New District-Scale Survey Targets Expansion Across 65-Kilometre Gold Trend

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1. Ownership and Share Structure Information

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Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB) announced the commencement of a district-scale airborne geophysical survey program at its 100%-owned Clarence Stream high-grade gold project in New Brunswick, Canada.

The company announced that the program includes multiple survey components designed to support exploration targeting and expand geological understanding. The Resolve electromagnetic survey is intended to improve near-surface targeting by covering known deposits and extending across the structural trend to identify extensions of mineralization and new deposit-scale targets when integrated with existing VLF coverage. The HeliTEM electromagnetic survey is focused on known deposits to better understand the system at depth and identify potential depth extensions of mineralization. The program also includes systematic district-scale geophysical coverage across the project to support the identification of new targets along strike and beyond currently defined zones.

The surveys are being conducted by Xcalibur Smart Mapping. Galway stated that the approach builds on prior geophysical work over the Southwest Deposit, where similar surveys mapped the footprint of mineralization as defined by drilling. The current program is designed to extend this work across the broader project by systematically surveying known deposits to establish a geophysical signature of mineralization and apply that understanding across a 65-kilometer prospective structural corridor.

Rob Hinchcliffe, President and CEO of Galway Metals, stated in a company news release, "This program is an important step as we continue to advance Clarence Stream on multiple fronts. With four drills currently turning, a resource update expected in the near term, and a PEA planned for later this year, we are building strong momentum across the project."

Jason Flight, Vice President of Exploration, explained in a company news release that the program "represents the next step in advancing the project at a district scale" and added that the integration of high-resolution magnetics with shallow and deep-penetrating surveys is aimed at filling gaps in coverage and expanding geophysics across the broader trend.

Galway Metals further said that the Resolve survey is expected to refine shallow electromagnetic anomalies and enhance structural resolution, while the HeliTEM survey is designed to map structural architecture at depth and identify potential extensions of mineralization beneath known deposits and along untested corridors. By integrating these datasets, the company aims to transition to a district-scale exploration model and expand its pipeline of drill targets.

Gold Prices React to Geopolitics While Structural Demand and Supply Pressures Shape the Sector

Kitco News reported on April 13 that geopolitical developments and inflation concerns were contributing to near-term volatility in precious metals pricing. The report stated that "gold and silver prices are lower in early U.S. trading Monday" as failed peace talks between the U.S. and Iran "have reignited worries about problematic inflation weighing on global demand for gold and silver." It also noted that June gold futures were down US$43.00 at US$4,744.10, while silver prices declined alongside broader market reactions to energy price movements and geopolitical uncertainty.

An April 12 op-ed by David Zaikin described structural demand trends shaping the gold market, noting that "central banks purchased 863 tonnes in 2025, the fourth consecutive year above 850 tonnes." The piece characterized this activity as part of a broader shift in reserve management, stating that "this is not a speculative rally. It is a structural reallocation by sovereign and institutional buyers." The article also highlighted the role of geopolitical risk in shaping demand, stating that "gold is now part of the national security infrastructure of sovereign states," with central bank accumulation and repatriation reflecting changing views on reserve asset security.

In an April 13 update from VBL, supply chain disruptions tied to the Iran conflict extended into industrial inputs critical to mining operations. The report stated that China was preparing to halt sulfuric acid exports, noting that "the move follows a surge in sulfuric acid prices driven by supply disruptions linked to the closure of the Strait of Hormuz." It further explained that sulfuric acid "is also essential for certain copper extraction processes," highlighting how constraints in related commodity markets were affecting mining and metals supply chains. Analysts cited in the report stated that "replacing Chinese volumes will be difficult given simultaneous shortages in upstream sulfur feedstocks," contributing to ongoing cost pressures across the sector.

Project Milestones and Ongoing Work

According to the company's April 2026 investor presentation, four drill rigs are currently operating at Clarence Stream, with drilling focused on expanding the current resource and improving geological understanding. Two drill rigs are operating at the South Deposit, one is drilling at the Southwest Deposit, and a fourth rig was added in March to focus on new discoveries.

The company reported that metallurgical testing programs are ongoing across the project. Testing has indicated gold recoveries of up to 98% in the Southwest Deposit, and the company stated that metallurgical work is aimed at optimizing a 25-million-pound antimony resource. The presentation also noted that recoveries of up to 98% have been achieved for both gold and antimony.

A new mineral resource estimate is underway and is expected to be completed in the second quarter of 2026. The update is expected to include all infill and resource expansion drilling conducted since 2022 across the North, South, and Southwest deposits, including approximately 69,556 meters of drilling from 342 holes.

Galway also outlined ongoing and planned engineering and economic work, including pit optimization studies across all three deposits, scoping-level pit designs, preliminary life-of-mine pit scheduling, and the preparation for a preliminary economic analysis.

At the Estrades Project in Quebec, the company reported that a preliminary economic assessment has been released and that plans over the next 12 months include continued project optimization. Phase I of the work program under the DOWA joint venture term sheet includes exploration drilling planned for June 2026, additional metallurgical testing, and baseline studies expected to begin in the spring of 2026.