Galantas Increases Proposed Private Placement

Galantas Increases Proposed Private Placement

TORONTO, July 03, 2020 -- Galantas Gold Corporation (the “Company” or “Galantas”) (TSXV & AIM : Symbol GAL) , the AIM

and TSX Venture Exchange (“TSXV”) quoted gold mine developer and explorer with a 100% interest in Northern Ireland’s

Omagh gold mine, announces that due to investor demand, it has increased the proposed private placement of common

shares (the “Private Placement”) announced on June 26, 2020.

The net proceeds to be raised by the Private Placement are intended to be used to support mine operations and provide

general working capital for the Company.

The Private Placement is expected to include funds raised in both UK and Canadian currency and has increased to a

maximum of 2,833,132 shares, at an issue price of CAD$0.225 (UK£0.1328) per share for maximum gross proceeds of

 CAD$637,454 (UK£376,240). Provisional indications have been received for the maximum amount. A four month plus one day

hold period will apply to the shares and the shares will rank pari passu with the existing shares in issue of the Company. The

Private Placement will be brokered and insiders of the Company are expected to participate in the Private Placement.

A further announcement will be made in due course detailing the results of the Private Placement, which is subject to TSXV

and regulatory approval.

The gold mine at Omagh continues to deliver limited production of gold concentrate, from the processing of low grade stock.

The processing plant uses a non-toxic flotation process to produce concentrates, without the use of cyanide or mercury. It

satisfies strict environmental monitoring criteria set by the Northern Ireland regulatory authorities.

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 release.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Enquiries: Galantas Gold Corporation Roland Phelps C.Eng – President & CEO

Email: [email protected] Telephone: (UK) +44 (0) 2882 241100

Website: www.galantas.com

Grant Thornton UK LLP (AIM Nominated Adviser) Philip Secrett, Harrison Clarke, Richard Tonthat: Telephone: +44(0)20 7383

5100

Whitman Howard Ltd (Broker & Corporate Adviser)

Nick Lovering : Telephone: +44(0)20 7659 1234