Mr. R. David Russell reports

GALLEON GOLD ANNOUNCES INCREASE IN THE AGGREGATE SIZE OF EQUITY FINANCINGS TO UP TO C$30 MILLION

In connection with previously announced equity financings: (a) Galleon Gold Corp. and Pan American Silver Corp. have agreed to increase the size of the non-brokered private placement of units of the company to Pan American to aggregate gross proceeds of $11.25-million; and (b) the company and Cormark Securities Inc. on behalf of a syndicate of agents have agreed to increase the size of the best effort private placement of units of the company to aggregate gross proceeds of approximately $16,000,200. Both the non-brokered units and the brokered units will be sold at a price of 60 cents per unit. If overallotment option (as defined below) granted to the agents in connection with the LIFE offering is exercised in full, the total gross proceeds of the offerings will be approximately $30-million.

The company intends to use the net proceeds from the offerings to advance surface infrastructure and underground development related to the bulk sample program at its West Cache gold project to repurchase a 3-per-cent net smelter royalty on the project (see press release dated Oct. 16, 2025) and for working capital and general corporate purposes.

The offerings are expected to close concurrently on or about Dec. 4, 2025, or on such other date as may be agreed to by the company and the agents, with respect to the LIFE offering, and by the company and Pan American, with respect to the non-brokered offering, in each case subject to compliance with applicable securities laws. The completion of each of the offerings is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange. Neither offering is conditional on the other closing.

Non-brokered offering

Each non-brokered 60-cent unit issued pursuant to the non-brokered offering will consist of one common share of the company and one-half of one common share purchase warrant. Each non-brokered warrant shall entitle the holder thereof to purchase one common share at a price of 75 cents at any time before 5 p.m. Toronto time on the date that is 24 months following the closing date (as defined below). The common shares and non-brokered warrants comprising the non-brokered units sold to Pan American, as well as the common shares issuable upon exercise of the non-brokered warrants, will be subject to a four-month hold period pursuant to applicable Canadian securities laws.

LIFE offering

The LIFE offering will consist of the issuance and sale of 26,667,000 brokered units at the offering price for gross proceeds of approximately $16,000,200. Each brokered unit will consist of one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one common share at a price of 75 cents at any time before 5 p.m. Toronto time on the date that is 24 months following the closing date. The company has granted the agents an option to offer for sale up to 4,583,000 additional brokered units at the offering price. The overallotment option shall be exercisable in full or in part at the sole discretion of the lead agent at any time prior to closing date.

The brokered units will be offered pursuant to Part 5A of National Instrument 45-106 (Prospectus Exemptions) as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption) to purchasers in each of the provinces of Canada. The agents may also offer the brokered units for sale in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in certain other jurisdictions outside of Canada and the United States pursuant to applicable regulatory requirements and in accordance with Ontario Securities Commission Rule 72-503 (Distributions Outside Canada), provided that no prospectus filing or comparable obligation, continuing reporting requirement, or requisite regulatory or governmental approval arises in such other jurisdictions. The common shares and warrants comprising the brokered units sold under the listed issuer financing exemption to investors resident in Canada or to investors outside of Canada pursuant to OSC Rule 72-503, as well as the common shares issuable upon exercise of the warrants, will not be subject to a hold period pursuant to applicable Canadian securities laws.

There are English and French versions of an offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

About Galleon Gold Corp.

Galleon Gold is an advanced exploration and development company focused on the West Cache gold project in Timmins, Ont. The project is located seven kilometres northeast of Pan American Silver's Timmins West mine and 14 kilometres southwest of Discovery Silver's Hollinger mine. The company is gearing up for its first test mining at West Cache. The 86,500-tonne underground bulk sample is designed to provide valuable data for feasibility studies. Galleon Gold's strategy is to systematically derisk the project while continuing to expand the asset through grassroots exploration.

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