Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) shares fell 9.4% to 32.6p after it updated investors on its planned acquisition of the Andacollo Oro gold project in Chile, with the deal still subject to approvals.
The gold miner said it is working to satisfy closing conditions for the transaction, including sign-off from the TSX Venture Exchange and minority shareholder approval, with completion expected in the second quarter of 2026.
The update also detailed a significant shift in how proceeds from a $15.5 million fundraising will be used, with around $8.4 million now earmarked for Andacollo, compared with an earlier focus on the Indiana project.
Management said the change reflects evolving priorities following the proposed acquisition.
Chief executive Mario Stifano said: "This is a major milestone for Galantas and the acquisition of the Andacollo Project."
While environmental approval for a restart has been confirmed, the company cautioned the deal may not complete.
Trading in its shares remains halted on the TSX Venture Exchange during the regulatory review.