http://www.galahadgold.com/
http://www.northerndynastyminerals.com/ndm/Home.asp

Extracts From Chairmans statement in last finals of 10th FEB 04
---------------------------------------------------------------
The Group was formed on completion of a transaction in which the assets of
Shambhala Gold Limited and shares in Skaergaard Minerals Corporation were
acquired by Galahad Capital plc, a company quoted on the AIM market of the
London Stock Exchange. This transaction was announced on 29 October 2003 and
completed on 23 December 2003. The name was changed to Galahad Gold plc on
completion.

Galahad is now a sizeable mining and development company which has the potential
to benefit from opportunities in the precious metals resource sector. It remains
Galahad's aim to own properties with resources containing a total of at least
50m ounces of precious metals gold equivalent. To date Galahad has acquired two
mining projects:

•A 21.9% shareholding (33.25% on a fully diluted basis) in Northern
Dynasty Minerals Limited which has the right to acquire 100% of the Pebble
project in Alaska USA; and

•A 100% shareholding in Skaergaard Minerals Corporation, which owns the
Skaergaard project in Greenland.

Your board believes that the Skaergaard project provides a highly-leveraged
exposure to any increase in the price of gold, platinum and palladium and the
Pebble project provides similar exposure to any increase in the price of gold
and copper.

FINANCIAL YEAR HIGHLIGHTS

•The acquisition of Shambhala Gold Limited and shares in Skaergaard
Minerals Corporation was successfully completed.

•As part of this acquisition, Galahad Gold plc acquired a 21.9%
shareholding (33.25% fully diluted) in Northern Dynasty Minerals Limited, a
Canadian quoted company with an option over 100% of the Pebble project in
Alaska.

•Northern Dynasty Minerals Limited recently announced that the Pebble
project contained 26.5m ounces of gold and 16.5 billion pounds of copper,
making it the largest gold deposit in North America in terms of contained
gold and the second largest copper deposit in North America in terms of
contained copper.

•The successful 2003 development programme at the 100%-owned Skaergaard
deposit in Greenland.

http://www.galahadgold.com/ggp/projects/srk/SRKConsultingReport.pdf

Further highlights since 31 DEC 03 year end.

22 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-01-22/

29 Jan 04 GALAHAD GOLD PLC Skaergaard - results of 2003 drilling and plans for 2004

30 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-30-01/

09 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-18/

10 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-23/

11 Feb 04 GALAHAD GOLD PLC Placing by Northern Dynasty Minerals Limited

07 Apr 04 DYOR TODAY DIRECTORS BUY IN!!

Galahad Gold Plc
07 April 2004


Galahad Gold plc
('Galahad Gold' or the 'Company')

Director Shareholdings

The Company has been informed that certain Directors have acquired new ordinary
shares in the Company as part of the recent placing of new ordinary shares at
12p per share. Details of their placing participations and new shareholdings in
Galahad Gold are set out below:

Director No. of shares acquired in New Percentage of issued
the Placing shareholding share capital

Ian Watson 794,633 220,877,573 39.28%

Jim Slater 468,383 63,507,133 11.29%

Mark Slater 345,491 38,611,491 6.87%

Lord Wolfson
of Sunningdale 345,491 3,661,991 0.65%

http://www.axisto.com/bbcnbc/index.aspx?config=data/galahadgold/260204/config.xml

Ouch! Results out today and the news is very mixed to say the least.

I am glad I sold all of my holding in GLA a couple of weeks ago. The Skaergaard write-off in today's results is a bit of a shocker!

I read in the results that "it is unlikely that production will commence at Pebble before 2012."

Malmbjerg (InterMoly) is also at least a couple of years away from the serious groundwork taking place, although the Pre-Feasibility Study is now underway.

I'm asking myself what GLA is planning to do for spending money, since they have little cash at present.

One plus point is that GLA's investments in other companies have appreciated considerably. Against this is the fact that these companies are also at early stages, plus the current uncertainty in the stock market.

As a current non-shareholder, this one is staying on my "watch and wait" list. The SP could get cheaper if we have a quiet summer and/or the current unsettled conditions persist and could alsotake a while to recover.

In the near term I would think that there is better value to be had elsewhere. I apologise for changing my mind, but a lot has changed in this company's prospects.

Still, WDIK, PDYOR, etc.

Strewth! Glad I at least managed to avoid this one! ..... Pal of mine was commending it to me a couple of months back ..... I recollect making and actually taking a small profit ..... What chance for this sort of stock, when quality gold shares like POG, and I am sure a bundle of SA mining stocks, take an absolute hammering.

Yup - my Ridge Mining is taking a walloping as well, although I'm not convinced it's entirely justified.

GLA will be a bargain one day. IMHO. Maybe.

Cluff Mining got a good comment in recent "Shares" mag - am watching it. SP down 25% in a month . . .

after last years shake out, this one appears to be bouncing back strongly, is that a golden cross i see two months ago...? seems to have strong momentum behind it...

BT, today's rise could be related to the fact that GLA has a stake in IMY (if memory serves), which has received a takeover bid.

Yes it's nearly wholly owned by GLA - odd then that the sp rise today is only 5% whilst IMY rose 50% - this may be the effect of punters buying an illiquid stock - better to buy GLA...glad I did, although I'm not at all sure about our Management - why did they sell-off another investment? Seems GLA is more willing to do Deals, rather than get the shovels out.