Galway Metals Inc. Commences Updated Mineral Resource Estimate for Clarence Stream Gold Project

Galway Metals Inc. (TSXV:GWM, OTCQB:GAYMF) announced on February 5, 2026 that it has begun work on a National Instrument 43‑101 compliant Mineral Resource Estimate (MRE) for its 100 % owned Clarence Stream Gold Project in southwestern New Brunswick, Canada. The update follows extensive drilling undertaken since the 2022 MRE and aims to incorporate new data and higher gold price assumptions.

Background of the Clarence Stream Project

  • Existing Resource: The 2022 technical report, prepared by SLR Consulting Ltd., reported a 12.4 Mt resource at 2.3 g/t Au (indicated) yielding 922,000 oz, and 16.0 Mt at 2.6 g/t Au (inferred) yielding 1.334 million oz. The estimate used a gold price of US$1,650 per ounce.
  • Drilling Activity: Since that report, Galway has completed 342 diamond drill holes totaling 69,556 m, focusing on resource expansion and infill in the Southwest and North Deposits, as well as trend‑wide exploration.
  • Geology: The deposit consists of intrusion‑related, structurally controlled quartz‑vein systems within brittle‑ductile fault zones. Mineralization includes quartz veins, quartz stockwork, pyrite, base‑metal sulphides, stibnite, and anomalous concentrations of bismuth, arsenic, antimony, and tungsten.

Updated MRE Objectives

  • Incorporate New Data: The updated MRE will use results from recent drilling, refined geological interpretation, updated grade estimation, and revised pit‑constrained assumptions.
  • Higher Gold Prices: The current update is being undertaken in a materially higher gold price environment, which may improve the economic outlook for the project.
  • Completion Timeline: Galway expects to finalize and disclose the updated MRE by the end of Q2 2026 after data verification, geological modeling, and independent review.

Company Statements

Rob Hinchcliffe, President and CEO, stated that commencing the updated mineral resource estimate is “an important step in advancing Clarence Stream” and will provide a comprehensive view of the deposit to assess its technical and economic potential.

Next Steps

Galway Metals will provide further updates as work on the mineral resource estimate progresses, with the updated MRE to be released following completion of the required verification and review processes.