Project in Chile. Prior to this, on May 28, 2026, the company completed a private placement consisting of 181,819,000 units at $0.55 per unit, raising $100 million. Each unit comprised one common share and one-half warrant exercisable at $0.80.
On July 24, 2026, Galantas amended the Share Purchase Agreement for the Dragones project to bring forward the 2029 payment of USD$14 million. Under the amended terms, USD$5 million was paid in July 2026, and USD$9 million is due in April 2027. Additionally, on July 13, 2026, the company signed a binding agreement to acquire a 20,000 tpd crushing plant and agglomeration equipment for USD$4.2 million.
Management changes were also announced during the reporting period. Andreas L'Abbé, CPA CA, was appointed Chief Financial Officer on June 16, 2026. Brendan Morris resigned as Chief Operating Officer on August 5, 2026, remaining with the company as a consultant. Róisín Magee resigned as Chair of the Board on July 8, 2026, with David Cather serving as Interim Chair.
Regarding the Andacollo Gold Project, an updated Mineral Resource Estimate (MRE) filed on May 5, 2026, includes an Indicated Resource of 102.4 Mt at 0.45 g/t Au (1.47 Moz Au) and an Inferred Resource of 347.9 Mt at 0.41 g/t Au (4.54 Moz Au). Galantas has selected M3 Engineering for the Preliminary Economic Assessment (PEA) and crushing plant relocation, while NCL Ingenieria has been contracted for mine design. Stracon is providing early contractor involvement. The company targets PEA completion for Q4 2026 and aims to restart operations in the first half of 2027. Exploration efforts are currently designing a drill program for infill drilling, high-grade structure testing, and evaluating copper mineralization related to the adjacent Teck Resources property.
At the Indiana Project, Galantas completed 5,060 metres across 13 holes as of August 10, 2026. The program has been expanded to 12,500 metres, with assays pending. The company plans to bring the Indiana Project into production by the end of 2026.
On July 6, 2026, Galantas granted 33,650,000 restricted share units and 775,000 stock options to directors, consultants, and employees.