Galway Metals Inc. (TSX-V: GWM) (OTCQB: GAYMF) is pleased to report assay results from 11 diamond drill holes from the South Deposit at the Company’s 100%-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project has district-scale potential with approximately 65-kilometre strike length of highly prospective gold showings and anomalies; and a 2022 MRE of 12.4 Mt @ 2.3 g/t Au Indicated for 922,000 oz., and 16.0 Mt @ 2.6 g/t Au Inferred for 1.334 M oz. 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 drill results confirm high-grade gold continuity at depth in the South deposit and we believe expanding this deposit is a top priority because it will most likely be the Clarence Stream starter pit. Expect the remaining South Deposit assays to be released in the coming weeks.” states Rob Hinchcliffe, President and CEO of Galway. He adds “Follow up drilling at the Southwest deposit has intersected two visible gold zones, which will extend mineralization at least 140 metres towards the north. We will have a dedicated rig expanding the Southwest deposit all winter and expect these assays to be released in early 2025.”

Highlights

• CS-407 intersected 29.1 g/t gold over 4.0 metres including 68.2 g/t gold over 1.5 metres: Cross Section

• CS-401 intersected 2.0 g/t gold over 8.0 metres including 5.9 g/t gold over 2.0 metres

• CS-403 intersected 2.6 g/t gold over 5.0 metres including 10.0 g/t gold over 0.65 metres

Gold Continuity Confirmed Below Known South Deposit Resource

The drill holes in this release are located on the eastern side of the South Deposit (Figure 1), with the goal of increasing the resource at depth and along strike. All the drill holes intersected the mineralized structure including the high-grade intercept from CS-407 (Coordinate and Intercept). Drill hole CS-404 was abandoned before target depth due to bad ground and redrilled with hole CS-405. Assays are pending for 13 holes on the Western side of the South Deposit (Figure 2), including the VG zone from CS-414. These holes will be released in the coming weeks.

Southwest Deposit Expanded 140 Metres to the North with VG

A drill rig has been dedicated to expanding the Southwest Deposit to follow up on previous thick, near surface mineralization at the northern area of the deposit (Figure 3). To date 11 additional holes have been completed with hole CL-211 intersecting two zones containing abundant visible gold (Images). This will extend known high-grade mineralization 140 metres towards the North. Results are expected in early 2025.

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 at www.galwaymetalsinc.com.

New Brunswick Junior Mining Assistance Program

Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024.

Review by Qualified Person

Jesse Fisher, P.Geo., Project Manager for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc.

Quality Control and Reports

All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company’s QA/QC 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 five percent (5%) 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%.

About Galway Metals Inc.

Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-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 also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders.