New Brunswick Gold Explorer Adds Ounces Across North Deposit Ahead of Major Resource Update
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Disclosures for Red Cloud Securities, Galway Metals Inc., June 11, 2026

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On June 11, 2026, Ron Stewart of Red Cloud Securities reiterated a BUY rating and CA$2.20/sh price target on Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB), implying 358% upside from the June 11, 2026 closing price of CA$0.48, following the release of assay results from 34 diamond drill holes at the North Deposit of the company's 100%-owned Clarence Stream gold project in New Brunswick, Canada.

Stewart characterized the impact of the results as neutral, noting that while most holes intersected narrow veins (1–2m wide) with modest grades of 1–2 g/t Au, a handful of standout intercepts lifted the average grade of the 45 mineralized intervals to 2.88 g/t Au over 1.94m.

Drilling Results and Deposit Definition

Highlights included ND-52, which returned 40.3 g/t Au over 1.55m, including 69.7 g/t Au over 0.85m, and ND-50 (2.1 g/t Au over 6.0m, including 8.7 g/t Au over 1.0m) and ND-44 (3.9 g/t Au over 3.0m, including 6.2 g/t Au over 1.7m). Much of the drilling was completed on 25m to 50m centers across an area extending roughly 430m north of the 2022 pit-constrained resources, beyond the limits of the current resource estimate.

In Stewart's view, "while these results on their own won't move the stock, they improve the understanding of the deposit's northern boundary and help define targets for follow-up drilling." Follow-up drilling in 2026 is set to evaluate targets near the western zone, which holds a significant portion of the deposit's antimony. Closer to the existing resource, ND-61 returned 5.0 g/t Au over 10.85m (including 11.3 g/t Au over 2.0m and 10.4 g/t Au over 2.0m) from the gap between the eastern and central pit-constrained zones, supporting the company's view that additional mineralization may sit between previously modeled areas. Four rigs continue to infill and expand the deposit.

Resource Update the Key Near-Term Catalyst

Stewart flagged the updated mineral resource estimate (MRE), expected at the end of the month, as the more significant event. With 342 holes (~70,000m) drilled since the 2022 MRE, he expects the total resource could grow to roughly 3.0Moz from 2.3Moz, with the indicated share rising to about 60% from roughly 40% — a step that would set the stage for the company to advance Clarence Stream toward a preliminary economic assessment (PEA).

The current MRE comprises 922koz indicated (12.4Mt at 2.3 g/t Au) and 1.33Moz inferred (16.0Mt at 2.6 g/t Au) at a US$1,650/oz gold price, with open-pit resources making up 75% of the total at 2.3 g/t Au — more than double the average open-pit grade of Stewart's selected peers. The new estimate is being prepared in a considerably higher gold price environment.

Financial Position

Galway carries a market capitalization of CA$65.2M and an enterprise value of CA$50.5M, supported by CA$14.7M in cash and no debt. Basic shares outstanding total 135.9M (163.5M diluted), and the stock has traded between a 52-week low of CA$0.35 and a high of CA$1.01.

Valuation and Outlook

Stewart values Galway using an in-situ EV/oz of US$65/oz applied to ounces at Clarence Stream and Estrades, and argues a larger, higher-confidence resource should help close the valuation gap, with GWM trading at roughly US$11.8/oz in-situ AuEq versus a peer median of US$61.3/oz (P/NAV of 0.23x versus 0.25x for peers). He believes positive exploration and development updates should drive the stock in the near term.

Upcoming catalysts include the updated MRE at Clarence Stream (mid-2026), further assays from the ongoing drill program, ongoing metallurgical test results, and Dowa-funded exploration at Estrades in H2/2026. Key risks implied in the analysis center on the company's reliance on continued exploration success and a supportive gold price to deliver the resource growth and re-rating Stewart anticipates.