Mr. Robert Hinchcliffe reports

GALWAY METALS COMPLETES 5,000-METRE DRILL PROGRAM AT ESTRADES AMID STRONG METAL PRICES

Galway Metals Inc. has completed a 13-hole, approximately 5,000-metre diamond drill program at the Estrades project in the northern Abitibi region of Western Quebec. Drilling was completed at the end of August, 2026, with assay results pending. The program forms part of the phase I work program under the option and joint venture term sheet with Dowa Metals & Mining Co. Ltd., announced in January, 2026. Estrades is a high-grade, gold- and zinc-rich volcanogenic massive sulphide (VMS) deposit.

Historically, Breakwater Resources Ltd. invested approximately $20-million developing the precious-metal-rich deposit, which was mined through a 200-metre-deep ramp. production in 1990 to 1991 totalled 174,946 tonnes grading 12.9 per cent Zn (zinc), 6.4 g/t (grams per tonne) Au (gold), 1.1 per cent Cu (copper) and 173.3 g/t Ag (silver). Galway announced a positive preliminary economic assessment (PEA) for Estrades in January, 2026.

"We have just completed the phase one work program funded by Dowa, where we completed 13 drill holes totalling approximately 5,000 metres coupled with additional metallurgical testwork and environmental baseline studies as well," said Robert Hinchcliffe, president and chief executive officer of Galway Metals. "This program is an important first step under our agreement with Dowa, the drilling was designed to provide representative material for the next phase of metallurgical work while adding useful geological information across the Main, Central and East zones. We believe there is a compelling opportunity to build on the metallurgical improvements already achieved at Estrades, including the 31-per-cent improvement in gold recovery to 86.6 per cent (news release dated Jan. 27, 2025). With gold and silver prices looking bright for remainder of 2026, we also point out zinc is trading at 20-year highs at present, and copper recently hit all-time highs as well. As we look forward, no doubt the prospects for Estrades are quite robust all things considered."

Estrades past producer

The Estrades project is a series of gold-, zinc-, copper-, lead- and silver-rich massive sulphide lenses, and is located about 95 kilometres north-northeast of La Sarre, Que. Breakwater Resources mined the Estrades deposit between July, 1990, and May, 1991. Breakwater used a decline to the 190-metre level and then they developed a network of ramp-connected levels. The Estrades ore was shipped and then processed at the Matagami mill approximately 135 kilometres away. The Estrades deposit is presently envisioned as an underground mining operation, with additional regional and local exploration prospects also worth noting.

2026 drill program and metallurgical testwork

The completed program focused on obtaining fresh mineralized material suitable for metallurgical testwork. Thirteen holes were completed across the Main, Central and East zones to provide samples representative of the principal mineralization styles and grade ranges at Estrades. SGS Canada has been selected to conduct the planned testwork at its Burnaby facility. Results will be incorporated into Galway and Dowa's continuing evaluation of the project.

Galway has now completed approximately 57,281 metres of drilling at Estrades since acquiring the project in 2016. Assays from the 2026 program are pending. The new drilling is expected to improve local geological confidence and provide information that may support future resource, engineering and development studies.

Current metal prices and metallurgical improvements

Estrades provides exposure to a diversified suite of precious and base metals, including gold, zinc, copper and silver. Recent market prices for these metals remain materially above the long-term consensus assumptions used as the primary economic basis of the January, 2026, PEA. No updated economic analysis has been completed using current metal prices.

Previously disclosed metallurgical testwork improved gold recovery by 31 per cent to 86.6 per cent. Open-circuit testing also produced a copper concentrate grading 28-per-cent Cu at 95-per-cent copper recovery and a zinc concentrate grading 54.6-per-cent Zn at 82-per-cent zinc recovery.

The fresh mineralized material collected during the recently completed drill program will support additional metallurgical testwork focused on further improving metal recoveries and concentrate quality. Galway will provide further updates as material assay and metallurgical results become available and have been reviewed.

Current and planned initiatives

Galway continues to advance the Estrades project through environmental, drilling and metallurgical programs, with current and planned initiatives including:

• Environmental baseline studies commenced in 2026, together with continued community outreach activities.
• Galway is planning a winter drill program focused on infill drilling to support potential mineral resource category upgrades, as well as expansion drilling along the lateral extent of the deposit and at depth.
• Metallurgical studies will continue with the goal of increasing metal recoveries.

Review by qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Stephen Poitras, PGeo, project manager for Galway Metals and a qualified person as defined by National Instrument 43-101. The Estrades PEA is supported by the technical report titled "NI 43-101 Technical Report Preliminary Economic Assessment for the Estrades Project, Northwestern Quebec, Canada," prepared by BBA E&C Inc. and SLR Consulting (Canada) Ltd. with an effective date of Jan. 21, 2026, available under Galway's profile on SEDAR+ and on the company's website.

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 mine in the northern Abitibi of Western Quebec. Dowa Metals & Mining 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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