GALANTAS EXPANDS EXPLORATION LICENCE HOLDING

April 29, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce an expansion to its current Prospecting Licence holding. The two areas in Co. Leitrim, Republic of Ireland, bring the Company's total exploration land package up by 47.8km² to 159.4km² in the Republic of Ireland. The Company also holds an exploration land package totalling 437.3km² in Northern Ireland, where its Omagh Gold Project is located.

The Department of the Environment, Climate and Communications granted Flintridge Resources Ltd, a subsidiary of the Company, Prospecting Licences for base metals, gold (ores of) and silver (ores of) for a period of six years, beginning April 28, 2022.

Geochemical results derived from the Tellus Border Project, combined with the occurrence of Dalradian-age lithologies and the north-east structural trend, indicate that the Prospecting Licence areas are prospective for base and precious metals. Historical records reference copper workings, in addition to more recent zinc and lead mining activity; both of which are situated within the new licence block.

The Company welcomes the opportunity to expand its future exploration focus in the Republic of Ireland, while continuing to prioritize exploration efforts close to the existing mine-site at its Omagh Project in Northern Ireland.

Qualified Person

Scientific or technical disclosures in this press release have been reviewed and approved by Dr Sarah Coulter, who is considered, by virtue of her education, experience and professional association, a Qualified Person under the terms of NI 43-101. Dr Coulter is not considered independent under NI 43-101 as she is the Chief Geologist of Galantas Gold Corporation.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding Northern Ireland's first gold mine.

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, Samuel Littler                                              

Telephone: +44(0)20 7383 5100              

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500      

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, including the results of exploration programs in Northern Ireland and the Republic of Ireland. 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 statements 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' 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 persons 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.