Eric Sprott Announces Changes to His Holdings in Galantas Gold Corporation

Toronto, Ontario--(Newsfile Corp. - May 15, 2023) - Eric Sprott announces that on May 14, 2023, 3,833,333 common share purchase warrants (Warrants) of Galantas Gold Corporation., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in control of approximately 6.5% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 10,166.667 Shares and 4,500,000 Warrants representing approximately 8.9% of the outstanding Shares on a non-diluted basis and 12.3% on a partially-diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now owns and controls 10,166,667 Shares and 666,667 Warrants representing approximately 8.9% of the outstanding Shares on a non-diluted basis and 9.4% on a partially-diluted basis assuming the exercise of such Warrants. The Warrants expiry combined with previous new share issuances by Galantas Gold resulted in an ownership change, on a partially diluted basis, of approximately 6.5% since the date of the last filing of an early warning report and brings total holdings to under 10% on a partially diluted basis. As a result, Mr. Sprott and 2176423 Ontario Limited ceased to be insiders of Galantas Gold.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Galantas Gold is located at 82 Richmond Street East, Suite 201, Toronto, ON M5C 1P1. A copy of the early warning report with respect to the foregoing will appear on Galantas Gold's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165950