Galantas Gold, via its wholly-owned subsidiary Cavanacaw, has sold its final 20% indirect stake in the Omagh gold project in County Tyrone, Northern Ireland, to Ocean Partners UK.
The transaction was completed under a share purchase agreement between Cavanacaw and Ocean Partners, for a total consideration of $5m.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Of this amount, approximately $3.26m was used to settle existing debt that Galantas owed to Ocean Partners, with the remainder paid in cash.
In June 2025, Galantas entered into a joint venture agreement with Ocean Partners UK aimed at restarting operations at the Omagh gold project.
Under the binding term sheet, Ocean Partners converted roughly $14m of existing debt into an 80% stake in Galantas’ subsidiaries Flintridge Resources and Omagh Minerals.
The Omagh gold project is located within Crown Estate prospecting licence OM 1/03 and spans approximately 189km² across the counties of Tyrone and Fermanagh.
Under the terms of the agreement, Cavanacaw sold its holdings of 20,000 shares in Flintridge Resources and 215,208 shares in Omagh Minerals to Ocean Partners.
These shares represented Galantas’ last 20% indirect interest in the Omagh Project.
As of 30 June 2026, Galantas’ stake had a carrying value of approximately $4.1m and recorded a share of attributable loss of around $72,457 for the first half of 2026.
Following completion, the company no longer retains any equity interest in the Omagh Project and does not hold rights to convert its former 20% interest into a 3% net smelter return royalty.
The divestment supports its ongoing strategy to focus capital and management resources on other gold and copper assets such as the Andacollo Gold Project, the Indiana Project and additional mineral interests.
Galantas CEO Mario Stifano said: “The completion of this transaction marks an important step in Galantas’ continued strategic repositioning.
“The sale crystallises value from our remaining minority interest in the Omagh Project, strengthens the company’s balance sheet through the receipt of cash proceeds and the settlement of indebtedness owing to Ocean Partners, and allows Galantas to focus its resources on advancing its portfolio of gold and copper assets in Chile.”
