RESULTS FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2026

The Company's unaudited condensed interim consolidated financial statements (the "Financial Statements") and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026 have been filed with Canadian securities regulatory authorities and AIM. These filings are available on the Company's website at www.galantas.com, on SEDAR+ (www.sedarplus.ca) under Galantas' issuer profile.

Q2 2026 HIGHLIGHTS

Financial results for the six months ended June 30, 2026 ("YTD 2026") are summarized below.

Operating, Financial and Corporate Updates:

• As of June 30, 2026, the Company had approximately $108.9 million of cash and cash equivalents.
• On June 23, 2026, the Company announced the successful acquisition of the Andacollo Gold Project in Chile (refer to "Andacollo Gold Project, Chile" below).
• On June 16, 2026, the Company announced a change in management with the appointment of Andreas L'Abbé, CPA CA as Chief Financial Officer of Galantas.
• On May 28, 2026, the Company announced the completion of a $100 million private placement consisting of 181,819,000 units (consisting of one common share of the Company and one half warrant exercisable at $0.80) of the Company at a price of $0.55 per unit.
• On May 5, 2026, the Company announced the filing of a technical report containing an updated Mineral Resource Estimate ("MRE") for the Andacollo Gold Project (refer to "Andacollo Gold Project, Chile" below).

Subsequent to Q2 2026

Operating, Financial and Corporate Updates:

· On August 12, 2026, the Company announced the selection of contractors for the Andacollo Gold Project with M3 Engineering & Technology Corporation ("M3") being selected to lead the Preliminary Economic Assessment ("PEA") and the crushing plant relocation program from Mexico to site. The PEA is targeting completion for Q4 2026. NCL Ingenieria y Construccion Ltda ("NCL") has been contracted to advance the mine design and production schedules for 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.

• On August 10, 2026, the Company announced an update on the ongoing exploration program at the Indiana Project. Key highlights include the completion of 5,060 metres of the planned 5,000 metre drill program (total of 13 holes) resulting in the identification of potential exploration targets. The drill program was expanded to 12,500 metres. Assays are pending for the program.
• On August 5, 2026, the Company announced the resignation of the Chief Operating Officer, Brendan Morris. Mr. Morris will remain a consultant for Galantas.
• On July 24, 2026, the Company announced an amendment to a Dragones Share Purchase Agreement whereby the originally scheduled 2029 payment of USD$14 million was brought forward with USD$5 million being advanced and paid in July 2026 and USD$9 million advanced and to be paid in April 2027 (refer to the "Sol de Oro Acquisition" section of the MD&A).
• On July 13, 2026, the Company announced the signing of a binding agreement to acquire a three-stage, 20,000 tonnes per day ("tpd") crushing plant and associated agglomeration plant equipment to be used at the Andacollo Gold Project. The consideration totals USD$4.2 million with completion of the purchase subject to the execution of a definitive asset purchase agreement and satisfaction of customary conditions, including regulatory, corporate, export, import and other third-party approvals.
• On July 8, the Company announced the resignation of the Chair of the Board, Róisín Magee. Mr. David Cather is currently acting as Interim Chair.
• On July 6, 2026, the Company announced the granting of 33,650,000 restricted share units and 775,000 stock options to certain directors, consultants and employees.

Andacollo GoLD Project, Chile

Exploration and Development:

• Key highlights of the technical report containing an updated MRE include:
• Current pit-constrained MRE update comprises an Indicated Mineral Resource of 102.4 million tonnes ("Mt") at 0.45 grams/tonne ("g/t") gold ("Au") containing 1.47 million ounces ("Moz") Au and an Inferred Mineral Resource of 347.9 Mt at 0.41 g/t Au containing 4.54 Moz Au;
• Additional and significant gold mineralization identified by DRA Americas Inc. is contained within the Andacollo Gold Project property boundary and could be accessed with a potential land access agreement from the adjacent property controlled by Teck Resources Limited ("Teck");
• Andacollo Gold Project is a brownfield, past-producing open pit heap leach gold operation with approximately 1.12 Moz of historical gold production;
• Existing site infrastructure and local environmental approvals provide a strong platform for future engineering, permitting, and restart-readiness studies; and
• Open-pit optimization sensitivity analysis indicates large, optimized pit shells with relatively low stripping ratios across a range of gold price assumptions. This sensitivity analysis is not additive to the current MRE and does not represent an economic analysis or production scenario.
• Since the completion of the acquisition of the Andacollo Gold Project, Galantas has assembled an experienced technical, engineering and operations team to lead execution of the restart program. Ongoing activities include:
• Detailed engineering for crushing plant relocation and installation, following the purchase of a three-stage, 20,000 tpd crushing plant and associated agglomeration plant equipment;
• Site preparation and infrastructure upgrades;
• Procurement and contracting for key project work packages;
• Operational readiness planning;
• Mine planning and development activities;
• Recruitment and expansion of the Chilean operating team; and
• Advancement of environmental, permitting and regulatory activities.
• Company has engaged M3, STRACON and NCL as key contractors to complete a PEA by Q4 2026 and advance toward a potential restart, currently targeted for the first half of 2027.
• Company is designing a drill program with the following objectives: infill and confirmatory drilling in support of the mine plan, testing of high-grade structures to enhance overall grade of the MRE, and evaluating the extent of copper mineralization possibly related to the adjacent Teck's Carmen del Andacollo porphyry copper deposit.

Cautionary Note: The Company has not made a production decision in respect of the Andacollo Gold 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.

INDIANA PROJECT, CHILE

Exploration and Development:

• Galantas is currently in the process of preparing plans to develop the Indiana Project and bring it into production by the end of 2026.
• On March 18, 2026, Galantas announced the start of a 5,000-metre diamond drilling program at its Indiana Project with a focus to tighten up the drill spacing and provide geotechnical information as the final steps for the development of the mine plan; and test for high-grade gold mineralization at structural intersections and down-dip extensions of the Bondadosa and Flor de Espino gold veins that could potentially expand the resource base while supporting mine planning and development.
• On August 10, 2026, the Company announced an update on the ongoing exploration program including the completion of 13 holes totalling 5,060 metres of drilling, resulting in the identification of potential exploration targets. Assays are pending for the program. The drill program was expanded to 12,500 metres.

Technical Reports

Scientific and technical information relating to the Andacollo Gold Project and the current MRE is supported by the technical report titled "Mineral Resource Estimate Update, Andacollo Oro Gold Project, Coquimbo Region, Chile", dated May 4, 2026 (with an effective date of February 1, 2026), prepared by DRA Americas Inc.

Scientific and technical information relating to the Indiana Project and the current MRE is supported by the technical report titled "Mineral Resource Estimate, Indiana Project, Atacama Region, Chile", dated December 31, 2025 (with an effective date of December 9, 2025), prepared by DRA Americas Inc.

For readers to fully understand the information in the Technical Reports, reference should be made to the full text of the Technical Reports in their entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Technical Reports are intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Reports were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards, and are available electronically on SEDAR+ (www.sedarplus.ca) under Galantas Gold's issuer profile and on the Company's website at www.galantas.com.

GALANTAS GOLD CORPORATION

Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars)

(Unaudited)

Three and Six Months Ended June 30, 2026

Galantas Gold Corporation Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars) (Unaudited)

The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.

Commitments (note 11)

Events after the reporting period (note 19)

Galantas Gold Corporation Condensed Interim Consolidated Statements of Net Loss (Expressed in Canadian Dollars) (Unaudited)

The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.

Galantas Gold Corporation Condensed Interim Consolidated Statements of Net Loss and Total Comprehensive Loss (Expressed in Canadian Dollars) (Unaudited)

Other comprehensive income

Items that will be reclassified subsequently to profit or loss

The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.

Galantas Gold Corporation Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) (Unaudited)

Six Months Ended June 30,

The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.

Galantas Gold Corporation Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars) (Unaudited)

Reserves

The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.

Galantas Gold Corporation Notes to Condensed Interim Consolidated Financial Statements Three and Six Months Ended June 30, 2026 (Expressed in Canadian Dollars) (Unaudited)

Description of Business and Nature of Operations

Galantas Gold Corporation (the "Company" or "Galantas") is a Canadian-based precious metals company primarily engaged in mineral exploration and development primarily in Europe and South America. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") and London Stock Exchange AIM under the symbol GAL, and under the symbol GALKF on the OTCQX in the United States. The Company's head office is located at The Canadian Venture Building, 82 Richmond Street East, Toronto, Ontario, Canada, M5C 1P1.

The Company's Board of Directors authorized the issuance of these unaudited condensed interim consolidated financial statements as at and for the three and six months ended June 30, 2026 and 2025 (the "Condensed Interim Consolidated Financial Statements") on August 26, 2026.

Basis of Preparation

The Condensed Interim Consolidated Financial Statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") applicable to the preparation of interim financial statements under International Accounting Standard 34, Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). As such, certain disclosures required by IFRS have been condensed or omitted. These Interim Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and related notes for the years ended December 31, 2025 and 2024. The Company's interim results are not necessarily indicative of its results for a full year.

Material Accounting Policies

The material accounting policies adopted by the Company in the preparation of its Condensed Interim Consolidated Financial Statements remain materially consistent with those disclosed in note 4 of the Company's consolidated financial statements for the years ended December 31, 2025 and 2024, except as noted below:

Basis of consolidation

The Condensed Interim Consolidated Financial Statements incorporate the financial statements of the Company and its subsidiaries. The results of subsidiaries acquired or disposed of during the periods presented are included in the Condensed Interim Consolidated Statement of Net Loss from the effective date of control and up to the effective date of disposal or loss of control, as appropriate. An investor controls an investee if the investor has the power over the investee, has the exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the investor's returns. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

The Company's principal subsidiaries and its properties are as follows:

Ownership

• Acquisition effective June 23, 2026. Refer to note 6.

Functional and presentation currency

The Condensed Interim Consolidated Financial Statements are presented in Canadian Dollars ("CAD"), which is the parent Company's functional currency.

Items included in the financial statements of each of the Company's operating subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Chilean subsidiaries is the Chilean Peso ("CLP") and the functional currency of the United Kingdom is the U.K. Pound Sterling ("GBP").

The exchange rates used to reflect the change in presentation currency in the accompanying unaudited Condensed Interim Consolidated Financial Statements were as follows:

Accounting Pronouncements

New accounting standards adopted

The following amendments were effective for the Company from January 1, 2026:

• Annual Improvements to IFRS Accounting Standards - Amendments to:

o IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;

o IFRS 9 Financial Instruments;

o IFRS 10 Consolidated Financial Statements; and

o IAS 7 Statement of Cash flows

There was no material impact on the Condensed Interim Consolidated Financial Statements as a result of their adoption.

Accounting standards issued but not yet adopted

IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

In April 2024, the IASB issued IFRS 18, which will replace IAS 1. IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 will require defined categories and subtotals in the statement of profit or loss, require disclosure about management-defined performance measures, and adds new principles for aggregation and disaggregation of information. The Company is assessing the impact of this standard on its disclosures.

IFRS 19 Subsidiaries without Public Accountability: Disclosures ("IFRS 19")

In May 2024, the IASB issued IFRS 19, which is effective for annual reporting periods on or after January 1, 2027, with earlier application permitted. IFRS 19 permits some subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. These entities apply the requirements in other IFRS Accounting Standards except for the disclosure requirements. Instead, these entities apply the requirements in IFRS 19. The Company is assessing the impact of this standard on its disclosures.

• Critical Judgments and Estimates in Applying Accounting Policies

The preparation of Condensed Interim Consolidated Financial Statements in accordance with IFRS requires management to make judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, contingent liabilities, income and expenses. Actual results could differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and applied prospectively. The significant judgments, estimates, and assumptions made by management are set out in the Company's audited consolidated financial statements for the years ended December 31, 2025 and 2024.

Acquisition of Sol

On June 23, 2026, the Company acquired a 100% ownership interest in the Andacollo Oro Gold Project (the "Andacollo Gold Project"), located in the Coquimbo Region of central Chile (the "Andacollo Transaction").

The Andacollo Transaction was effected by way of a share purchase agreement (the "Agreement"), pursuant to which Galantas acquired 100% of the shares of Sol, which in turn owns 100% of Compañía Minera OXI SpA ("OXI"). OXI has purchased 100% of the shares of Compañía Minera e Inmobiliaria Dragones SpA ("Dragones"), the owner of the Andacollo Gold Project, pursuant to certain share purchase agreements dated January 6, 2026 with the former Dragones shareholders (the "Dragones Agreements"). On July 24, 2026, the Dragones Agreements were amended to adjust the timing of cash payments (the "SPA Amendment"). All former Dragones shareholders were at arm's length to OXI, Sol and Galantas. If the payments described below are not completed to the former Dragones shareholders, such shares will be transferred back to the former shareholders with any partial payments forfeited. Sol and OXI were established as dedicated transaction vehicles to consolidate ownership and facilitate the acquisition of the Andacollo Gold Project.

Sol is owned 100% by Robert Sedgemore, who is an executive officer of Galantas and is a Non-Arm's Length Party as defined in the TSXV policies in relation to Galantas.

The total cash consideration payable under the Agreement and the SPA Amendment is US$32.5 million (CAD$46.2 million), originally structured as staged payments over four years.

The total cash consideration payable as per the June 23, 2026 Agreement is as follows:

• On closing of the Andacollo Transaction (the "Closing"): US$5.0 million (CAD$7.1 million), comprised of:

o the assumption of debts held by OXI and Sol, which is approximately US$3.5 million (CAD$5.0 million); and

o US$1.5 million (CAD$2.1 million) payable to the Sol shareholder, Robert Sedgemore, as consideration for 100% of the shares of Sol (the "Sol Payment").

Total consideration remaining to be paid:

• By December 31, 2026: US$3.5 million (CAD$5.0 million) payable to the Dragones shareholders.
• On December 31, 2027: US$4.0 million (CAD$5.7 million) payable to the Dragones shareholders.
• On December 31, 2028: US$6.0 million (CAD$8.5 million) payable to the Dragones shareholders.
• On December 31, 2029: US$14.0 million (CAD$19.9 million) payable to the Dragones shareholders.

In addition to the cash consideration, on Closing, Luis Catril, the controlling shareholder of Dragones, received 91,313,890 common shares of Galantas (representing 19.9% of the issued and outstanding common shares of Galantas as of January 6, 2026), excluding Robert Sedgemore as a connected party to the Andacollo Transaction.

The Andacollo Transaction did not meet the definition of a business combination under IFRS 3, Business Combination. Accordingly, the acquisition was accounted for as an asset acquisition.

The following table summarizes the fair value of the purchase price and the allocation to net assets acquired:

Purchase Price Consideration

• The cash consideration includes deferred cash payments of $29,550,648 measured at their net present value using a discount rate of 12% (note 13), as well as the assumption of a deferred revenue liability of $710,000 (note 15) and a loan payable to Ocean Partners UK Ltd. ("Ocean Partners") of $4,365,258 (note 17).
• Fair value was calculated using the closing price of $0.51 on the day prior to the issuance date.

On July 24, 2026, the Company announced an amendment to the payment schedule with the schedule as follows (total consideration remained the same).

• On closing of the Andacollo Transaction: US$5.0 million (CAD$7.1 million), comprised of:

o the assumption of debts held by OXI and Sol, which is approximately US$3.5 million (CAD$5.0 million); and

o US$1.5 million (CAD$2.1 million) payable to the Sol shareholder, Robert Sedgemore, as consideration for 100% of the shares of Sol.

• On July 7, 2026: US$0.5 million (CAD$0.7 million) payable to the Dragones shareholders.
• On July 24, 2026: US$5.0 million (CAD$7.1 million) payable to the Dragones shareholders.

Total consideration remaining to be paid:

• By December 31, 2026: US$3.0 million (CAD$4.3 million) payable to the Dragones shareholders.
• By April 25, 2027: US$9.0 million (CAD$12.8 million) payable to the Dragones shareholders.
• On December 31, 2027: US$4.0 million (CAD$5.7 million) payable to the Dragones shareholders.
• On December 31, 2028: US$6.0 million (CAD$8.5 million) payable to the Dragones shareholders.

The amendment to the payment schedule will result in an increase of $6,212,212 in the fair value of the deferred consideration liability.

Cash and Cash Equivalents

• Accounts receivable comprise amounts due from customers arising from sales transactions completed by Dragones prior to its acquisition by the Company (note 6).
• Prepaid expenses and other assets are principally comprised of advances, assigned receivables and promissory notes acquired from the acquisition of Sol (note 6).
• Investment In Associates

The following table summarizes the Company's investments in associates, consisting of a 20% interest in each of Flintridge Resources Limited ("Flintridge") and Omagh Minerals Limited ("Omagh") through Cavanacaw Corporation ("Cavanacaw").

Investment in associates

Indiana Project

On December 31, 2025, the Company completed the acquisition of 100% of the issued and outstanding shares in RDL. The acquisition of RDL provides Galantas with an option to acquire a 100% interest in the Indiana Project (the "Purchase Option"), by meeting certain conditions, pursuant to an option agreement between Compañía Minera RDL SpA, a wholly-owned subsidiary of RDL, and Minería Activa SpA ("Activa") dated October 30, 2025. The Indiana Project is currently owned 100% by Activa, subject to the Purchase Option. Additional details of the Purchase Option are included in Galantas' press releases dated November 13, 2025, November 21, 2025, and December 19, 2025.

The Indiana Project sits within the rich copper-gold-silver belt of the coastal cordillera of the Atacama Region, Chile. The Indiana Project is a gold and copper mine, ready for immediate expansion. It comprises mineral concessions covering 923 hectares.

In order to exercise the Purchase Option, RDL must make payments totaling US$15 million ($20.9 million) to Activa over a period of five years (the "Option Period"). An initial payment of US$500,000 was made. Of this amount, US$450,000 ($625,000) was paid by Ocean Partners as an advance to Galantas and paid to Activa in the fourth quarter of 2025 (the "Ocean Payment"). The Ocean Payment was repaid by Galantas on December 31, 2025. The remaining payments consist of US$1 million ($1.4 million) in each of the years one and two, US$2 million ($2.8 million) in each of the years three and four and a final payment of US$8.5 million ($11.8 million) in year five (together, the "Option Payments").

RDL has committed to spend a minimum of US$1 million ($1.4 million) per year during the Option Period on exploration and development activities within the Indiana Project. In addition, RDL has committed to (i) excavate a minimum of five hundred linear metres of exploration drifts, (ii) complete a minimum of 2,500 metres of exploration drilling, or (iii) a combination thereof using an equivalence ratio of one metre of drifts for every five metres of drilling.

Until RDL has exercised the Purchase Option in full, RDL will be leasing the Indiana Project for a 10% net smelter return royalty ("NSR") royalty payable to Activa. Until the Indiana Project goes into commercial production, the NSR royalty will be paid as a rent payment, which will not be less than 25% of the Option Payment corresponding to that year. Once the Indiana Project goes into commercial production, the NSR royalty will not be greater than 50% of the Option Payment corresponding to that year.

There is an existing NSR royalty of 2.5% payable to an underlying property owner, which covers approximately 40% of the present concessions comprising the Indiana Project and which will be payable by RDL, including after exercise of the Option.

Andacollo Gold Project

The Andacollo Gold Project ("Andacollo") (note 6) is located in the Coquimbo Region of north-central Chile. Andacollo is comprised of a total of 91 exploitation mining concessions covering approximately 1,213 hectares and encompasses the area of the former Andacollo open pit gold mining operations, including the historical pits, processing facilities, heap leach pads, waste rock storage areas and associated infrastructure.

Gairloch Project

On January 26, 2023, the Company announced that it entered into an agreement to acquire a 100% interest and the exclusive rights to explore and develop the Gairloch Project from the owners of the Gairloch Estate lands (the "Lessors"). The Company has acquired exploration and developments rights for an initial payment of GBP 347,000 (approximately $580,000 - paid on signing) and annual payments of GBP 69,000 (approximately $115,000) beginning in year 6 through year 30 (the term of the lease). This annual payment is index-linked per lease-year.

The lease agreement is renewable at the election of Galantas, upon 90 days' prior written notice and upon the approval of the Lessors, not to be unreasonably withheld, for a further 20-year period, assuming all conditions of this agreement have been met satisfactorily according to the Lessors, acting reasonably, in respect of the Galantas' conduct and operations. Galantas may terminate the agreement with 18 months' notice.

During any mining phase, Galantas will pay the lessor GBP 50,000 (approximately $85,000) index linked per lease year, with such payment to be made at the commencement of each such lease year. Galantas will grant a 5% net profits interest royalty (the "NPI"), calculated according to standard industry terms and practices with the option by the Lessors to convert the NPI to a 2% net smelter returns royalty, calculated according to standard industry terms and practices.

Omagh Gold Project

On September 23, 2025, the Company sold 80% of its interest in Flintridge and 80% of its interest in Omagh Minerals Limited ("Omagh") to Ocean Partners and as a result, the Omagh Gold Project was derecognized on the Company's Consolidated Statement of Financial Position. The remaining 20% interest in Flintridge and Omagh is now recognized as an investment in associates with the Company's share in net profit and loss being recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

Accounts Payable and Other Liabilities

• Accrued liabilities consists of legal and other professional fees primarily related to the Andacollo Transaction and exploration costs related to the Indiana Project and the Andacollo Project.
• Deferred Consideration

In connection with the Andacollo Transaction (Note 6), the purchase price included the issuance of deferred consideration. The movement of the deferred consideration payments is as follows:

• As at June 30, 2026, the fair value of the derivative liability was revalued at $575,173 using the Black-Scholes option pricing model with the following assumptions:
• expected dividend yield - 0%;
• expected volatility - 114%;
• risk-free interest rate - 2.72%; and
• expected average life of 0.47 years.

During the three and six months ended June 30, 2026, the Company recorded an accretion expense of $57,721 and $117,028, respectively (three and six months ended June 30, 2025 - $191,800 and $390,681, respectively) and interest expense of $35,906 and $72,328, respectively (three and six months ended June 30, 2025 - $246,802 and $502,716, respectively) as loan interest and bank charges less deposit interest in the Condensed Interim Consolidated Statement of Net Loss.

During the three and six months ended June 30, 2026, $13,667 (US$10,000) of convertible debenture was converted into 39,215 common shares of the Company.

• Deferred Revenue
• On September 3, 2025, RDL entered into an agreement granting a stream on a portion of the future copper production at the Indiana Project to a third party. In return for an upfront purchase price of $550,000, the third party will be entitled to purchase 6% of the copper produced by the Indiana Project until 2,000,000 pounds of copper have been delivered, after which the delivery amount will drop to 3%. The purchase price is set at 20% of the spot copper price at the time of delivery.
• Two third parties hold silver streams on the Andacollo Project, each requiring delivery of 33.4% and 66.6%, respectively, of each payable ounce of silver produced at the Andacollo Project to the third parties until the payment of 333,334 ounces of silver and 666,667 ounces of silver, respectively, and after which 16.7% and 33.3%, respectively, of each ounce of payable silver produced at the Andacollo Project will be delivered to the third parties.

• Share Capital and Reserves
• Authorized share capital

At June 30, 2026, the authorized share capital consisted of an unlimited number of common and preference shares issuable in Series.

The common shares do not have a par value. All issued shares are fully paid.

No preference shares have been issued. The preference shares do not have a par value.

Common shares issued

At June 30, 2026, the issued share capital amounted to $220,520,814. The continuity of issued share capital for the periods presented is as follows:

(i) On May 28, 2026, the Company closed a brokered private placement of 181,819,000 units at a price of $0.55 per unit for gross proceeds of $100,000,450, which included the full exercise of the options (the "Agents' Option") granted to the agents. Each unit consists of one common share of the Company and one-half of one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.80 per share until for a period of 24 months. The fair value of the 90,909,500 warrants was estimated at $22,047,134 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield - 0%, expected volatility - 136.50%, risk-free interest rate - 2.84% and an expected average life of 2 years.

The Company paid the agents a cash commission equal to $5,000,023 and issued 7,272,750 broker warrants of the Company. Each broker warrant is exercisable to acquire one common share at an exercise price of $0.55 for a period of 24 months. The fair value of the 7,272,750 broker warrants was estimated at $2,517,468 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield - 0%, expected volatility - 136.50%, risk-free interest rate - 2.84% and an expected average life of 2 years. Other cash costs amounted to $410,812.

There is a 4-month hold period on the trading of securities issued in connection with this offering.

Warrant reserve

The following table shows the continuity of warrants for the periods presented:

Weighted

The following table reflects the actual warrants issued and outstanding as of June 30, 2026:

Subsequent to June 30, 2026, 2,591,633 warrants were exercised for total cash proceeds of $275,331.

Stock options

Option pricing models require the inputs including the expected price volatility. Changes in the inputs can materially affect the fair value estimate.

The following table shows the continuity of stock options for the periods presented:

• The portion of the estimated fair value of options granted in the current and prior periods and vested during the three and six months ended June 30, 2026, amounted to $7,677 and $31,501, respectively (three and six months ended June 30, 2025 - $39,442 and $110,915, respectively).

The following table reflects the actual stock options issued and outstanding as of June 30, 2026:

• Related Party Disclosures
• The Company entered into the following transactions with related parties:

• Refer to note 17(a)(ii)(iii).
• As at June 30, 2026, the Company owes Ocean Partners $4,578,408 (December 31, 2025 - $205,590) which is recorded as due to related parties on the Condensed Interim Consolidated Statement of Financial Position. In 2026, the loan assumed as part of the acquisition of Sol in 2026 (note 6) bears simple interest at an annual rate of 6%. In 2025, the loans associated with subsidiaries that were disposed of during that year bore interest at an annual rate of 12% compounded monthly.

• As at June 30, 2026, the Company owes Melquart Limited $1,306,526 (December 31, 2025 - $1,264,265) which is recorded as due to related parties on the Condensed Interim Consolidated Statement of Financial Position. The loan bears simple interest at an annual rate of 12%.

Subsequent to June 30, 2026, the Company repaid the loan from Melquart in its entirety. As a result of the early extinguishment of the loan, an adjustment to the accrued interest in the amount of $44,014 was recorded against the accrued interest balance of $58,379.

• Remuneration of officer and directors of the Company was as follows:

• As at June 30, 2026, due to directors for fees amounted to $120,785 (December 31, 2025 - $nil) and due to officers, mainly for salaries and benefits accrued amounted to $243,204 (December 31, 2025 - $346,729), and is included with due to related parties.
• As at June 30, 2026, the issued shares of Galantas total 829,638,690. Ocean Partners owns, directly and indirectly, 99,556,946 common shares of the Company or approximately 12.0% of the outstanding common shares of the Company. Melquart Limited ("Melquart") owns, directly and indirectly, 57,372,977 common shares of the Company or approximately 6.9% of the outstanding common shares of the Company. Eric Sprott owns, directly and indirectly, 135,530,667 common shares of the Company or approximately 16.3% of the outstanding common shares of the Company. Luis Catril owns, directly and indirectly, 91,313,890 common shares of the Company or approximately 11.0% of the outstanding common shares of the Company. Robert Sedgemore owns, directly and indirectly, 44,133,545 common shares of the Company or approximately 5.3% of the outstanding common shares of the Company. Lawrence Roulston owns, directly and indirectly, 44,133,545 common shares of the Company or approximately 5.3% of the outstanding common shares of the Company. Dorian Nicol owns, directly and indirectly, 44,133,545 common shares of the Company or approximately 5.3% of the outstanding common shares of the Company.

Excluding the Ocean Partners, Melquart, Eric Sprott, Luis Catril, Robert Sedgemore, Lawrence Roulston and Dorian Nicol shareholdings discussed above, the remaining 37.9% of the shares are widely held, which includes various small holdings which are owned by directors and management of the Company. These holdings can change at anytime at the discretion of the owner but in accordance and strict adherence to the Company's corporate governance policy on insider trading.

• On July 4, 2026, the Company granted a total of 33,650,000 restricted share units ("RSUs") and 775,000 stock options to certain management, employees and consultants (note 19).
• On July 8, 2026, the Chair of the Board resigned. In accordance with the RSU Plan, the Company cancelled her 2,000,000 unvested RSUs (note 19).
• Segment Disclosure

The Company has determined that it has three reportable segments. The Company's operations are substantially all related to its investment in Cavanacaw, RDL and Sol de Oro and their subsidiaries. Substantially all of the Company's costs and assets of the business that support these operations are derived or located in Chile, the United Kingdom, and Canada. Segmented information on a geographic basis is as follows:

• Events After the Reporting Period
• Issuance of long-term incentives

The Company allotted and reserved 33,650,000 restricted share units of the Company ("RSUs") to certain directors, officers, employees and consultants of the Company ("Participants"), consisting of a right to receive a share, cash payment or a combination thereof upon settlement of such RSU in accordance with the Company's omnibus equity incentive plan, which was approved by the Company's shareholders on June 15, 2026 (the "Plan"). The method of settlement of the RSUs is fully at the discretion of the Board of Directors as administrators of the Plan.

The RSUs will vest in accordance with the following schedule:

• 1/3 of the RSUs will vest on July 4, 2027;
• 1/3 of the RSUs will vest on January 1, 2028; and
• 1/3 of the RSUs will vest on January 1, 2029;

If an RSU expires during a closed period imposed by the Company or at a time when undisclosed material information exists, the expiry date of the RSU will automatically extend to the date that is 10 business days after the closed period is lifted.

On July 8, 2026, the Chair of the Board resigned. In accordance with the RSU Plan, the Company cancelled her 2,000,000 unvested RSUs.

The Company also reports that on July 4, 2026, it granted 775,000 incentive stock options ("Options") to consultants, pursuant to the Company's Plan which was approved by the Company's shareholders on June 15, 2026. 500,000 Options have been granted to a consultant and will vest immediately. The remaining 275,000 Options have been granted to another consultant, vesting in four equal tranches over the next 12 months. The exercise price for the Options is $0.55, and the Options shall expire on the date which is five (5) years from the date of grant.

The Company's Plan allows for the aggregate number of shares that may be reserved for issuance under this Plan as up to 10% of the Company's issued and outstanding shares. The total number of shares reserved under the Plan outstanding prior to this award was 4,630,000, which results in the total number of shares now reserved under the Plan outstanding for the Company being 39,055,000, representing 4.71% of the Company's issued and outstanding shares, which total 832,230,323 as of August 26, 2026, the date of filing of the Condensed Interim Consolidated Financial Statements.