Mr. R. David Russell reports

GALLEON GOLD ANNOUNCES INTEREST PAYMENT ON CONVERTIBLE DEBENTURES

Galleon Gold Corp., under the terms of the convertible debentures issued on April 12, 2024, April 19, 2024, and April 29, 2024 (see news releases dated April 12, 2024, April 19, 2024, and April 29, 2024), has elected to satisfy its obligation to pay interest accrued by issuing common shares.

Under the terms of the convertible debentures, no fractional common shares will be issued upon payment of the interest obligation. The common shares will be priced based on the greater of the market price (as defined in the policies of the TSX Venture Exchange) and the 15-day volume-weighted average closing price of the common shares on the TSX-V preceding the applicable interest payment date.

The issuance of common shares in payment of interest remains subject to the approval of the TSX Venture Exchange. The common shares to be issued in respect of the interest payment will be subject to a hold period of four months from the date of issuance.

Convertible debentures issued on April 12, 2024, and April 19, 2024

An aggregate of $86,537 in interest accrued on the convertible debentures will be satisfied by issuing to such debentureholders for the interest payment due April 12, 2026, and April 19, 2026, an aggregate of 83,551 common shares of the company.

Convertible debentures issued on April 29, 2024

An aggregate of $27,861 in interest accrued on the convertible debentures will be satisfied by issuing to such debentureholders for the interest payment due April 29, 2026, an aggregate of 27,315 common shares of the company.

Certain officers and an insider and of the company are holders of the convertible debentures. As a result, the interest payment is considered to be a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The interest payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds 25 per cent of the company's market capitalization.

About Galleon Gold Corp.

Galleon Gold is advancing the West Cache gold project with a disciplined, derisking strategy centred on resource growth and an upcoming 86,500-tonne bulk sample program, positioning the company to unlock long-term shareholder value.

We seek Safe Harbor.