The Joint (US:JYNT) Globenewswire·2025-09-24 06:00Core Viewpoint - Galantas Gold Corporation has successfully closed a joint venture with Ocean Partners UK Limited to develop the high-grade Omagh Gold Project in Northern Ireland, marking a significant step in advancing the project and improving the company's financial position [1][2][3]. Joint Venture Details - The joint venture involves Ocean Partners acquiring an 80% interest in Flintridge Resources Limited and Omagh Minerals Ltd, subsidiaries of Galantas, in exchange for approximately US$14 million in existing loans [3]. - Ocean Partners has made an initial capital investment of US$3 million for exploration and planning, with an option for an additional US$5 million in future funding [4]. Financial Position - The company has reduced its legacy debt significantly and converted debt from Melquart into equity, strengthening its financial position [3]. - Following the Melquart Debt Transaction, Melquart holds approximately 35.4% of Galantas' issued share capital after converting US$875,000 of debt into 17,630,050 common shares at a deemed price of US$0.06 per share [7][8]. Governance and Operations - A shareholders' agreement has been executed, appointing Ocean Partners as the operator of the Omagh Project, with a board structure favoring Ocean Partners [5]. - During the initial term of the joint venture, Galantas has the right to convert its 20% equity interest into a 3.00% Net Smelter Return royalty [6]. Future Plans - The company plans to initiate a new drill program targeting high-grade zones at the Omagh Project to accelerate resource definition [2]. - Galantas will continue to advance its other interests, including exploration at the Gairloch high-grade gold and copper project in Scotland [3].