Galantas Gold Corporation held $108,853,827 in cash and cash equivalents as of June 30, 2026, marking a substantial increase from $245,085 reported a year earlier on June 30, 2025.

The financial strengthening lifted the company's working capital into a surplus of $91,637,721 at the end of the second quarter, reversing the working capital deficit of $19,086,212 recorded twelve months prior. Total net loss from operations for the three months ended June 30, 2026, reached $4,685,546, compared to a net loss of $710,035 in the second quarter of 2025. For the six months ended June 30, 2026, the total net loss from operations stood at $7,040,372, compared to $1,935,151 for the first half of 2025. Total assets rose to $217,570,601 at the close of the period, up from $37,786,621 as of June 30, 2025.

The balance sheet expansion followed the completion of a $100 million private placement in May 2026, which consisted of 181,819,000 units issued at a price of $0.55 per unit, with each unit comprising one common share and one-half warrant exercisable at $0.80.

Alongside the financial results, Galantas outlined ongoing operational and development activities across its portfolio in Chile. At the Andacollo Gold Project, the company reported an updated pit-constrained Mineral Resource Estimate comprising an Indicated Mineral Resource of 102.4 million tonnes at 0.45 grams per tonne gold containing 1.47 million ounces of gold, and an Inferred Mineral Resource of 347.9 million tonnes at 0.41 grams per tonne gold containing 4.54 million ounces of gold.

Andacollo is a brownfield, past-producing open pit heap leach gold operation with approximately 1.12 million ounces of historical gold production. Additional gold mineralization identified by DRA Americas Inc. within the property boundary could potentially be accessed through a land access agreement from the adjacent property controlled by Teck Resources Limited.

Galantas has engaged M3 Engineering & Technology Corporation to lead a Preliminary Economic Assessment targeting completion in the fourth quarter of 2026, alongside managing the relocation of a three-stage, 20,000 tonnes per day crushing plant and associated agglomeration plant equipment from Mexico. The company signed a binding agreement in July 2026 to acquire the crushing plant equipment for USD$4.2 million, with completion subject to a definitive asset purchase agreement and customary approvals.

NCL Ingenieria y Construccion Ltda has been contracted to advance mine design and production schedules for restart and expansion scenarios, while Stracon is providing early contractor involvement for mining fleet requirements, operating costs, mine infrastructure, pit dewatering, truck-shop refurbishment, and execution planning. Galantas targets a potential production restart for Andacollo in the first half of 2027.

The company has not made a formal production decision for Andacollo. Any restart remains subject to further technical, operational, and financial reviews, installation, rehabilitation, and commissioning activities, receipt of remaining regulatory approvals, and formal approval by the board of directors.

In parallel, Galantas is preparing development plans for the Indiana Project in Chile, targeting a production start by the end of 2026. Diamond drilling at Indiana completed 5,060 metres across 13 holes as part of an expanded 12,500-metre program, with assay results pending.

Read the full announcement: Galantas Gold Reports Second Quarter 2026 Results