Galleon Gold : Delivers Maiden Preliminary Economic Assessment and Updated Mineral Resource Estimate for West Cache Gold Project

FOR RELEASE January 12, 2022

Galleon Gold Delivers Maiden Preliminary Economic Assessment and Updated Mineral Resource Estimate for West Cache Gold Project

TORONTO: January 12, 2022. Galleon Gold Corp. (TSXV: GGO) (the "Company" or "Galleon Gold") is pleased to announce the positive results of an independent maiden Preliminary Economic Assessment ("PEA"), including an updated Mineral Resource Estimate prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for its West Cache Gold Project (the "Project" or the "Property"), Timmins Ontario. The PEA considers an underground mine utilizing Toll Processing for treatment of mineralized material over an 11-year mine life. All amounts are shown in Canadian dollars unless otherwise stated.

PEA Highlights - West Cache Gold Project

• Pre-TaxNet Present Value at a 5% discount rate ("NPV5%") of $378 million with Internal Rate of Return ("IRR") of 33.7%, 3.0 years payback at US$1,700/oz gold price
• After-taxNPV5% of $240 million with IRR of 26.7% and 3.3 years payback
• 11 years Life of Mine ("LOM") plus two years of ramp-up. Production at 2,400 tpd.
• 940,200 ounces of gold mined over LOM with average annual production of 85,500 ounces. Recovered gold is estimated at 893,200 ounces over the LOM.
• Cash cost of US$814 per ounce and all-in sustaining cost of US$987 per ounce
• Initial capex $150 million
• Alternative scenario for construction of on-site mill demonstrates positive economics (NPV5% $368 million, IRR 24.5%, payback 3.7 years on pre-tax basis)
• Project is now progressing towards bulk sample of Zone #9 and Pre-Feasibility Study, including plans for upgrading and expanding the Mineral Resource

Updated Mineral Resource Estimate Highlights (underground Mineral Resource at 1.6 g/t Au cut-offgrade)

• Significant increase in the grade and total ounces in the Indicated and Inferred Mineral Resource classifications
• Indicated Mineral Resource of 472,000 ounces (4,051 kt at an average grade of
• 1. g/t Au)
• Inferred Mineral Resource of 1,088,000 ounces (11,788 kt at an average grade of
• 1. g/t Au)

Comments from the CEO

R. David Russell, President and CEO of Galleon Gold commented, "I am extremely pleased with the first economic valuation for West Cache, as the results from our PEA demonstrate that the project could support a profitable underground mining operation. The PEA incorporates the near-termoption of using local toll processing, while also suggesting on- site processing becomes increasingly attractive with further growth in the project's Mineral Resource.

Based on our geologic model, I believe West Cache has the potential to extend the LOM beyond the initial 11 years by expanding the Mineral Resource downdip and along strike. Moreover, we have explored less than 10% of the Property and recent geological interpretations suggest we should be looking to pursue new exploration targets in untested host rock both north and south of the current Mineral Resource. Our primary exploration goal for 2022 is to add high grade gold ounces and expand the Mineral Resource through surface drilling. In early to mid 2023, pending permits, we plan to commence underground test mining the high-grade Zone #9 area."

PEA Financial Results Summary

The economic analysis was performed assuming a 5% discount rate. A summary of project economics is listed in Table 1. On a pre-tax basis the NPV5% is estimated at $378 million, IRR is 33.7 % and the payback is 3.0 years. On an after-tax basis the NPV5% is estimated at $240 million, IRR is 26.7 % and the payback is 3.3 years.

Table 1: Summary of PEA Financial Results

(All costs in Canadian dollars unless otherwise noted)

General
Gold Price (US$/oz)		1,700
Exchange Rate (US$:C$)		0.76
LOM (years)		11
Production
Total Gold Mine Production (oz)		940,200
Average Annual Production (oz)		85,470
Total Mill Ounces Recovered (oz)		893,200
Operating Costs
Mining Cost ($/t Mined)		64.40
Processing Cost ($/t Processed)		28.00
G&A Cost ($/t Processed)		4.51
Total Operating Costs ($/t Processed)		96.92
Royalty NSR after 1 % buyback (%)		2
Cash Costs (US$/oz Au)		814
AISC (US$/oz Au)		987
Capital Costs
Initial Capital ($M)		150
Sustaining Capital ($M)		199
Closure Costs ($M)		5
Financials	Pre-Tax	After-Tax
NPV (5%) ($M)	378	240
IRR (%)	33.7	26.7
Payback (years)	3.0	3.3

The PEA was prepared in accordance with National Instrument 43-101 ("NI 43-101") by P&E Mining Consultants Inc. of Brampton, Ontario, Canada with an effective date of January 10, 2022. The Company will file the PEA on SEDAR at www.sedar.comin accordance with NI 43-101 within 45 days of this news release.

Cautionary Statement - The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.

Gold Price Sensitivities

Table 2 outlines the sensitivities of the NPV and IRR to gold price per ounce using an exchange rate of 0.76 (US$/C$).

The PEA was prepared in accordance with National Instrument 43-101 ("NI 43-101") by P&E Mining Consultants Inc. of Brampton, Ontario, Canada with an effective date of January 10, 2022. The Company will file the PEA on SEDAR at www.sedar.comin accordance with NI 43-101 within 45 days of this news release.

Cautionary Statement - The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.

Gold Price Sensitivities

Table 2 outlines the sensitivities of the NPV and IRR to gold price per ounce using an exchange rate of 0.76 (US$/C$).

Figure 1 and 2 show the West Cache project in plan view and longitudinal projection respectively, while Figure 3 shows 3D views of the four mining areas and grades. Table 3 outlines LOM production.

Figure 1: Mine Development Plan - Plan View

Figure 2: 3D Longitudinal Projection of West Cache Project