Mr. Robert Hinchcliffe reports

GALWAY METALS ANNOUNCES FINAL OPTION PAYMENT FOR ROYALTY BUY BACK AT ITS CLARENCE STREAM PROPERTY

Galway Metals Inc. intends to settle the sixth and final of six payments due in consideration of an agreement previously announced on July 21, 2020, by the cash payment of $125,000 and the issuance of 974,026 common shares in the capital of the company at a deemed price equal to 38.5 cents per share for a total deemed price of $375,000.

Pursuant to the agreement, the company bought back a 2-per-cent net smelter return royalty from an arm's-length third party royalty holder, covering certain mineral claims at the company's Clarence Stream property in southwestern New Brunswick. The agreement provided for a total purchase price of $3-million in six equal annual instalments of $500,000, with each partial payment representing the purchase of one-sixth of the royalty. The first partial payment was settled on closing in 2020 through the issuance of 434,783 shares to the former royalty holder at a deemed price equal to $1.15 per share for a total deemed price of $500,000. Pursuant to the agreement, each subsequent $500,000 partial payment was to be paid as follows: (i) $125,000 in cash; and (ii) the remaining $375,000, at the sole election of the company, paid either in cash, through the issuance of shares, or a combination thereof as shall equal $375,000. The shares will be subject to the statutory hold periods of four months and one day from the date of issuance. Completion of the issuance of the shares is subject to the receipt of all regulatory approval, including the final approval of the TSX Venture Exchange.

About Galway Metals Inc.

Galway Metals is focused on creating significant per-share value through the exploration and sustainable development of its two 100-per-cent-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in southwestern New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic volcanogenic massive sulphide mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the $340-million (U.S.) sale of that company. The company is looking to replicate the same success in Canada with its two highly perspective projects.

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