Galleon Gold Amends Credit Agreement with Pan American Silver

• 2026-03-31: Galleon Gold Amends Credit Agreement with Pan American Silver
• Amends the credit facility to require cash payments for interest and standby fees, removing the option to settle via common shares. This is a related-party transaction under MI 61-101 with exemptions from valuation/minority approval.
• Concurrently, Galleon granted 875,000 stock options at $0.98, vesting immediately (expiring 2031).

• Implication: strengthens cash payment discipline and lender confidence but reduces potential equity-driven flexibility; small near-term dilution from option grant.

• 2026-03-25: Corporate and Operational Update on West Cache

• Surface development progressing on schedule; permits to take water Category 2 and 3 already issued; exploration drilling under way targeting high-grade zones; leadership changes in exploration/strategy roles.

• West Cache in Timmins, Ontario, with mineralization open in all directions; supports ongoing development trajectory and de-risking via targeted drilling.

• 2026-03-02: Receives Category 3 Water Permit and Initiates Box Cut

• PTTW granted enabling primary box cut and ramp planning for underground access; MECP air/noise approvals in hand.

• Implication: material step toward underground development; sets stage for bulk sampling and economic validation.

• 2026-02-18: Start Date for 2026 Drill Program

• 18,000 m phase 1 program starts Feb 23, 2026, aimed at extensions of high-grade zones and resource upgrades; commentary from CEO underscores value potential from continued drilling.

• 2026-01-27: Trading on OTCQX and OTCQB upgrade items

• Galleon moves to OTCQX Best Market (GGOXF) to broaden U.S. investor access; management expects liquidity and visibility benefits.

• Various late-2025 items establish the capital framework supporting West Cache:

• 2025-12-04: Closing of $30M in equity financings (private placement to Pan American; brokered offering with Sprott) plus leadership commentary on advancing bulk sample and development.
• 2025-12-04: Eric Sprott and Pan American Silver notable investors participate; warrants issued with 24-month term; management and insiders participate.
• 2025-12-30: $46M senior secured debt facility with Pan American Silver; package includes cash-or-share arrangement for the commitment fee and potential ownership implications; use of proceeds includes bulk sample and underground development; Pan American to hold meaningful ownership on a partially diluted basis.
• 2025-12-31: Full repurchase of a 3% NSR on West Cache for CAD $11M, eliminating NSR royalties and improving long-term project economics.

• 2025-11-24 to 2025-12-04: Early-stage financing announcements and an indicative term sheet for debt, plus a sizeable equity raise; trading halt noted by CIRO around November 24, 2025 amid pending news.

• 2025-12-05: Pan American Silver disclosed an advisory/ownership update under NI 62-103, signaling broadening ownership exposure as part of strategic financing.

• 2025-11-21 to 2025-11-17: Interest payments on convertible debentures settled via share issuances; related-party considerations and hold periods noted; regulatory approvals processed.

• 2025-11-24: Trading halt by CIRO due to pending news.

Overall, the news stream shows a consistent push to fund West Cache through a mix of equity and debt with Pan American Silver as a cornerstone strategic investor, strengthening development momentum, while also advancing corporate governance and market visibility (OTCQX listing, management updates, and royalty elimination). The most recent March 31, 2026 credit-amendment news is a routine financing-related update that shifts cash flow expectations and reflects ongoing governance of debt facilities.

• Most recent news (2026-03-31) is a financing-related amendment that requires cash interest/standby fees rather than share-based settlement. It is unlikely to be transformative in isolation but it tightens cash-flow requirements and reduces equity-friendly flexibility. In context of the prior substantial equity/debt financing activity and a 3% NSR repurchase completed at year-end 2025, the incremental change is material for cash burn and liquidity planning but not a Game Changer.
• Past financing activity (Dec 2025 timeframe) was material: a $30M equity raise (Pan American + Sprott), a $46M debt facility with Pan American, and the NSR repurchase. These moves materially improved West Cache financing resilience and de-risked near-term development steps; they are positive for project execution and probabilistic economics, though they increased debt leverage and ownership concentration.
• Royalty elimination in Dec 2025 (NSR repurchase) is materially positive for project economics and valuation, aligning with a de-risked pathway to development.
• The March 2026 permitting and box-cut progress, plus water permits and underground access implications, are material to the project timetable and economics; they support near-term milestones (bulk sampling ramp) and validate technical feasibility.
• Overall, the most recent news is neutral-to-positive in the broader context, aligning with the company’s ongoing strategy to de-risk West Cache via disciplined financing and execution, though it introduces higher cash obligations.

• Flagship project: West Cache Gold Project, Timmins, Ontario (Western Porcupine/ Destor-Porcupine belt, near Pan American Silver’s Timmins West Mine)
• Project status: Development; advanced-stage exploration with planned 86,500-tonne bulk sample; underground development ramp-up anticipated post-box cut; drill program to test high-grade zones and extensions.
• Resource context from investor presentation:
• Indicated resources: 4,051 kt @ 3.63 g/t Au = ~472 koz Au
• Inferred resources: 11,788 kt @ 2.87 g/t Au = ~1,088 koz Au
• LOM guidance: Average annual production ~85,470 oz; total mill recoverable ~893 koz; LOM ~11 years (excluding ramp-up)
• Cost guidance (LOM): All-in-sustaining cost US$987/oz; average cash cost US$814/oz
• Production/development trajectory is supported by a 2025-2026 financing program and strategic investor engagement with Pan American Silver.