Mr. David Russell reports

GALLEON GOLD UPSIZES FINANCING

Further to Galleon Gold Corp.'s press release of July 2, 2025, it has upsized its non-brokered private placement offering of unsecured convertible debentures and capped the offering to gross proceeds of $7.5-million.

The offering

The debentures will have a term of 36 months from the date of issuance, bear interest at a rate of 8.0 per cent per annum payable in cash or common shares at the option of the investor at the end of the term and be convertible into common shares of the company at 30 cents per share.

At any time during the term, each holder of debentures may elect to convert any portion of the principal amount of the debentures into common shares at the conversion price. If an investor exercises the debentures prior to the end of the term the accrued interest to that date will be payable in common shares and the price will be based on the higher of the average closing price of the last 20 trading days or the closing market price.

Insiders of the company will be participating in the offering. The participation of the insiders in the offering will constitute a related party transaction for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is exempt from the requirements to obtain a formal evaluation or minority shareholder approval in connection with the insider participation in reliance on sections 5.5 (a) and 5.7 (1) (a) of MI 61-101, as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued will exceed 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

The company intends to use the proceeds raised from the offering for the exploration and advancement of the company's West Cache gold project in Timmins, Ontario and for general working capital purposes.

Finders' fees consisting of a 6-per-cent cash commission and 6-per-cent non-transferrable finders' warrants will be paid in connection with the offering. Each finder warrant entitles the holder to acquire one common share at 36 cents per share over a two-year period.

The company expects the offering to close by July 9, with the remainder expected to close thereafter. The debentures, finders' warrants and underlying common shares will be subject to a hold period of four months and one day in accordance with applicable securities laws. The offering is subject to the acceptance of the TSX Venture Exchange.

About Galleon Gold Corp.

Galleon Gold is an advanced exploration and development company focused on the West Cache gold project in Timmins, Ont. The project is located seven kilometres northeast of Pan American Silver's Timmins West mine and 14 km southwest of the Hollinger mine. The company is gearing up for its first test mining at West Cache; the 86,500-tonne underground bulk sample is designed to produce 22,600 ounces of gold (prior to recoveries) and provide valuable data for prefeasibility studies. Galleon Gold's strategy is to systematically derisk the project while continuing to grow the asset through grassroots exploration.

We seek Safe Harbor.