New Brunswick Gold Explorer Grows Flagship Resource to 2.7Moz, Setting Stage for First Economic Study
Research Report

1. Galway Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Galway Metals Inc.James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Red Cloud Securities, Galway Metals Inc., July 14, 2026

Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Galway Metals Inc. TSXV:GWM 3 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is compensated by the issuer to provide liquidity support and may trade as principal in the issuer’s securities. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. 10. A major shareholder of Red Cloud Mining Capital (the parent company of Red Cloud Securities Inc.), serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

On July 14, 2026, Ron Stewart of Red Cloud Securities Inc. reiterated a BUY rating and CA$2.20/share price target on Galway Metals Inc. (GWM:TSX.V; GAYMF:OTCQB), implying 389% upside from the July 14, 2026 closing price of CA$0.45, following an updated mineral resource estimate (MRE) for the company's wholly owned Clarence Stream gold project in New Brunswick that lifted the resource to 2.7Moz Au.

Updated Resource Estimate

The new MRE stands at 2.7Moz Au, up 450Koz or 20% from the 2022 MRE. Indicated ounces rose 54% to 1.42Moz, lifting the Indicated share of the resource to 52% from 41%. The update incorporates 342 holes over roughly 70,000m completed since the 2022 MRE. Grades declined to 1.62g/t Au Indicated from 2.3g/t Au, driven in part by the use of a US$3,250/oz gold price (versus US$1,650/oz in the 2022 MRE), which more than doubled the Indicated tonnage to 27.2Mt. Inferred resources came in at 28.5Mt at 1.40g/t Au for 1.29Moz, against 16.0Mt at 2.6g/t Au previously. With the resource in hand, the company is reviewing proposals to contract a preliminary economic assessment (PEA) on Clarence Stream.

Deposit Detail

Optimized pit shells hold 2.37Moz, or 88% of the total, with the remaining 331Koz (12%) in underground resources; the open-pit share was 75% in the 2022 MRE, and the underground portion sits at the South and Southwest deposits. The Southwest zone carries the bulk of the tonnage, holding 13.6Mt at 1.43g/t Au Indicated for 627Koz and 21.7Mt at 1.13g/t Au Inferred for 791Koz. South holds 10.9Mt at 1.72g/t Au Indicated for 604Koz, including the only Indicated underground ounces at 3.62g/t Au. North is the smallest at 125 Koz indicated, but the highest grade of the three at 1.83g/t Au.

Antimony Credit

Contained antimony in the Indicated category doubled to 19,500t, and Inferred antimony rose 46% to 3,100t, for 22.6Kt across the resource, with the North and South areas hosting nearly all of it. Roughly 75% of the mineralization at Clarence Stream carries antimony as stibnite, and metallurgical test work has returned antimony recoveries of up to approximately 84% in a flotation concentrate alongside gold extraction rates of 85% to 98%.

Exploration Upside

All three deposits remain open along strike and at depth, with drilling since 2022 extending North mineralization about 430m beyond the previous pit shell. The company has identified 12 high-priority geochemical and geophysical targets across the 65km trend.

Valuation and Outlook

Red Cloud values Galway using an in-situ EV/oz value of US$65/oz applied to ounces at Clarence Stream and Estrades, and expects positive exploration and development updates to drive the stock in the near term. The analyst noted the potential re-rating opportunity, stating that a larger, higher-confidence resource, four rigs completing the 40,000m 2026 program, and the move into economic studies "should help close the valuation gap, with GWM trading at US$10.8/oz in-situ AuEq versus the median of exploration and development peers at US$58.8/oz." The company holds CA$14.7M in cash with no debt, a market capitalization of CA$61.1M, and an enterprise value of CA$46.4M. Upcoming catalysts include assays from the ongoing 40,000m 2026 drill program at Clarence Stream, metallurgical test results, the PEA on Clarence Stream, and Dowa-funded exploration at Estrades in H2/26.