Galantas Gold Closes Transaction to Form Joint Venture with Ocean Partners UK Limited to Develop Omagh Gold Project in Northern Ireland

TORONTO, Sept. 24, 2025 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQB: GALKF) (“Galantas” or the “Company”) is pleased to announce that it has closed the previously announced joint venture transaction with Ocean Partners UK Limited (“Ocean Partners”) to develop the high-grade Omagh Gold Project in County Tyrone, Northern Ireland (the “Omagh Project”), as described in the Binding Term Sheet dated June 6, 2025 (see Galantas Gold’s news release dated June 9, 2025).

Mario Stifano, CEO of Galantas, commented: “We are delighted to have closed this transformative transaction with Ocean Partners. With finance in place and the joint venture formally established, work will begin on a new drill program targeting high-grade zones at the Joshua Vein and testing the northern extension of the Kearney Vein to accelerate resource definition at the Omagh Project.

“With the Company’s now strengthened financial position, through the substantially reduced legacy debt along with the Melquart debt conversion, Galantas will continue advancing its other interests, including exploration at the Gairloch high-grade gold and copper volcanogenic massive sulphide (“VMS”) project in Scotland.”

Highlights of the Closing

Ocean Partners has completed the exchange of its existing loans, totalling approximately US$14 million (GBP £10.3 million), for an 80% interest in Flintridge Resources Limited (“Flintridge”) and Omagh Minerals Ltd (“Omagh Minerals”), subsidiaries of Galantas that collectively own the Omagh Project. As a result, Galantas retains a 20% interest in each subsidiary.

As part of the transaction, Ocean Partners has provided an initial capital investment of US$3 million (GBP £2.2 million). These funds are allocated toward exploration, restart planning, and general and administrative costs during the first phase of the joint venture, referred to as the Initial Term. Galantas is free carried during this period. Ocean Partners has also confirmed its option to provide an additional US$5 million (GBP £3.7 million) in a second phase (the “Second Term”), which will be directed toward further exploration and the commissioning of a development program. Galantas retains the option to participate pro-rata in this future funding.