On December 30, 2025, Galleon Gold Corp. raised CAD 46,000,000 of debt financing in Senior Secured Convertible Debt and closed the transaction by closing its final tranche. The facility has 24-month maturity from closing with principal repayable at maturity, subject to a prepayment provision after one year, bears interest at a floating rate equal to the 12-month prime reference rate plus 7.00 per cent, payable monthly in arrears, the facility is secured by first-ranking security over substantially all of the company's assets, including the West Cache gold project, subject to customary permitted encumbrances, an arrangement fee equal to 2.5 per cent of the facility, standby fee on the daily unadvanced portion of the facility at a rate of 1.6 per cent per annum. The standby fee is payable in arrears on each interest payment date and the arrangement fee, interest payments and standby fee are payable in cash or, at Pan American's option, in common shares of the company, subject to applicable regulatory requirements and stock exchange approval. Pan American has elected to receive its arrangement fee of $1.15-million in common shares. The company will issue a total of 1,074,766 common shares at a price of $1.07 per share in satisfaction of the arrangement fee. The issuance of the arrangement fee shares in satisfaction of the arrangement fee has been conditionally accepted by the TSX Venture Exchange, subject to meeting customary conditions for final acceptance. Prior to the issuance of the Arrangement Fee Shares, Pan American owned 18,750,000 Common
Shares, 9,375,000 Warrants and the Debenture or 14.41% of the issued and outstanding Common Shares on a non-diluted basis and 29.19% on a partially-diluted basis, assuming exercise and conversion the Warrants (as defined below) and the Debenture, respectively, in full. Following the issuance of the Arrangement Fee Shares, Pan American will own 19,824,766 Common Shares, 9,375,000 Warrants and the Debenture or 15.11% of the issued and outstanding Common Shares on a non-diluted basis and 29.67% on a partially-diluted basis, assuming exercise and conversion the Warrants and Debenture, respectively, in full. The ability of Pan American to exercise the Warrants and convert the Debenture remains subject to certain restrictions discussed below.