Galantas Gold Enters Into Binding Term Sheet for Joint Venture With Ocean Partners UK Limited to Develop Omagh Gold Project in Northern Ireland

US$3.0 Million Investment for Exploration and Restart Plan, Shares for Debt Transactions and Notice of Annual General Meeting and Special Meeting

TORONTO, June 09, 2025 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQB: GALKF) (“Galantas” or the “Company”) is pleased to announce that it has entered into a Binding Term Sheet with Ocean Partners UK Limited (“Ocean Partners”) on June 6, 2025 to joint venture the high-grade Omagh Gold Project in County Tyrone, Northern Ireland (the “Omagh Project”). Ocean Partners will exchange approximately US$14 million (GBP £10.3 million) in existing loans for an 80% interest in Flintridge Resources Limited (“Flintridge”) and an 80% interest in Omagh Minerals Ltd (“Omagh Minerals”), subsidiaries of Galantas which together own the Omagh Project (the “Proposed Transaction”). The remaining 20% interest in Flintridge and 20% interest in Omagh Minerals will be retained by Galantas. Following the Proposed Transaction, Ocean Partners will have the option to convert the approximately US$1 million (GBP £738,481) of remaining debt into a 0.001% interest in Flintridge at any time after mining has restarted on the Omagh Project.

Ocean Partners will invest an initial US$3 million (GBP £2.2 million) in the Omagh Project for exploration, a restart plan and general and administrative costs for a period of up to one year (the “Initial Term”). After the Initial Term, Ocean Partners will have the option to invest an additional US$5 million (GBP £3.7 million) for exploration and commissioning a development program for a period of up to one year (the “Second Term”). Galantas will be free carried on the initial US$3 million (GBP £2.2 million) investment and will have the option to invest its pro-rata share on future investments, including the Second Term.

Mario Stifano, CEO of Galantas, commented: “We are very pleased to enter into the Proposed Transaction with Ocean Partners, a long-standing stakeholder who recognizes the district-scale and high-grade potential of the Omagh Project. The Proposed Transaction represents a turning point in the Omagh Project’s development, enabling Galantas to benefit from a recommencement in production amid rising gold prices, while also strengthening the Company's balance sheet. The Company will have the benefit of receiving gold ounces once the Omagh Project is restarted, while also advancing the Gairloch high-grade gold and copper VMS project in Scotland. Upon closing of the Proposed Transaction, the joint venture intends to commence a drill program targeting the high-grade zones at the Omagh Project’s Joshua Vein and test the northern extension of the Kearney Vein.”