Planned Solar Power Generation Facility At Omagh

JULY 10, 2024, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") is pleased to announce that it has agreed in principle to a proposal from G&F Phelps Ltd. to develop a solar power facility at the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland.

The two-megawatt facility, with battery storage, is expected to significantly boost power generation on site and provide lower cost power than existing diesel generation, at a significantly lower carbon footprint.

The proposal anticipates G&F Phelps renting rehabilitated land comprised of former tailings cells and a filled southern section of the former open pit. G&F Phelps is expected to provide the majority of capital required for the project, recouping the cost from the power generated. The proposal is subject to a detailed cost study, impact assessment and planning permission from regulatory authorities.

Surplus power from the solar facility is expected to be exported to the local grid.

G&F Phelps is a shareholder of Galantas, to which it has also provided loan finance. It is controlled by former Galantas CEO, Roland Phelps.

Mario Stifano, CEO of Galantas, commented: "On-site solar power generation can reduce mine operating costs, lower our carbon footprint and reduce the requirement for fuel transportation onto the project site, resulting in fewer traffic movements locally. It is a "win-win" for the Company and the environment."