Galane Gold Ltd. announced that it has signed a new gold concentrate offtake agreement dated August 3, 2022 for its Galaxy project with Ocean Partners UK Limited (Ocean Partners). In addition, Ocean Partners has provided the company with an unsecured USD 3 million revolving finance facility (the "Facility") to help it advance the Galaxy project. Pursuant to the terms of the Offtake Agreement, the Company will sell a total of 125,000 wet metric tons ("wmt") of gold concentrate to Ocean Partners.

The price for each shipment of gold concentrate will be calculated with reference to the daily USD London Bullion Market Association morning and afternoon quotations for gold as published in the London "Metal Bulletin" (or such other mutually agreed information source which may replace it), averaged over a quotational period but subject to adjustment in accordance with the terms of the Offtake Agreement. Interest and principal for the Facility will be repaid against deliveries of gold concentrate or cash by the Company to Ocean Partners under the Offtake Agreement. The Company can elect to repay the full principal amount outstanding under the Facility and any accrued interest without any penalty with two weeks of advanced notice.

Once a drawdown under the Facility is repaid, such amount can subsequently be redrawn.