Thick High-Grade Gold Intercepts Extend Mineralization as Drilling Expands Across Multiple Deposits

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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) reported assay results from nine diamond drill holes at the South Deposit within its 100%-owned Clarence Stream gold project in New Brunswick, Canada. The results represent the first assays from the company's 2026 drilling program at the deposit.

Among the reported intercepts, drill hole CS-416 intersected 6.1 grams per tonne gold and 0.7% antimony over 28.0 meters, including intervals of 21.8 g/t gold and 3.3% antimony over 1.0 meter, 40.7 g/t gold and 0.7% antimony over 1.0 meter, and 22.6 g/t gold and 0.7% antimony over 1.0 meter. Drill hole CS-417 returned 3.6 g/t gold and 0.4% antimony over 26.0 meters, including 12.4 g/t gold and 0.5% antimony over 5.0 meters. Hole CS-424 intersected 1.5 g/t gold and 0.4% antimony over 3.0 meters.

The South Deposit hosts the highest-grade resource within the project's 2022 Mineral Resource Estimate, comprising 333,000 ounces at 2.99 g/t gold in the Indicated category and 325,000 ounces at 4.03 g/t gold in the Inferred category. The broader Clarence Stream project hosts a 2022 Mineral Resource Estimate of 12.4 million tonnes grading 2.3 g/t gold in the Indicated category and 16.0 million tonnes grading 2.6 g/t gold in the Inferred category.

Drill holes CS-416 and CS-417 were designed as approximately 25-meter-spaced infill holes targeting the central portion of the South Deposit to confirm continuity of higher-grade mineralization within the resource pit shell. The remaining seven holes tested internal grade continuity and mineralization along pit shell boundaries, with all holes intersecting gold mineralization with varying levels of antimony.

The company stated that additional assays remain pending for holes CS-422 and CS-423. It also reported that assays are pending for eight additional holes from the South Deposit, along with 37 holes from the Southwest Deposit and 34 holes from the North Deposit. Several holes from the Southwest and North deposits contain visible gold, including hole CL-252 and hole ND-61.

Rob Hinchcliffe, President and CEO, stated in a company news release, "We are very encouraged by these initial results from our 2026 drilling program at the South Deposit, which continue to demonstrate strong continuity of thick, high-grade gold mineralization with meaningful antimony values."

Gold-antimony mineralization at Clarence Stream is structurally controlled and associated with quartz veins and stockwork within fault zones hosted in intrusive and metasedimentary rocks, with associated sulphides and trace elements including bismuth, arsenic, antimony, and tungsten.

Gold Prices Respond to Macro Pressures, Supply Dynamics, and Rate Expectations

Wells Fargo wrote on March 29 that gold prices had shown volatility in response to broader macroeconomic conditions, noting that prices had "fallen more than 15% amid concerns over inflation caused by the ongoing Middle East conflict." The bank's analysts stated that gold had been "restrained by the returns offered by competing assets like bonds and currencies," and added that "rising energy prices have so far recalibrated investors' expectations for interest rate cuts."

In the same report, Edward Lee stated, "The prospect for lower short-term interest rates and the potential to hedge against accelerating policy surprises prompt us to raise our 2026 gold target," while also pointing to central bank buying and geopolitical factors as underlying sources of demand.

According to a March 31 report from CNBC, commodity markets more broadly had been influenced by geopolitical developments and supply chain controls, particularly across certain industrial and technology-related materials. The report stated that "prices of three niche elements — tungsten, sulfur, and helium — have climbed sharply in recent weeks," with some increases exceeding those seen in oil markets. Analysts cited in the report said, "While the Chinese supply chain is being viewed as more resilient than many peers, the risk of disruption in chemicals as raw materials for manufacturers in selected segments is higher than expected based on the feedback." The report also noted that China had expanded restrictions on exports of certain materials, including tungsten and sulfur-related products, while helium imports had risen in recent years." 

A separate report published April 1 by Yahoo Finance stated that gold futures had "opened at US$4,698.40 per troy ounce…0.4% higher than Tuesday's closing price," with prices rising above US$4,700 in early trading.

The report linked the movement to geopolitical developments, stating that gold had "strengthened after President Trump said the U.S. will exit the Iran war within two or three weeks," while also noting that "the status of the Strait of Hormuz remains a wild card." It added that the waterway had previously handled 20% of the world's oil supply and that its closure had been "a primary factor in rising oil prices," highlighting the relationship between energy markets, interest rate expectations, and gold pricing.

Analyst Reports Highlight Asset Base and Market Activity at Galway Metals

In a January 12 contributed opinion, John Newell of John Newell & Associates wrote that Galway Metals Inc. "combines advanced-stage development with meaningful exploration upside across multiple Canadian jurisdictions." He wrote that "the company controls defined gold resources and continues to advance projects with established geology and scale," and added that "the chart reveals a repeating pattern of accumulation, breakout, and consolidation, consistent with a market gradually revaluing the company's asset base." Newell further noted that "with higher lows firmly established and momentum improving, Galway fits the profile of a junior transitioning from neglect to recognition as confidence returns to the CDNX."

In separate coverage, a February 17 report from Red Cloud Securities indicated that analyst Ron Stewart initiated coverage of Galway Metals Inc. with a Buy rating and a 12-month price target of CA$2.20 per share. The report stated that the rating reflected Stewart's view that "the market has significantly undervalued GWM's two primary assets."

Resource Update and Ongoing Drill Programs

An updated mineral resource estimate for the Clarence Stream project is planned for the second quarter of 2026, followed by a scoping study, according to the investor presentation.

The updated estimate is expected to incorporate approximately 70,000 meters of drilling from 342 holes completed since the previous resource, as described in the investor presentation.

Drilling programs are ongoing, including infill drilling within existing mineral resource pit shells and extensions targeting mineralization outside current pit boundaries. These programs are aimed at improving vein zone definition, identifying extensions, and delineating new zones, according to the investor presentation. 

At the Southwest Deposit, additional drilling is planned to connect open-pit areas, with the current resource extending from surface to 310 meters for open pit and to 530 meters for underground mineralization, as outlined in the investor presentation.

Ownership and Share Structure¹

Insiders hold 7.31% of Galway, including 6.62% held by CEO Rob Hinchcliffe. Institutional ownership totals 18.52%, led by Van Eck Associates Corp. at 4.45%, Caisse de dépôt et placement du Québec at 3.33%, and Mackenzie Investments at 3.27%. The remainder of the shares are held by retail investors.

Galway has 125.76 million shares outstanding and a market capitalization of CA$90.11 million. The company's 52-week trading range is CA$0.32 to CA$1.01 per share.