Mr. Mario Stifano reports

GALANTAS REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2023

Galantas Gold Corp. has released its unaudited financial results for the quarter ended Sept. 30, 2023.

Financial Highlights

Highlights of the third quarter 2023 results, which are expressed in Canadian Dollars, are summarized below:

Sales revenue for the quarter ended Sept. 30, 2023, amounted to $Nil compared with revenue of $Nil for the quarter ended Sept. 30, 2022. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$333,000 (CAD$450,000) and US$849,000 (CAD$1,148,000) during the three and nine months ended Sept. 30 2023 compared with US $183,000 and US$329,000 for the three and nine months ended Sept. 30, 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 Sept. 30, 2023, amounted to $1,313,355 (2022: $1,555,824) and the cash outflow from operating activities before changes in non-cash working capital for the quarter ended Sept. 30, 2023, amounted to $1,088,096 (2022: $324,827). The main difference in the reduction in net loss is due to a reduction in the value attributed to stock based compensation, an increase in financing activities from 2022 and a foreign exchange loss as a result of movement in the CAD$:Stg pounds sterling exchange rate.

The Company had a cash balance of $609,047 at Sept. 30, 2023, compared with $3,567,196 at Sept. 30, 2022. The working capital deficit at Sept. 30, 2023, amounted to $14,010,771 compared with a working capital deficit of $714,865 at Sept. 30, 2022.

The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com 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 has been reviewed by Alan Buckley (Chief Financial Officer) and the production and permitting components by Brendan Morris (COO), qualified persons under the meaning of NI. 43-101. The information is based upon local production and financial data prepared under their supervision.

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