Galway Metals Reports Updated Clarence Stream Mineral Resource Estimate

Rhea-AI Summary

Galway Metals (OTCQB:GAYMF, TSXV:GWM) reported an updated Mineral Resource Estimate for its 100%-owned Clarence Stream gold project in New Brunswick as of May 29, 2026. Indicated resources total 27.2Mt at 1.62 g/t Au for 1.42Moz gold, and Inferred resources total 28.5Mt at 1.40 g/t Au for 1.29Moz gold. The update incorporates about 340 new drill holes (70,000m) completed since 2022 and reflects a 20% increase in total contained gold and a 54% increase in Indicated gold ounces versus the 2022 estimate.

The MRE also includes approximately 19,500t antimony in the Indicated category and 3,100t in the Inferred category, increases of roughly 103% and 45% from 2022. About 96% of Indicated gold ounces are open-pit constrained, and roughly half of Indicated ounces occur above 3.0 g/t Au. Galway is running a 40,000m 2026 drill program and is evaluating a Preliminary Economic Assessment as the next milestone.

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Positive

• 1.42Moz Au Indicated and 1.29Moz Au Inferred in updated MRE
• 20% increase in total contained gold versus 2022 resource
• 54% increase in Indicated gold ounces since prior estimate
• Indicated antimony increased about 103% to 19,500t
• Approximately 50% of Indicated ounces above 3.0 g/t Au
• About 96% of Indicated gold constrained within open-pit shells

Negative

• Clarence Stream currently has no Mineral Reserves defined
• Underground Indicated gold is only about 60,000 oz
• Resource uses long-term gold price of US$3,250/oz, above many historical levels

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Open Pit Constrained Gold Resource

Indicated: 1.36M Au Ounces at 1.58g/t (in 26.68M Tonnes)

Inferred: 1.02M Au Ounces at 1.26g/t (in 25.17M Tonnes)

Underground Constrained Gold Resource

Indicated: 0.06M Au Ounces at 3.60g/t (in 0.52M Tonnes)

Inferred: 0.27M Au Ounces at 2.50g/t (in 3.37M Tonnes)

TORONTO, ON / ACCESS Newswire / July 13, 2026 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") announced today an updated Mineral Resource Estimate ("MRE") for its 100%-owned Clarence Stream Gold Project in southwest New Brunswick. The updated MRE reports Indicated Mineral Resources of 27.2 million tonnes grading 1.62 g/t Au containing 1.42 million ounces of gold and Inferred Mineral Resources of 28.5 million tonnes grading 1.40 g/t Au containing 1.29 million ounces of gold. The updated estimate also includes approximately 19,500 tonnes of contained antimony in the Indicated category and 3,100 tonnes in the Inferred category, representing increases of approximately 103% and 45%, respectively, compared to the 2022 Mineral Resource Estimate¹.

"This updated Mineral Resource Estimate marks a significant milestone for the Clarence Stream Project," stated Robert Hinchcliffe, President and CEO of Galway Metals. "The 20% increase in total contained gold, together with the 54% increase in Indicated gold ounces, provides a substantially stronger foundation for the Project. We are extremely happy with our new resource estimate and look forward to an exciting 2026.

"Approximately half of our contained Indicated gold ounces occur at grades above 3.0 g/t Au (see Table 2.0 below), underscoring the quality of the updated resource and its potential to support future development. Most importantly, the North, South and Southwest Deposits remain open for expansion through ongoing drilling, while our broader 65-kilometre Clarence Stream district continues to provide significant discovery potential."

"With four drill rigs currently operating as part of our planned 40,000-metre 2026 drill program, Galway is well positioned to continue expanding and upgrading the Mineral Resource, make new discoveries across our 65-kilometre district, and advance Clarence Stream through future economic studies.

Notably, the next milestone for Clarence Stream is the Preliminary Economic Assessment (PEA). We are currently reviewing proposals for this next step."

¹ For complete details of the previous resource, refer to: "Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada" dated March 31, 2022, prepared by SLR Consulting Ltd.

Table 1.0: Summary of Mineral Resources as of May 29, 2026

Mining Method	Deposit	Category	Tonnage ('000 t)	Grade		Contained Metal
				(g/t Au)	(ppm Sb)	('000 oz Au)	(t Sb)
Open Pit	North	Indicated	2,131	1.83	4,519	125	9,600
		Inferred	2,562	2.16	727	178	1,900
	South	Indicated	10,920	1.72	847	604	9,200
		Inferred	879	1.69	416	48	400
	Southwest	Indicated	13,631	1.43	17	627	200
		Inferred	21,729	1.13	14	791	300
	Sub-totals, Open Pit	Indicated	26,682	1.58	716	1,356	19,000
		Inferred	25,170	1.26	100	1,017	2,500
Underground	North	Indicated	0	0	0	0	0
		Inferred	0	0	0	0	0
	South	Indicated	519	3.62	718	60	400
		Inferred	787	3.37	637	85	500
	Southwest	Indicated	0	0	0	0	0
		Inferred	2,581	2.24	14	186	37
	Sub-totals, Underground	Indicated	519	3.60	719	60	400
		Inferred	3,368	2.50	160	271	500
Open Pit + Underground	Grand Total	Indicated	27,201	1.62	716	1,416	19,500
		Inferred	28,538	1.40	107	1,288	3,100
Notes: 1. CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are estimated at a cut-off grade of $31/t NSR and $171/t NSR for open pit and underground, respectively. 3. Mineral Resources are estimated using a long-term gold price of US$3,250 per ounce, a long-term antimony price of US$29,000/t, and a US$/C$ exchange rate of 1.35. 4. Minimum mining widths of approximately three metres were used for the open pit portion of the North and South Zone deposits. A minimum mining width of approximately 1.5 m was used for the underground portion of the South Zone deposit. A minimum width of approximately two metres was used for the Southwest deposit. 5. Bulk density is 2.74 t/m3 for the North Zone mineralization, is 2.81 t/m3 for the South Zone mineralization, and 2.73 t/m3 for the Southwest Deposit mineralization. The bulk densities for the Southwest Zone mineralization range from 2.39 t/m3 to 2.77 t/m3. 6. Mineral Resources are inclusive of Mineral Reserves. 7. There are no Mineral Reserves at Clarence Stream. 8. Open pit Mineral Resource statements are prepared using surfaces generated using the pseudoflow algorithm. 9. Underground Mineral Resource statements are prepared using three-dimensional shapes to outline volumes of continuous blocks which satisfy the cut-off grade and minimum width criteria. 10. Numbers may not add due to rounding. 11. Antimony contents are rounded to the nearest 100 tonnes.

Table 2.0: Distribution of Gold Contents by Gold Grade Bins at 3.0 g/t Au, 5.0 g/t Au and 10.0 g/t Au Threshold Values for the Combined Open-pit and Underground North Deposit, South Deposit and Southwest Deposit Resource.

Gold Ounces Above 3.0 g/t Au
Deposit	Indicated Mineral Resource (Au oz)	Tonnage ('000 t)	Inferred Mineral Resource (Au oz)	Tonnage ('000 t)
North	72,113	389	91,004	542
South	339,477	1,790	88,148	612
Southwest	293,469	1,161	382,923	2,024
Total	705,059	3,340	562,075	3,178
Gold Ounces Above 5.0 g/t Au
Deposit	Indicated Mineral Resource (Au oz)	Tonnage ('000 t)	Inferred Mineral Resource (Au oz)	Tonnage ('000 t)
North	46,827	188	51,321	218
South	222,353	840	30,232	145
Southwest	224,285	598	242,888	879
Total	493,465	1,626	324,441	1,242
Gold Ounces Above 10.0 g/t Au
Deposit	Indicated Mineral Resource (Au oz)	Tonnage ('000 t)	Inferred Mineral Resource (Au oz)	Tonnage ('000 t)
North	12,751	29	9,389	23
South	80,822	183	616	2
Southwest	143,047	229	94,895	199
Total	236,620	441	104,900	223
Notes: 1. Open pit grade distributions are reported by applying the respective grade thresholds to Mineral Resource blocks contained within the base case pit shell with a pit discard value greater than $31/t NSR. 2. Underground grade distributions for the Mineral Resources are reported by applying the respective grade thresholds to constraining volumes created using a threshold value of $171/t NSR. 3. Due to spatial variability, the reported tonnages and grades for each grade bin may not be achieved during a potential extraction scenario. The reported tonnages and grades are to be considered as indicative of the tonnes, average grade, and contained metal within each grade bin only. 4. No spatial continuity for the tonnages, average grade, and contained metal within each grade bin is implied. 5. Sums may not add due to rounding.

Updated Resource Estimate Overview

The updated Mineral Resource Estimate incorporates results from approximately 340 diamond drill holes totalling approximately 70,000 metres completed since the 2022 Mineral Resource Estimate. The updated estimate reflects a significant increase in resource confidence and incorporates revised geological interpretations and resource modelling for the North, South and Southwest Deposits.

The updated Mineral Resource contains a substantial higher-grade component, with approximately 50% of contained Indicated gold ounces occurring at grades above 3.0 g/t Au, including approximately 35% occurring at grades above 5.0 g/t Au. A detailed breakdown of contained ounces by grade threshold is provided in Table 2.1.

Open-pit Mineral Resources demonstrate relatively consistent contained ounces and average grades across a broad range of long-term gold price assumptions, highlighting the robustness of the Mineral Resource under varying gold price scenarios (Table 3.0).

The updated MRE includes open-pit Mineral Resources of 1.36 million ounces of gold in the Indicated category and 1.02 million ounces of gold in the Inferred category. Underground Mineral Resources total 60,000 ounces of gold in the Indicated category and 271,000 ounces of gold in the Inferred category.

Predominantly Open-Pit Constrained Mineral Resource

Approximately 96% of the contained gold ounces within the Indicated Mineral Resource are constrained within optimized open-pit shells across the North, South and Southwest deposits. This predominance of open-pit constrained Mineral Resources provides a strong foundation for future development studies while preserving opportunities for future underground expansion, particularly within the South and Southwest deposits.

Continued Growth Potential

The updated MRE is centred on the established North, South and Southwest Deposits, each of which remains open for expansion through continued drilling. While exploration to date has largely focused on defining near-surface mineralization suitable for open-pit extraction, significant opportunities remain to evaluate extensions of the deposits both along strike and at depth.

At the North Deposit, drilling completed since the 2022 Mineral Resource Estimate has extended mineralization beyond the limits of the previous pit-constrained resource, including within the northern extension area located approximately 430 metres north of the 2022 pit shell. Recent drilling has also identified opportunities to further evaluate mineralization between previously modelled zones and along the western portion of the deposit.

The South and Southwest Deposits remain important targets for future resource growth and conversion. The Southwest Deposit is characterized by broad zones of gold mineralization with potential for bulk-tonnage development scenarios, while the South Deposit contains higher-grade vein-hosted mineralization that remains prospective for additional expansion at depth.

Beyond the established deposits, Galway controls an approximately 65-kilometre prospective gold trend containing numerous gold showings, geochemical anomalies and untested exploration targets, providing potential opportunities for future discoveries across the broader Clarence Stream district.

Next Steps

Four diamond drill rigs are currently operating at Clarence Stream as part of the Company's approximately 40,000 metre 2026 drill program. Two rigs are focused on resource expansion and infill drilling around the North, South and Southwest Deposits, while two additional rigs are testing regional and near-deposit exploration targets with the objective of making new discoveries across the broader Clarence Stream district.

In addition to the ongoing drill program, Galway's next phase of work at Clarence Stream is expected to include the following activities:

• Expansion and delineation drilling at the North, South and Southwest Deposits to support further resource growth, resource conversion and refinement of the geological model;

• Additional metallurgical test work to further evaluate gold recovery, processing characteristics and potential optimization opportunities across the established deposits;

• Waste rock characterization studies to support mine planning, environmental assessment and future project design;

• Geotechnical drilling and engineering studies to support future pit design, infrastructure planning and development evaluations;

• Continued evaluation of development scenarios utilizing the updated Mineral Resource Estimate and supporting technical studies;

• Evaluation of a Preliminary Economic Assessment (PEA); and

• Continued district-scale exploration across Galway's approximately 65-kilometre prospective gold trend, including follow-up work on regional exploration targets.

Review by Qualified Person

The Mineral Resource Estimate for the North and South deposits was prepared by Mr. Reno Pressacco, P.Geo., M.Sc.(A)., FGC, SLR Associate Principal Geologist. The Mineral Resource Estimate for the Southwest deposit was prepared by Mr. Charles Parkinson, P.Geo., SLR Project Manager under the supervision of Mr. Pressacco. Mr. Pressacco is a Qualified Person independent of Galway as defined by NI 43-101 and has read and approved the scientific and technical content of this news release as it relates to the Updated Mineral Resource Estimate. The scientific and technical information contained in this news release has been reviewed and approved by Jason Flight, P.Geo., Vice President of Exploration for Galway and Jesse Fisher, P.Geo., Project Manager for Clarence Stream and a Qualified Persons as defined by National Instrument 43-101. Mr. Fisher certifies that this news release fairly and accurately reflects the technical information and data presented. Galway Metals conducts its exploration activities in accordance with CIM Exploration Best Practice Guidelines.

Quality Control and Reports

All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 meters to 1.5 meters in length. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.

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 on Galway Metals Inc., Please contact:

Robert Hinchcliffe President & Chief Executive Officer
Telephone: 1-800-501-4808
Email: info@galwaymetalsinc.com
Website: www.galwaymetalsinc.com
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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

What are the updated gold resources at Galway Metals’ Clarence Stream project (OTCQB:GAYMF)?

According to Galway Metals, Clarence Stream hosts Indicated resources of 27.2Mt at 1.62 g/t Au for 1.42Moz and Inferred resources of 28.5Mt at 1.40 g/t Au for 1.29Moz. These figures include both open-pit and underground constrained resources as of May 29, 2026.

How much did the Clarence Stream 2026 mineral resource increase versus 2022 for GAYMF?

Galway Metals reports a 20% increase in total contained gold and a 54% increase in Indicated gold ounces versus the 2022 estimate. The company attributes this to roughly 340 additional drill holes totaling about 70,000 metres and updated geological modelling of the North, South and Southwest deposits.

What high-grade gold potential is outlined in Galway Metals’ 2026 Clarence Stream resource?

According to Galway Metals, about 50% of contained Indicated gold ounces occur above 3.0 g/t Au, and roughly 35% occur above 5.0 g/t Au. Table 2.0 shows grade distributions for thresholds at 3.0, 5.0 and 10.0 g/t Au across North, South and Southwest deposits.

How significant is antimony in the updated Clarence Stream resource for GAYMF investors?

Galway Metals’ 2026 estimate includes about 19,500 tonnes of antimony in Indicated resources and 3,100 tonnes in Inferred resources. According to Galway, these represent approximate increases of 103% and 45%, respectively, compared with the 2022 resource, potentially adding by-product value alongside gold.

What portion of Galway Metals’ Clarence Stream resource is open-pit constrained?

According to Galway Metals, approximately 96% of contained Indicated gold ounces are constrained within optimized open-pit shells at Clarence Stream. The updated MRE reports 1.36Moz open-pit Indicated and 1.02Moz open-pit Inferred gold, providing a key focus for future development and economic studies.

What are the next steps after Galway Metals’ 2026 Clarence Stream resource update?

Galway Metals is executing a 40,000-metre 2026 drill program with four rigs, targeting resource expansion, infill and regional exploration. The company also plans additional metallurgical, geotechnical and engineering studies and is evaluating a Preliminary Economic Assessment (PEA) as the next project milestone.

What price and cut-off assumptions underpin Galway Metals’ 2026 Clarence Stream MRE?

According to Galway Metals, the resource uses a long-term gold price of US$3,250/oz and antimony at US$29,000/t. Cut-off values are $31/t NSR for open pit and $171/t NSR for underground, following CIM (2014) definitions for Mineral Resources.