Toronto, Ontario - Galway Metals Inc. (TSX-V: GWM, OTCQB: GAYMF) (the 'Company' or 'Galway') is pleased to report drill results from an on-going drill program focussed immediately to the north of the newly upgraded Clarence Stream Mineral Resource. The new results expand two zones of mineralization located within a large triangular shaped area (the 'Triangle Area') adjacent to, and within approximately 1km directly to the north of the SW Deposit (Figure 1). This is significant because it could add additional shallow resources close to the edge of the currently planned open pits envisaged in the resource model, further growing what is already one of Canada's largest high-grade, open-pittable gold projects.

'Since acquiring Clarence Stream in August 2016, Galway has drilled 170,000 metres. In the first year, Galway drilled to expand the South, North and Jubilee Zones. Starting in year two through to today, Galway set out to make new discoveries, which led to discoveries of the GMZ, Richard and Adrian Zones in 2017, 2019 and 2020, respectively. Drilling of these three zones and Jubilee resulted in them connecting into a 3.1km mineralized trend, now known as the SW Deposit. This was added to the Clarence Stream Resource in April 2022,' states Robert Hinchcliffe, President and CEO of Galway Metals. 'In 2021, Galway reported a New Discovery located 900m north of the SW Deposit, now known as the Stewart Zone, as well as the Richard North Veins, located 340m north of the SW Deposit. To conserve cash given current challenging market conditions, Galway has reduced the number of drill rigs from six operating double-shifted to two operating single-shifted. With its remaining two rigs, Galway is now focusing on the large Triangle Area north of the SW Deposit to expand on the Stewart and Richard North Veins, much as it did with the other discoveries Galway has made.'

Galway released an updated Mineral Resource for Clarence Stream (the 'Resource') in an April 25, 2022 press release; see Tables 1 and 2 below. This represented a more than doubling and quadrupling, respectively, of Measured and Indicated, and Inferred gold resources at Clarence Stream, consisting of the following resource estimates:

Indicated open pit resources of 886,000 ounces at 2.27 g/t Au, plus

Inferred open pit resources 731,000 ounces at 1.93 g/t Au, plus

Indicated underground resources of 36,000 ounces at 4.1 g/t Au, plus

Inferred underground resources of 603,000 ounces at 4.5 g/t Au

Triangle Area: A Large New Target for Resource Expansion at Clarence Stream's SW Deposit

The Triangle Area represents a large target relative to the entire size of the SW Deposit resource area. The SW Deposit already represents by far the largest component of Galway's Clarence Stream Resource at 55% and 65% for Indicated and Inferred, respectively. Drilling in two zones (Stewart and Richard North) within the Triangle Area has begun to demonstrate scope for expansion of the resource.

Mike Sutton, VP and Chief Geologist of Galway Metals adds: 'While all zones in the resource remain open for expansion, the focus of the drill program is now to drill outside the known deposits, to follow-up on 3 previously-made discoveries that weren't included in the resource and to make more discoveries to further enhance this new gold district. The Triangle Area represents an excellent opportunity to expand the SW Deposit in multiple directions as discoveries made within the Triangle appear to dip back toward the SW Deposit in multiple locations. The drill results, which highlight gold mineralization on either side of the Stewart Zone (previously referred to as New Discovery), and extensions to the Richard North Veins, suggest either satellites to, or significant extensions to the SW Deposit are possible. Galway is looking forward to unlocking this potential as we continue drilling.'

Large Step-Outs from Stewart Highlight Significant Potential from the Top of the Triangle to Adrian

In a July 26, 2021 press release, Galway announced a new discovery 900m north of the resource, now called the 'Stewart Zone,' after a renowned prospector, Wayne Stewart, who has done considerable great work for Galway, where hole CL-72 intersected 4.8 g/t Au over 3.1m, and was followed up with hole CL-111, which hosted 5 separate veins, the best of which intersected 4.1 g/t Au over 10.25m. New drilling that followed up on this discovery has intersected 8.6 g/t Au over 2.0m (incl. 19.6 g/t Au over 0.5m) in hole CL-129, located 257m NW of the Stewart Zone discovery (and 1.0 km NW of the Resource). New drilling has also intersected 18.9 g/t Au over 1.0m, plus 2.3 g/t Au over 2.0m (incl. 5.7 g/t Au over 0.5m) in hole BL-246, located 204m SE of the Stewart Zone discovery, and, in hole BL-244, 13.0 g/t Au over 0.5m with V.G. (visible gold), plus 4 other zones located 246m SE of the Stewart Zone discovery. Together with what was already drilled, the intersections would be 700m apart - and interpreted to be dipping into the Triangle Area toward the Adrian veins in the Resource at the SW Deposit (Figure 1, Figure 2).

Highlights of Stewart Zone Step-Out Drilling:

Hole CL-111: 4.1 g/t Au over 10.25m, including 33.5 g/t Au over 1.1m, plus 2.6 g/t Au over 2.5m, starting at vertical depths of 16.5m and 108m, respectively

Hole CL-72: 4.8 g/t Au over 3.1m, starting at a vertical depth of 95m

Hole CL-110: 0.9 g/t Au over 3.65m, starting at a vertical depth of 64.5m

Hole CL-104: 4.0 g/t Au over 1.6m, starting at a vertical depth of 53.8m

Hole CL-129:8.6 g/t Au over 2.0m, including 19.6 g/t Au over 0.5m starting at a vertical depth of 61m

Hole BL-246:18.9 g/t Au over 1.0m, plus 2.3 g/t Au over 2.0m, including 5.7 g/t Au over 0.5m starting at vertical depths of 50m, and 30m, respectively

Hole BL-244:13.0 g/t Au over 0.5m (V.G.), plus 3.5 g/t Au over 1.0m, plus 3.4 g/t Au over 1.0m, plus 0.6 g/t Au over 2.55m plus 0.44 g/t Au over 2.5m starting at vertical depths of 116m, 98m, 51m, and 81m, respectively

Hole CL-113: 9.1 g/t Au over 1.0m, starting at a vertical depth of 100m

Hole CL-138: 1.7 g/t Au over 3.0m, plus 1.4g/t Au over 4.0m, including 4.0 g/t Au over 1.0m,plus 0.4 g/t Au over 5.5m, including 1.8 g/t Au over 0.5m starting at vertical depths of 14m, 159m, and 22m, respectively previously-released. A 0.42 g/t Au cutoff grade was used for previously-released intersects, and a cutoff grade of 0.38 g/t Au was used for newly reported intersects. These cutoff grades coincide with the cutoffs applied to the most recently-released resource estimates at the time the intersects were reported.

The Stewart Zone is also located 680m WNW, up-dip from a 385m deep, previously-reported intersect in the Adrian Zone, and may also link to it. The Stewart Zone appears to dip gently to the east, draping the interpreted shallow east dip of the buried intrusion toward Adrian where Galway reported 70.3 g/t Au over 1.5m, including 104.2 g/t Au over 1.0m, plus 7.2 g/t Au over 1.5m in hole CL-51 (refer to the March 30, 2021 press release). The 4.1 g/t Au over 10.25m intersect in hole CL-111 in the Stewart Zone appears to trend right toward this deeper high-grade intersect in the Adrian Zone. The deep intersects in hole CL-51 are not yet included in the Resource as they are located too far from the other Adrian holes. These two veins are also near the interpreted location of the Sawyer Brook Fault, which, we believe, is the main conduit for gold mineralization at Clarence Stream.

Some of the intersections in holes CL-138 and in hole BL-246 are significant because they are the furthest step-outs from the Stewart Zone going toward the resource and likely represent new veins, all within the Triangle Area.

The Stewart Zone intersections are located in sediments between two intrusions and mineralization is controlled by fault structures. It was originally drilled to test a modest 61 ppb soil anomaly that coincided with a strong linear magnetic low, and is in quartz veining with associated 1-3% pyrite, pyrrhotite, and arsenopyrite, very similar to other mineralization in the area. It is located close to the contact with a granite and appears to parallel the contact with multiple veins, at 15 degrees along strike (horizontally - almost north-south) - following a line of soil anomalies, and dipping 40 degrees east toward Adrian. There is also evidence that a second set of veins are in a different orientation, running NE-SW along magnetic lows with corresponding soil anomalies. This is a similar setting, and with similar geochemical/geophysical signatures, as all the other intrusion-related gold deposits and discoveries at Clarence Stream.

Richard North Veins Expanded over 200m Along Strike from West Edge of Triangle

In another location within the Triangle Area, new drilling has returned multiple wide intersections near the previously-reported discovery of the Richard North Vein of 1.1 g/t Au over 8.35m, located 340m north of the SW Deposit resource. Similar wide intersects were returned, such as 2.6 g/t Au over 9.2m and 1.9 g/t Au over 9.0m, with all of them lining up to form a zone measuring 236 metres horizontally along a NE strike. This is interpreted to be the up-dip extensions to a number of previously-released wide intersects (in holes 188, 189 and 185) that joined up the Richard and GMZ zones (both part of the SW Deposit). Those intersections include 1.4 g/t Au over 34.5m in hole 188, 1.3 g/t Au over 42.0m in hole 189 and 1.4 g/t Au over 13.5m, plus 1.2 g/t Au over 9.0m, plus 0.8 g/t Au over 13.0m, plus 1.3 g/t Au over 5.0m, plus 1.0 g/t Au over 5.0m in hole 185. Despite being strong intersections, none of these were incorporated in the resource due to a lack of drilling. Additional drilling in this area between the 2.6 g/t Au over 9.2m in hole BL-231 and these previously-released intersections could join them up over a 540m down-dip length (Figure 3, Figure 4). The Richard North Veins may link, again within the Triangle Area, to the Adrian Zone located 970m to the NE, the Stewart Zone located 900m to the north and to the Richard and GMZ Zones to the SE.

Highlights of Richard North Veins:

Hole BL-213: 1.1 g/t Au over 8.35m, including 8.2 g/t Au over 0.5m, plus 2.0 g/t Au over 1.15m, plus 0.8 g/t Au over 4.15m starting at vertical depths of 89m, 77m and 84m, respectively

Hole BL-204: 4.0 g/t Au over 1.35m starting at a vertical depth of 25m

Hole BL-231:2.6 g/t Au over 9.2m, including 13.3 g/t Au over 1.2m and 5.8 g/t Au over 1.0m, starting at a vertical depth of 99m

Hole BL-225:1.9 g/t Au over 9.0m, including 20.4 g/t Au over 0.5m starting at a vertical depth of 104m

Hole BL-214: 1.5 g/t Au over 4.6m, including 6.7 g/t Au over 0.8m, plus 1.1 g/t Au over 0.8m, starting at vertical depths of 100m, and 137m, respectively

Hole BL-222: 4.0 g/t Au over 1.1m, starting at a vertical depth of 92m

Clarence Stream's Gold Resource Increase Driven Mostly by Discoveries at the SW Deposit

The more than doubling and quadrupling, respectively, of Measured and Indicated, and Inferred gold resources at Clarence Stream was driven principally by Galway's discovery of the Adrian, George Murphy (GMZ) and Richard Zones. Extensive drilling has resulted in the Adrian Zone linking to the GMZ, which links to the Richard Zone, which links to the previously-known Jubilee Zone. These zones now combine for a 3.1km trend of mineralization, which remains open with multiple high-priority targets that Galway plans on following up. These 4 zones are referred to collectively as the SW Deposit. It's also important to note that all Zones included in the resource update are open for significant expansion.

Contact:

Galway Metals Inc.

Robert Hinchcliffe

President & Chief Executive Officer

T: 1-800-771-0680

Email: info@galwaymetalsinc.com

Website: www.galwaymetalsinc.com

CAUTIONARY STATEMENT

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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