Galway Metals Completes 5,000-Metre Drill Program at Estrades Amid Strong Metal Prices

Galway advances Estrades with JV-funded drilling and planned metallurgical and environmental work amid higher metal prices than used in its 2026 PEA.

Rhea-AI Summary

Galway Metals (GAYMF) has completed a 13-hole, ~5,000-metre diamond drill program at its Estrades Project in western Québec under the Phase I work program of its option and joint venture term sheet with DOWA METALS & MINING. Drilling finished in late August 2026 and assays are pending.

The campaign targeted the Main, Central and East zones to collect fresh mineralized material for metallurgical testwork and to improve geological understanding that may support future resource and engineering studies. SGS Canada will conduct the new metallurgical program, building on earlier work that increased gold recovery by 31% to 86.6%, and produced a 28% Cu concentrate at 95% recovery and a 54.6% Zn concentrate at 82% recovery. Current gold, silver, zinc and copper prices are described as materially above those used in the January 2026 PEA, though no updated economic analysis has been completed. Galway plans a winter drill program, ongoing environmental baseline studies and further metallurgical optimization.

Positive

• 13 holes and ~5,000 metres drilled at Estrades in Phase I program
• Previous metallurgical work improved gold recovery by 31% to 86.6%
• Open-circuit tests produced 28% Cu at 95% recovery
• Zinc concentrate achieved 54.6% Zn at 82% recovery
• Galway has completed 57,281 metres of drilling at Estrades since 2016
• Metal prices are stated as materially above January 2026 PEA assumptions

Negative

• None.

News Explained

The completed Phase I drilling is work under the DOWA term sheet, not a reported ownership transfer: Galway holds a 90% participating interest and DOWA 10%, while DOWA may earn up to 45%.

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TORONTO, ON / ACCESS Newswire / September 15, 2026 / Galway Metals Inc. (TSX-V:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") is pleased to announce the completion of a 13-hole, approximately 5,000-metre diamond drill program at the Estrades Project in the northern Abitibi region of western Québec. Drilling was completed at the end of August 2026, with assay results pending. The program forms part of the Phase I work program under the Option and Joint Venture Term Sheet with DOWA METALS & MINING CO., LTD. ("DOWA"), announced in January 2026. Estrades is a high-grade, gold- and zinc-rich volcanogenic massive sulphide (VMS) deposit.

Historically, Breakwater Resources Ltd. invested approximately C$20 million developing the precious-metal-rich deposit, which was mined through a 200-metre-deep ramp. Production in 1990-1991 totalled 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 173.3 g/t Ag. Galway announced a positive Preliminary Economic Assessment ("PEA") for Estrades in January 2026.

"We have just completed the Phase One work program funded by Dowa, where we completed 13 drill holes totaling approximately 5,000 metres coupled with additional metallurgical testwork and environmental baseline studies as well," said Robert Hinchcliffe, President and Chief Executive Officer of Galway Metals. "This program is an important first step under our agreement with DOWA, the drilling was designed to provide representative material for the next phase of metallurgical work while adding useful geological information across the Main, Central and East zones. We believe there is a compelling opportunity to build on the metallurgical improvements already achieved at Estrades, including the 31% improvement in gold recovery to 86.6% (News Release dated January 27, 2025). With gold and silver prices looking bright for remainder of 2026, we also point out zinc is trading at 20-year highs at present, and copper recently hit all-time highs as well. As we look forward, no doubt the prospects for Estrades are quite robust all things considered."

Estrades Past Producer
The Estrades Project is a series of gold, zinc, copper, lead, and silver-rich massive sulphide lenses and is located about 95 km north-northeast of La Sarre, Québec. Breakwater Resources mined the Estrades deposit between July 1990 and May 1991. Breakwater used a decline to the 190-meter level and then they developed a network of ramp-connected levels. The Estrades ore was shipped and then processed at the Matagami Mill ~135 kilometers away. The Estrades deposit is presently envisioned as an underground mining operation, with additional regional and local exploration prospects also worth noting.

2026 Drill Program and Metallurgical Testwork
The completed program focused on obtaining fresh mineralized material suitable for metallurgical testwork. Thirteen holes were completed across the Main, Central and East zones to provide samples representative of the principal mineralization styles and grade ranges at Estrades. SGS Canada has been selected to conduct the planned testwork at its Burnaby facility. Results will be incorporated into Galway and DOWA's ongoing evaluation of the Project.

Galway has now completed approximately 57,281 metres of drilling at Estrades since acquiring the Project in 2016. Assays from the 2026 program are pending. The new drilling is expected to improve local geological confidence and provide information that may support future resource, engineering and development studies.

Current Metal Prices and Metallurgical Improvements
Estrades provides exposure to a diversified suite of precious and base metals, including gold, zinc, copper and silver. Recent market prices for these metals remain materially above the long-term consensus assumptions used as the primary economic basis of the January 2026 PEA. No updated economic analysis has been completed using current metal prices.

Previously disclosed metallurgical testwork improved gold recovery by 31% to 86.6%. Open-circuit testing also produced a copper concentrate grading 28% Cu at 95% copper recovery and a zinc concentrate grading 54.6% Zn at 82% zinc recovery.

The fresh mineralized material collected during the recently completed drill program will support additional metallurgical testwork focused on further improving metal recoveries and concentrate quality. Galway will provide further updates as material assay and metallurgical results become available and have been reviewed.

Current and Planned Initiatives
Galway continues to advance the Estrades Project through environmental, drilling and metallurgical programs, with current and planned initiatives including:

• Environmental baseline studies commenced in 2026, together with continued community outreach activities.
• Galway is planning a winter drill program focused on infill drilling to support potential Mineral Resource category upgrades, as well as expansion drilling along the lateral extent of the deposit and at depth.
• Metallurgical studies will continue with the goal of increasing metal recoveries.

Estrades 2026 Drill Program - Site Photo

Figure 1. Galway and contractor personnel at an Estrades drill site.

Additional Estrades Site Photos

Figure 2. Diamond drill operating at the Estrades Project.

Figure 3. Core logging facility at Estrades.

Review by Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Stephen Poitras, P.Geo., Project Manager for Galway Metals and a Qualified Person as defined by National Instrument 43-101. The Estrades PEA is supported by the technical report titled "NI 43-101 Technical Report Preliminary Economic Assessment for the Estrades Project, Northwestern Québec, Canada," prepared by BBA E&C Inc. and SLR Consulting (Canada) Ltd. with an effective date of January 21, 2026, available under Galway's profile on SEDAR+ and on the Company's website.

About Galway Metals Inc.
Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway Metals holds a 90% participating interest in the Estrades Project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Québec. DOWA METALS & MINING CO., LTD. ("DOWA") holds a 10% participating interest pursuant to the previously announced Option and Joint Venture Term Sheet under which DOWA may earn up to a 45% interest in the Project. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders.

For additional information, please contact:
Robert Hinchcliffe, President & Chief Executive Officer
Telephone: 1-800-501-4808
Email: info@galwaymetalsinc.com
Website: www.galwaymetalsinc.com

Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This News Release includes certain "forward-looking statements" and "forward-looking information" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors.

Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development, and those risks set out in the Company's public documents filed on SEDAR+ at sedarplus.ca. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Galway Metals Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is DOWA's current and potential interest in the Estrades Project?

DOWA METALS & MINING currently holds a 10% participating interest in the Estrades Project under the option and joint venture term sheet. Under this agreement, DOWA may earn up to a 45% interest in the Project.

What are the next planned work programs at Estrades?

Planned work includes a winter drill program focused on infill drilling to support potential Mineral Resource category upgrades, and expansion drilling along the deposit laterally and at depth. Environmental baseline studies that began in 2026 and community outreach will continue, and metallurgical studies will proceed with the goal of increasing metal recoveries and improving concentrate quality.

Who reviewed the technical information for this announcement?

The scientific and technical information in the announcement was reviewed and approved by Stephen Poitras, P.Geo., Project Manager for Galway Metals, who is a Qualified Person as defined by National Instrument 43-101.