Mr. Mario Stifano reports

GALANTAS GOLD DRILLS 34.25 METRES AT 1.87 GRAMS/TONNE GOLD, 1.17% COPPER, 1.20% ZINC AND 131 GRAMS/TONNE COBALT AT GAIRLOCH PROJECT IN SCOTLAND

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

Highlights:

• Hole 23-GL-05 intersected 1.87 grams per tonne (g/t) gold (Au), 1.17 per cent copper (Cu), 1.20 per cent zinc (Zn), 131 g/t cobalt (Co) and 7.06 g/t silver (Ag) over 34.25 metres with new mineralization identified a further 100 metres at depth.
• Recent and historical drilling have identified a mineralized trend with a strike of over one kilometre and to a depth of 250 metres.

Mario Stifano, chief executive officer of Galantas, commented: "Our first drill program at the Gairloch project continues to exceed management's expectations, as the results from this fifth hole has further solidified the high-grade copper-gold potential while extending known mineralization to depth. Mineralization has been drilled over an area one km in strike, up to 150 metres wide and to a depth of 250 metres, and remains open. The company plans to conduct modern geophysics over the 10 km long known mineralized belt to prioritize drilling targets for a planned new drilling program."

Drill program

Drill hole 23-GL-05 was a vertical hole drilled 22 metres east of hole 23-GL-04, intersecting the mineralized unit at 10 metres down to 44.25 metres. This hole targeted a geophysical anomaly and also acted as a stratigraphic hole. Previously unknown zones of mineralization were identified for a further 100 metres below the main mineralized zone down to a depth of 144 metres.

This drilling program was localized within 100 metres of where the mineralized unit is exposed at surface. Historical drilling identified a one km long mineralized trend which the company will aim to explore and expand in the coming year. The deepest intersection to date has been in historical hole GBH82 collared 620 metres to the southeast of the current hole, which intersected five metres at 1.07 g/t Au and 1.75 per cent Cu at 250 metres depth.

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 intersecting one 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 the bedrock.

The Kerry Road deposit lies within the Gairloch schist belt, a Paleoproterozic 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 km mineral licence area covering the Gairloch schist belt.

Qualified person and quality assurance/quality 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-05 was positioned 22 metres east of hole 23-GL-04 and drilled at a minus-90-degree dip in NQ core size. Core samples were split in half in mainly metre-long samples, inserting regular blanks, standards and duplicates 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-ICP61, a 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 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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