Mr. Mario Stifano reports

GALANTAS GOLD ANNOUNCES CLOSING OF DEBT SETTLEMENT TRANSACTION

Galantas Gold Corp. has closed its previously announced debt settlement transaction, pursuant to which the company settled $2,711,000 (U.S.) of indebtedness owing to Ocean Partners U.K. Ltd., a creditor of the company, through the issuance of $2,711,000 (U.S.) aggregate principal amount of unsecured convertible debentures of the company.

The debentures issued in connection with the debt settlement were issued on substantially the same terms as the unsecured convertible debentures of the company issued pursuant to the non-brokered private placement that closed on Dec. 20, 2023 (see the news release entitled "Galantas Gold Announces Closing of US$2.6 Million Private Placement of Unsecured Convertible Debentures and Terms of Debt Settlement Transaction").

The debt settlement remains subject to the final acceptance of the TSX Venture Exchange. The debentures issued pursuant to the debt settlement are subject to a four-month hold period under applicable Canadian securities laws, which will expire on June 6, 2024.

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 (AIM), 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 (volcanic massive sulphide) deposit in Scotland.

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