Mr. Mario Stifano reports

GALANTAS GOLD INTERCEPTS 33 METRES AT 1.88 GRAMS/TONNE GOLD, 1.23% COPPER, 0.51% ZINC AT GAIRLOCH PROJECT IN SCOTLAND

Galantas Gold Corp. has provided the results of the second exploration drill hole at the Gairloch project in Scotland.

Drilling highlights:

• Hole 23-GL-02 intersected 1.88 grams per tonne (g/t) gold (Au), 1.23 per cent copper (Cu), 0.51 per cent zinc (Zn), 0.01 per cent cobalt (Co) and 4.64 g/t silver (Ag) over 33 metres, including 2.55 g/t Au, 1.72 per cent Cu, 0.80 per cent Zn, 5.59 g/t Ag and 0.01 per cent Co over 19.33 metres.
• Four holes have been completed so far over the main deposit area totalling 190.4 metres.
• The company is currently drilling a deep hole through the centre of the deposit to understand the local stratigraphy and to explore for further mineralization at depth.

Drill program

This drill hole was a 50-metre step back from hole 23-GL-01 (see Galantas's news release dated July 10, 2023) and is part of a program of six holes aiming to test the Kerry Road deposit. The mineralized horizon intercepted in this hole 23-GL-02 was observed within a quartz-carbonate-rich unit between hornblende schist, much like the first hole 23-GL-01. The sulphide within this horizon was predominantly massive and semi-massive pyrrhotite and chalcopyrite.

A total of 494 metres has been drilled to date, with the results of holes 3 and 4 expected in the coming weeks. Hole 5 is a deep hole currently drilling below the known deposit.

Mario Stifano, chief executive officer of Galantas, commented: "This second hole has proven to be far richer and wider than anticipated. The results further confirm our belief that we are sitting on a potentially significant and district-scale, high-grade polymetallic mineral deposit and one that could be of strategic importance for the U.K. and Europe's critical metal supply."

Prospecting at the Gairloch project

Prospecting has identified multiple massive sulphide horizons in outcrop at newly exposed bedrock from a road cutting 1.5 kilometres east of the Kerry Road deposit. Results of the sampling are expected within the coming weeks. Further prospecting will continue along trend toward the Gorm Lochs prospect which lies 10 km south of Kerry Road. Historical samples collected at Gorm Lochs include up to four g/t Au in outcrop (see Galantas's news release dated Jan. 26, 2023).

Gairloch project overview

The Kerry Road deposit is a stratabound, Besshi-style, volcanogenic massive sulphide gold-copper-zinc deposit exposed at surface. It is one of the oldest known Besshi deposits, similar in age to the Sherridon district in Manitoba, Canada. The Kerry Road deposit was discovered by Consolidated Goldfields in the 1970s where 87 holes were drilled over 9,189 metres. No commercial exploration has taken place since then until 2018 when drilling by GreenOre Gold PLC confirmed the presence of mineralization at Kerry Road by intercepting 1.0 g/t gold, 0.9 per cent copper and 0.6 per cent zinc over 17 metres (see Galantas's news release dated Jan. 26, 2023). Rock chip sampling conducted by GreenOre in 2018 also identified elevated levels of cobalt in bedrock.

The Kerry Road deposit lies within the Gairloch schist belt, a Paleoproterozoic volcanic arc terrane extending over 25 km. The unit of interest is a quartz carbonate schist with the main minerals being chalcopyrite, sphalerite, pyrite and pyrrhotite. Limited exploration has been conducted over the area in recent years. The British Geological Survey (BGS) identified an outcrop of four g/t Au in its MRP146 report of the area, associated with a significant geophysical anomaly approximately 10 km south of the Kerry Road deposit, yet the area remains untested. This area is one of multiple targets identified by Galantas for follow-up exploration.

Galantas has acquired a 100-per-cent interest and the exclusive rights to explore and develop the Gairloch project, a 217-square-kilometre mineral licence area covering the Gairloch schist belt.

Qualified person and quality assurance and control

The technical and historical information in this release has been reviewed and approved by Gavin Berkenheger (CGeol, EurGeol) who is considered, by virtue of his education, experience and professional association, a qualified person under the terms of National Instrument 43-101. Mr. Berkenheger is not considered independent under NI 43-101 as he is a consultant of Galantas Gold.

Galantas Gold operates according to rigorous internal quality assurance and quality control (QA/QC) protocols with respect to the insertion of blanks, standards and duplicates into the sample stream prior to dispatch to ALS Laboratories, which are consistent with industry best practices. The QP has reviewed the QA/QC results in relation to these drill results and is satisfied that the results as reported are reliable.

Drill hole 23-GL-02 was positioned 50 metres step back from hole 23-GL-01 and drilled at 45 degrees dip in NQ core size. Core samples were split in half in mainly metre-long samples, inserting regular blanks and standards for QA/QC purposes. Analysis was conducted by ALS Laboratories in Loughrea, Ireland. Samples were prepared using PREP-31B crush to 70 per cent less than two millimetres, rifle split off one kilogram and pulverize split to better than 85 per cent passing 75 microns. Multielement analysis was conducted using ME-ICP61a four-acid digestion with inductively coupled plasma atomic emission spectroscopy finish. Gold was analyzed using Au-AA25 ore grade fire assay.

About Galantas Gold Corp.

Galantas Gold is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange 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 deposit in Scotland.

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