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Galantas Gold Corporation announced on August 12, 2026, the selection of contractors for its 100%-owned Andacollo Gold Project in Chile. M3 Engineering & Technology Corporation was selected to lead the Preliminary Economic Assessment (PEA), targeting completion for Q4 2026, and the crushing plant relocation program, previously announced on July 13, 2026. NCL Ingeniería y Construcción Ltda. is advancing mine design and production schedules, and STRACON is providing mining cost and planning input for a restart currently targeted for Q1 2027, utilizing an acquired crushing plant with a stated design capacity of approximately 20,000 tonnes per day.
| Date | 12 Aug 2026 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 2703Q |
GALANTAS SELECTS ENGINEERING AND MINE PLANNING CONTRACTORS FOR ANDACOLLO GOLD PROJECT
Toronto, Ontario - August 12, 2026 - Galantas Gold Corporation (TSX-V: GAL | AIM: GAL) ("Galantas" or the "Company") is pleased to provide an update on the Preliminary Economic Assessment ("PEA") underway for its 100%-owned Andacollo Gold Project ("Andacollo Gold" or the "Project") in the Coquimbo Region of Chile.
Galantas has selected M3 Engineering & Technology Corporation ("M3") to lead the PEA and the crushing plant relocation program from Mexico to site, as previously announced on July 13, 2026. The PEA is targeting completion for Q4 2026.
Mario Stifano, Chief Executive Officer of Galantas, commented: "Andacollo Gold is a permitted brownfield restart with low capital intensity supported by an established Mineral Resource Estimate. M3 is leading the PEA and crushing plant relocation program, while NCL Ingeniería y Construcción Ltda. of Chile is advancing the mine design and production schedules, and STRACON is providing mining cost, fleet and execution-planning input. In parallel, our Project and operations team led by Robert Sedgemore, Senior Vice President Operations, is advancing infrastructure refurbishment, procurement, contractor engagement and operational readiness at site. Our priorities remain safe execution, capital discipline and cost control as the Company advances toward a potential restart, currently targeted for the first quarter of 2027."
Andacollo Gold is a permitted past-producing brownfield heap-leach gold operation with existing infrastructure, including historical open pits, crushing areas, heap-leach facilities, solution ponds, an adsorption, desorption and recovery ("ADR") plant, workshops, offices, site roads, and established power and water infrastructure.
The existing site infrastructure, together with the acquired crushing plant is expected to lower the capital intensity to restart operations, shorten the restart schedule and reduce execution risk compared with the development of a comparable greenfield operation. In addition, the Company's current budget and available financing are expected to support the planned restart activities described herein.
In addition to preparing a PEA, M3's mandate includes the provision of engineering, procurement support and construction-management services for the dismantling, preservation, transportation, installation and commissioning of the recently acquired crushing plant.
The acquired equipment comprises a three-stage crushing plant with a stated design capacity of approximately 20,000 tonnes per day (tpd), subject to confirmation through engineering review, equipment inspection and assessment of the proposed operating configuration.
M3 will assess the existing crushing area, foundations, electrical infrastructure and site configuration required to integrate the relocated equipment at the Andacollo Gold site. M3 has prepared a preliminary general arrangement showing the proposed location and configuration of the crushing plant. The layout illustrates how the crushing circuit, conveyors, stockpile areas and associated infrastructure may be integrated with the Project's existing facilities.
Figure 1: Preliminary general arrangement prepared by M3 showing the location and integration of the relocated crushing plant at Andacollo Gold. The layout remains subject to further engineering, site verification and final design.
NCL Ingeniería y Construcción Ltda. (NCL) is advancing the mine design and production schedules for the restart and expansion scenarios.
STRACON is providing early contractor involvement and practical input into mining fleet requirements, operating costs, mine infrastructure, pit dewatering, truck-shop refurbishment, contractor mobilization and mining execution planning.
A full condition assessment has been completed for the existing ADR plant, defining the scope of work required for refurbishment. Cleaning, inspection, repair, replacement and sandblasting activities are underway as part of the active refurbishment program.
Long-lead items have been purchased, and contracting and procurement packages are in execution.
Inspection and rehabilitation planning is also advancing for the heap-leach facilities and associated pumping, irrigation and solution-management systems, alongside mine planning, crushing plant relocation engineering, capital and operating cost development and continued contractor engagement.
Cautionary Note
The Company has not made a production decision in respect of the Project. Any decision to restart production will be subject to, among other things, completion of further technical, operational and financial review, completion of installation, rehabilitation and commissioning activities, receipt of any remaining approvals required at the relevant time, and formal approval by the Company's board of directors.
The Project is supported by the Mineral Resource Estimate set out in the Technical Report entitled "Technical Report - Mineral Resource Estimate Update, Andacollo Oro Gold Project, Coquimbo Region, Chile", prepared by DRA Americas Inc., with an effective date of February 1, 2026 and a report date of May 4, 2026, and is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website.
The scientific and technical information in this news release has been reviewed and approved by Dorian L. (Dusty) Nicol, (P. Geo., Chartered Geo., FAusIMM), the Company's exploration consultant, who is considered, by virtue of his education, experience and professional association, a Qualified Person for the purposes of NI 43-101. Mr. Nicol is a shareholder of the Company and acts as a Special Advisor on exploration to the Company.
Galantas Gold Corporation is a publicly traded gold and copper company focused on the acquisition, development, and advancement of gold and copper assets in stable mining jurisdictions. The Company is currently advancing the development of the Indiana Project and the Andacollo Gold Project in Chile. Galantas' strategy is to build long-term shareholder value through disciplined capital allocation, technically rigorous project evaluation, and responsible development of high-quality mineral assets.
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +1 416-848-7744
Grant Thornton UK Advisory & Tax LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, Elliot Peters
Telephone: +44(0)20 7383 5100
SP Angel Corporate Finance LLP (AIM Broker)
David Hignell, Charlie Bouverat (Corporate Finance)
Grant Barker (Sales & Brokering)
Telephone: +44(0)20 3470 0470
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is generally identifiable by the use of words such as "anticipate", "believe", "expect", "intend", "may", "plan", "will", "would", "could", "should", "estimate", "forecast", "potential", "target", "continue" and similar expressions, although not all forward-looking information contains these identifying words. Forward-looking information in this news release includes, but is not limited to, statements regarding completion of the PEA in Q4 2026; a potential restart of the Project, currently targeted for the first quarter of 2027; the expected benefits of the Project's existing infrastructure and the acquired crushing plant, including lower capital intensity, a shortened restart schedule and reduced execution risk compared with the development of a comparable greenfield operation; the expectation that the Company's current budget and available financing will support the planned restart activities described in this news release; the relocation, installation and commissioning of the acquired crushing plant; refurbishment of the ADR plant and other existing site infrastructure; procurement, contractor engagement and operational readiness activities; mine design, production scheduling, mining cost, fleet and execution-planning activities; inspection and rehabilitation planning for the heap-leach facilities and associated pumping, irrigation and solution-management systems; the Company's ability to complete further technical, operational and financial review; the receipt of any remaining approvals required at the relevant time; and the Company's ability to execute its business strategy and advance the Project as contemplated.
Forward-looking information is based on the Company's current expectations, estimates, projections, assumptions and beliefs, including assumptions regarding the timing and completion of the PEA; the results of ongoing technical, engineering, mine planning and cost-estimation work; the condition, suitability and availability of existing site infrastructure and the acquired crushing plant; the Company's ability to complete relocation, installation, refurbishment, rehabilitation, procurement, commissioning and operational-readiness activities on the anticipated schedule and budget; the availability and performance of contractors, equipment, labour and supplies; the Company's current budget and available financing; commodity prices; exchange rates; the receipt and maintenance of required regulatory approvals and permits; the continuing validity of existing permits and approvals; and the Company's ability to execute its development and restart plans as contemplated.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such information. These risks and uncertainties include, among others, risks relating to the timing, completion and results of the PEA; risks relating to the Company's ability to advance the Project and realize the expected benefits of the Project's existing infrastructure and acquired crushing plant; risks relating to the condition, relocation, installation, integration, commissioning and performance of the acquired crushing plant and existing site infrastructure; risks relating to the timing and cost of refurbishment, rehabilitation, procurement, contractor engagement and operational-readiness activities; risks relating to the Company's current budget, available financing and future capital requirements; financing, development and operating risks; commodity price volatility; exchange rate fluctuations; inflation and supply chain constraints; permitting and regulatory risks; uncertainties inherent in mineral resource estimates; technical, metallurgical, mining, processing, infrastructure, environmental and community-related risks; general economic, market and business conditions; and the risks described in the Company's public disclosure documents filed under the Company's profile on SEDAR+ and on the London Stock Exchange website.
Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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.