See technical report entitled "Resource Estimate, Preliminary Economic Assessment & Detailed Feasibility Study on the Omagh Gold Project, County Tyrone, Northern Ireland" dated July 26, 2014, which was filed on September 4, 2014 under the Company's SEDAR profile at www.sedar.com and is also available on the Company's website at www.galantas.com. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The resource statement is expected to be amended with the inclusion of underground sampling results and additional drilling.

Multiple targets have been identified for resource expansion.

The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define mineral resources in these areas. It is uncertain if further exploration will result in the targets being delineated as mineral resource. The exploration potential does not represent a mineral resource, does not have demonstrated economic viability and is disclosed in accordance with NI 43-101 Rules and Policies, Section 2.3, disclosed as potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of future exploration. The disclosed target potential quantity and grade ranges have been assessed based upon the reasonable extrapolation from defined resources and / or surface soil sampling, pionjar sampling, boulder sampling, favourable geophysical or favourable geochemical signatures, the results of which elevate these areas as highly prospective first order targets for further exploration. Howe (2012) carried out a similar analysis of target potential. Most of the target estimates are similar, with the exception of Joshua and Kearney veins. The range of both of these targets has widened. In particular, the Joshua target has increased significantly in the upper tonnage range bound due to an increase in known strike length and the lower and upper grade range bound has increased due to a higher known average grade and greater overall knowledge of grade variation. Source: Galantas NI 43-101 / PERC Technical Report 2014. The Exploration potential of Kearney and Joshua targets will be re-assessed in the light of additional information from underground development and additional drilling.

Detailed geological mapping of the development drives revealed a pattern of wider and higher grade areas of mineralization, also known as dilation zones.

The ‘dilation zone’ theory was developed in 2019 and is being tested during our current drilling program.

Dilation zones occur on shallow north dipping planes in both the Joshua and Kearney veins.