TSXV and AIM: Stock Symbol – ’GAL’ GALANTAS CLOSES PRIVATE PLACEMENT

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol – ’GAL’

GALANTAS CLOSES PRIVATE PLACEMENT

Date : December 1, 2017. Galantas Gold Corporation (the “Company”), the AIM and TSXV

quoted gold producer and explorer with a 100% interest in Northern Ireland’s Omagh

gold mine, announces the closing of the private placement to a gross amount of CDN$

1,165,857 (UK£682,859), in line with the terms and proposed placing price previously

outlined in the disclosure dated 15 November 2017 (the "Placing”).

The Placing was closed on November 30, 2017, pending delivery of final documentation,

for 16,655,099 common shares of no par value ("Common Shares"). United Kingdom

placees have subscribed at a price of UK£0.041 per Common Share. Canadian placees

have subscribed at a price of CDN$0.07 per Common Share.

A four month hold period will apply. The hold period will expire on March 31st, 2018. The

shares issued pursuant to the Placing will rank pari passu with the existing Common

Shares in issue of the Company.

Melquart Ltd, (“Melquart”) a UK based investment institution, subscribed for 6,097,561

Common Shares, which, in addition to the shares it already holds, gives rise to a holding

of 15.1% of the Company’s issued Common Shares.

Mr. Ross Beaty has subscribed for 2,914,959 Common Shares, which, in addition to the

shares he already holds, gives rise to an 18.7% holding.

Mr. Roland Phelps, President & CEO, Galantas Gold Corporation, has subscribed for

1,219,512 Common Shares, which, in addition to the shares he already holds, gives rise to

an 18.4% holding.

Mr. Beaty, Mr. Phelps and Melquart are deemed to be related parties of Galantas by

virtue of being Substantial Shareholders of the Company (as defined in the AIM Rules for

Companies). As a consequence, the Directors of the Company consider, having consulted

with their nominated adviser, Grant Thornton UK LLP, that the terms of the Placing to

these parties are fair and reasonable insofar as shareholders are concerned.

The Company has applied for admission of the Common Shares in connection with the

first closing of the Placing to trading on the AIM market of the London Stock Exchange

(“Admission”) with Admission expected to occur on or around December 5, 2017.

Following Admission and the closing, Galantas Gold Corporation’s Issued and

Outstanding Common Shares will total 187,549,186.

The Placing was conducted on a part-brokered basis. Fees and commissions were a total

of CDN$44,287 (£25,939).

The net proceeds raised by the Placing are intended to be used for working capital

purposes and to continue underground development at the Omagh gold mine.

Roland Phelps, President & CEO, Galantas Gold Corporation, said, “I am delighted to

welcome the continued support from our shareholders. The funding allows us to

continue the acceleration of underground development of the Omagh gold-mine.

The Omagh team is continuing to make good progress with underground development,

which now totals about 132 metres. Shotcrete equipment delivered as part of a rental

purchase deal recently announced has been delivered and successfully integrated into

the operation. The first of two, new, underground development drill rigs, which are also

part of the rental purchase arrangement, is expected to be delivered in January 2018.”

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.

This announcement contains inside information for the purposes of Article 7 of Regulation

(EU) No 596/2014.

Enquiries : Galantas Gold Corporation

L. Jack Gunter P.Eng – Chairman, Roland Phelps C.Eng – President & CEO

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

Website: www.galantas.com

Grant Thornton UK LLP (Nomad)

Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100

Whitman Howard Ltd (Broker & Corporate Adviser)

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

(UK) DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR

CLOSELY ASSOCIATED PERSONS

1. Details of the person discharging managerial responsibilities/person

closely associated

a) Name: Roland Phelps

2.

Reason for the notification

a) Position/status: President and Chief Executive

Officer and Director

b) Initial notification/Amendment: Initial Notification

3.

Details of the issuer, emission

allowance market participant,

auction platform, auctioneer or

auction monitor

a) Name: Galantas Gold Corporation

b) LEI: LEI: 213800JKVPLLKO4KVB93

4.

Details of the transaction(s):

section to be repeated for (i) each

type of instrument; (ii) each type of

transaction; (iii) each date; and (iv)

each place where transactions have

been conducted

a) Description of the financial instrument

type of instrument

Identification Code

Common Shares of nil par value

ISIN: CA36315W2022

b) Nature of the transaction Purchase of shares in a private

placement

c) Price(s) and volume CDN$0.07 1,219,512 shares

d) Aggregated information 1,219,512 shares purchased at

CDN$ 0.07 per share

e) Date of the transaction 30th November 2017

f) Place of the transaction Outside a trading venue