Indiana
Near-term production opportunity and large-scale exploration potential
Key Highlights
| Status | Restart plan underway / PEA in H2 2026 |
| Location | 40 km north of Copiapó, Chile |
| Ownership | 100% Galantas Gold |
| History | Small-scale UG gold-copper production |
| Mineral Resources (2026) | Inferred: 4.93 Mt at 2.24 g/t Au and 1.31% Cu, containing 356 koz gold and 64.7 kt copper |
Overview
Galantas secured an option to acquire the Indiana property in December 2025. Indiana is a permitted small-scale gold-copper mining operation in the Atacama region of northern Chile, which ranks among the world’s most productive mineral belts. Indiana is located at a low elevation of 800 m, just 40 km north of the mining center of Copiapó (population 175,000) and is accessible by paved road. Immediately adjacent to the Indiana property is the Cerro Negro iron mine, which produces iron ore concentrate on a large scale. There are numerous other mines in the immediate area of Indiana and throughout the Atacama Region.
The Indiana mine was exploited on a small scale from 2020 to 2025, with contractors driving 1.5 km of tunnels along several of the gold-copper bearing veins and providing 12 access points into the vein system. The mineralized material was trucked to a toll milling facility south of Copiapó.
This recent contractor development and trial mining have provided Galantas with underground access, bulk sample material, and important geological and metallurgical information. The Company is completing a 5,000 m drilling program to provide geotechnical information for a detailed mine plan and test for extensions of the known veins. Development plans are advancing for a 300 tpd underground mining operation, with mineralized material initially expected to be trucked to a toll milling facility until permitting for an on-site processing facility is received.
Mineral Resources
The updated Mineral Resource Estimate (MRE) contained in the Technical Report (titled “Mineral Resource Estimate, Indiana Project, Atacama Region, Chile” dated December 31, 2025 was prepared by DRA Americas Inc. in accordance with NI 43-101 and the CIM Definition Standards). Mineral Resources are constrained by reasonable prospects for eventual economic extraction and reported using gold equivalent (AuEq) cut-off grades of 0.99 g/t AuEq for sulphide material and 0.95 g/t AuEq for oxide material. The present MRE is an update of the 2013 historical estimate. The estimate uses all the available data from surface channel/trench samples, the tunnel developed into the Bondadosa deposit, and drill hole sample results obtained during the 2011, 2012-2013, and 2020 periods.
The MRE summary is reported below. To view the MRE in details across seven principal vein systems, click below.
Indiana Mineral Resource Estimate (effective date of December 9, 2025)
| Category | Tonnes (000s) | Au (g/t) | Cu (%) | Contained Au (oz) | Contained Cu (t) |
| Inferred | 4,932 | 2.24 | 1.31 | 355,516 | 64,690 |
View Details and Notes
Indiana Mineral Resource Estimate (effective date of December 9, 2025)
| Category | Vein | Tonnes (000s) | Au (g/t) | Cu (%) | Contained Au (oz) | Contained Cu (t) |
| Inferred | Bondadosa | 865 | 1.63 | 1.39 | 45,376 | 11,981 |
| Inferred | Las Rucas | 931 | 3.35 | 0.98 | 100,363 | 9,122 |
| Inferred | Flor de Espino | 1,182 | 1.85 | 0.92 | 70,145 | 10,845 |
| Inferred | Indian III | 744 | 2.39 | 0.93 | 57,253 | 6,907 |
| Inferred | Rosario | 497 | 2.79 | 3.03 | 44,527 | 15,054 |
| Inferred | Teresita | 132 | 2.56 | 0.47 | 10,862 | 626 |
| Inferred | Vero | 581 | 1.44 | 1.75 | 26,990 | 10,155 |
| Total Inferred | 4,932 | 2.24 | 1.31 | 355,516 | 64,690 |
Notes:
1. The Mineral Resource Estimate has been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards for Mineral Resource and Mineral Reserve in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Estimates are reported in-situ at a cut-off grade of 0.99 g/t gold equivalent (AuEq) for sulphide material and 0.95 g/t gold equivalent (AuEq) for oxide material, and assumed underground mining costs of US$65/t, US$25/t for sulphides and US$20/t for oxides processing costs, and US$12/t G&A costs.
5. Gold Equivalents (AuEq) are based on a gold price of US$3,200/oz and copper price of US$4.7/lb, and recoveries for the sulphides of 85% Au and 90% Cu, and recoveries for the oxides of 80% Au and 75% Cu.
6. Resource estimations were interpolated using Ordinary Kriging (OK), fixed densities were used by zone as listed in Section 14.6 of the Technical Report.
7. The effective date of the Mineral Resource Estimate is December 9, 2025.
8. The independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Matthew Halliday P.Geo. of DRA Americas Inc.
9. The QP is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing political, or other risk factors that might materially affect the estimate of Mineral Resources.
10. Figures have been rounded to an appropriate level of precision for the reporting of Mineral Resources. Thus, totals may not compute exactly as shown.
Mineralization and Exploration Potential
The Indiana deposit is located within the Atacama Fault System, a major structural feature in northern Chile associated with several large iron oxide-apatite (IOA) and iron oxide-copper-gold (IOCG) deposits, including the Cerro Negro Norte mine (IOA) (~4 Mt per year of iron ore concentrate), Mantoverde mine (IOCG) (2025 production: 62,308 tonnes of copper), and Candelaria mine (IOCG) (2025 production: 145,471 tonnes of copper and 80,528 oz of gold).
At Indiana, the main mineralization is emplaced within veins, fault-veins and breccias striking NW and NE to ENE. Locally, post-mineralization, NW-striking faults cut and displace these vein systems. Cross-cutting veins are common and can be observed in underground workings. The mineralization consists of an oxidized upper part (first 50-60 m) with green copper oxides, cuprite, and limonite, and locally free gold, a more restricted transitional zone of a few dozen metres (10-30 m) with chalcocite (covellite), and a lower zone below 70-90 m depth with sulphide mineralization (chalcopyrite and pyrite). Gold occurs with sulphide minerals and as free gold (approximately 20%).
Exploration at Indiana has focused on only seven of the 29 veins identified to date. The remaining 22 veins are largely untested and provide significant near-mine exploration potential. Ongoing exploration is targeting the discovery of new veins.
29 Au-Cu veins identified to date
- Total strike length of ~25 km
Only 7 veins drilled to date
- Shallow drilling: avg 250 m
- Limited drilling: 14,649 m in 44 holes
- 1.5 km of UG development (2020-2025)
- Included in the 2025 MRE
22 veins remain untested
- Excellent potential to define additional ounces
- Under-explored
Technical Report
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Technical Report – Mineral Resource Estimate Indiana Project – December 31, 2025
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