Toronto, Ontario — January 7, 2026 — Leads & Copy — Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) has released a summary of its achievements in 2025, which included arranging financing, securing regulatory approvals, and initiating development activities at its West Cache Gold Project in Timmins, Ontario.
The milestones were aimed at de-risking the Project and establishing groundwork for future feasibility studies, with the goal of building the next mine in the Timmins gold camp.
In 2025, Galleon Gold raised $91.5 million in capital, providing full funding for the planned bulk sample program. The financing package included $15.5 million in convertible debentures, $30 million in equity financings, and a $46 million senior secured debt facility.
In April 2025, the Ontario Ministry of Energy and Mines accepted the Company’s Closure Plan for filing, which is required for the extraction of an 86,500-tonne bulk sample under an advanced exploration program. The bulk sample is expected to generate critical data to support future feasibility studies.
As part of the 2025 financings, Pan American Silver Corp. invested $8 million through an unsecured convertible debt financing and $11.25 million through equity. They also provided a senior secured debt facility of up to $46 million. In parallel, Galleon Gold signed a Memorandum of Understanding with Lake Shore Gold Corp., a subsidiary of Pan American, for the toll processing of the mineralized material from the planned bulk sample.
The company drew $11 million from the debt facility and completed the repurchase of a 3% net smelter return royalty on West Cache from a wholly-owned subsidiary of Newmont Corporation. With the Royalty fully extinguished, the West Cache principal resource area is 100% unencumbered by net smelter return royalties.
With funding secured and regulatory approvals in place, the Company commenced tree harvesting, road building, initial hydro line installation work and surface planning, in preparation for awarding surface construction and underground contracts in 2026.
Galleon Gold’s objectives for 2026 are to advance surface infrastructure development, begin underground development, and execute a targeted exploration program.
Surface infrastructure construction will include hydro and power supply, access roads, administration complex, box cut, and water management systems. Underground development includes completing the majority of decline and ramping development required to reach the targeted mineralized material outlined in the Closure Plan for an 86,500-tonne bulk sample.
The exploration drill program will include infill drilling to further define the existing resource and potentially convert and expand gold ounces, as well as exploration drilling to target and test high-priority unexplored areas outside the current resource area.
“With Pan American as a strategic investor and several new long-term institutional investors who supported our financing efforts, we enter 2026 fully funded to execute on strategy and derisk the development of our West Cache project,” said Mr. David Russell, President and Chief Executive Officer of Galleon Gold. “We are in the early stages of fleshing out the full value of the Project, with less than 10% of the Project drill tested, we believe there are additional ounces of gold to add to the resource.”
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
Graham Farrell
Investor Relations
T. (416) 842-9003
grahamfarrell@galleongold.com
Source: Galleon Gold
