Galantas Gold Corporation announced that it has entered into an agreement (the "Lease Agreement" or the "Agreement") to acquire a 100% interest and the exclusive rights to explore and develop the Gairloch Project, a 217 km² mineral licence area in Scotland that covers the Gairloch Schist Belt from the owners of the Gairloch Estate lands (the "Lessor"). The Company has acquired exploration and developments rights for an initial payment of £347,000and annual payments of £69,000 beginning in year 6. The Gairloch Project is a landholding that covers the Gairloch Schist Belt, a Paleoproterozic volcanic arc terrane on the northwest coast of Scotland. The current licence area includes all mineral rights, other than gold and silver, covering an entire estate of 217 km².

An application for an Option to a Lease Agreement for the gold and silver is pending with Crown Estate Scotland. The project hosts the Kerry Road deposit surveyed from 1977 to 1982 by Consolidated Goldfields, and remains underexplored. The Archean Rocks of the United Kingdom are located in northwest Scotland and represent part of the North Atlantic Craton, also exposed in Southern Greenland and Labrador in Canada.

Within this area in Scotland lies the Paleoproterozoic Loch Maree Group which extends over 30 km and is widely believed to have formed within a juvenile Island arc and/or accretionary tectonic assemblage. VMS deposits are major sources of zinc, copper, lead, silver and gold. They often form in clusters in areas of ancient underwater volcanic activity.

Because of their polymetallic content, VMS deposits are one of the most desirable deposit types for security against fluctuating prices of different metals. The Kerry Road deposit is a stratabound, Besshi-style, VMS gold-copper-zinc deposit exposed at surface. It is one of the oldest known Besshi deposits, similar in age to Sherridon district in Manitoba, Canada.

Drilling by GreenOre Gold PLC (GreenOre) in 2018 confirmed the presence of mineralization at Kerry Road. Rock chip sampling conducted by GreenOre in 2018 also identified elevated levels of cobalt in bedrock. Based on historical reports from Consolidated Goldfields, the Kerry Road deposit was drill tested in the late 1970s to early 1980s, where 87 drill holes (9,189 metres) were drilled to identify the deposit, which is reportedly open along strike and at depth.

Work was abandoned in 1982 due to low metal prices at the time. Other than academic work and national geological surveys, commercial exploration was not conducted over the region until 2018 when GreenOre obtained the licence. A single short hole was drilled in 2018.

The Lease Agreement will continue for 30 years and will be renewable at the election of Galantas, upon 90 days' prior written notice and upon the approval of the Lessor, not to be unreasonably withheld, for a further 20-year period, assuming all conditions of this Agreement have been met satisfactorily according to the Lessor, acting reasonably, in respect of the Galantas' conduct and operations. Galantas may terminate the Agreement with 18 months' notice. During any mining phase, Galantas will pay the Lessor £50,000 index linked per lease year, with such payment to be made at the commencement of each such lease year.

Galantas will grant a 5% net profits interest royalty (the "NPI"), calculated according to standard industry terms and practices with the option by the Lessor to convert the NPI to a 2% net smelter returns royalty (the "NSR"), calculated according to standard industry terms and practices.