Earnings release
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GALANTAS GOLD REPORTS SECOND QUARTER 2026 RESULTS Toronto, Ontario – August 26, 2026 – Galantas Gold Corporation (TSX-V: GAL | AIM: GAL) (“Galantas” or the “ Company”) reports its financial and operating results for the three and six months ended June 30, 2026 ("Q2 2026"). All dollar amounts are expressed in Canadian dollars, unless stated otherwise. The Company's unaudited condensed interim consolidated financial statements (the " Financial Statements") and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026 have been filed with Canadian securities regulatory authorities and AIM. These filings are available on the Company's website at www.galantas.com, on SEDAR+ (www.sedarplus.ca) under Galantas' issuer profile. Q2 2026 HIGHLIGHTS Financial results for the six months ended June 30, 2026 (“YTD 2026”) are summarized below. Q2 2026 ($) Q2 2025 ($) YTD 2026 ($) YTD 2025 ($) Cost and expenses of operations (1,783,525) (108,274) (2,241,341) (213,001) General administrative expenses (2,553,368) (1,274,016) (4,158,604) (2,361,504) Foreign exchange gain/(loss) 75,589 656,841 (90,152) 900,341 Unrealized (loss)/gain on derivative fair value adjustment (363,102) 48,747 (448,485) (316,543) Share of loss on investment in associate (61,140) Nil (101,790) Nil Other (expenses)/income Nil (33,333) Nil 55,556 Total net loss from operations (4,685,546) (710,035) (7,040,372) (1,935,151) Net loss per share (0.01) (0.01) (0.01) (0.02) Cash and cash equivalents 108,853,827 245,085 108,853,827 245,085 Total assets 217,570,601 37,786,621 217,570,601 37,786,621 Total non-current liabilities 24,580,648 8,217,778 24,580,648 8,217,778 Working capital surplus/(deficit) 91,637,721 (19,086,212) 91,637,721 (19,086,212) Operating, Financial and Corporate Updates: • As of June 30, 2026, t he Company had approximately $108. 9 million of cash and cash equivalents. • On June 23, 2026, the Company announced the successful acquisition of the Andacollo Gold Project in Chile (refer to “Andacollo Gold Project, Chile” below). • On June 16, 2026, the Company announced a change in management with the appointment of Andreas L’Abbé, CPA CA as Chief Financial Officer of Galantas.
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2 • On May 28, 2026, the Company announced the completion of a $100 million private placement consisting of 181,819,000 units (consisting of one common share of the Company and one half warrant exercisable at $0.80) of the Company at a price of $0.55 per unit. • On May 5, 2026, the Company announced the filing of a technical report containing an updated Mineral Resource Estimate (“ MRE”) for the Andacollo Gold Project (refer to “Andacollo Gold Project, Chile” below). SUBSEQUENT TO Q2 2026 Operating, Financial and Corporate Updates: • On August 12, 2026, the Company announced the selection of contractors for the Andacollo Gold Project with M3 Engineering & Technology Corporation (“M3”) being selected to lead the Preliminary Economic Assessment (“PEA”) and the crushing plant relocation program from Mexico to site. The PEA is targeting completion for Q4 2026. NCL Ingenieria y Construccion Ltda (“NCL”) has been contracted to advance the mine design and production schedules for restart and expansion scenarios. Stracon is providing early contractor involvement and practical input into mining fleet requirements, operating costs, mine infrastructure, pit dewatering, truck-shop refurbishment, contractor mobilization and mining execution planning. • On August 10, 2026, the Company announced an update on the ongoing exploration program at the Indiana Project. Key highlights include the completion of 5,060 metres of the planned 5,000 metre drill program (total of 13 holes) resulting in the identificatio n of potential exploration targets. The drill program was expanded to 12,500 metres. Assays are pending for the program. • On August 5, 2026, the Company announced the resignation of the Chief Operating Officer, Brendan Morris. Mr. Morris will remain a consultant for Galantas. • On July 24, 2026, the Company announced an amendment to a Dragones Share Purchase Agreement whereby the originally scheduled 2029 payment of USD$14 million was brought forward with USD$5 million being advanced and paid in July 2026 and USD$9 million advanced and to be paid in April 2027 (refer to the “Sol de Oro Acquisition” section of th e MD&A). • On July 13, 2026, the Company announced the signing of a binding agreement to acquire a three-stage, 20,000 tonnes per day (“tpd”) crushing plant and associated agglomeration plant equipment to be used at the Andacollo Gold Project. The consideration totals USD$4.2 million with completion of the purchase subject to the execution of a definitive asset purchase agreement and satisfaction of customary conditions, including regulatory, corporate, export, import and other third-party approvals. • On July 8, the Company announced the resignation of the Chair of the Board, Róisín Magee. Mr. David Cather is currently acting as Interim Chair. • On July 6, 2026, the Company announced the granting of 33,650,000 restricted share units and 775,000 stock options to certain directors, consultants and employees. ANDACOLLO GOLD PROJECT, CHILE Exploration and Development: • Key highlights of the technical report containing an updated MRE include: • Current pit-constrained MRE update comprises an Indicated Mineral Resource of 102.4 million tonnes (“Mt”) at 0.45 grams/tonne (“g/t”) gold (“Au”) containing 1.47 million ounces
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3 (“Moz”) Au and an Inferred Mineral Resource of 347.9 Mt at 0.41 g/t Au containing 4.54 Moz Au; • Additional and significant gold mineralization identified by DRA Americas Inc. is contained within the Andacollo Gold Project property boundary and could be accessed with a potential land access agreement from the adjacent property controlled by Teck Resources Limited (“Teck”); • Andacollo Gold Project is a brownfield, past-producing open pit heap leach gold operation with approximately 1.12 Moz of historical gold production; • Existing site infrastructure and local environmental approvals provide a strong platform for future engineering, permitting, and restart-readiness studies; and • Open-pit optimization sensitivity analysis indicates large, optimized pit shells with relatively low stripping ratios across a range of gold price assumptions. This sensitivity analysis is not additive to the current MRE and does not represent an economic analysis or production scenario. • Since the completion of the acquisition of the Andacollo Gold Project, Galantas has assembled an experienced technical, engineering and operations team to lead execution of the restart program. Ongoing activities include: • Detailed engineering for crushing plant relocation and installation, following the purchase of a three-stage, 20,000 tpd crushing plant and associated agglomeration plant equipment; • Site preparation and infrastructure upgrades; • Procurement and contracting for key project work packages; • Operational readiness planning; • Mine planning and development activities; • Recruitment and expansion of the Chilean operating team; and • Advancement of environmental, permitting and regulatory activities. • Company has engaged M3, STRACON and NCL as key contractors to complete a PEA by Q4 2026 and advance toward a potential restart, currently targeted for the first half of 2027. • Company is designing a drill program with the following objectives: infill and confirmatory drilling in support of the mine plan, testing of high-grade structures to enhance overall grade of the MRE, and evaluating the extent of copper mineralization possibly related to the adjacent Teck’s Carmen del Andacollo porphyry copper deposit. Cautionary Note: The Company has not made a production decision in respect of the Andacollo Gold Project. Any decision to restart production will be subject to, among other things, completion of further technical, operational and financial review, completion of installation, rehabilitation and commissioning activities, receipt of any remaining approva ls required at the relevant time, and formal approval by the Company’s board of directors. INDIANA PROJECT, CHILE Exploration and Development: • Galantas is currently in the process of preparing plans to develop the Indiana Project and bring it into production by the end of 2026. • On March 18, 2026, Galantas announced the start of a 5,000-metre diamond drilling program at its Indiana Project with a focus to tighten up the drill spacing and provide geotechnical information as the final steps for the development of the mine plan; and test for high-grade gold mineralization at structural intersections and down-dip extensions of the Bondadosa and Flor de Espino gold veins that could potentially expand the resource base while supporting mine planning and development.
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4 • On August 10, 2026, the Company announced an update on the ongoing exploration program including the completion of 13 holes totalling 5,060 metres of drilling, resulting in the identification of potential exploration targets. Assays are pending for the program. The drill program was expanded to 12,500 metres. Technical Reports Scientific and technical information relating to the Andacollo Gold Project and the current MRE is supported by the technical report titled "Mineral Resource Estimate Update, Andacollo Oro Gold Project, Coquimbo Region, Chile", dated May 4, 2026 (with an effective date of February 1, 2026), prepared by DRA Americas Inc. Scientific and technical information relating to the Indiana Project and the current MRE is supported by the technical repor t titled “Mineral Resource Estimate, Indiana Project, Atacama Region, Chile”, dated December 31, 2025 (with an effective date of December 9, 2025), prepared by DRA Americas Inc. For readers to fully understand the information in the Technical Reports, reference should be made to the full text of the Technical Reports in their entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Technical Reports are intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Reports were prepared in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards , and are available electronically on SEDAR+ ( www.sedarplus.ca) under Galantas Gold's issuer profile and on the Company's website at www.galantas.com. Qualified Person Statement The scientific and technical information in this news release has been reviewed and approved by Dorian L. (Dusty) Nicol, (P. Geo., Chartered Geo., FAusIMM) , the Company's exploration consultant, who is considered, by virtue of his education, experience and professional association, a Qualified Person for the purposes of NI 43-101. Mr. Nicol is a shareholder of the Company and acts as a Special Advisor on exploration to the Company. About Galantas Gold Corporation Galantas Gold Corporation is a publicly traded gold and copper company focused on the acquisition, development, and advancement of gold and copper assets in stable mining jurisdictions. The Company is currently advancing the development of the Indiana Project and the Andacollo Gold Project in Chile. Galantas’ strategy is to build long-term shareholder value through disciplined capital allocation, technically rigorous project evaluation, and responsible development of high-quality mineral assets. Enquiries Galantas Gold Corporation Mario Stifano: Chief Executive Officer Email: info@galantas.com Website: www.galantas.com
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5 Grant Thornton UK LLP (AIM Nomad) Philip Secrett, Harrison Clarke, Elliot Peters Telephone: +44(0)20 7383 5100 SP Angel Corporate Finance LLP (AIM Broker) David Hignell, Charlie Bouverat (Corporate Finance) Grant Barker (Sales & Brokering) Telephone: +44(0)20 3470 0470 Cautionary Statement Regarding Forward-Looking Information This news release contains certain forward ‑looking information and forward ‑looking statements within the meaning of applicable securities laws (collectively, “forward‑looking statements”). These forward‑looking statements relate to future events or the Company’s future performance and reflect management’s current expectations, assumptions and beliefs based on information currently available. All statements other than statements of historical fact are forw ard‑looking statements. Forward‑looking statements in this news release include, but are not limited to, statements regarding: the potential of the Company’s mineral properties to host economic deposits of gold, copper or other metals; the advancement, development and potential expansion of the Indiana Project and the Andacollo Gold Project; the timing, scope and results of exploration, development and mining activities; the Company’s ability to exercise its option to acquire a 100% interest in the Indiana Project; the Company’s ability to settle the deferred consideration related to the Andacollo Gold Project acquisition, the anticipated availability of financing to fund exploration, development, operating activities and capital commitments; expectations regarding commodity prices, interest rates and foreign exchange rates; the Company’s working capital position and liquidi ty requirements; management’s outlook regarding industry, market and macroeconomic trends; and expectations regarding asset values, impairment assessments and sensitivity analyses of financial instruments. Forward‑looking statements are frequently identified by words such as “plans”, “expects”, “is expected”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates”, “believes”, “continues”, or similar expressions, or by statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” occur or be achieved. Forward‑looking statements are based on a number of assumptions that management believes are reasonable at the time such statements are made, including, without limitation: that financing will be available on acceptable terms to fund the Company’s planned explorat ion, development and operating activities; that exploration and development programs will proceed as anticipated and yield results consistent with management’s expectations; that operating, capital and exploration costs will remain within anticipated ranges; that the Company will be able to retain and attract qualified personnel; that all required regulatory, environmental and governmental approvals will be obtained on a timely basis; that title to the Company’s mineral properties will not be challenged; an d that commodity prices, interest rates, foreign exchange rates and general economic and political conditions will be broadly supportive of the Company’s business objectives. Forward‑looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward‑looking statements. These risks and uncertainties include, without limitation: volatility in gold and copper prices; changes in capital markets and the availability and timing of financing on acceptable terms; risks inherent in mineral exploration and development, including geological uncertainty and the possibility that exploration results may not
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6 support further development; increases in operating, capital or exploration costs; risks related to permitting, environmental compliance and changes in laws or regulations; foreign exchange and interest rate fluctuations; adverse economic or political developments, particularly in jurisdictions where the Company operates; risks related to the Company’s reliance on the Indiana Project as its principal asset; and the risk that asset carrying values may not be recoverable, resulting in impairment charges if financing is not obtained or project expectations are not realized. In addition, the Company is exposed to financial risks, including interest rate risk on certain debt instruments and foreign exchange risk associated with assets, liabilities and expenditures denominated in currencies other than the Company’s functional currency. The forward‑looking statements in this news release speak only as of the date of this news release or as of the date specified in such statements. Readers are cautioned that forward ‑looking statements are not guarantees of future performance and that actual results and developments may differ materially from those expressed or implied by such forward ‑looking statements. Accordingly, readers should not place undue reliance on forward‑looking statements. Readers are also encouraged to refer to the “Risks and Uncertainties” section of th e MD&A and to the Company’s other public disclosure for a discussion of additional factors that could affect the Company’s future results. The Company undertakes no obligation to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. If the Company updates any forward‑looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward‑looking statements. Neither TSXV nor its Regulation Services Provider, as that term is defined in the policies of the TSXV, accepts responsibility for the adequacy or accuracy of this news release. The information contained in this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014, which forms part of UK law by virtue of the European Union (Withdraw al) Act 2018. This information is disclosed in accordance with the Company’s obligations under Article 17 of UK MAR. Upon publication of this announcement, this inside information is now considered to be in the public domain.