Galway Metals Drilling Highlights Potential for Deeper Resource Expansion at Southwest Deposit

Galway Metals Inc. (GWM) reported four drill holes from the Southwest Deposit at Clarence Stream: BL-332, BL-333, BL-334, and BL-276. The first three holes served as a gap and plunge test, with BL-334 falling partly outside resource wireframes, while BL-276 was part of the BL-270-series infill program.

The results for the individual holes are as follows:

• BL-332: 2.8 g/t Au over 48.0 m, including 16.7 g/t over 5.0 m; separately 3.9 g/t Au over 30.0 m, including 68.3 g/t over 1.0 m; separately 4.5 g/t Au over 13.0 m.
• BL-333: 8.3 g/t Au over 6.0 m, including 39.2 g/t over 1.0 m; separately 4.2 g/t Au over 5.0 m, including 12.2 g/t over 1.0 m.
• BL-334: 6.4 g/t Au over 7.0 m, including 38.5 g/t over 1.0 m; separately 1.0 g/t Au over 10.0 m.
• BL-276: 4.0 g/t Au over 6.0 m, including 22.5 g/t over 1.0 m.

The stated purpose for BL-332, BL-333, and BL-334 was to test a gap in the resource block model along an interpreted southwest-plunging high-grade shoot trend, with resource areas existing on either side. The BL-276-series holes were designed as infill to close gaps between resource pit shells.

The resource context remains unchanged from the July 13, 2026 Mineral Resource Estimate (MRE). This includes an Indicated resource of 27.2 Mt @ 1.62 g/t Au for 1.42 moz and an Inferred resource of 28.5 Mt @ 1.40 g/t Au for 1.29 moz, supported by the SLR Consulting technical report effective May 29, 2026. This release contains no new resource estimate, PEA numbers, true widths, cutoff grade, or metallurgy data.

Galway Metals Inc. (GWM) remains a pre-revenue explorer and developer with no reserves, production, or economic study at its Clarence Stream project, though a Preliminary Economic Assessment (PEA) is targeted for Q1 2027. The company reported C$13.49M in cash as of June 30, 2026, alongside a H1-2026 net loss of C$6.34M and exploration spend of C$5.03M. With no debt and a C$14M flow-through placement announced on Sept 22, 2026, at C$0.72 per unit with lead investor Michael Gentile, liquidity is considered adequate for the near term.

The latest drilling results fill a modelled gap and support an existing interpretation of southwest-plunging shoots, though no new tonnes were quantified and grades were not composited into the model in this release. The underground case remains a target rather than a defined number. The best previously reported intercept on the deposit or zone area is BL-328, released Aug 24, 2026, which returned 2.0 g/t Au over 68.0 m (136.0 g·m) plus a separate 52.0 m at 1.0 g/t (52.0 g·m), for approximately 188 g·m total. This was published alongside BL-311, which returned 3.3 g/t over 23.0 m plus four smaller zones for approximately 170 g·m. The whole-property’s best recent interval is CL-249 at 20.7 g/t over 11.0 m (approximately 228 g·m), published May 13, 2026.

The new results are in-line to modestly better than the embedded drill anchor. Key intercepts include:

• BL-332: 134.4 g·m at 2.8 g/t
• BL-333: 8.3 g/t over 6.0 m

BL-332’s headline interval is essentially equal to BL-328’s headline (136.0 g·m at 2.0 g/t) but at a higher grade, and superior on a hole-total basis (approximately 310 g·m vs. approximately 188 g·m). BL-333 adds a genuine high-grade hit. The stock roughly doubled from approximately C$0.55 in mid-August to C$1.11 on Sept 28, with the largest single leg (Sept 22-24: C$0.66 to C$1.10) coinciding with the Gentile-led C$14M financing announcement rather than drilling. The stock has since stalled at C$1.00-1.11, with price action clearly expecting continued good drilling, a completed PEA, and further validation from Estrades.

At approximately C$145M market cap against 2.7 moz Au, the equity is valued at roughly C$54/oz. This represents a full, not distressed, valuation for a pre-PEA explorer, compared to the C$67.9M valuation and sub-C$20 per oz cited in the July investor brief. The system was already known to host high-grade shoots, be open-pittable, and contain 2.7 moz Au over 65 km. The release lacks a true cutoff and width disclosures needed to convert headline metres into tonnes, and the QA/QC is strong.

Galway Metals Inc. (TSX-V: GWM; OTCQB: GAYMF) is a Canadian exploration and development company led by President and CEO Robert Hinchcliffe, whose prior vehicle, Galway Resources, was sold for US$340M. The company’s flagship asset is the 100%-owned Clarence Stream Gold Project in southwestern New Brunswick. Located in an emerging gold district with approximately 65 km of exploration strike length and widths up to 28 km in places, the project covers the North, South, and Southwest deposits.

A Mineral Resource Estimate (MRE) effective May 29, 2026, prepared by SLR Consulting, reports Indicated resources of 27.2 Mt @ 1.62 g/t Au for 1.42 moz and Inferred resources of 28.5 Mt @ 1.40 g/t Au for 1.29 moz. Antimony resources include 19,482 t Indicated and 3,065 t Inferred. The resource is split by mining method: open pit Indicated resources total 26.68 Mt @ 1.58 g/t for 1.36 moz, while underground Indicated resources comprise 0.52 Mt @ 3.60 g/t for 60 koz, plus Inferred resources of 3.37 Mt @ 2.50 g/t for 271 koz. MRE parameters include a C$31/t NSR pit cutoff, a C$171/t NSR underground cutoff, US$3,250/oz Au, US$29,000/t Sb, and US$1.35/C$. There are no reserves, and a Preliminary Economic Assessment (PEA) is being engaged with BBA E&C, targeted for Q1 2027.

The Estrades Project, located in northern Abitibi, Quebec, is a former producing, high-grade, gold-rich polymetallic VMS mine. Galway holds a 90% interest, with Dowa Metals & Mining holding 10% and the option to earn up to 45% by funding up to US$25M over three phases, accompanied by escalating zinc concentrate offtake from 50% to 75% to 100%. A 2024 MRE at a C$150/t NSR cutoff reports Indicated resources of 1.75 Mt @ 0.97% Cu, 0.48% Pb, 5.76% Zn, 2.86 g/t Au, 94.4 g/t Ag, and Inferred resources of 2.68 Mt @ 0.86% Cu, 0.28% Pb, 4.75% Zn, 1.81 g/t Au, 77.4 g/t Ag. A January 2026 PEA outlines an 8-year underground mine at 1,500 t/d. Under a toll-mill scenario, the project shows an NPV(5%) of C$212M and a 33% after-tax IRR at long-term prices (C$518M / 61% at spot), with C$117M initial capital. An on-site mill scenario requires C$219M capital. A 13-hole, approximately 5,000 m Phase I program funded by Dowa was completed by the end of August 2026, with assays pending.

Regarding capital structure, a July 2026 presentation listed 135M shares, 4.9M options, 15.5M warrants, and no debt. Subsequently, 135,874,800 shares were reported outstanding at June 30, 2026. On September 22, 2026, the company announced a C$14M flow-through placement of up to 19,437,000 units at C$0.72, with closing expected on or about October 14, 2026.

Prior-period financial context, not from today's release, indicates cash of C$13.49M at June 30, 2026, and total equity of C$23.90M. The book value stood at C$0.18/share. For H1-2026, the company reported a net loss of C$6.34M and an operating cash outflow of C$6.00M. Exploration spend was C$5.03M in H1-2026 versus C$2.65M in H1-2025. The company has no debt, though a $793,116 wrongful-dismissal provision was noted in the MD&A. The company is compliant with TSXV Policy 2.5.

Ownership includes approximately 15% held by management and insiders. The institutional register includes Van Eck, Canada Life, CDPQ, ABX Holdings, and Schroders, with Extract Exploration Fund LP as a top holder. Michael Gentile will become a new insider at approximately 11.04% (19.9% with warrants) upon the closing of the September placement.