Fresh Drilling Data Triggers New Gold Resource Recalculation in New Brunswick

1. Galway Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Galway Metals Inc. 
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Disclosure for the quote from the John Newell article published on August 6, 2025

1. For the quoted article (published on August 6, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) announced that it has commenced work on an updated National Instrument 43-101 compliant mineral resource estimate for its 100 percent owned Clarence Stream Gold Project in southwest New Brunswick, Canada. The project currently hosts a 2022 mineral resource estimate of 12.4 million tonnes at 2.3 grams per tonne gold in the Indicated category for 922,000 ounces, and 16.0 million tonnes at 2.6 grams per tonne gold in the Inferred category for 1.334 million ounces of gold. The 2022 estimate was prepared using a gold price of US$1,650 per ounce.

The updated mineral resource estimate will incorporate results from drilling completed since the previous estimate disclosed in the March 31, 2022 NI 43-101 technical report prepared by SLR Consulting Ltd. Since that time, Galway has completed 342 diamond drill holes totaling 69,556 meters at Clarence Stream. Drilling has primarily focused on resource expansion and infill at the Southwest and North Deposits, as well as exploration drilling along the broader Clarence Stream trend.

Rob Hinchcliffe, President and Chief Executive Officer of Galway, said in a company news release, "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."

The company stated that the updated estimate is expected to reflect additional drilling results, refined geological interpretation, updated grade estimation, and revised pit constrained assumptions where applicable. Galway has engaged SLR Consulting Ltd. as an independent qualified consultant to prepare the updated mineral resource estimate in accordance with National Instrument 43-101 guidelines. Completion of the updated estimate is expected by the end of the second quarter of 2026, following data verification, geological modeling, and independent review.

Gold Supply Pressures and Evolving Demand Dynamics

A February 3 report published by Ahead of the Herd stated that gold mining companies had been extracting ore at grades above reserve averages for much of the past decade, a practice referred to as high-grading. According to the report, mining higher-grade and more accessible portions of deposits had been used to support margins during periods of lower metal prices. The report noted that this approach contributed to rising operational complexity as deposits became more geologically challenging, mining moved deeper, and average grades declined. Citing data from the World Gold Council, the report said global mine production reached 3,661.2 tonnes, while total gold demand totaled 4,974 tonnes. The report stated that "even though major gold miners are high-grading their reserves, mining all the best gold and leaving the rest, they still didn't manage to satisfy global demand for the precious metal."

The analysis also referenced Wood Mackenzie, quoting head of gold research Rory Townsend, who said, "If all our probable projects were to come online before 2025, this would almost meet the requirement to maintain 2019 production levels," while noting that delays and changes in project scope were expected to constrain progress.

On February 4, Bloomberg reported in an article by Ruth Carson, Bernadette Toh, and Yihui Xie that investor interest in gold remained active following a sharp market correction. The article cited comments from Fidelity International money manager George Efstathopoulos, who said, "A lot of the froth has been taken out, and the structural sort of medium-term themes are very much in place."

He added that "inflation continues to be sticky," and said that dollar weakness, central bank buying, and diversification away from U.S. assets remained supportive factors. Bloomberg reported that bullion reached an all-time high of US$5,595.47 per ounce before retreating, followed by renewed buying interest from dip buyers. Efstathopoulos also said that "massive buying from central banks" remained a favorable trend and that "gold makes sense because it just creates a more robust portfolio."

According to a February 5 report from Leede Financial citing the World Gold Council's Full-Year Gold Demand Trends, total gold demand reached a new all-time high of 5,002 tonnes. The report stated that "continued geopolitical and economic uncertainty propelled hefty investment in gold," with annual demand valued at approximately US$555 billion. Leede reported that global investment demand totaled 2,175 tonnes and was described as "the main driver behind gold's remarkable and record-breaking year."

The report said investors added 801 tonnes to gold exchange-traded funds, while global bar and coin demand reached 1,374 tonnes, valued at approximately US$154 billion. It also stated that central banks added 863 tonnes of gold during the year, while mine production rose to 3,672 tonnes and recycling increased modestly. Although jewelry demand declined 18 percent by volume, Leede reported that "the total value of gold jewelry demand increased 18% year-on-year to US$172 billion."

Independent Research Commentary on Company Position

¹In an August 6 contributed opinion published by Streetwise Reports, John Newell of John Newell & Associates rated Galway Metals Ltd. as a "Speculative Buy." In that article, Newell identified technical price targets at CA$0.50 and CA$0.70, with a higher extension target at CA$1.05. Chart data accompanying the article showed that the share price later traded above both the CA$0.50 and CA$0.70 levels, meeting the first two targets outlined in the report, and as of early 2026, Galway Metals has hit its first targets, but shares had not yet reached the 3rd CA$1.05 target, trading below that level.

In a January 12 report, Newell wrote that Galway aligned with a group of junior companies beginning to attract renewed attention as confidence returned to the CDNX. He said the chart displayed "a repeating pattern of accumulation, breakout, and consolidation," which he described as consistent with a market reassessing the company's asset base.

Newell also included Galway among juniors he described as pairing "constructive charts with credible fundamentals." He wrote that these companies had "spent the downcycle quietly rebuilding while investors looked elsewhere," and noted that such names often responded earlier as liquidity returned and valuation gaps narrowed.

In a January 16 corporate update, Ron Stewart of Red Cloud Securities commented on Galway's joint venture term sheet with Dowa Metals & Mining Co., Ltd., stating, "We view this agreement positively as it speaks to the quality and upside potential that is still available at the property." Stewart wrote that the agreement "sets the value of a 100% interest in Estrades at US$55M (CA$77M)" and said the project "would account for >65% of the current market cap of CA$94M." He also noted, "GWM currently has an EV/oz value of ~US$20/oz vs. peers at a median of US$54/oz, representing a >60% discount."

Ongoing Drilling, Metallurgical Work, and Resource Update Activities

According to the Galway investor presentation, three drill rigs are currently operating at Clarence Stream. Two drill rigs are active in the Southwest Deposit, focusing on adding gold ounces, while a third rig is drilling shallow gold targets in the North Deposit. The company also noted that it is evaluating the addition of a fourth drill rig to target new discoveries.

The company stated that a metallurgical test program is underway at Clarence Stream. According to the materials, recent metallurgical testing has achieved gold recoveries of up to 98 percent and antimony recoveries of up to 98 percent. The metallurgical work is focused on optimizing the antimony resource at Clarence Stream, which is reported to total approximately 25 million pounds.

Galway also indicated that it is working toward completion of an updated mineral resource estimate for Clarence Stream, with the process described as being targeted for mid-2026.

At the Estrades project, the company reported that following the release of a preliminary economic assessment and an agreement with Dowa Metals and Mining Co., Phase I of the arrangement is expected to run for approximately six months. Drilling under Phase I is expected to commence in March 2026.

Ownership and Share Structure²

Insiders hold 7.46% of Galway, including 6.76% held by CEO Rob Hinchcliffe. Institutional ownership totals 18.88%, led by Van Eck Associates Corp. at 4.54%, Caisse de dépôt et placement du Québec at 3.4%, and Mackenzie Investments at 3.35%. The remainder of the shares are held by retail investors.

Galway has 125.76 million shares outstanding and a market capitalization of CA$94M. The company's 52-week trading range is CA$0.32 to CA$0.93 per share.