Toronto, Ontario--(Newsfile Corp. - April 22, 2024) - Eric Sprott announces that, on April 19, 2024, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 750 debenture units (Units) issued by Galleon Gold Corp. pursuant to a private placement for aggregate consideration of $750,000. This acquisition represents an increase in holdings of approximately 6.2% of the outstanding common shares (Shares) of Galleon Gold on a partially diluted basis since the date of the last early warning report.

Each Unit consists of $1,000 principal amount of convertible debentures (Debentures) and 3,030 Share purchase warrants (Warrants). Each Warrant is exercisable to acquire one Share for a period of three years at an exercise price of $0.25 per Share. The Debentures have a term of three years (Term) and bear interest at a rate of 7.5% per annum. Holders have the option to cause Galleon Gold to redeem the Debentures on the 24-month anniversary thereof. In addition, 2176423 Ontario, may elect to convert any portion of the principal amount of the Debenture into Shares at a conversion price equal to $0.165 per Share at any time during the Term. Also, during the Term, Galleon Gold has the option to make interest payments in cash or to make payments-in-kind by issuing Shares at a price equal to the market price thereof when accrued interest becomes payable. Further details of the Units may be found in Galleon Gold's news release dated April 19, 2024.

Prior to this acquisition, Mr. Sprott beneficially owned 13,624,895 Shares representing approximately 20.8% of the outstanding Shares. As a result of this acquisition, Mr. Sprott beneficially owns 13,624,895 Shares, $750,000 principal amount of Debentures and 2,272,500 Warrants, representing approximately 20.8% of the outstanding Shares on an undiluted basis and approximately 28.3% of the outstanding Shares on a partially diluted basis assuming exercise of such Warrants (for 2,272,500 Shares) and conversion of all such Debentures (for 4,545,454 Shares).

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Galleon Gold's address is 161 Bay St. 27th Floor, Po Box 508, TD Canada Trust Tower, Toronto, Ontario, M5J 2S1. A copy of the early warning report with respect to the foregoing will appear on Galleon Gold's profile on SEDAR+ at and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario M5C 3C5).