GALANTAS GRANTS STOCK OPTIONS

May 4, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") reports that it has awarded 1,742,500 incentive stock options on the Company's common shares to directors, employees and consultants, in accordance with the terms of the Company's incentive Stock Option Plan. The exercise price for the options, which expire on May 3, 2027, is C$0.60 per share and the grant of these options was approved by the Board of Directors on April 27, 2022. The options will vest as to one third immediately and one third on each of May 3, 2023 and May 3, 2024, and are valid for a 5-year period from the date of grant.

 The number of options issued to directors, employees and consultants are noted below:

Name of Optionee                     Position                                         Number of Options

James Clancy                             Director                                                               62,500

Roisin Magee                              Director & Chair                                                  92,500

Mario Stifano                               Director & Officer                                              500,000

Brent Omland                              Director & Strategic Advisor                                62,500

David Cather                               Director                                                                62,500

Brendan Morris                           Officer                                                                 125,000

Alan Buckley                               Officer                                                                 125,000

George Duguay                          Officer                                                                   37,500

Employees and Consultants       Various                                                                675,000

                                                              Total Options Granted                           1,742,500

The Company's Stock Option Plan allows for the issuance of up to 10% of issued and outstanding share capital in the form of incentive stock options. The total number of incentive stock options outstanding prior to this award was 4,885,000 which results in the total number of incentive stock options now outstanding for the Company being 6,627,500, representing 7.98% of the Company's issued and outstanding shares, which total 83,016,801.

This disclosure has been authorized by Mario Stifano, Director and CEO of Galantas Gold Corporation.

The aforementioned stock option grants are subject to TSX Venture Exchange approval.

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.

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      

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