Galway Metals Provides Corporate Update
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – MAYMF
1
NEWS RELEASE
Galway Metals Provides Corporate Update
Toronto, Ontario, September 10, 2024 – Galway Metals Inc. (TSXV: GWM, OTCQB: GAYMF) (the “Company”
or “Galway Metals”), is pleased to provide a corporate update for 2024. With the London P.M. Fix price of gold
this year over 20% higher, now sitting over US$2,500 (just over CDN$3,400) on a per ounce basis, the
Company remains focused on advancing its Canadian gold assets that include the flagship Clarence Stream
gold project in New Brunswick (“Clarence Stream”) and the past-producing Estrades zinc-copper-lead-gold-
silver mine in northwestern Quebec (“Estrades”) approximately 25 km east of the Casa Berardi gold mine
operated by Hecla Mining Company. Projects like Clarence Stream and Estrades, located in excellent political
jurisdictions, with good infrastructure supporting existing National Instrument 43-101 (“NI 43-101”) estimated
mineral resources, will garner the bulk of investor interest.
Robert Hinchcliffe, President and CEO of Galway Metals stated, “With gold prices recently reaching multiple all-
time highs, we look to continually improve the economics of our key projects as described below, through further
mineral resource expansion and exploration drilling, updates to mineral resource estimates incorporating the
results of additional drilling and higher metal prices and programs designed to improve project metallurgy and
reduce costs. In addition, we continue to make personnel changes at both the project level and corporately at
the management and Board level, in an effort to better prepare the Company to capitalize on these improved
market conditions, while also providing robust news flow for investors.”
We are looking to make new gold discoveries at Clarence Stream and add high quality ounces to the
existing NI 43-101 mineral resource estimate:
On the back of raising $4.5 million earlier this year, we presently have two drill rills running at our flagship
Clarence Stream gold project. In total, we have drilled 29 holes (mostly in the South Zone), aimed at adding
high quality ounces to our existing NI 43-101 estimated mineral resource and an additional 15 exploration holes
focused on the potential for a new discovery. Assay results for these 44 drillholes are pending. It is expected
that the Company will add a third drilling rig over the next month or so.
Updated the NI 43-101 Mineral Resource Estimate at Estrades Using 38% Higher Gold Price and 13%
Higher Zinc Price expected Early Q4 2024
The Estrades project is a precious metal rich VMS deposit on the Casa Berardi trend, that is primarily a Au-Zn
deposit, located 25 km east of the Casa Berardi gold mine operated by Hecla Mining Company. With the
significant increase in the price of gold, the gold component of the overall estimated mineral resources has
become much more important to the overall project economics. As a result, the Company has engaged SLR
Consulting (Canada) Ltd. to update the NI 43-101 mineral resource estimate. The update will include 42,099
metres of drilling completed since the 2018 Technical Report supporting the current mineral resource estimate.
It will also incorporate the results of metallurgical test work that is currently underway and be reflective of
increases in metal prices.
Metallurgical Testing Program Underway for the Estrades Project with results expected imminently:
Galway Metals has selected Base Metal Laboratories to perform the Estrades metallurgical testing program,
which will be designed and directed by Mr. Ken Roberts, Principal Metallurgist with KJRoberts Metallurgical
Services. The key objectives of the program are to improve the recoveries of the payable metal units for Cu,
Pb, Zn, Au and Ag as well as identifying opportunities for reducing the projected capital expenditures and
operating costs for the Estrades Project.
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – MAYMF
2
Metallurgical Testing Program Underway for the Clarence Stream Gold Project:
Galway Metals has engaged Mr. Steve Haggarty, P. Eng., Managing Director of Haggarty Technical Services
Corp, to advance the Clarence Stream process flowsheet definition, with an emphasis on gold recovery, using
an integrated approach expanding on previously completed studies. The Company is also using McClelland
Labs in Nevada to examine the metallurgical characteristics of composite samples from the North, South, and
Southwest zones. The current metallurgical testing program follows work previously completed on the North
and South zones.
Clarence Stream Gold Project - Promotions In Recognition For Dedication and Excellence:
Earlier this year, Galway Metals promoted Jesse Fisher to Project Manager and Rob Richard as Exploration
Manager and head of exploration at the Clarence Stream gold project:
Jesse Fisher has worked for Galway Metals for four years and has been promoted to Clarence Stream
Project Manager, because of his excellent geological and management skills. Prior to joining the Company,
Jesse worked as a Mine Geologist for Trevali Mining Corp. at the Caribou Mine, Exploration Geologist with
Osisko Metals Inc. in the Bathurst Mining Camp, North American Nickel at the Maniitsoq Nickel Project, and
with Crone Geophysics in North Africa and Greenland. Jesse is a Professional Geologist (P. Geo.) with the
Association of Professional Engineers and Geoscientists of New Brunswick and obtained his Bachelor of
Science at the University of New Brunswick.
Robert Richard has worked for Galway Metals for five years and has been promoted to Exploration
Manager at Clarence Stream. Rob has extensive mineral exploration and prospecting experience, which
included working on gold and base metal projects in New Brunswick and Ontario, diamond projects in
northern Saskatchewan, uranium deposits in Nunavut, and IOGC deposits in Nova Scotia. The majority of
Rob’s career has focused on managing exploration projects in New Brunswick, including the Nash Creek
and Nepisiquit base metal deposits in the Bathurst Mining Camp. Mr. Richard obtained his Bachelor of
Science in Geology from the University of New Brunswick.
Changes to the Board of Directors:
In an effort to better support the advancement of Galway Metals and the Company’s projects, the Company
continues to re-assess the skills needed at the Board level and accordingly added the following directors:
Mr. Peter Gula joined the Board of Galway Metals on February 15, 2024, having assisted management
during the previous couple years on internal scoping studies for the Estrades Project. Mr. Gula brings a
wealth of experience from all phases of the mining project life cycle, from preliminary economic assessment
through to the commissioning of mines, and ultimately the management of operations. He has held key
leadership roles in mine management, production, technical services, and project management. Mr. Gula’s
career includes a 30-year tenure with Placer Dome Inc. (later Goldcorp Inc.), where he held several senior
roles, including Mine General Manager of the Musselwhite Mine. Mr. Gula later joined North American
Palladium Ltd. as the Director of Mining, until the company was acquired by Impala Platinum Holdings
Limited, at which time he was appointed the Director of Strategy and Business Planning. Mr. Gula
currently serves as Mine General Manager at the Eagle River gold mine, operated by Wesdome Gold
Mines Ltd. Mr. Gula received his Bachelor of Science, Mining Engineering degree from Laurentian
University.
Mr. Jean Charles Lemardeley joined the Board of Galway Metals on July 16, 2024. Mr. Lemardeley
brings with him a deep knowledge of capital markets coupled with a vast financial network. Jean Charles
has over 25 years of experience in financial markets, with a focus on equity and macro research both on
the sell-side and buy-side. After starting his career as a market economist in New York focusing on the US
economy, he worked in equity sales focusing on the US energy and financial sector. Mr. Lemardeley
recently led the global Telecom, Media and Technology sector research effort at Glovista. Prior to Glovista,
he spent 14 years in the Global Equity Research department of JP Morgan in New York and London as a
Senior Analyst. He also has extensive experience in commercial real estate and farming. Mr. Lemardeley
holds an MBA from l’Ecole des Hautes Etudes Commerciales HEC, Paris, France, and is a Chartered
Financial Analyst.
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – MAYMF
3
Additions to Geological Advisory Team:
In an effort to provide the Company’s geologists working at the project level with additional geological and
technical support, Galway Metals has appointed the following two seasoned mining industry veterans to its
Geological Advisory Board:
Phillip Walford, Senior Advisor: Mr. Walford is a seasoned mining veteran, who most recently served as
founder, President and Chief Executive Officer of Marathon Gold Corporation, advancing the Valentine Lake
Project in central Newfoundland into a four-million-ounce gold project. Mr. Walford’s broad experience in
developing Valentine Lake and other projects will assist Galway Metals in advancing its Clarence Stream
project in nearby New Brunswick. Both Valentine Lake and Clarence Stream are located along the
Appalachian Trend and have similar geologic features. Mr. Walford is a registered Professional Geologist
with over 40 years’ experience. He has extensive international experience in gold and base metal deposits
with a focus on resource development and mining. During his career he has raised significant funds for
exploration and mine development, and his teams have won Developer of the Year in Ontario,
Newfoundland and Labrador. Mr. Walford was a co-winner of the PDAC Bill Dennis Award in 2021 for
developing the Valentine Lake project. He is currently a board member and technical advisor to several
mining companies.
Allan Moran, CPG, Senior Advisor: Mr. Moran has spent his 40-year plus career in exploration, exploration
management, and support of corporate acquisitions for both major and junior mining companies. Moreover,
Mr. Moran specializes in geological evaluations of metal projects with a focus on geological and 3D modeling
(Leapfrog software), database evaluations and geological inputs to resource estimation; from due diligence
audits to feasibility studies; exploration properties to mining operations. Mr. Moran has been instrumental in
leading the Company’s efforts in constructing a comprehensive geological model for the Clarence Stream
gold project, in addition to assisting in myriad other day-to-day and other geological activities. Allan is a
Certified Professional Geologist and received a Bachelor of Science, Geological Engineering from the
Colorado School of Mines.
Continued CEO purchases of Galway Metals shares in the Open Market:
As announced in a news release on August 13, 2024, the Company’s President and CEO, Mr. Robert
Hinchcliffe, has purchased in excess of 700,000 shares to date during the 2024 calendar year following the
purchase of 1.7 million shares in 2023. As a result, Mr. Hinchcliffe now owns a total of 7.4 million shares of
Galway Metals, representing approximately 9% of the issued and outstanding shares of the Company.
About Galway Metals Inc.
Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-
owned, high-grade, open-pittable flagship Clarence Stream gold project in SW New Brunswick. Clarance
Stream is an emerging gold district with an exploration strike length of approximately 65 km and very good
existing infrastructure. Galway Metals also has 100%-ownership in the Estrades project, a former producing
high-grade, Au-Zn polymetallic VMS mine in the northern Abitibi of western Quebec. 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 replicating this success for its shareholders.
For additional Information on Galway Metals Inc., Please contact:
Robert Hincliffe President & Chief Executive Officer
Telephone: 1-800-771-0680
Email: [email protected]
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.
Galway Metals Inc.
82 Richmond Street East, Toronto, Ontario, M5C 1P1
TSXV – GWM
OTCQB – MAYMF
4
This News Release includes certain “forward-looking statements” 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 developmen ts, 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 expl oration and
development industry, an inability to predict and counteract the effects of COVID -19 on the business of the Company,
including but not limited to the effects of COVID -19 on the price of commodities, capital market conditions, restrictions on
labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on
SEDAR+. 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.