Galway Metals Inc. Embarks on a 5,000‑Metre Drill Campaign at Estrades

Toronto, Ontario – On July 23 2026, Galway Metals Inc. (TSXV:GWM, OTCQB:GAYMF) announced the launch of a 5,000‑metre diamond‑drill program at its Estrades project in the northern Abitibi region of western Québec. The work is funded by DOWA Metals & Mining Co., Ltd. (DOWA) under a joint‑venture term sheet that was finalized in January 2026.

The Estrades deposit is a high‑grade, gold‑ and zinc‑rich volcanic massive sulphide (VMS) deposit. Historically, Breakwater Resources Ltd. invested approximately CAD 20 million to develop the site, and it was briefly mined via a 200‑metre‑deep ramp in 1990‑1991. Galway recently released a positive Preliminary Economic Assessment (PEA) for the site, underscoring its potential to deliver value to shareholders.

During the initial phase of the drill program, two diamond rigs were mobilized. By the time of the announcement, Galway had completed the third drill hole, and the company expressed optimism about the prospects that the data set will reveal. “We are very optimistic about Estrades’ prospects moving forward,” the CEO said, highlighting the program’s role as a critical first field step under the partnership with DOWA.

The company has positioned the Estrades program as a cornerstone of its exploration strategy, aiming to expand its mineral base and unlock the deposit’s economic upside. The partnership with DOWA, a seasoned mining operator, adds operational expertise and capital support to the effort.

Parallel Advances at Clarence Stream

While the Estrades drill program was underway, Galway also announced the initiation of a Preliminary Economic Assessment for its 100‑percent owned Clarence Stream Gold Project in southwestern New Brunswick. The assessment, to be performed by BBA E&C Inc., will build on an updated mineral resource estimate released on July 13 2026 and incorporate extensive technical work undertaken over the past several years.

Rob Hinchcliffe, President and CEO, noted that “the completion of our updated Mineral Resource Estimate marked an important milestone for the Clarence Stream Project.” The new assessment is intended to further validate the project’s economics amid a robust gold market.

Market Context

Galway’s share price, trading at CAD 0.49 on July 23 2026, sits well below its 52‑week low of CAD 0.35 and near its 52‑week high of CAD 1.01. The company’s market cap of CAD 65.22 million and a price‑earnings ratio of –6.27 reflect its status as an exploration‑stage entity, where valuation is driven primarily by future upside rather than current earnings.

Investors will be watching the Estrades drill results closely, as they could signal a significant step toward production for Galway. Likewise, the progress at Clarence Stream may offer additional confidence in the company’s gold‑mining pipeline.

Outlook

Galway Metals Inc. is actively advancing multiple projects, with the Estrades drill program serving as a flagship initiative. The partnership with DOWA provides both financial backing and technical support, potentially accelerating the path to production. Meanwhile, the ongoing assessment of Clarence Stream ensures that Galway remains focused on delivering tangible, value‑creating outcomes for shareholders.