Historic High-Grade Mine Returns to Spotlight as New Economic Study Is Filed

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) announced that it has filed on SEDAR+ a Preliminary Economic Assessment technical report for its 100% owned Estrades Project located in the northern Abitibi of Western Quebec. The independent technical report, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, has an effective date of January 21, 2026. The company stated that highlights of the report had previously been announced in a news release dated January 21, 2026.

The report, titled "NI 43-101 Technical Report Preliminary Economic Assessment for the Estrades Project, Northwestern Quebec, Canada," was prepared for Galway Metals by BBA E and C Inc. and SLR Consulting Canada Ltd. The company stated that the report is available on its website and under its issuer profile on SEDAR+.

Stephen Poitras, P.Geo., Project Manager for Galway Metals, supervised the preparation of the scientific and technical disclosure in the news release on behalf of the company.

According to the company presentation, the Estrades Project is a former producing high-grade gold and zinc mine that operated in the early 1990s, where production over 18 months averaged grades of 6.4 grams per tonne gold, 172.3 grams per tonne silver, 12.9% zinc, and 1.1% copper. The presentation stated that existing infrastructure includes a ramp to 200 meters and a ventilation raise to 150 meters, and that a prior operator spent US$20 million on development.

The presentation also stated that Galway released a Preliminary Economic Assessment after improvements in gold recovery from 58% to 86.6%.

Precious and Base Metals Exploration Market Trends

Peter Krauth offered a February 18 update that silver prices had "reached multiple record highs in early January, briefly surpassing US$100 per ounce," before moving sideways as the market absorbed prior gains. He stated that the Silver Institute had attributed price strength to "strong investor interest, tight physical supply…geopolitical uncertainty, US policy unpredictability, and concerns over Federal Reserve independence." According to the same outlook, global silver supply had been expected to rise about 1.5% to roughly 1.05 billion ounces, while the market was projected to remain in a structural deficit "for the sixth consecutive year, at approximately 67 million ounces."

Stockhead Mining reported on February 19 that diamond drilling across gold, silver, and antimony systems had delivered "up to 20.2g/t Au, 234g/t Ag and 44.6% Sb in assays." The publication stated that results from multiple holes had "increase[d] the strike…to more than 320m," and noted that "mineralisation is also open at depth." It also wrote that metallurgical testwork had begun "to better characterise recovery factors to support the MRE's reasonable prospects for eventual economic extraction."

Michael Ballanger wrote on February 20 that copper prices had "punch[ed] out through US$6.00/lb." before declining nearly 15% from late January levels as the market corrected from an overbought condition. He stated that the relative strength index had moved "back down from the peak in the plus-70 range…to 47.96," indicating that market momentum had moderated following earlier price strength.

Red Cloud Offers Buy Rating

In a February 17 report, Ron Stewart of Red Cloud Securities wrote that the company was "actively advancing its flagship, 100%-owned, 2.3M oz Au Clarence Stream project." He also stated that it had "signed a term sheet…allowing to invest up to US$25M to earn a 45% interest in its 100% owned Estrades gold-base metal project."

Stewart wrote in the same report that the firm was "initiating coverage…with a Buy Recommendation and CA$2.20/share price target." He also provided valuation context, stating that the company was "currently valued at an enterprise value per in-situ gold equivalent ounce of US$15.6/oz versus the median level…at US$68.0/oz."

Ongoing Drilling, Metallurgical Work, and Planned Resource Updates

According to the company presentation, three drill rigs are currently operating at the Clarence Stream project to expand the existing resource and improve project economics. Two rigs are focused on the Southwest deposit to add gold ounces, while a third rig is drilling along the edge of shallow gold mineralization in the North deposit. The company stated that it is also looking to add a fourth drill rig to target new discoveries.

The presentation stated that metallurgical testing at Clarence Stream indicated gold recoveries of up to 98% in the Southwest deposit, which holds more than 70% of the ounces at the project. A metallurgical test program is underway to optimize a 25-million-pound antimony resource, with the company reporting recoveries of up to 98% for both gold and antimony.

The company presentation stated that Galway is working toward starting an updated mineral resource estimate in mid-2026. 

For the Estrades Project, the presentation stated that following the release of the Preliminary Economic Assessment and an agreement with DOWA Metals and Mining Co., Phase I of the deal is expected to run for approximately six months, with drilling expected to commence in March 2026.

Ownership and Share Structure¹

Insiders hold 7.46% of Galway, including 6.76% held by CEO Rob Hinchcliffe. Institutional ownership totals 18.88%, led by Van Eck Associates Corp. at 4.54%, Caisse de dépôt et placement du Québec at 3.4%, and Mackenzie Investments at 3.35%. The remainder of the shares are held by retail investors.

Galway has 125.76 million shares outstanding and a market capitalization of CA$94M. The company's 52-week trading range is CA$0.32 to CA$0.93 per share.