Galantas Gold Completes Sale of Remaining Interest in Omagh Gold Project, Northern Ireland
Galantas plans to use $108m from the Omagh sale to restart its Chilean operations and meet 2027 production targets.
Galantas Gold Corporation has completed the sale of its remaining 20% indirect interest in the Omagh Gold Project in Northern Ireland to Ocean Partners UK Limited. The transaction involves the sale of shares in Flintridge Resources Limited and Omagh Minerals Limited for an aggregate consideration of US$5.0 million.
Proceeds from the deal were allocated to settle approximately US$3.26 million of existing indebtedness owed to Ocean Partners, with the remainder paid in cash. The 20% interest had a carrying value of approximately US$4.1 million as of June 30, 2026, resulting in a minor share of loss of ~US$72,457 for the six months ended June 30, 2026.
Following the transaction, Galantas holds no equity interest in Omagh and forfeits the right to convert the interest into a 3.00% net smelter return (NSR) royalty. The company states the strategic rationale is to eliminate non-core assets, strengthen the balance sheet, and concentrate management and capital resources on the Chilean portfolio, specifically the Andacollo and Indiana projects.
Galantas Gold Corporation (GAL) has completed the divestment of a dormant Northern Ireland asset, a move that aligns with its previously announced strategic pivot to Chile. The transaction settles a related-party debt obligation to Ocean Partners, a major strategic shareholder, and removes the non-operating asset from the company’s portfolio.
The financial impact of the sale is immaterial to the overall balance sheet, supported by the $108.9 million cash position established by the May 2026 private placement. As part of the deal, the company relinquished a 3.00% NSR conversion right, a concession deemed acceptable given the resulting debt reduction and enhanced strategic focus. The transaction meets prior expectations and introduces no new operational or financial surprises.
Galantas Gold Corporation (GAL) is a mineral exploration and development company transitioning from historical Northern Ireland operations to a pure-play Chilean gold-copper portfolio. Its flagship asset is the Andacollo Gold Project, located in the Coquimbo region of Chile. This past-producing open-pit heap-leach operation has a historical production of approximately 1.12 moz Au.
An updated Mineral Resource Estimate released in February 2026 reports 102.4 Mt of Indicated resources grading 0.45 g/t Au, containing 1.47 moz Au, alongside 347.9 Mt of Inferred resources grading 0.41 g/t Au, containing 4.54 moz Au. The company also holds the Indiana Gold-Copper Project, an underground vein system in the Atacama region. This secondary project carries an Inferred resource of 4.93 Mt at 2.24 g/t Au and 1.31% Cu, equating to 355,516 oz Au and 64,690 t Cu.
Management is targeting a Preliminary Economic Assessment (PEA) for Andacollo by the fourth quarter of 2026, with a production restart planned for the first half of 2027. Meanwhile, Indiana aims for production by the end of 2026.