Can Galantas Gold (AIM: GAL) turn the Indiana copper-gold mine into its next growth engine?

Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQB: GALKF) is making a bold geographic pivot with the acquisition of RDL Mining Corp., shifting its attention from stalled progress in Northern Ireland to a Chilean gold-copper project that offers near-term production and long-term exploration upside. With this move, the Canadian junior mining firm secures an entry point into the prolific Atacama Region through the Indiana gold-copper project, an operating asset with significant untapped exploration potential and resource upside. The transaction is paired with a C$7 million brokered private placement, signaling both a capital infusion and a change in corporate narrative, as the company aims to reposition itself as a dual-asset development and near-term production story in a globally strategic mining district.

The acquisition of RDL Mining Corp. provides Galantas Gold Corporation with access to an operational mine that combines existing infrastructure with extensive upside through over 20 identified but largely untested vein systems. With historical resources already outlined and an updated NI 43-101 report expected within weeks, Galantas is banking on both production scalability and mineral inventory growth to re-energize investor interest and institutional participation.

What does the Indiana project bring to Galantas Gold Corporation’s future development roadmap?

Located just 40 kilometres from the mining hub of Copiapó and situated at an elevation of 1,470 metres, the Indiana Project benefits from excellent infrastructure access and proximity to major power and logistics corridors. The region is already home to producing assets from major firms including Kinross Gold Corporation, Lundin Mining Corporation (via Minera Candelaria), ENAMI, and Fenix Gold Limited. The asset’s location within the copper-gold-silver belt of Chile’s coastal cordillera positions it within a well-understood geological corridor that has drawn extensive exploration capital over the past decade.

The Indiana Project spans approximately 923 hectares and is currently owned by Minería Activa SpA. Under the terms of a pre-existing option agreement, RDL Mining Corp. holds the right to acquire 100 percent of the asset, conditional on making staged payments totaling US$15 million over five years. The first of these payments, US$500,000, has already been completed via a bridge loan arrangement facilitated by Ocean Partners UK Limited, with repayment expected from the proceeds of the pending equity raise.

The project itself is already an operating gold and copper mine, offering near-term expansion potential. Historical exploration work includes 13,000 metres of diamond drilling across 40 holes, 2,000 trench samples, and detailed geological modeling. These efforts have delineated eight principal veins, many of which are over one metre wide and extend to depths of 400 metres. A historical inferred resource prepared in 2013 indicated 607,000 ounces of gold equivalent at an average grade of 6.1 grams per tonne AuEq, across 3.09 million tonnes of ore. These estimates are based on a 4 g/t AuEq cut-off and are supported by metallurgical recoveries exceeding 90 percent for gold and 95 percent for copper.

Importantly, the historical resource estimate only incorporated five veins, and vertical drilling was limited to 300 metres. More than 20 other veins remain untested across a 25-kilometre mineralized corridor. A new NI 43-101 technical report, being prepared by DRA Global, is expected before the end of November 2025. This updated resource will include the results of underground channel sampling and recent exploration activity conducted since the original 2013 report.

How is the acquisition of RDL Mining Corp. structured and what does it mean for shareholder control?

Under the terms of the share purchase agreement, Galantas Gold Corporation will issue approximately 132 million new shares to acquire all outstanding equity of RDL Mining Corp. The deal results in the RDL shareholders collectively owning 49.99 percent of the enlarged share capital. The transaction participants include Lawrence Roulston, Robert Sedgemore, and Dorian L. Nicol, each of whom will receive around 44 million shares.

In addition to equity, each RDL shareholder will receive a 0.66 percent net smelter return royalty on production from the Indiana Project, resulting in a combined 2 percent NSR obligation. The final completion of the deal is subject to customary regulatory approvals from the TSX Venture Exchange, along with standard closing conditions and the absence of any material adverse change.

Following completion of the transaction and the associated financing, each of the three RDL shareholders is expected to hold approximately 12.5 percent of Galantas Gold Corporation’s issued capital, further cementing their operational and financial alignment with the company’s future success.

What financing structure supports the Indiana Project and how is investor participation being incentivized?

To fund its commitments under the option agreement and to advance exploration at Indiana, Galantas Gold Corporation plans to raise up to C$7 million through a brokered private placement. Canaccord Genuity Corp. and Haywood Securities Inc. will act as co-lead agents and joint bookrunners. Each unit in the offering will be priced at C$0.08 and consist of one common share and one warrant exercisable at C$0.12 for a 36-month period.

The company has also granted an over-allotment option worth C$1.05 million to the agents, bringing the potential gross proceeds to C$8.05 million. The cash commission for agents is set at 7 percent of total proceeds, with reduced commissions of 3 percent applied to subscriptions on the President’s List, which will include insider allocations. Corresponding compensation warrants will also be issued with the same discount structure and exercisable at the offering price for 24 months.

Proceeds from the offering will be used to fund exploration and development work at the Indiana Project, repay the initial US$500,000 option payment bridge, and provide working capital flexibility. The private placement is expected to close on or around December 4, 2025, subject to all final approvals.

Participation from insiders is anticipated, and Galantas Gold Corporation has indicated it will rely on exemptions from valuation and minority approval requirements under Multilateral Instrument 61-101, as the proposed insider involvement is expected to fall below the 25 percent materiality threshold relative to market capitalization.

How does the management reshuffle reflect Galantas Gold Corporation’s Latin American ambitions?

The deal brings with it a change in both strategic posture and executive composition. Lawrence Roulston, co-founder and chairman of Metalla Royalty and Streaming Ltd., will join Galantas Gold Corporation’s board as a non-executive director. Robert Sedgemore, a veteran with experience across several major Chilean operations including Escondida and Chuquicamata, will assume the role of Senior Vice President of Operations.

Dorian L. Nicol will act as an exploration advisor. Mr. Nicol is fluent in Spanish and brings over 50 years of global exploration and development experience, including project management in South America. These appointments are expected to strengthen Galantas Gold Corporation’s regional execution capability and help de-risk the transition into a Chile-based growth narrative.

The appointments reflect a deliberate pivot toward leadership with proven operational experience in copper-gold systems and South American jurisdictions. No other changes to Galantas Gold Corporation’s board or senior management are expected as part of the deal.

How is Galantas Gold’s volatile 12‑month share price trend shaping investor sentiment and influencing expectations ahead of the Indiana Project resource update?

As of 15:26 GMT on November 14, 2025, shares of Galantas Gold Corporation were trading flat at 5.25 GBX on the London AIM market, maintaining their last close. The bid-offer spread was reported at 5.00–5.50 GBX. Over the past 12 months, the share price has oscillated within a volatile band, touching a low near 2.5 GBX earlier in 2025 and climbing to a peak of 8.00 GBX in mid-October.

The last significant uptick was recorded on October 27, 2025, when shares reached 6.00 GBX, likely in anticipation of the RDL acquisition. Since then, prices have stabilized in the 5–6 GBX range. Institutional sentiment appears cautiously optimistic, with investor attention now turning to the outcome of the resource estimate update and the successful close of the C$7 million raise.

Analysts covering junior gold producers have highlighted the importance of near-term catalysts in driving valuation re-rating, particularly in companies that are able to combine production visibility with meaningful exploration optionality. Galantas Gold Corporation now appears positioned to meet those criteria, provided execution remains disciplined and financing risk is mitigated through efficient placement closure.

What near‑term development milestones and operational risks should investors monitor as Galantas Gold advances the Indiana Project through the first half of 2026?

Investors will closely monitor the release of the updated NI 43-101 resource estimate, expected by the end of November 2025, as a key trigger for revaluation. The scale and quality of the updated resource could significantly influence market perception regarding Galantas Gold Corporation’s production runway and long-term cash flow potential.

The second major milestone will be the December financing closure, which will determine the company’s ability to repay bridge obligations and fund initial development work at Indiana. Future milestones include progress on the first-year US$1 million work commitment under the option agreement, which mandates either 2,500 metres of drilling or the excavation of 500 linear metres of exploration drifts.

Risks remain in the form of royalty obligations and execution delays. The 10 percent NSR owed to Minería Activa SpA until the option is exercised, coupled with an additional 2.5 percent NSR on part of the land package, could erode early cash flows. However, these are common trade-offs in Latin American development-stage projects, and Galantas Gold Corporation has indicated a plan to manage these burdens through phased ramp-up and financing rounds aligned with resource validation.

If the company can meet its obligations and validate both its resource and exploration thesis, it could emerge as a high-grade dual-asset play with a first-mover advantage in Chile’s junior copper-gold development segment.

What are the key takeaways from Galantas Gold Corporation’s acquisition of RDL Mining and its Chile expansion?

Galantas Gold Corporation’s strategic shift toward Latin America via the acquisition of RDL Mining Corp. and its option over the Indiana Project in Chile marks a high-stakes transition. Below is a summary of the most important developments and implications from the announcement:

• Galantas Gold Corporation is acquiring 100 percent of RDL Mining Corp. through an all-share deal, issuing 132 million new shares representing 49.99 percent of the company’s post-deal capital.
• The acquisition gives Galantas control over the Indiana gold-copper project in Chile, which includes an operational mine with a historical inferred resource of 607,000 ounces of gold equivalent.
• A new NI 43-101 technical report prepared by DRA Global is expected by the end of November 2025, incorporating updated drilling and underground channel sampling.
• The project features 923 hectares of mineral concessions in the Atacama Region, close to Copiapó, a key mining hub with access to power, infrastructure, and skilled labor.
• Galantas is raising up to C$7 million via a brokered private placement priced at C$0.08 per unit, with warrants exercisable at C$0.12 over three years.
• Proceeds from the financing will fund exploration, repay the US$500,000 Ocean Payment, and support Galantas’ Option Payment commitments to Minería Activa SpA.
• The option agreement requires staged payments totaling US$15 million over five years, along with annual work commitments including 2,500 metres of drilling or equivalent development.
• The management team is being strengthened with the appointment of Lawrence Roulston as non-executive director and Robert Sedgemore as SVP, Operations, both of whom bring deep experience in Chilean mining.
• Galantas Gold Corporation shares are currently trading flat at 5.25 GBX on AIM, with investors watching for the updated resource estimate and financing close as near-term catalysts.
• Institutional analysts are expected to reassess the company’s valuation as it transitions from a single-asset junior to a dual-project developer with production exposure in Latin America.