Closing Of Debt Settlement Transaction

FEBRUARY 6, 2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce the closing of its previously announced debt settlement transaction (the "Debt Settlement"), pursuant to which the Company settled US$2,711,000 of indebtedness owing to Ocean Partners UK Ltd., a creditor of the Company, through the issuance of US$2,711,000 aggregate principal amount of unsecured convertible debentures of the Company (the "Debentures").

The Debentures issued in connection with the Debt Settlement were issued on substantially the same terms as the unsecured convertible debentures of the Company issued pursuant to the Company's non-brokered private placement that closed on December 20, 2023 (see the news release entitled "Galantas Gold Announces Closing of US$2.6 Million Private Placement of Unsecured Convertible Debentures and Terms of Debt Settlement Transaction").

The Debt Settlement remains subject to the final acceptance of the TSX Venture Exchange. The Debentures issued pursuant to the Debt Settlement are subject to a four-month hold period under applicable Canadian securities laws which will expire on June 6, 2024.