AIM and TSX listed Galantas Gold (GAL) is, I am afraid to say, investment toast. At 1.375p it is capitalised at £3.54 million but calendar 2012 results out today make it clear as clear can be that a target price of 0.01p is generous.
The company is a small scale producer of gold (with a dash of lead and silver thrown in) in Northern Ireland. The reality is that this company would only ever work if it massively ramped up production and if gold prices were much higher. All figures used in this piece are in Canadian dollars but the currency is kind of irrelevant – red ink looks the same whatever the denomination.
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