Mr. Mario Stifano reports

GALANTAS REPORT FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2023

Galantas Gold Corp. has provided its unaudited financial results for the quarter ended March 31, 2023.

Financial highlights

Highlights of the first quarter 2023 results are summarized in the attached table.

                                      Quarter ended March 31,
                                         2023           2022    

Revenue                                    $0             $0   
Cost and expenses of operations      $(50,215)      $(46,639) 
(Loss) before the undernoted         $(50,215)      $(46,639) 
Depreciation                        $(126,105)     $(130,531) 
General administrative expenses   $(1,242,764)   $(1,171,170) 
Foreign exchange gain (loss)          $25,470       $(67,472) 
Net (loss) for the quarter        $(1,393,614)   $(1,415,812) 

Sales revenue for the quarter ended March 31, 2023, amounted to nil compared with revenue of nil for the quarter ended March 31, 2022. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled $255,000 (U.S.) for the first quarter of 2023 compared with $219,000 (U.S.) for the first quarter of 2022. Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.

The net loss for the quarter ended March 31, 2023, amounted to $1,393,614 (2021: $1,415,812) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended March 31, 2023, amounted to $475,530 (2022: $577,604).

The company had a cash balance of $2,516,822 at March 31, 2023, compared with $2,417,152 at March 31, 2022. The working capital deficit at March 31, 2023, amounted to $11,074,990 compared with a working capital deficit of $1,850,980 at March 31, 2022. The increase results from a recategorization of loans from non-current to current.

Safety is a high priority for the company and the company continues to invest in safety-related training and infrastructure. The zero lost-time accident rate since the start of underground operations continues. Environmental monitoring demonstrates a high level of regulatory compliance.

The detailed results and management discussion and analysis (MD&A) are available on SEDAR and the company's website and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

Qualified person

The financial components of this disclosure have been reviewed by Alan Buckley (chief financial officer) and the production and permitting components by Brendan Morris (chief operating officer), qualified persons under the meaning of National Instrument 43-101. The information is based upon local production and financial data prepared under their supervision.

We seek Safe Harbor.