Galleon Gold Receives Key Water Permit and Initiates Box Cut at its West Cache Gold Project in Timmins, Ontario

The most recent news (March 2, 2026) announces that Galleon Gold has received the Category 3 Permit to Take Water (PTTW) from the Ontario Ministry of the Environment, Conservation and Parks (MECP). This was the final critical regulatory hurdle required to initiate the "box cut" excavation—the physical entrance for the underground ramp. Additionally, the company confirmed compliance approvals for air and noise. Surface infrastructure, including hydro lines (60% complete) and site clearing, is already well advanced. This allows the company to proceed with its planned 86,500-tonne bulk sample program.

The impact is Routine - Positive. While the receipt of a PTTW is a fundamental requirement for underground development, it was highly expected following the "Material - Game Changer" news in late 2025 regarding full project funding. - De-risking: The permit moves the project from the "planning/permitting" phase into the "execution/construction" phase. - Timeline Validation: The news confirms management is executing on the 2026 roadmap provided in January, maintaining momentum for the bulk sample extraction. - Operational Readiness: With the box cut initiated, the company is now physically committed to the underground exploration phase, which is the primary catalyst for resource expansion and feasibility studies.

Galleon Gold is focused on the West Cache Gold Project in the Timmins Gold Camp, Ontario. - Flagship: West Cache sits on the Destor-Porcupine Fault Zone, 7km from Pan American Silver’s Timmins West Mine. - Resource: Indicated resource of 472k oz Au (3.63 g/t) and Inferred resource of 1.08M oz Au (2.87 g/t). - Economics: 2022 PEA shows an 11-year mine life with an AISC of US$987/oz. - Strategy: Use a large-scale bulk sample (86,500 tonnes) to confirm grade continuity and metallurgical recovery before committing to full-scale mine construction.