Mr. R. David Russell reports

GALLEON GOLD ANNOUNCES $20M BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH AND HARD DOLLAR SHARES AND $4.75M CONCURRENT NON-BROKERED PRIVATE PLACEMENT

Galleon Gold Corp. has entered into an agreement with ATB Cormark Capital Markets, as lead underwriter and sole bookrunner, on behalf of itself and a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal basis, a combination of securities of the company for aggregate gross proceeds of approximately $20-million, consisting of: (i) 4,717,000 common shares to be issued as flow-through (FT) shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of $1.59 per FT share, for aggregate gross proceeds of approximately $7.5-million; and (ii) 11,160,700 common shares at a price of $1.12 per hard-dollar (HD) share, for aggregate gross proceeds of approximately $12.5-million. The company also announces a concurrent non-brokered private placement to Pan American Silver Corp. at a price of $1.12 per common share, for aggregate gross proceeds of $4.75-million.

The company intends to use the gross proceeds from the sale of FT shares to incur Canadian exploration expenses, as defined in Subsection 66.1(6) of the tax act, which will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the tax act, and as eligible expenditures for purposes of the Ontario focused flow-through share tax credit on the West Cache gold project in Timmins, Ont. Such expenditures will be renounced to the initial purchasers of the FT shares with an effective date no later than Dec. 31, 2026 and will be incurred no later than Dec. 31, 2027. The net proceeds from the sale of HD shares and the non-brokered offering will be used for advancement of the project and for working capital and general corporate purposes.

The offerings are expected to close concurrently on or about Nov. 3, 2026, or on such other date as may be agreed to by the company and ATB Cormark with respect to the bought deal 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. Notwithstanding the foregoing, the closing of the sale of the FT shares must occur no later than the 45th day following the date of this news release, failing which the FT share portion of the bought deal offering shall not proceed. The completion of each of the offerings is subject to certain customary closing conditions, including receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The completion of the non-brokered offering is conditional on the completion of the bought deal offering. The bought deal offering is not conditional on the completion of the non-brokered offering.

Bought deal offering

The company has granted the underwriters an option to purchase additional HD shares at the HD offering price for additional gross proceeds of up to $3-million. The overallotment option shall be exercisable, in whole or in part, at the sole discretion of ATB Cormark at any time prior to the closing date.

The bought deal offering will be completed in reliance on a combination of prospectus exemptions. The FT shares will be offered pursuant to Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by OSC Rule 45-513, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers in each of the provinces of Canada, other than Quebec, and will not be subject to a hold period pursuant to applicable Canadian securities laws.

The HD shares will be offered: (i) on a private placement basis in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in certain other jurisdictions outside of Canada and the United States, in each case in reliance on OSC 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; and (ii) solely in the case of HD shares issued upon exercise of the overallotment option, to purchasers resident in each of the provinces of Canada, other than Quebec, pursuant to the listed issuer financing exemption. The HD shares will not be subject to a hold period under applicable Canadian securities laws.

There is an offering document related to the bought deal 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.

Non-brokered offering

The non-brokered offering will consist of the issuance and sale to Pan American of 4,241,071 common shares at a price of $1.12 per share, for aggregate gross proceeds of $4.75-million. The securities sold to Pan American pursuant to the non-brokered offering will be issued pursuant to exemptions from the prospectus requirements under NI 45-106 and the registration requirements of the U.S. Securities Act, and will be subject to a hold period of four months and one day from the closing date under applicable Canadian securities laws.

About Galleon Gold Corp.

Galleon Gold is advancing the West Cache gold project with a disciplined, derisking strategy centred on resource growth and an upcoming 86,500-tonne bulk sample program, positioning the company to unlock long-term shareholder value.

We seek Safe Harbor.