Mr. Robert Hinchcliffe reports

GALWAY METALS COMMENCES UPDATED MINERAL RESOURCE ESTIMATE AT CLARENCE STREAM GOLD PROJECT

Galway Metals Inc. has commenced work on an updated National Instrument 43-101-compliant mineral resource estimate (MRE) for its 100-per-cent-owned Clarence Stream gold project, located in southwestern New Brunswick, Canada. The Clarence Stream gold project currently hosts a 2022 MRE of 12.4 million tonnes at 2.3 grams per tonne gold indicated for 922,000 ounces gold and 16.0 million tonnes at 2.6 g/t Au inferred for 1,334,000 ounces gold from the NI 43-101 technical report titled "Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada," dated March 31, 2022, by SLR Consulting Ltd. The 2022 mineral resource estimate was prepared using a gold price of $1,650 (U.S.) per ounce, and the current update is being undertaken in a materially higher gold price environment.

Rob Hinchcliffe, president and chief executive officer of Galway stated: "Commencing an updated mineral resource estimate is an important step in advancing Clarence Stream. The project has benefited from substantial drilling since our last resource, and this update will provide a current and comprehensive view of the deposit. In the context of a higher gold price environment, an updated resource will be an important foundation as we continue to assess the project's technical and economic potential, with completion of the updated mineral resource estimate expected by the end of the second quarter of 2026."

The updated MRE will incorporate results from drilling completed since the company's previous mineral resource estimate, which was disclosed in an NI 43-101 technical report dated March 31, 2022. Since that time, Galway has completed 342 diamond drill holes totalling 69,556 metres of drilling at Clarence Stream. This drilling has been primarily focused on resource expansion and infill at the Southwest and North deposits as well as continued exploration drilling along the broader Clarence Stream trend.

The updated mineral resource estimate is expected to reflect the impact of additional drilling, refined geological interpretation, updated grade estimation and revised pit-constrained assumptions, where applicable. Galway has engaged SLR Consulting, an independent qualified consultant, to prepare the updated mineral resource estimate in accordance with NI 43-101 guidelines.

The company expects to complete and disclose the updated MRE following completion of the required data verification, geological modelling and independent review processes. Galway will provide further updates as work on the mineral resource estimate progresses.

Geology and mineralization

The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled, quartz-vein-hosted gold deposits. These deposits consist of quartz veins and quartz stockwork within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet material. The mineralized systems are hosted in intrusive and metasedimentary rocks within high-strain zones controlled by regional fault systems. Pyrite, base metal sulphides and stibnite occur in these deposits, along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the form of sericitization and chloritization. A more complete description of Clarence Stream's geology and mineralization can be found on the company's website.

Review by qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Jesse Fisher, PGeo, project manager for Clarence Stream and a qualified person 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 (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice guidelines.

Quality control and reports

All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, located at 41 Bittern St., Ancaster, Ont., Canada, Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3, and/or Swastika Laboratories, situated in Swastika, Ont. 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 metre to 1.5 metres in length. All samples are assayed for gold by fire assay, with gravimetric finish and other elements assayed using ICP. The company's quality assurance/quality control 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 5 per cent 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 per cent.

About Galway Metals Inc.

Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100-per-cent-owned, high-grade, open-pittable flagship Clarence Stream gold project in southwestern 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 also has 100-per-cent ownership in the Estrades project, a former-producing, high-grade, gold-rich polymetallic VMS (volcanogenic massive sulphide) mine in the northern Abitibi region of western Quebec. Led by a management team with a proven record of creating shareholder value, having sold Galway Resources for $340-million (U.S.), Galway Metals is focused on creating value for all its stakeholders.

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