Galantas Gold acquires RDL Mining, raises $15.5m

2nd Jan 2026 12:28

(Sharecast News) - Galantas Gold announced the completed acquisition of RDL Mining Corporation on Friday, as well as the closing of equity financings raising $15.53m and an updated mineral resource estimate for its Indiana gold-copper project in Chile, strengthening its balance sheet and advancing the project towards economic assessment.

The AIM- and TSX Venture-listed company said it acquired all of the issued and outstanding shares of RDL in exchange for Galantas shares, providing the group with an option to acquire a 100% interest in the Indiana Project in Chile, subject to meeting certain conditions.

As consideration, the former RDL shareholders each received around 44 million Galantas shares, together representing approximately 30% of the enlarged share capital, and were granted a combined net smelter return royalty of about 2% over the project.

Lawrence Roulston joined the Galantas board as a director, while Robert Sedgemore was appointed senior vice-president of operations.

Alongside the transaction, Galantas completed a brokered private placing led by Canaccord Genuity and Haywood Securities, issuing 186.25 million units at eight cents each each to raise $14.9m in gross proceeds, including a partial exercise of the over-allotment option.

Each unit comprised one ordinary share and one warrant exercisable at 12 cents for 36 months.

The company also completed a non-brokered shares-for-debt placement, issuing 7.81 million shares to Ocean Partners UK to settle $0.625m of outstanding debt.

Net proceeds would be used to fund exploration and option payments at Indiana, as well as for general working capital.

Galantas also released an updated independent mineral resource estimate for the Indiana Project, prepared by DRA Americas.

The estimate outlined inferred mineral resources of 4.93 million tonnes grading 2.24 grams per tonne of gold and 1.31% copper, containing 355,516 ounces of gold and 64,690 tonnes of copper on an in-situ basis.

Galantas said mine design and preliminary economic assessment workstreams had been launched, with further resource definition and geotechnical drilling planned to support underground mine design.

Halo mineralisation had not yet been included in the current estimate but was expected to be assessed as part of future work.

Chief executive Mario Stifano said the updated resource represented a significant step forward for the project.

"The completion of the updated NI 43-101 mineral resource estimate for the Indiana Project represents an important technical milestone for the company," he said.

"The quality, grade profile and continuity of the vein systems, together with the scale of the in-vein resource, provide a solid foundation as we advance mine design and commence the PEA."

Galantas added that a commercial off-take agreement had been executed with Ocean Partners for copper-gold concentrate from the Indiana Project, supporting future development plans, while admission of the new shares issued as part of the transaction and financings to trading on AIM was expected around 6 January.

At 1154 GMT, shares in Galantas Gold Corporation were down 1.43% at 6.9p.

Reporting by Josh White for Sharecast.com.