Overview

Galantas completed the acquisition of the Andacollo Gold property in June 2026. The Andacollo Gold project is a past-producing open pit heap leach gold operation located in the Coquimbo Region of central Chile at an elevation of approximately 1,000 m, approximately 55 km southeast of La Serena and immediately adjacent to the town of Andacollo. It is located immediately adjacent to the Carmen de Andacollo copper mine (operated by Teck Resources Limited). Andacollo Gold historically operated at an average throughput of approximately 20,000 tonnes per day (tpd) and produced 1.12 million ounces (Moz) of gold between 1995 and 2017.

As a brownfield asset, Andacollo Gold benefits from existing site infrastructure, including historical open pits, heap leach pads, processing facilities, waste rock storage areas, water and power infrastructure, and access roads. This significantly reduces timeline and capital intensity for redevelopment and supports an accelerated technical evaluation.

Andacollo also benefits from an existing environmental approval in place authorizing restart of mining and processing activities, subject to the completion of remaining technical and sectoral approvals.

Galantas is advancing Andacollo through a phased restart and technical work program focused on resource confidence, metallurgical optimization, engineering, permitting support, and restart readiness. Near-term activities include continued review and validation of the historical database, infill and confirmatory drilling, exploration drilling, metallurgical testing, preparation of a Preliminary Economic Assessment (PEA), procurement planning for a crushing plant, recirculation of the existing heap leach pads, and preparation for contractor mining at the Tres Perlas open pit.

Mineral Resources

The updated Mineral Resource Estimate (MRE) contained in the Technical Report titled “Mineral Resource Estimate Update Andacollo Oro Gold Project, Coquimbo Region, Chile” dated May 4, 2026 was prepared by DRA Americas Inc. in accordance with NI 43-101 and the CIM Definition Standards. Extensive drilling has been completed at Andacollo Gold by former owners, particularly Chevron and Dayton Mining Corporation, with approximately 230,165 m of drilling completed in approximately 1,935 holes over the life of the project. The database used for the MRE included a total of 192,895 m in 1,782 drill holes.

Andacollo Gold Pit-Constrained Mineral Resources (effective date of February 1, 2026)

Mineralization and Exploration Potential

Gold mineralization at Andacollo Gold is hosted primarily by the Quebrada Marquesa Formation, which comprises a sequence of intermediate and felsic volcanic and volcanogenic sediments as lava flow, pyroclastic and epiclastic units, and is generally described as gold-bearing manto-style mineralization related to a proximal porphyry copper-gold system. Mineralization is interpreted to have formed through migration of hydrothermal fluids from the adjacent Carmen de Andacollo porphyry system along favourable structures and permeable volcanic units.

The stratigraphy strikes generally north and dips to the east at shallow angles. The dacite units at the project contain generally bulk tonnage, low-grade gold mineralization. This apparent stratigraphic control on the mineralization occurs because of the alteration of the originally porous dacite units by hydrothermal fluids, probably associated with cooling of the Andacollo Porphyry. Less porous rocks such as andesites and dykes are not altered and mineralized as strongly as the dacitic manto units.

Several well-defined exploration targets remain open on the property. The main opportunity is the potential expansion of the 2026 Mineral Resources as the optimized pit shell was constrained by the property boundary (see below figure). The global block model identified a significant quantity of mineralized material with appreciable grade distributed along both the southern margin of the property limit and to depth in the southeastern portion of the project area. This area could eventually be accessed with a land access agreement from the adjacent property controlled by Teck Resources Limited.

There is also potential for porphyry copper mineralization (hypogene and supergene-enriched) extending onto the Andacollo Gold project from the adjacent Carmen de Andacollo mine.  In addition, with the manto mineralization open at depth, there is expansion potential of the recognized high-grade gold-bearing structures as well as for discovery of additional high-grade zones.

Metallurgy and Processing

Historical metallurgical testwork and operating data indicate that the Andacollo Gold mineralization is amenable to heap leach cyanidation. Column leach and bottle roll tests indicated optimal crushing at approximately 3/8 inch, with historical recoveries generally in the range of 65% to 75%, depending on ore type, grade, crush size, and leach exposure time. Historical operational data also suggest that extending leach cycle duration may improve gold recovery.

The operation historically utilized conventional open pit mining, three-stage crushing, heap leaching, and a conventional adsorption-desorption-recovery circuit. The operation, commissioned in 1995, consisted of a three-stage crushing and heap leach facility with an initial capacity of approximately 10,850 tpd, later expanded to about 18,000 tpd. Gold production historically averaged roughly 100,000 oz annually. Operations were intermittently suspended due to low gold prices and depletion of mineral sources but periodically restarted following exploration success and new ownership. By 2014, the plant was operating at approximately 16,000 tpd, producing about 1,200 oz of gold per week.

Technical Report

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