A Chilean operator joins

Galantas Gold (LSE:GAL) has appointed Alejandro Vásquez Montero as senior vice president of operations to lead the restart of its Andacollo Gold project in Chile's Coquimbo region, according to an announcement on 10 November 2026. He takes up the post on 16 November and will be based in Chile. The company said it is targeting the start of gold production in 2027.

Mr Vásquez is a Chilean Mining engineer with more than 35 years of experience in large open-pit operations. From 2022 to 2026 he was vice president of operations and general manager at Minera Los Pelambres, Antofagasta's largest mine. He previously served as Teck Resources' vice president for South America, a role that included oversight of the Carmen de Andacollo mine next to Galantas' project, and held senior roles at BHP's Escondida, Collahuasi and Anglo American's El Soldado.

Chief executive Mario Stifano described him as one of the most experienced mine operators in Chile and said the appointment gives Galantas the operating Leadership to restart Andacollo. For a company moving from exploration towards production, the hire fills an obvious need for senior site leadership. Familiarity with the neighbouring Carmen de Andacollo operation could also help with local contractors and communities, although Galantas has not made that argument itself.

From Northern Ireland to Chile

Galantas, headquartered in Toronto and quoted on AIM and the TSX Venture Exchange, has shifted its focus to Chile after announcing in September the sale of its remaining interest in the Omagh gold project in Northern Ireland. Its portfolio now comprises the Andacollo Gold development project and the Indiana exploration property, both in Chile.

Building the commercial framework

Earlier, on 5 November, Galantas had announced a doré purchase agreement with Ocean Partners USA covering all refined gold and silver from Andacollo's heap leach operation. The deal includes an optional advance Facility of up to US$10.0m, limited by the value of recoverable metal on the leach pads, bearing interest at three-month Term SOFR plus 4.5% and repayable within 120 days. Ocean Partners holds more than 10% of Galantas, making the agreement a related-party transaction; director Brent Omland, who is also Ocean Partners' chief executive, did not vote.

On 9 November the company reported the first results from a 15,000-metre drilling programme. Hole AN26001, drilled in the inferred resource at Tres Perlas, returned 71 metres at 0.76 grams per tonne gold from 50 metres, including 10 metres at 3.15 grams. Galantas said the results support heap leach potential and could allow additional higher-grade zones to enter the developing mine plan.

A change of London market

LSE:GAL also said on 5 November that it intends to move its shares from AIM to the Main Market of the London Stock Exchange by introduction, with no new shares issued. Admission is expected before 31 December 2026, and AIM trading would end at the same time but not before 4 December. The move depends on approval of a prospectus by the Financial Conduct Authority and admission by the exchange.

Risks and dependencies

LSE:GAL has not published a production rate, Capital cost estimate or detailed restart schedule, so the 2027 target cannot yet be tested against firm numbers. Its own cautionary language notes that failure to complete staged payments for Andacollo could cost it all or part of its interest. The drilling results relate to a single hole, and true widths and resource implications remain to be confirmed. Related-party financing also concentrates commercial exposure on one significant shareholder.

What the doré agreement means

A doré purchase agreement covers the sale of doré, the semi-refined bars of gold and silver produced at a mine, to a refiner or trader. Ocean Partners USA has agreed to buy all refined gold and silver from the Andacollo heap leach operation, which gives the company a committed buyer before production starts. The optional advance of up to US$10.0m, bearing interest at three-month Term SOFR plus 4.5%, offers a source of Working Capital that is limited by the value of recoverable metal on the pads, so borrowing capacity grows only as metal becomes available.

Because Ocean Partners holds more than 10% of Galantas, the arrangement is a related-party transaction. The abstention of director Brent Omland, who is Ocean Partners' chief executive, shows the governance step taken to manage that relationship.

Reading the Tres Perlas drilling result

Hole AN26001 returned 71 metres at 0.76 grams per tonne gold, including 10 metres at 3.15 grams. Multiplying the length by the grade gives about 54 gram-metres for the whole interval and about 31.5 gram-metres for the high-grade portion, which means the high-grade section contributes more than half of the total metal in the interval. That pattern is relevant because the company says higher-grade zones could enter the mine plan. In heap leaching, where ore is stacked and treated with solution, low grades can be economic if mining and processing costs are low, so a bulk intercept of 0.76 grams per tonne over 71 metres is of interest.

The hole was drilled in the inferred resource, the category with the lowest geological confidence, so further drilling under the 15,000-metre programme is intended to improve that confidence.

The operations hire in context

Mr Vásquez's experience includes large open-pit operations at Minera Los Pelambres, Escondida, Collahuasi and El Soldado, all of them far larger than a heap leach project like Andacollo. Running a smaller operation requires different cost discipline, but experience at scale brings knowledge of safety systems, contractor management and permitting in Chile. His time at Teck included oversight of the Carmen de Andacollo mine, which lies next to the Galantas project, so he knows the area.

Moving to the Main Market

Moving by introduction, without issuing new shares, means no capital is raised and existing holders are not diluted. The Main Market has stricter admission and continuing obligations than AIM and is the route to potential inclusion in the main FTSE indices, which can broaden the investor base. Admission is expected before 31 December 2026, and AIM trading would end when it occurs. The company's focus on Chile follows the sale of its remaining interest in the Omagh gold project, which leaves it with two assets, Andacollo and Indiana.

What to watch

Near-term milestones include further assay results, publication of a prospectus for the Main Market move, and the switch itself, due by the end of December 2026.