SHARES IN ISSUE AND DELAY TO FILING ANNUAL REPORT

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol - 'GAL'

GALANTAS ANNOUNCES CURRENT NUMBER OF SHARES IN ISSUE, FILING OF A TECHNICAL REPORT AND DELAY TO FILING ANNUAL FINANCIAL STATEMENTS.

Date: April 24, 2020. Galantas Gold Corporation (the "Company"), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland's Omagh gold mine, announces that, following the consolidation of shares, effective April 17, 2020, the Company has 32,321,472 shares in issue.

The Canadian Securities Administrators recently published blanket relief for market participants regarding the filing of certain continuous disclosure documents under applicable Canadian securities laws as a result of the COVID-19 outbreak. Galantas Gold Corporation intends to rely on such blanket relief in respect of the filing of its Annual Financial Statements for the year ended December 31, 2019 together with the related Management Discussion and Analysis (MD&A) and the CEO and CFO certifications required under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Disclosure Documents") as a result of delays caused by the COVID-19 pandemic. Galantas confirms that its Officers, Directors and other Company's insiders remain subject to an insider trading black-out policy.

The Company anticipates filing such Disclosure Documents on or before June 12, 2020. The Company confirms that there have been no material changes that have occurred to the Company subsequent to the filing of its Financial Statements and MD&A for the three and nine months ended September 30, 2019 on November 22, 2019, other than the closing of the GBP £1 Million Convertible Debenture, the announcements of the Share Consolidation, the Notice of and results of Special Meeting,  updates on Operations, Potential Corporate Actions and effective date of the Share Consolidation, as previously disclosed.   

The Company expects to be filing, before May 29, 2020, a short technical report in respect to a recent probe drilling campaign carried out underground at the Omagh mine. As disclosed January 16, 2020, the results of the campaign, combined with detailed mapping of the exposed mineralisation underground suggest zones of higher width of mineralisation within the vein, linking adjacent levels. This supports a model that such zonal mineralisation may continue at depth, with enhanced exploration potential for targeting gold resources on site and within the Company's license area. The technical report details the geological information summarised in the January 16, 2020 release.

The geological information in this release has been reviewed by Roland Phelps (President & CEO) and Dr. Sarah Coulter, (Senior Geologist), qualified persons under the meaning of NI. 43-101 and AIM rules. The information is based upon local data prepared under their supervision.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

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.

Enquiries : Galantas Gold Corporation

Roland Phelps C.Eng - President & CEO

Email: [email protected] Telephone: (UK) +44 (0) 2882 241100

Website: www.galantas.com

Grant Thornton UK LLP (AIM Nominated Advisor)

Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100

Whitman Howard Ltd (Broker & Corporate Adviser)

Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234