Galantas Reports Financial Results FOR the Quarter

GALANTAS REPORTS FINANCIAL RESULTS FOR THE QUARTER

ENDED SEPTEMBER 30, 2021

November 29, 2021: Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas”

or the “Company”) is pleased to announce its unaudited financial results for the quarter ended

September 30, 2021.

Financial Highlights

Highlights of the third quarter 2021 results are summarized below. All figures are in Canadian

dollars unless otherwise stated.

All figures denominated in Canadian Dollars (CDN$)

Quarter Ended

September 30

2021 2020

Nine Months Ended

September 30

2021 2020

Revenue $ 0 $ 0 $ 0 $ 0

Cost and expenses of operations $ (74,462) $ (35,658) $ (181,943) $ (102,733)

Loss before the undernoted $ (74,462) $ (35,658) $ (181,943) $ (102,733)

Depreciation $ (89,151) $ (80,213) $ (248,304) $ (253,331)

General administrative expenses $ (914,174) $ (597,315) $(4,138,326) $ (1,904,810)

Foreign exchange (loss) / gain $ (95,489) $ (63,770) $ (133,234) $ (11,462)

Net Loss for the period $ (1,173,276) $ (776,956) $(4,701,807) $ (2,249,412)

Working Capital Surplus / (Deficit) $ 2,454,581 $ (7,936,041) $ 2,454,581 $ (7,936,041)

Cash profit / (loss) from operating activities

before changes in non-cash working capital $ (1,116,243) $ (359,304) $ (612,154) $ (1,007,785)

Cash at September 30, 2021 $ 3,881,674 $ 638,433 $ 3,881,674 $ 638,433

Sales revenue for the quarter ended September 30, 2021 amounted to $Nil compared to revenue of

$Nil for the quarter ended September 30, 2020. Shipments of concentrate commenced during the

third quarter of 2019. Concentrate sales provisional revenues totalled US$ 329,000 for the third

quarter of 2021 compared to US$690,000 for the third quarter of 2020. Until the mine commences

commercial production, the net proceeds from concentrate sales are being offset against

development assets.

The net loss for the quarter ended September 30, 2021 amounted to $ 1,173,276 (2020: $776,956)

and the cash inflow from operating activities before changes in non -cash working capital for the

quarter ended September 30, 2021 amounted to $(1,116,243 (2020: ($359,304)). The difference in

the net loss is mainly due to stock based compensation and additional investor relations costs and

marketing activities.

The Company had a cash balance of $ 3,881,674 at September 30, 2021 compared to $638,433 at

September 30, 2020. The working capital surplus at September 30, 2021 amounted to $2,454,581

compared to a working capital deficit of $7,700,406 at June 30, 2020.

Exploration

The Company, during the month of July, began an initial 4,000-metre Phase 1 drill program targeting

the Joshua Vein from surface, and targeting the Kearney Vein with underground drilling.

On November 24, 2021, Galantas announced results for the second underground hole in this drilling

program. The highlights of this drilling program are detailed in the release and include a significant

intercept of 26.7 g/t gold over 2.9 metres on the Kearney vein system. On October 12, 2021, Galantas

announced initial drill results which included an intercept of 17.7 g/t gold over 2.5 metres.

Mine Development

Safety is a high priority and the Company continued to invest in safety -related training and

infrastructure. The zero lost-time accident rate since the start of underground operations continues.

Environmental monitoring demonstrates a high level of regulatory compliance. With the new

management and operations team in place, detailed review of mine plans and production profile are

ongoing.

Mario Stifano, CEO of Galantas, commented: “The Company has made great strides in advancing

the Omagh Project with the commencement of drilling to increase the confidence of resources for

mine planning while also looking to expand known resources. Operationally, the Company has

secured critical new mining equipment to support mining activities while strengthening the site

management and operations team as we commence a phased restart of operations early in the

new year.”

The detailed results and Management Discussion and Analysis (MD&A) are available on

www.sedar.com and www.galantas.com, and the highlights in this release should be read in

conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons

with previous periods, trends affecting the business and risk factors.

Qualified Person

The financial components of this disclosure has been reviewed by Alan Buckley (Chief Financial

Officer) and the production and permitting components by Brendan Morris (Chief Operating

Officer), qualified persons under the meaning of NI 43-101. The information is based upon local

production and financial data prepared under their supervision.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release contains forward -looking statements within the meaning of the United States

Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, includ ing

revenues and cost estimates, for the Omagh Gold project. Forward-looking statements are based on

estimates and assumptions made by Galantas in light of its experience and perception of historical

trends, current conditions and expected future developments, as well as other factors that Galantas

believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results,

the performance or achievements to differ materially from those expressed or implied by the forward

looking state ments or strategy, including: gold price volatility; discrepancies between actual and

estimated production, actual and estimated metallurgical recoveries and throughputs; mining

operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory

restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration;

dilution; competition; loss of or availability of key employees; additional funding requirements;

uncertainties regarding planning and other permitting issues; and defective title to mineral claims or

property. These factors and others that could affect Galantas’s forward -looking statements are

discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion

& Analysis of the financial statements of Galantas and elsewhere in documents filed from time to

time with the Canadian provincial securities regulators and other regulatory authorities. These factors

should be considered carefully, and perso ns reviewing this press release should not place undue

reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to

update or revise any forward-looking statements in this press release, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

Information communicated within this announcement is deemed to constitute inside information as

stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue

of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside

information is now considered to be in the public domain.

Enquiries

Galantas Gold Corporation

Mario Stifano, Chief Executive Officer

Email: [email protected]

Website: www.galantas.com

Telephone: +44 (0)28 8224 1100

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger

Telephone: +44(0)20 7383 5100

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

John Prior, Hugh Rich

Telephone: +44(0)20 7886 2500