Galantas Gold Corporation (TSXV: GAL | AIM: GAL) announced on September 9, 2026 that it has completed the sale of its remaining 20% indirect interest in the Omagh gold project in County Tyrone, Northern Ireland to Ocean Partners UK Limited for aggregate consideration of US$5.0 million. The transaction was executed through Galantas' wholly-owned subsidiary, Cavanacaw Corporation, via a share purchase agreement dated September 8, 2026. The deal clears outstanding debt owed to Ocean Partners and accelerates the company's strategic pivot toward its Chilean gold and copper portfolio.

Key Points

  • Galantas Gold Corporation (TSXV: GAL | AIM: GAL)
  • Galantas sold its remaining 20% indirect interest in the Omagh Project to Ocean Partners UK Limited for US$5.0 million
  • Approximately US$3.26 million of existing debt to Ocean Partners was discharged at closing; the balance was paid in cash. The interest carried a book value of approximately US$4.1 million (CAD$5.8 million) as at June 30, 2026
  • Investors may be watching how Galantas deploys net cash proceeds toward its Andacollo Gold Project and Indiana Project in Chile

Transaction Structure and Omagh Project Exit Terms

Under the agreement, Cavanacaw transferred 20,000 shares of Flintridge Resources Limited and 215,208 shares of Omagh Minerals Limited to Ocean Partners, representing Galantas' entire remaining indirect stake in the Omagh Project. The carrying value of this associate investment stood at approximately US$4.1 million (CAD$5.8 million) as at June 30, 2026, with a share of loss attributable to the interest of approximately US$72,457 (CAD$101,790) for the six months ended June 30, 2026. Following closing, Galantas also relinquishes the right to convert that 20% equity interest into a 3.00% net smelter return royalty.

Debt Settlement and Balance Sheet Impact for Galantas

Of the US$5.0 million total consideration, approximately US$3.26 million was applied to discharge indebtedness owed by Galantas to Ocean Partners under an existing promissory note and related obligations, with the remaining balance received in cash. CEO Mario Stifano stated in the release that the transaction "strengthens the Company's balance sheet through the receipt of cash proceeds and the settlement of indebtedness owing to Ocean Partners." The company did not disclose the precise net cash amount retained after debt settlement beyond what is outlined above.

Related Party Governance and Regulatory Compliance

Ocean Partners is a substantial shareholder of Galantas, and Brent Omland, a Galantas director, serves as CEO of Ocean Partners, making this a related party transaction under both AIM Rules and Multilateral Instrument 61-101. Mr. Omland recused himself from board deliberations. The disinterested directors, having consulted with the company's Nominated Adviser, determined the transaction to be fair and reasonable. Galantas relied on applicable MI 61-101 exemptions from formal valuation and minority shareholder approval requirements, as the transaction value did not exceed 25% of the company's market capitalisation.

Strategic Refocus on Chilean Gold and Copper Assets

The Omagh divestiture completes Galantas' exit from its Northern Ireland operations, allowing management to concentrate entirely on the Andacollo Gold Project, the Indiana Project, and other mineral interests in Chile. The release states this outcome is consistent with the company's stated strategy of disciplined capital allocation toward high-quality assets in stable mining jurisdictions. Investors may be watching how the cash component of the proceeds is allocated across Chilean project advancement activities in the periods ahead.