Mr. Robert Hinchcliffe reports

GALWAY METALS DRILLING INTERSECTS 9.0 G/T GOLD OVER 6.0M BEGINNING 15.0M FROM SURFACE AT SOUTHWEST DEPOSIT

Galway Metals Inc. has released drill results for seven diamond drill holes at the Southwest deposit in the company's 100-per-cent-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream gold project hosts district-scale potential, with an approximately 65-kilometre strike length of highly prospective gold showings and anomalies, and a 2022 mineral resource estimate of 12.4 million tonnes at 2.3 grams per tonne gold indicated for 922,000 ounces and 16.0 million tonnes at 2.6 g/t Au inferred for 1,334,000 ounces gold from the National Instrument 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.

Rob Hinchcliffe, president and chief executive officer of Galway, stated: "The Southwest deposit continues to deliver robust high-grade intercepts at shallow depths, reinforcing our interpretation of strong vertical and lateral continuity. By connecting mineralization from depth into the near-surface pit shells, we are working to enhance the overall coherence of the deposit. These results will be incorporated into our ongoing mineral resource estimate update, which we anticipate releasing around the end of Q2. We believe this phase of drilling has the potential to positively influence the near-surface component of the resource and further highlight the open-pit potential at Clarence Stream."

Highlights:

• CL-242: 9.0 g/t Au over 6.0 metres, including 44.7 g/t Au over 1.0 m, and 1.6 g/t Au over 15.0 m;
• CL-240: 52.3 g/t Au over 2.0 m (including 104.0 g/t Au over 1.0 m), 33.5 g/t Au over 2.0 m (including 66.2 g/t Au over 1.0 m) and 1.1 g/t Au over 20.0 m;
• CL-241: 2.8 g/t Au over 13.0 m, including 8.0 g/t Au over 2.0 m;
• CL-243: 2.5 g/t Au over 6.0 m, including 6.7 g/t Au over 1.0 m;
• CL-239: 1.4 g/t Au over 13.0 m, including 5.8 g/t Au over 1.0 m.

Drilling strengthens near-surface gold within existing resource pit shells

The seven drill holes reported herein are in the northeastern portion of the Southwest deposit. Drilling was designed to fill gaps within existing resource pit shells and extend mineralization toward surface.

On Section 1, drill hole CL-242 returned 9.0 g/t Au over 6.0 m beginning just 15 metres from surface. Nearby holes CL-240 and CL-243 intersected additional near-surface mineralization, including 1.1 g/t Au over 20.0 m and 2.5 g/t Au over 6.0 m, respectively.

Deeper drilling along the resource pit margins also returned strong high-grade intercepts, including 52.3 g/t Au over 2.0 m (including 104.0 g/t Ag over 1.0 m) and 33.5 g/t Au over 2.0 m (including 66.2 g/t Au over 1.0 m) in CL-240 and 1.6 g/t Au over 15.0 m in CL-242.

On Section 2, drilling continued to connect mineralization between previously reported holes, with CL-239 returning 1.4 g/t Au over 13.0 m and CL-238 intersecting 1.0 g/t Au over 8.0 m and 0.6 g/t Au over 9.0 m.

There are currently 44 drill holes from the Southwest deposit with pending assays, including seven holes located near the drill results reported in this release.

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 on the company's website.

Review by qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Jesse Fisher, PGeo, project manager for Clarence Stream and a qualified person as defined by NI 43-101. Mr. Fisher certifies that this news release fairly and accurately reflects the technical information and data presented. Galway Metals conducts its exploration activities in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best practices guidelines.

Quality control and reports

All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, located at 41 Bittern St., Ancaster, Ont., Canada; Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3; and/or Swastika Laboratories, situated in Swastika, Ont. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 metre to 1.5 metres in length. All samples are assayed for gold by fire assay, with gravimetric finish, and other elements are assayed using ICP. The company's quality assurance/quality control 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 5 per cent 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 per cent.

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 southwestern 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-per-cent ownership in the Estrades project, a former-producing high-grade, gold-rich polymetallic VMS (volcanogenic massive sulphide) mine in the northern Abitibi region of western Quebec. 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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