Update on Non-Brokered Private Placement

DECEMBER 6, 2023, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces that, further to its news release dated November 9, 2023, the Company now expects its proposed non-brokered private placement of up to US$3,000,000 aggregate principal amount of unsecured convertible debentures of the Company to close during the week of December 11, 2023 (the "Offering").

The Offering remains subject to the acceptance of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to a four-month hold period under applicable Canadian securities laws. For more information about the Offering, please refer to the Company's news release dated November 9, 2023 entitled "Galantas Gold Announces up to US$3.0 Million Private Placement of Unsecured Convertible Debentures" available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.