Galantas Gold Corporation (TSX-V: GAL) (AIM: GAL) is pleased to announce that it has filed a technical report containing an updated mineral resource estimate for the Andacollo Oro Gold 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. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. A copy of the Andacollo Techn ical 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 to consider the previously announced transaction to acquire all of the issued and outstanding shares of Sol de Oro Mining Ltd. from Robert Sedgemore, which indirectly holds a 100% interest in the Andacollo Project. 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 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 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 E stimate 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.
• 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.
• 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 p otential extensions of adjacent porphyry copper mineralization.”

Mineral Resource Estimate Update

The updated Mineral Resource Estimate presented in the Andacollo Technical Report is summarized below.

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 mi neral 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 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; 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. T his 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.

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 immediat ely adjacent to the town of Andacollo. The Andacollo Project comprises approximately 1,213 hectares of exploitation mining concessions and encompasses 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 Projec t 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 Au¹. 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, i ncluding 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 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 infrastruc ture, 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 be neath 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.

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 assessin g 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 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 cap ital allocation, technically rigorous project evaluation, and responsible development of high-quality mineral assets.