Mr. Mario Stifano reports

GALANTAS GOLD ANNOUNCES RESOURCE UPGRADE AT THE OMAGH GOLD PROJECT IN NORTHERN IRELAND

Galantas Gold Corp. has released an updated National Instrument 43-101 compliant mineral resource estimate (MRE) for the company's Omagh gold project in Northern Ireland, effective June 22, 2023.

The MRE, prepared by Micon International Ltd., includes the main Kearney and Joshua vein systems, which have been updated on the basis of 42 additional drill holes and a complete review of the previous vein wire frame interpretations.

Highlights of the Omagh project 2023 MRE include:

• Increased strike and depth continuity of modelled veins in the Kearney and Joshua vein systems;
• The mineral resources are the most robust estimate of the Kearney and Joshua veins demonstrating reasonable prospects for eventual economic extraction (RPEEE);
• 53 per cent of mineral resources are reported in the measured and indicated categories;
• Total contained gold ounces have increased by 77 per cent from the previous 2014 estimate (announced on July 28, 2014);
• Deposit remains open along strike and to depth with downdip drilling planned on the Joshua vein under permitted development following a meeting of the Fermanagh and Omagh District Council (FODC).

Mario Stifano, chief executive officer of Galantas, commented: "This resource update is the culmination of a tremendous effort by our team at Omagh. The drill results from our most extensive exploration program since the 2014 resource estimate have increased our confidence in the high gold grades at the Omagh project, further confirming its potential particularly at the Joshua vein, which we are keen to explore."

Mineral resource estimate for the Kearney and Joshua vein system

By definition, a mineral resource has reasonable prospects for eventual economic extraction or RPEEE (CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards, 2014). In accordance with the recommendation of the CIM estimation of mineral resources and mineral reserves best-practice guidelines (2016), a minable shape optimizer (MSO) was used to identify spatially continuous mineralization within potentially minable shapes using reasonable assumptions based on the current operation. The previous 2014 mineral resource estimate did not take into account RPEEE as outlined in the CIM 2016 guidelines and only considered an economic cut-off on a block-by-block basis.

The 2023 MRE updated Joshua and Kearney mineral resources have been compared with the non-compliant reserve estimate used in the economic study presented in the technical report titled "Resource Estimate, Preliminary Economic Assessment & Detailed Feasibility Study on the Omagh Gold Project, County Tyrone, Northern Ireland," dated July 26, 2014. This is considered appropriate since the recommendation in 2016 by the CIM to apply an MSO to demonstrate RPEEE renders a comparison between the 2014 mineral resources unsuitable.

As can be seen from an attached table, the 2023 MRE tonnage and grade are higher than the 2014 PEA estimate, which is expected as the restrictions for estimating the potential minable resources in the 2014 PEA were greater than the high-level MSO that was used to define the 2023 MRE. However, the table also shows that, with the application of MSO to demonstrate RPEEE, the 2023 MRE is in line with previous expectations.

Omagh project mineral resource estimate

The 2023 MRE for the Omagh project is set out in an attached table. It includes the results of the mineral resource estimate for the Kearney and Joshua vein systems by Micon, effective June 22, 2023. All other veins were not updated during this process and therefore remain unchanged from the 2014 PEA.

The company will file a technical report supporting this mineral resource estimate in accordance with NI 43-101 within 45 days of this announcement.

Update on exploration

The drilling program continues on site with several targets identified. Permitted development rights are being exercised for surface drilling following a meeting of the Fermanagh and Omagh District Council (FODC). The program will enable targeted drilling of existing gaps in the mineral resource model on the Joshua vein system. Potential for extending the resource down plunge to the north, in the host lithology favourable to better vein development, remains to be tested.

Qualified person

The information in this announcement which relates to the updated mineral resource estimate for the Omagh gold project has been approved by Liz de Klerk, MSc, PrSciNat, FIMMM, who is a professional registered with the South African Council for Natural Scientific Professionals (SACNASP) and an independent consultant to the company. Ms. de Klerk is the senior geologist and managing director of Micon International Co. Ltd. and has over 20 continuous years of exploration and mining experience in a variety of mineral deposit styles. Ms. de Klerk has sufficient experience that is relevant to the style of exploration, mineralization and type of deposit under consideration and to the activity which she is undertaking to qualify as a qualified person under the terms of NI 43-101. Ms. de Klerk consents to inclusion in the announcement of the matters based on this information in the form and context in which it appears.

About Galantas Gold Corp.

Galantas Gold is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM (Alternative Investment Market), both under the symbol GAL. It also trades on the OTCQX exchange under the symbol GALKF. The company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh project in Northern Ireland and exploring the Gairloch project hosting the Kerry Road gold-bearing VMS (volcanogenic massive sulphide) deposit in Scotland.

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