Galantas Gold Corporation has released its financial and operational results for the second quarter and the first half of 2026, detailing significant corporate developments and project progress. The company reported a net loss from operations of $4.69 million for the second quarter ending June 30, 2026, compared to a loss of $710,035 in the same period of 2025. For the year-to-date period, the net loss from operations stood at $7.04 million, a substantial increase from $1.94 million in the first half of 2025.
Financial Performance and Corporate Updates
The financial statements for the second quarter of 2026 reveal increased costs and expenses. Operational costs and expenses amounted to $1.78 million for the quarter, a significant rise from $108,274 in Q2 2025. General administrative expenses also saw a considerable jump, reaching $2.55 million in Q2 2026, up from $1.27 million in the prior year’s second quarter. This led to a net loss per share of $0.01 for both the three and six-month periods ended June 30, 2026, consistent with the prior year’s figures.
Despite the increased operational losses, Galantas Gold reported a strong cash position, with cash and cash equivalents totaling approximately $108.9 million as of June 30, 2026. This liquidity was bolstered by a successful $100 million private placement completed on May 28, 2026. The placement consisted of 181,819,000 units, with each unit comprising one common share and one-half warrant exercisable at $0.80, priced at $0.55 per unit.
The second quarter also saw key corporate changes. On June 16, 2026, Andreas L’Abbé, CPA CA, was appointed as the new Chief Financial Officer. These financial results and corporate updates were filed with Canadian securities regulatory authorities and AIM, and are available on the company’s website and SEDAR+.
Strategic Acquisitions and Project Development
A major highlight for Galantas Gold in Q2 2026 was the successful acquisition of the Andacollo Gold Project in Chile, announced on June 23, 2026. This acquisition was preceded by the filing of a technical report on May 5, 2026, which included an updated Mineral Resource Estimate (MRE) for the project.
Andacollo Gold Project, Chile
The updated MRE for the Andacollo Gold Project, effective February 1, 2026, indicates a substantial resource base. It comprises an Indicated Mineral Resource of 102.4 million tonnes grading 0.45 grams per tonne (g/t) gold (Au), containing 1.47 million ounces (Moz) of gold. Additionally, there is an Inferred Mineral Resource of 347.9 million tonnes at 0.41 g/t Au, containing 4.54 Moz of gold. The project is a brownfield, past-producing open-pit heap leach operation with a history of approximately 1.12 Moz of gold production.
Significant gold mineralization has also been identified on adjacent property boundaries, potentially accessible through land access agreements with Teck Resources Limited. The existing infrastructure and local environmental approvals at Andacollo provide a solid foundation for future engineering, permitting, and restart studies. Open-pit optimization sensitivity analyses suggest large, optimized pit shells with relatively low stripping ratios across various gold price assumptions.
Following the acquisition, Galantas has assembled a dedicated team to advance the restart program. Key activities include detailed engineering for the relocation and installation of a purchased three-stage, 20,000 tonnes per day crushing plant and associated agglomeration equipment. Site preparation, infrastructure upgrades, procurement, operational readiness planning, mine planning, and recruitment of a local operating team are also underway. The company has engaged M3 Engineering & Technology Corporation (M3), Stracon, and NCL Ingenieria y Construccion Ltda (NCL) as key contractors. The Preliminary Economic Assessment (PEA) is targeted for completion in Q4 2026, with a potential restart eyed for the first half of 2027.
A drill program is being designed to support the mine plan, test high-grade structures, and evaluate potential copper mineralization related to Teck’s adjacent porphyry copper deposit. It’s important to note that Galantas has not yet made a production decision for the Andacollo Gold Project. Any such decision will be contingent upon further technical, operational, and financial reviews, completion of installation and rehabilitation, receipt of necessary approvals, and formal board approval.
Indiana Project, Chile
Galantas is also progressing with plans to bring the Indiana Project into production by the end of 2026. An exploration program, initially planned for 5,000 metres, was expanded to 12,500 metres. As of August 10, 2026, 5,060 metres across 13 drill holes had been completed, identifying potential exploration targets. Assays for this program are currently pending. The drilling aims to tighten drill spacing, provide geotechnical data for mine planning, and test for high-grade gold mineralization in structural intersections and down-dip extensions of existing veins, potentially expanding the resource base.
Subsequent Events and Exploration Updates
Following the close of the second quarter, several significant developments occurred. On August 12, 2026, contractors were selected for the Andacollo Gold Project, with M3 leading the PEA and crushing plant relocation, and NCL advancing mine design. Stracon is providing input on mining fleet, infrastructure, and execution planning.
An update on the Indiana Project’s exploration program on August 10, 2026, confirmed the completion of 5,060 metres of drilling, with the program now expanded. On August 5, 2026, Chief Operating Officer Brendan Morris resigned but will remain a consultant. On July 24, 2026, an amendment to a Dragones Share Purchase Agreement brought forward a payment of USD$5 million, with the remaining USD$9 million due in April 2027.
Further corporate activities included the signing of a binding agreement on July 13, 2026, to acquire a three-stage crushing plant and associated equipment for USD$4.2 million for the Andacollo project. On July 8, 2026, Róisín Magee resigned as Chair of the Board, with David Cather appointed Interim Chair. On July 6, 2026, the company granted restricted share units and stock options to directors, consultants, and employees.
Qualified Person and Company Overview
Scientific and technical information presented in this release has been reviewed and approved by Dorian L. Nicol, P. Geo., Chartered Geo., FAusIMM, the Company’s exploration consultant and a Qualified Person under NI 43-101. Galantas Gold Corporation is a gold and copper company focused on acquiring, developing, and advancing assets in stable mining jurisdictions, with current efforts centered on the Indiana and Andacollo Gold Projects in Chile. The company’s strategy emphasizes disciplined capital allocation and responsible development to build long-term shareholder value.
