Name of the Mine
Andacollo gold mine.

Location
Coquimbo Region, north-central Chile, about 55 km south-east of La Serena and immediately adjacent to the town of Andacollo. The property is at an elevation of about 1 000 m and borders the separate Carmen de Andacollo copper mine operated by Teck Resources.

Mine Owner/s
Gold exploration and development company Galantas Gold Corporation holds a 100% interest, following completion of the acquisition in June 2026. 

Brief Description
A past producing openpit, heap-leach gold operation undergoing evaluation for restart. 

The property comprises 91 exploitation mining concessions covering about 1 213 ha and encompasses historical pits, heap-leach pads, processing facilities, waste-rock storage areas and associated infrastructure. Gold output totalled about 1.12-million ounces between 1995 and 2017.

Brief History
Mining in the district dates to pre-Columbian times. 

Chevron started evaluating the gold deposits in 1985, followed by Dayton Mining exploration in 1989 and completion of its purchase option in 1990. 
Commercial production started in late 1995, initially focused on the Churrumata and Tres Perlas pits; the first doré bars were produced in March 1996. 
Operations were suspended in the early 2000s and restarted in March 2006. 

Lachlan Star acquired control in November 2010. Mining continued until 2017, with periods of suspension and financial restructuring. CMID acquired assets through insolvency proceedings in December 2019. Galantas completed its acquisition in June 2026.

Primary Metals/Minerals
Gold.

Secondary Metals/Minerals
Silver, historically recovered with gold during processing. Copper represents an exploration opportunity associated with the adjacent porphyry system; it is not included as a quantified resource in the current gold estimate.

Geology/Mineralisation
The deposit lies within the Lower Cretaceous volcano-plutonic arc of Chile’s coastal range. Gold mineralisation is hosted mainly by the Quebrada Marquesa Formation, comprising intermediate and felsic volcanic rocks and volcanogenic sediments. The stratigraphy generally strikes north and dips shallowly east. Bulk tonnage, low-grade mineralisation occurs predominantly in porous dacitic manto units altered by hydrothermal fluids associated with the nearby Andacollo porphyry copper-gold system. Additional mineralisation occurs in narrow, steeply dipping veins and shear zones, including the Mariposa shear in the Churrumata West pit.

Reserves
No current mineral reserves have been publicly disclosed. The 2021 reserve estimate is historical and is not being treated by Galantas as a current reserve estimate.

Resources
The mineral resource estimate, effective February 1, 2026, comprises indicated resources of 102.4-million tonnes grading 0.45 g/t gold, containing 1.47-million ounces, and inferred resources of 347.9-million tonnes grading 0.41 g/t gold, containing 4.54-million ounces. No measured resources are reported.

Indicated resources comprise 17.6-million tonnes of oxide material at 0.53 g/t gold and 84.8-million tonnes of mixed material at 0.43 g/t gold. Inferred resources comprise 51.4-million tonnes of oxide material at 0.38 g/t gold and 296.5-million tonnes of mixed material at 0.41 g/t gold. 

Separately, an alternative pit-shell scenario reports an additional 90-million tonnes of inferred resources at 0.40 g/t gold, containing 1.16-million ounces. This scenario removes the pit-shell property boundary constraint and depends on obtaining additional access to adjacent claims to the south. 
Agreement with the neighbouring owner is not guaranteed; these resources are, therefore, presented separately from the principal estimate.

Type of Mine
Openpit, past-producing and being evaluated for restart.

Mining Method
Historical mining used conventional drilling, blasting, loading and hauling, primarily by local contractors. 

Major Infrastructure/Equipment
Existing facilities include openpits, waste-rock dumps, heap-leach pads with lined ponds and solution-collection systems, an adsorption-desorption-recovery plant with refinery and gold pouring room, offices, a laboratory, workshops, stores, access roads, and water and power infrastructure. Installed power capacity is about 5 MW, with refurbishment and recommissioning potentially required.

The historical three-stage crushing plant was removed and sold; crusher foundations remain. Historical processing capacities should, therefore, not be read as confirmation of current crushing capacity. The former operation used heap-leach cyanidation followed by carbon adsorption, elution, electrowinning and smelting to produce doré.

Prospects
Galantas is advancing a phased restart programme encompassing database validation, infill and confirmatory drilling, exploration, metallurgical testing, engineering and permitting support. 

Exploration opportunities include extensions beneath and around the existing mineralised zones, higher-grade structures and potential porphyry copper mineralisation. Resource expansion near the southern boundary would require an access agreement with the neighbouring property owner. 

Contact Details
Galantas Gold Corporation 
Tel +1 416 848 7744
Website: https://galantas.com/