Mr. Robert Hinchcliffe reports

GALWAY METALS COMMENCES PRELIMINARY ECONOMIC ASSESSMENT AT CLARENCE STREAM GOLD PROJECT

Galway Metals Inc. has engaged BBA E&C Inc. to complete a preliminary economic assessment (PEA) for its 100-per-cent-owned Clarence Stream gold project, located in southwestern New Brunswick, Canada. The PEA will build upon the company's recently completed updated mineral resource estimate, announced on July 13, 2026, and incorporate the significant technical work completed over the past several years to evaluate the economic potential of the project. The decision to initiate the PEA reflects the continued advancement of the Clarence Stream project and the continued strength in the gold market.

Rob Hinchcliffe, president and chief executive officer of Galway, stated: "The completion of our updated mineral resource estimate marked an important milestone for the Clarence Stream project and provides a strong foundation for advancing the project through a preliminary economic assessment. Combined with the current strength in the gold market, we believe now is the appropriate time to commence this next phase of technical evaluation. The PEA will evaluate a range of development alternatives and help define the preferred path forward for Clarence Stream. We are pleased to engage BBA E&C Inc. to complete the study and currently expect the PEA to be completed during the first quarter of 2027."

Updated mineral resource to form the basis of the PEA

The preliminary economic assessment will be based on the company's recently announced 2026 mineral resource estimate prepared in accordance with National Instrument 43-101, which includes:

• Indicated mineral resource: 27.2 million tonnes grading 1.62 grams per tonne gold containing 1.42 million ounces of gold;
• Inferred mineral resource: 28.5 million tonnes grading 1.40 grams per tonne gold containing 1.29 million ounces of gold.

The updated mineral resource estimate reflects a substantial increase in indicated mineral resources compared with the previous estimate while providing a significantly stronger foundation for engineering studies and future project development. The resource encompasses the North, South and Southwest deposits, which remain open for expansion through continuing drilling across Galway's 65-kilometre Clarence Stream district.

For additional information regarding the 2026 Clarence Stream mineral resource estimate, please refer to the company's news release entitled "Galway Metals Reports Updated Clarence Stream Mineral Resource Estimate" dated July 13, 2026.

Preliminary economic assessment

The preliminary economic assessment will evaluate the potential development of the Clarence Stream gold project, including mining and processing alternatives, infrastructure requirements, capital and operating cost estimates, and a range of engineering trade-off studies aimed at optimizing the project and support selection of a preferred development scenario. The study will also assess opportunities to optimize processing alternatives, project infrastructure and the overall development strategy.

The PEA will be based on the company's recently completed updated mineral resource estimate together with the significant technical work completed over the past several years, including resource expansion and infill drilling, metallurgical studies, environmental baseline programs, and other supporting engineering initiatives. The results are expected to provide an important milestone in advancing Clarence Stream toward future engineering studies and project development.

As a preliminary economic assessment, the study is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions of the PEA will be realized.

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 National Instrument 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 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-pittable 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 holds a 90-per-cent participating interest 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. Dowa Metals & Mining Co. Ltd. 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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