Mr. Rob Hinchcliffe reports

GALWAY METALS REPORTS 5.0 G/T GOLD OVER 10.85 METRES AT NORTH DEPOSIT AND CONTINUES TO INTERSECT GOLD IN NORTHERN EXTENSION

Galway Metals Inc. has released assay results from 34 diamond drill holes at the North deposit within its 100-per-cent-owned Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream gold project hosts district-scale potential along an approximately 65-kilometre trend of highly prospective gold showings and anomalies. The project currently hosts a 2022 mineral resource estimate of 12.4 Mt (million tonnes) grading 2.3 g/t (grams per tonne) Au (gold) in the indicated category (922,000 ounces Au) and 16.0 Mt grading 2.6 g/t Au in the inferred category (1,334,000 oz Au), as outlined in the National Instrument 43-101 technical report titled "Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada," dated March 31, 2022, prepared by SLR Consulting Ltd.

"These latest drill results continue to demonstrate encouraging gold mineralization at the North deposit, including within the 430-metre northern extension area and between previously modelled pit-constrained resource," stated Rob Hinchcliffe, president and chief executive officer of Galway Metals. "Results such as 5.0 g/t gold over 10.85 metres in hole ND-61, along with high-grade intervals encountered farther north, continue to improve our understanding of the deposit and help define targets for future drilling. We look forward to following up on these results as we continue advancing Clarence Stream."

Highlights

• ND-61 intersected 5.0 g/t Au over 10.85 m (Section 1), including:
  • 11.3 g/t Au over 2.0 m;
  • 10.4 g/t Au over 2.0 m.
• ND-52 intersected 40.3 g/t Au over 1.55 m (Section 2), including:
  • 69.7 g/t Au over 0.85 m.
• ND-50 intersected 2.1 g/t Au over 6.0 m, including:
  • 8.7 g/t Au over 1.0 m.
• ND-44 intersected 3.9 g/t Au over 3.0 m, including:
• 6.2 g/t Au over 1.7 m.

North deposit results highlight continued gold mineralization in northern extension

Many drill holes reported in this release were completed on approximately 25- and 50-metre centres within a northern extension of the North deposit, located approximately 430 metres north of the current 2022 pit-constrained resource. Drilling in this area continues to intersect gold mineralization and is improving Galway's understanding of the northern continuity of the system, while also testing for potential extensions to depth and toward the west.

This area was highlighted by several encouraging intercepts, including hole ND-52, which returned 40.3 g/t Au over 1.55 metres, including 69.7 g/t Au over 0.85 metre, as well as hole ND-44, which intersected 3.9 g/t Au over 3.0 metres. These results continue to demonstrate the presence of gold mineralization beyond the limits of the company's 2022 mineral resource estimate.

Several drill holes also tested areas between the eastern and central pit-constrained zones of the North deposit. This work was highlighted by hole ND-61, which intersected 5.0 g/t Au over 10.85 metres, supporting Galway's interpretation that additional mineralization may occur between these previously modelled areas.

Galway plans to conduct follow-up drilling at the North deposit in 2026 to further evaluate the northern extension area and test additional targets near the western pit-constrained zone, which hosts a significant portion of the deposit's antimony mineralization.

Geology and mineralization

Gold-antimony mineralization at Clarence Stream is structurally controlled and associated with quartz veins and quartz stockwork developed within brittle-ductile fault zones hosted in both intrusive and metasedimentary rocks. Mineralization is associated with pyrite, base-metal sulphides and stibnite, along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration within host rocks is typically confined to a few metres surrounding quartz veins and is characterized primarily by sericitization and chloritization. A more detailed description of the Clarence Stream geology and mineralization is available at the Galway 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 Best Practices 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 QA/QC (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-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-per-cent participating interest in the Estrades project, a former-producing high-grade, gold-rich polymetallic VMS (volcanogenic massive sulphide) mine in the northern Abitibi of Western Quebec. Dowa metals & Mining Co. Ltd. holds a 10-per-cent participating interest pursuant to the previously announced option and joint venture term sheet under which Dowa may earn up to a 45-per-cent interest in the project. 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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