Galleon Gold Corporate Update

Rhea-AI Summary

Galleon Gold (TSXV: GGO) has completed its submission of the West Cache Project Closure Plan to the Ministry of Mines, including supporting documentation and Financial Assurance of $1,390,978. The Ministry has a 45-day review period to accept the plan for filing.

The company has granted 1,260,000 stock options to directors, officers, employees, and consultants. These options are exercisable at $0.28 per share, vest immediately, and will expire on February 21, 2030.

Additionally, Galleon Gold will be present at the PDAC convention, welcoming investors and shareholders at booth #2911 in the Investor Exchange, South Building at the Metro Toronto Convention Center from March 2-5, 2025.

Positive

• Submitted West Cache Project Closure Plan with $1.39M Financial Assurance
• Granted 1.26M stock options to align management interests with shareholders

Negative

• None.

News Market Reaction

-4.10%

1 alert

-4.10% News Effect

On the day this news was published, PNCKF declined 4.10%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - February 21, 2025) - Galleon Gold Corp.  (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to inform, that further to its news release dated February 10, 2024, it has now completed its submission of the West Cache Project Closure Plan, along with supporting documentation and the Financial Assurance of $1,390,978 to the Ministry of Mines ("Mines"). Mines has up to 45 days of receipt to accept the Closure Plan for filing.

Option Grant

The Company announces that pursuant to the Company' stock option plan (the "Plan") a total of 1,260,000 stock options have been granted to directors, officers, employees and consultants of the Company. The options are exercisable into one common share of the Company at a price of $0.28, vest immediately and expire on February 21, 2030.

Galleon Gold at the PDAC

Galleon Gold invites investors and shareholders to visit booth #2911 at the Investor Exchange in the South Building at the Metro Toronto Convention Center from March 2 to 5, 2025.

About Galleon Gold

Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. A 2022 Preliminary Economic Assessment (PEA) for the Project demonstrates strong economics. The Company's planning for an 86,500-tonne underground bulk sample is well underway; it has recently submitted its Closure Plan and Financial Assurance for the Project.

For further information:

Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
www.galleongold.com

Forward-Looking Statements

This news release contains certain "forward looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241914

FAQ

What is the financial assurance amount submitted by Galleon Gold (GGO) for the West Cache Project Closure Plan?

Galleon Gold submitted a Financial Assurance of $1,390,978 along with the West Cache Project Closure Plan to the Ministry of Mines.

When will the Ministry of Mines review Galleon Gold's West Cache Project Closure Plan?

The Ministry of Mines has up to 45 days from receipt to accept the Closure Plan for filing.

What are the terms of Galleon Gold's February 2024 stock option grant?

Galleon Gold granted 1,260,000 stock options exercisable at $0.28 per share, vesting immediately and expiring on February 21, 2030.

Where can investors meet Galleon Gold at PDAC 2025?

Investors can visit Galleon Gold at booth #2911 in the Investor Exchange, South Building at the Metro Toronto Convention Center from March 2-5, 2025.