Galantas GOLD Announces Updated Mineral Resource Estimate at Andacollo Project and Provides Notice of Meeting and Record Date FOR the Special Meeting to Approve Its Acquisition
GALANTAS GOLD ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE AT
ANDACOLLO PROJECT AND PROVIDES NOTICE OF MEETING AND RECORD DATE
FOR THE SPECIAL MEETING TO APPROVE ITS ACQUISITION
TORONTO, ONTARIO – May 4, 2026 – Galantas Gold Corporation (“Galantas” or the “Company”)
(TSX-V: GAL | AIM: GAL) is pleased to announce that it has filed a technical report (the “Andacollo
Technical Report”) containing an updated mineral resource estimate for the Andacollo Oro Gold
Project (the “Andacollo Project ”). The Andacollo Technical Report titled “Mineral Resource
Estimate Update, Andacollo Oro Gold Project, Coquimbo Region, Chile”, with an effective date of
February 1, 2026, was prepared by Ryan Wilson, P.Geo., Matthew Halliday, P.Geo., David Frost,
FAusIMM, and Ghislain Prévost, P.Eng. of DRA Americas Inc. (“DRA”), in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101 ”). A copy of the
Andacollo Technical Report is available on the Company’s profile on SEDAR+ at
www.sedarplus.ca.
In addition, Galantas announces that it has filed the required notice setting the record and
meeting dates in respect of the special meeting of shareholders (the “Meeting”) to consider the
previously announced transaction to acquire all of the issued and outstanding shares of Sol de
Oro Mining Ltd. (“Sol”) from Robert Sedgemore, which indirectly holds a 100% interest in the
Andacollo Project (the “Transaction”). The record date for determination of shareholders eligible
to vote at the Meeting is set as May 12, 2026, and the Meeting will be convened on Monday,
June 15, 2026.
The management information circular in respect of the Meeting (the “Circular”) is expected to
be mailed and filed following the record date. Further details relating to the Transaction and the
Meeting, including the location of the Meeting and manner of voting, will be contained in the
Circular.
Shareholders are cautioned that the Andacollo Project is not currently owned by the Company
and Galantas’ interest in the Andacollo Project remains subject to completion of the Transaction.
Galantas has received conditional approval from the TSX Venture Exchange (the “TSXV”) with
respect to the completion of the Transaction, which requires Galantas to submit certain
customary documents and information to the TSXV prior to completing the Transaction,
including, among other things, evidence of disinterested shareholder approval in accordance
with the policies of the TSXV. The Transaction is expected to be completed in June 2026, subject
to receipt of all required approvals.
Highlights of the Andacollo Technical Report
The current pit-constrained Mineral Resource Estimate update comprises an Indicated
Mineral Resource of 102.4 million tonnes (Mt) at 0.45 grams/tonne (g/t) gold (Au)
containing 1.47 million ounces (Moz) Au and an Inferred mineral resource of 347.9 Mt
at 0.41 g/t Au containing 4.54 Moz Au.
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Additional and significant gold mineralization identified by DRA is contained within the
Andacollo Project property boundary and could be accessed with a potential land access
agreement from the adjacent property controlled by Teck Resources Limited (“Teck”).
The Andacollo Project is a brownfield, past-producing open pit heap leach gold operation
with approximately 1.12 Moz Au of historical gold production.
Existing site infrastructure and local environmental approvals provide a strong platform
for future engineering, permitting, and restart-readiness studies.
Open-pit optimization sensitivity analysis indicates large, optimized pit shells with
relatively low stripping ratios across a range of gold price assumptions. This sensitivity
analysis is not additive to the current mineral resource estimate and does not represent
an economic analysis or production scenario.
Mario Stifano, Chief Executive Officer of Galantas, commented:
“The updated Mineral Resource Estimate is an important milestone for Galantas and confirms
Andacollo as a substantial brownfield gold project with scale, a long operating history, and
meaningful exploration and development upside. The large and robust resource under multiple
gold price scenarios provides for a long-life asset while also demonstrating potential to
significantly expand future production scenarios. There is significant exploration potential to
expand the gold resource and for the discovery of significant copper resources at Andacollo,
including potential extensions of adjacent porphyry copper mineralization.”
Mineral Resource Estimate Update
The updated Mineral Resource Estimate presented in the Andacollo Technical Report is
summarized below.
Resource Classification Material Tonnes (Mt) Au (g/t) Contained Au (Moz)
Measured Oxide – – –
Measured Mixed – – –
Total Measured Oxide + Mixed – – –
Indicated Oxide 17.6 0.53 0.30
Indicated Mixed 84.8 0.43 1.17
Total Indicated Oxide + Mixed 102.4 0.45 1.47
Inferred Oxide 51.4 0.38 0.63
Inferred Mixed 296.5 0.41 3.91
Total Inferred Oxide + Mixed 347.9 0.41 4.54
Notes:
1. The mineral resource estimate has been estimated using the CIM Definition Standards for Mineral Resources and
Mineral Reserves in accordance with NI 43-101.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
3. Inferred mineral resources are exclusive of Measured and Indicated mineral resources.
4. In-pit mineral resources are constrained by Pseudoflow optimized pit shells using HxGn MinePlan™ 3D.
5. Pit shells were developed using pit slopes of 50 degrees, a gold price of US$3,800/oz, mining costs of US$5.67/t for both
mineralization and waste, US$4.82/t for in-pit dumps, processing costs of US$7.40/t milled, G&A costs of US$0.47/t
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milled, process recovery of 75.0%, transportation costs of US$0.84/t, discount rate of 8%, and an assumed production
rate of 5.475 Mt per annum.
6. In-pit estimates are reported in-situ at a marginal cut-off grade of 0.08 g/t Au.
7. Resource estimations were interpolated using Inverse Distance Weighting squared (“IDW2”); average densities for
oxide and mixed mineral types were applied for tonnage calculation purposes.
8. The effective date of the mineral resource estimate is February 1, 2026.
9. The independent qualified person for the mineral resource estimate, as defined by NI 43-101, is Matthew Halliday,
P.Geo., of DRA Americas Inc.
10. The Qualified Person is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other risk factors that might materially affect the estimate of mineral resources.
11. Figures have been rounded to an appropriate level for the reporting of mineral resources and may not compute exactly
as shown.
Open-Pit Optimization Sensitivity — Not Additional Mineral Resources
DRA completed an open-pit optimization sensitivity analysis to evaluate how the optimized pit
shell responds to different gold prices and related cut-off grades (COG). The analysis
demonstrates that the mineralized system remains substantial under lower gold price
assumptions. This analysis is not additive to the current MRE update and is provided only to
illustrate the effect of gold price and COG assumptions on optimized pit shell geometry.
Gold
Price COG Indicated
Gold In
Situ Inferred
Gold In
Situ Waste
Stripping
ratio
$/oz g/t
Tonnes
(Mt) Au (g/t)
Ounces
(Moz)
Tonnes
(Mt)
Au
(g/t)
Ounces
(MOz)
Tonnes
(Mt)
1,500 0.205 26.4 0.83 0.70 60.8 0.81 1.58 85.0 0.97
2,000 0.154 47.8 0.65 1.00 115.3 0.64 2.37 153.1 0.94
2,500 0.123 71.2 0.56 1.28 186.0 0.54 3.23 267.3 1.04
3,000 0.102 83.9 0.51 1.38 253.0 0.46 3.74 316.4 0.94
3,200 0.096 90.4 0.48 1.40 290.8 0.44 4.11 354.4 0.93
3,500 0.088 98.6 0.46 1.46 329.3 0.41 4.34 378.5 0.88
3,800* 0.081 102.4 0.45 1.47 347.9 0.41 4.54 412.5 0.92
* Selected gold price for reporting the current MRE update.
Figures may not compute exactly as shown due to rounding.
The sensitivity analysis indicates that the Andacollo Project maintains a large, optimized pit shell
across a range of gold price assumptions, with relatively low stripping ratios. These results are
preliminary in nature, and are not indicative of the mineral resources contained at the Andacollo
Project. The sensitivity analysis should not be interpreted as an economic analysis or production
scenario.
Project Overview
The Andacollo Project is located in the Coquimbo Region of Chile, approximately 55 kilometres
southeast of La Serena and immediately adjacent to the town of Andacollo. The Andacollo Project
comprises approximately 1,213 hectares of exploitation mining concessions and encompasses
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the former Andacollo open pit gold mining operations, including historical pits, heap leach pads,
processing facilities, waste rock storage areas, and associated infrastructure.
Figure 1: Existing brownfield infrastructure at the Andacollo Project, Coquimbo Region, Chile
Galantas has entered into a definitive share purchase agreement to acquire the Andacollo Project
through the acquisition of Sol. Until completion of the Transaction, the Andacollo Project remains
subject to the previously announced closing conditions, including minority shareholder approval,
regulatory approvals and final acceptance of the TSXV. Shareholders are cautioned that the
Andacollo Project is not currently owned by the Company and Galantas’ interest in the Andacollo
Project remains subject to completion of the Transaction.
The Andacollo Project is a past-producing open-pit heap leach gold operation. Historical mining
commenced in the mid-1990s and continued through multiple operating cycles, with a combined
historical production of approximately 1.12 Moz Au 1. The operation historically utilized
conventional open pit mining, three-stage crushing, heap leaching, and a conventional
adsorption-desorption-recovery circuit.
As a brownfield asset, the Andacollo Project benefits from existing site infrastructure, including
historical open pits, heap leach pads, water and power infrastructure, access roads, and
processing facilities. The Andacollo Project also benefits from proximity to the town of Andacollo
and to regional mining services, labour, suppliers, and infrastructure in La Serena and Coquimbo.
Existing infrastructure may reduce future restart capital requirements compared with a
1 As compiled from historical site production data records; previously reported in Geoinvest (2021), CMID SPA, Andacollo Oro, Chile
Technical Report Prepared by Geoinvest on behalf of CMID; Mineras Mina Andacollo Oro Project, Andacollo, Coquimbo Region,
Chile, NI 43-101 Technical Report, Effective Date August 23, 2021.
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greenfield development scenario, subject to further engineering, cost estimation, and technical
studies.
Significantly, the Andacollo Project benefits from existing RCA ( Resolución de Calificación
Ambiental No. 151/2014) environmental approvals authorizing restart of mining and processing
activities. The Andacollo Project has the required environmental approval in place for the
proposed restart activities, subject to the completion of remaining technical and sectoral
approvals.
The combination of scale, historical production, existing infrastructure, and open-pit geometry
provides Galantas with a strong technical foundation to advance the Andacollo Project through
the next phase of engineering, metallurgical, and restart-readiness studies.
Geology and Exploration Potential
Gold mineralization at the Andacollo Project is hosted primarily by the Quebrada Marquesa
Formation and is generally described as gold-bearing manto-style mineralization related to a
proximal porphyry copper-gold system. Mineralization is interpreted to have formed through
migration of hydrothermal fluids from the adjacent Carmen de Andacollo porphyry system along
favourable structures and permeable volcanic units.
The updated geological interpretation completed by Galantas and DRA improves continuity
within the mineralized domains and supports future exploration potential. Several well-defined
exploration targets remain open on the property, particularly near and beneath currently
identified mineralized zones and historical pits.
There is significant exploration potential at the Andacollo Project, including:
Extension of known manto mineralization along strike and down-dip.
Further exploration of recognized high-grade zones, including angle-drilling of vertical and
near-vertical structures.
Exploration for porphyry copper mineralization (hypogene and supergene-enriched)
extending onto the Andacollo Project from the adjacent Teck mine.
Metallurgy and Processing
Historical metallurgical testwork and operating data indicate that the Andacollo Project
mineralization is amenable to heap leach cyanidation. Column leach and bottle roll tests
indicated optimal crushing at approximately 3/8 inch, with historical recoveries generally in the
range of 65% to 75%, depending on ore type, grade, crush size, and leach exposure time.
Historical operational data also suggest that extending leach cycle duration may improve gold
recovery.
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DRA recommends additional metallurgical testwork, particularly for higher-grade vein material
and future ore sources, to support geometallurgical modelling, recovery forecasting, reagent
consumption estimates, and future flowsheet development.
Future Plans
Galantas intends to advance the Andacollo Project through a phased work program focused on
resource confidence, exploration upside, metallurgical testing, engineering, and restart-
readiness studies. DRA has recommended Phase 1 work including infill and confirmatory drilling,
exploration drilling, metallurgical testing, preparation of a Preliminary Economic Assessment
(PEA), and continued review and compilation of the historical database.Galantas is also assessing
whether the gold remaining in historic heaps on the property may represent an opportunity for
early production.
Qualified Person Statement
The scientific and technical information in this news release has been reviewed and approved by
Ryan Wilson, P.Geo., of DRA Americas Inc., an independent qualified person for the purposes of
NI 43-101.
About Galantas Gold Corporation
Galantas Gold Corporation is a publicly traded gold company focused on the acquisition,
development, and advancement of gold and copper assets in stable mining jurisdictions. The
Company is currently advancing the Indiana Project in Chile and has entered into a definitive
share purchase agreement to acquire the Andacollo Project through the acquisition of Sol,
subject to applicable approvals and closing conditions. Galantas’ strategy is to build long-term
shareholder value through disciplined capital allocation, technically rigorous project evaluation,
and responsible development of high-quality mineral assets.
Enquiries
Galantas Gold Corporation
Mario Stifano, Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +1 416-848-7744
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, Elliot Peters
Telephone: +44 (0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
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Grant Barker (Sales & Broking)
Telephone: +44 (0)20 3470 0470
ON BEHALF OF THE BOARD OF DIRECTORS
Mario Stifano
Chief Executive Officer and Director
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within
the meaning of applicable Canadian securities laws and the United States Private Securities
Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to,
statements regarding the completion of Transaction and the acquisition of the Andacollo Project;
the timing and outcome of the Meeting; the receipt of minority shareholder approval, regulatory
approvals and final acceptance of the TSXV; the Company’s expectations, plans, objectives, and
future activities with respect to the Andacollo Project; the potential restart of operations; the
potential timing, scope, and results of future exploration, drilling, metallurgical testing,
engineering studies, and technical studies; the potential preparation of a Preliminary Economic
Assessment; the potential benefits of existing infrastructure; the potential impact of the current
property boundary; the potential to obtain additional land access, pursue future synergies or
collaboration with neighbouring property holders, or complete commercial arrangements; the
potential economic extraction of mineral resources; and the Company’s development and
financing plans.
Forward-looking information is based on the opinions, estimates, assumptions, and expectations
of management and the qualified persons as of the date of this news release. Such assumptions
include, but are not limited to, assumptions regarding completion of the Transaction and the
Andacollo Project, receipt of required shareholder, regulatory and TSX Venture Exchange
approvals, future gold prices, exchange rates, regulatory approvals, permitting, access to capital,
technical study results, metallurgical performance, operating and capital costs, infrastructure
condition, contractor availability, property access, commercial arrangements with neighbouring
property holders and the Company’s ability to execute its plans. Forward-looking information is
subject to known and unknown risks, uncertainties, and other factors that may cause actual
results to differ materially from those expressed or implied by such forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information except as required by applicable
securities laws.
Cautionary Note Regarding Mineral Resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Inferred Mineral Resources are considered too speculative geologically to have economic
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considerations applied to them that would enable them to be categorized as mineral reserves.
There is no certainty that all or any part of the mineral resources will be converted into mineral
reserves.
Cautionary Note Regarding Historical Production, Existing Infrastructure and Production
Decisions
Historical production and historical operating performance are not necessarily indicative of
future production, recovery, costs, or economic results. Existing infrastructure may require
refurbishment, repair, replacement, or further technical assessment before any restart of
operations.
No mineral reserves have been estimated for the Andacollo Project. The Company has not made
a production decision, and any restart decision will require further technical, engineering,
environmental, regulatory, economic, and financing work.
Neither TSXV nor its Regulation Services Provider, as that term is defined in the policies of the
TSXV, accepts responsibility for the adequacy or accuracy of this news release.
The Company is admitted to trading on AIM and, accordingly, further disclosure may be found on
the Company’s profile on the London Stock Exchange website.
The information contained in this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014,
which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. This
information is disclosed in accordance with the Company’s obligations under Article 17 of UK
MAR. Upon publication of this announcement, this inside information is now considered to be in
the public domain.