Mr. David Russell reports

GALLEON GOLD COMPLETES $7.5M OVERSUBSCRIBED PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES

Galleon Gold Corp. has closed the second and final tranche of its non-brokered private placement offering of convertible debentures previously announced on July 2, 2025, and July 7, 2025. The company has issued 20 convertible debentures for gross proceeds of $1-million. The total gross proceeds from the offering is $7.5-million.

The offering

The debentures 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. The debentures are 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.

Finders' fees consisting of a cash commission of $60,000 and 200,000 non-transferrable finders' warrants have been paid in connection with this closing of 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 intends to use the proceeds raised from the offering for the exploration and advancement of the company's West Cache gold project in Timmins, Ont., and for general working capital purposes.

The debentures, finders' warrants, and, if applicable, the underlying common shares will be subject to a hold period of four months and one day from the date of closing in accordance with applicable securities laws. The offering is subject to the final 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.

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