Galway Metals Reports Updated Clarence Stream Mineral Resource Estimate 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)
On Monday, July 13, 2026 at 7:00AM ET
Galway Metals Reports Updated Clarence Stream Mineral
Resource Estimate
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: [email protected]
Website: www.galwaymetalsinc.com
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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
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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.