Close of Loan Agreement for US$1.06 Million

GALANTAS GOLD CLOSES LOAN AGREEMENT FOR US$1.06 MILLION

February 4, 2022, TORONTO, CANADA - Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) ("Galantas" or the "Company") announces the closing of the loan agreement ("Loan Agreement") for US$1.06 million (the "Loan") with Ocean Partners UK Ltd. ("Ocean" or the "Lender").

Terms of the Loan Agreement, as previously announced on January 25, 2022:

• The Loan matures on July 31, 2022 (the "Maturity Date").

• The Loan will bear interest at an annual rate of 10% compounded monthly payable upon repayment of the Loan.

• US$20,000 structuring fee has been paid to Ocean.

• US$40,000 consulting fee will be paid to Ocean, to be invoiced separately by Ocean.

• 250,000 warrants (the "Bonus Warrants") have been granted to Ocean, which will be exercisable for a period of 12 months at an exercise price of CAD$0.50. The bonus Warrants are subject to a hold period under applicable securities laws and the rules of the TSX Venture Exchange, expiring on June 4, 2022.

• US$40,000 extension fee will be paid to Ocean if the Company elects to extend the Loan for a further six months from the Maturity Date.

Proceeds from the Loan will be used for further development of the Omagh Gold Project in Northern Ireland and working capital.

TSX Venture Exchange approval has been obtained under the TSXV Policy 5.1 - Loans, Loan Bonuses, Finder's Fees and Commissions.

About Galantas Gold Corporation

Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland.

Enquiries

Galantas Gold Corporation

Mario Stifano: Chief Executive Officer

Email: info@galantas.com

Website: www.galantas.com

Telephone: +44(0)28 8224 1100

Grant Thornton UK LLP (AIM Nomad)

Philip Secrett, Harrison Clarke, George Grainger

Telephone: +44(0)20 7383 5100

Panmure Gordon & Co (AIM Broker & Corporate Adviser)

Nick Lovering, Hugh Rich, John Prior

Telephone: +44(0)20 7886 2500