GALANTAS CLOSES CONVERTIBLE DEBENTURE

GALANTAS GOLD CORPORATION

TSXV and AIM: Stock Symbol - 'GAL'

GALANTAS ANNOUNCES CLOSING OF GBP£1 MILLION CONVERTIBLE DEBENTURE.

Date: December 23, 2019. Galantas Gold Corporation (the "Company"), the AIM and TSXV quoted gold producer and explorer with a 100% interest in Northern Ireland's Omagh gold mine, announces that the Convertible Debenture for GBP£1,000,000 /CAD$1,731,190 (based on the exchange rate as of December 3, 2019) (the "Debenture") has now closed.

The Debenture offering has received conditional approval of the TSX Venture Exchange and closed on December 17, 2019, in accordance with the details announced in the disclosure dated December 13, 2019.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Enquiries : Galantas Gold Corporation

Roland Phelps C.Eng - President & CEO

Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100

Website: www.galantas.com

Grant Thornton UK LLP (AIM Nominated Advisor)

Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100

Whitman Howard Ltd (Broker & Corporate Adviser)

Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234