Galantas Gold Completes RDL Mining Acquisition, Secures $15.5M Financing, and Unveils Updated Mineral Resource for Indiana Project

Galantas closes RDL acquisition, raises $15.5 million, and posts a new Indiana resource

Galantas Gold has tied up three big pieces at once: it has completed the acquisition of RDL Mining Corp., closed financings totalling $15.525 million, and published an updated NI 43-101 mineral resource estimate for its Indiana gold-copper project in Chile. This is a meaningful reset for the company – new asset, new shareholders, new money, and a clearer pathway to a preliminary economic assessment (PEA).

Below I break down what changed, why it matters, and what to watch next.

What Galantas actually did: deals, money, and new shares

Acquisition of RDL and the Indiana Project option

Galantas has completed the purchase of all RDL shares by issuing approximately 132 million Galantas shares. Each of the three RDL shareholders – Lawrence Roulston, Robert Sedgemore and Dorian L. (Dusty) Nicol – received about 44 million shares, and each now holds roughly 10% of the company after the deal and the financings.

Through RDL, Galantas gains an option to acquire a 100% interest in the Indiana gold-copper project in Chile, subject to conditions under an October 30, 2025 option agreement. As part of the consideration, an aggregate 2.0% net smelter return (NSR) royalty on the Indiana Project has been granted to the former RDL shareholders (0.66% each). An NSR royalty means a percentage of sales revenue from produced metals after smelting/refining costs.

Board and management have been strengthened: Lawrence Roulston joins the board, and Robert Sedgemore becomes SVP, Operations.

$15.525 million in financings and a new offtake partner

Galantas closed a brokered placement of 186,250,000 units at $0.08 for gross proceeds of $14,900,000. Each unit is one share and one warrant; each warrant is exercisable at $0.12 for 36 months. A non-brokered “shares for debt” placement of 7,812,500 shares to Ocean Partners settled $625,000 owed. Together, these moves total $15.525 million at headline value.

The broker syndicate earned a cash commission of $1,042,750 and 13,034,375 compensation warrants at $0.08 (24-month term), with reduced rates on a defined President’s List. A separate $77,000 finder’s fee was also paid. Proceeds will fund exploration at Indiana, option payments, and general working capital.

Notably, Ocean Partners participated in both the brokered offering (35,937,500 units) and the shares-for-debt financing, and a subsidiary of Ocean Partners has signed a commercial offtake agreement for copper-gold concentrate from Indiana on market terms. An offtake is a sales agreement – it helps de-risk future marketing but is not a production decision.

Item	Key details
Brokered placement	186,250,000 units at $0.08 for $14,900,000 gross
Unit structure	1 share + 1 warrant; warrant at $0.12 for 36 months
Shares for debt	7,812,500 shares to settle $625,000 with Ocean Partners
Commissions/fees	$1,042,750 cash commission; 13,034,375 compensation warrants; $77,000 finder’s fee
Use of proceeds	Indiana exploration, option payments, corporate and working capital
Offtake	Ocean Partners subsidiary for copper-gold concentrate, market terms

Who owns what now: insiders, dilution and share count

After the transaction and the financings, Ocean Partners and Eric Sprott are now insiders with approximately 10.7% and 13.1% respectively. Melquart Limited, previously at 35.8%, participated for 10,000,000 units ($800,000) and now holds about 12.5%.

Admission to AIM is expected around 6 January 2026 for 132,400,635 shares (for the RDL deal) and 194,062,500 shares (for the financings), alongside previously notified small issuances/cancellation. Post-admission, Galantas will have 458,863,772 shares in issue and no shares in treasury.

There is clear dilution here, offset by the infusion of capital and the addition of a new flagship project. Also note the warrant overhang at $0.12 for 36 months, plus compensation warrants at $0.08 for 24 months – potential future dilution if the share price performs.

Indiana Project: updated NI 43-101 resource and why it matters

Inferred resource numbers at a glance

Galantas has published an updated independent NI 43-101 mineral resource estimate (prepared by DRA Americas) for Indiana, reported in-vein across seven principal vein systems. “Inferred” is the lowest confidence category – useful for scoping studies like a PEA, but not sufficient for reserve definition or mine financing.

Category	Tonnes	Gold grade	Copper grade	Contained gold	Contained copper
Inferred	4.93 million t	2.24 g/t Au	1.31% Cu	355,516 oz Au	64,690 t Cu

Cut-offs were 0.99 g/t AuEq for sulphide and 0.95 g/t AuEq for oxide material, using assumed prices of US$3,200/oz gold and US$4.70/lb copper (recoveries and costs per the technical report). DRA notes no known legal, political or environmental risks that could materially affect development.

Crucially, the estimate only includes in-vein mineralisation. Halo mineralisation around the veins – validated by historical drilling and underground sampling – is not yet included. Galantas plans to incorporate halo material in the PEA model and future resource updates, which may change tonnage and mine planning assumptions if validated.

You can review the technical report here: Mineral Resource Estimate, Indiana Project, Atacama Region, Chile (DRA).

PEA, drilling and engineering workstreams starting up

Galantas intends to launch formal mine design and PEA activities, including resource definition drilling and geotechnical drilling for underground design, stope geometry and ground support assumptions. The PEA will evaluate mining methods, processing, infrastructure, capex/opex and sensitivities. A PEA is a preliminary-level economic study – it helps frame viability but is not a production decision.

My take: the positives, the trade-offs, and what to watch

Why this is positive

• Strategic reset: Galantas now has a clearer flagship in Chile with scale potential and an offtake partner in Ocean Partners.
• Funding runway: $15.525 million headline financing backs near-term drilling, engineering and option commitments.
• Quality grades: 2.24 g/t gold and 1.31% copper in-vein is a respectable starting point for an underground vein system, with halo material still to come into the model.
• Shareholder alignment: Participation by Ocean Partners and Eric Sprott signals confidence, and Ocean Partners’ involvement on offtake tightens strategic alignment.

What tempers the excitement

• Dilution: A large step-up in shares outstanding to 458.9 million, plus warrants at $0.12 and compensation warrants at $0.08, creates an overhang.
• Inferred-only: The resource is all inferred. Converting to indicated and then reserves will require time and drilling.
• NSR royalty: The new 2.0% NSR on Indiana sits ahead of equity. It’s modest, but it’s a structural cost to acknowledge in future economics.
• Hold periods: Newly issued Canadian securities have a four-month-and-one-day hold – watch for potential liquidity around expiry.

Key things I’m watching next

• PEA scope and assumptions: Mining method, throughput, capex/opex ranges, and how halo mineralisation impacts mineable inventory.
• Drilling cadence: Resource definition and geotechnical programmes to underpin underground design and move material from inferred to indicated.
• Option milestones: Payments and conditions to secure the 100% interest in Indiana.
• Ownership dynamics: Insider positions post-admission – Ocean Partners at about 10.7% and Eric Sprott at about 13.1% – and any further strategic participation.

Bottom line for Galantas shareholders

This is a big pivot: more shares on issue, a bigger balance sheet, and a credible growth project with a new resource and a clear work plan. The combination of funding, an offtake agreement, and a PEA-track resource suggests 2026 will be defined by technical de-risking.

Risks remain typical of early-stage underground projects – geology, cost inflation, and conversion from inferred – but the company has given itself the means to test the thesis. If the PEA can demonstrate robust margins and halo material adds meaningful tonnes, today’s dilution could be the price of admission to a larger, more valuable platform.