Toronto, Ontario–(Newsfile Corp. – October 16, 2025) – Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the “Company” or “Galleon Gold“) is pleased to announce it has entered into an agreement (the “Agreement“) with a wholly-owned subsidiary of Newmont Corporation (“Newmont“), to reacquire a 3% net smelter return royalty (the “Royalty“) on the Company’s West Cache Gold Project (“West Cache” or the “Project“) located in Timmins, Ontario. Pursuant to the Agreement, and subject to the Company raising sufficient funds to complete the transaction, the Company will initially exercise its existing right under the terms of the Royalty to repurchase 1% of the 3% Royalty for C$1,000,000 and, subsequently, will pay C$10,000,000 to buy back the remaining 2% Royalty. The transaction is expected to close on or before December 31, 2025.
CEO Comment
David Russell, President and CEO of Galleon Gold commented, “We are very pleased to have reached this agreement with Newmont. Following development of West Cache, the payouts on an NSR could become quite meaningful. Extinguishing the Royalty now at a pre-development price, should provide Galleon Gold with improved economics in the future.”
About the Royalty
Placer Dome (CLA) Limited through an option agreement originally dated July 12, 1999 and exercised on or around August 17, 2005 was granted the Royalty over mineral claims that now form part of West Cache property package. Through a series of historical agreements, the Royalty have been transferred over the years to successor companies. Newmont, through its wholly-owned subsidiary, is the current holder of the Royalty and Galleon Gold, through its wholly-owned subsidiary, Explor Resources Inc., is the current payor of said Royalty.
Investor Relation Services
The Company is also pleased to announce it has retained North Star Investor Relations Inc. (“North Star IR”) to provide a full suite of investor relations services including, but not limited to, investor engagement and outreach, social media support and content generation, in-person and virtual roadshows and marketing campaigns, investor conference selection and support, and implementation and execution of capital markets strategies.
Under the terms of the agreement, the Company has agreed to pay North Star IR a cash retainer of $10,000 per month, plus applicable taxes and reasonable out-of-pocket expenses. The agreement has a term of 12 months commencing on October 15, 2025. North Star IR has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange (the “TSXV”) in providing the Services. Mr Graham Farrell nor North Star IR will not receive any securities of the Company as compensation for services under the agreement.
About Galleon Gold
Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The Project is located 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Discovery Silver’s Hollinger Mine. The Company is gearing up for its first test mining at West Cache. The 86,500-tonne underground bulk sample is designed to provide valuable data for feasibility studies. Galleon Gold’s strategy is to systematically derisk the Project while continuing to grow the asset through grassroots exploration.
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 the Royalty, 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/270558