Galantas Gold sells Omagh gold project stake for $5M, shifts focus to Chile assets

Galantas Gold Corporation (TSXV:GAL/AIM:GAL) has finalized the sale of its remaining 20% indirect interest in the Omagh gold project, located in County Tyrone, Northern Ireland, to Ocean Partners UK Limited for a total consideration of $5.0 million. The transaction, completed on Monday, September 9, 2026, valued the stake at approximately $4.1 million as of June 30, 2026. About $3.26 million of the proceeds was used to settle existing indebtedness under a promissory note held by Ocean Partners, with the remainder paid in cash. The deal also resulted in Galantas forfeiting its right to a 3.00% net smelter return royalty on the project, as it no longer holds any equity interest in Omagh Minerals Limited, the primary entity behind the project. Ocean Partners, which holds over 10% of its voting rights, acquired the stake from Cavanacaw Corporation, a wholly-owned subsidiary of Galantas Gold. Brent Omland, Galantas’ CEO and Ocean Partners’ chief executive, did not participate in board deliberations or voting on the transaction. The sale was deemed fair and reasonable by disinterested directors, qualifying as a related-party transaction under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. Exemptions from formal valuation and minority shareholder approval were applied because the transaction value did not exceed 25% of Galantas’ market capitalization. Following the sale, the company will redirect its focus toward its portfolio of gold and copper assets in Chile, specifically the Andacollo Gold Project and the Indiana Project.