Galantas Gold Corporation (TSX-V:GAL ) (AIM: GAL) (OTCQX: GALKF) announces that it received notification on June 28, 2022 of the early exercise of 920,000 warrants at an exercise price of CAD$0.33 by G&F Phelps Ltd, a company wholly owned by former Galantas President and CEO, Roland Phelps, as well as 500,000 warrants at an exercise price of CAD$0.40 by shareholder Michael Gentile, following the completion of U.K. share dealing clearance; for gross proceeds of CAD$503,600. The shares to be issued for the exercise of the 920,000 warrants by G&F Phelps Ltd. will be registered to Roland Phelps in trust for G&F Phelps Ltd.

A total of 16,725,265 CAD$0.40 Warrants from the May 14, 2021 financing remain outstanding and are due to expire on May 14, 2023 (see May 18, 2021 news release), and a total of 1,480,000 CAD$0.33 Warrants remain outstanding and are due to expire on December 31, 2023.

Mario Stifano commented: “We thank Mr. Phelps and Mr. Gentile for their continued support as we advance the Omagh Project towards production while also exploring to expand our high-grade resources. Their early exercise of warrants allows us to maintain a tight capital structure.”

920,000 Common Shares are expected to be admitted to trading on AIM on July 5, 2022. 500,000 Common Shares are included in the May 14, 2021 Warrants Block Admission Scheme announced on June 9, 2022.

Following Admission, the number of Common Shares in issue in the Company will increase to 85,170,134.

As a result of the Exercise, Roland Phelps shareholding increased to 5,353,818 Common Shares (representing 6.29% of the issued share capital) and Mike Gentile’s shareholding increased to 6,100,000 Common Shares (representing 7.16% of the issued share capital).

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.

About Galantas Gold Corporation

Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market. It also trades on the OTCQX Exchange. The Company’s strategy is to create shareholder value by operating and expanding Northern Ireland’s first gold mine.