Latest news with #GalwayMetals
Globe and Mail
4 days ago
- Business
- Globe and Mail
Galway Metals Announces Closing of Oversubscribed Private Placement
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Galway Metals Inc. (TSXV: GWM) (' Galway ' or the ' Corporation ') is pleased to announce that it has closed a non-brokered private placement (the ' Private Placement ') consisting of an aggregate of 7,350,000 flow-through shares of the Corporation (' FT Shares ') at a price of $0.36 per FT Share and 4,635,000 units of the Corporation (' Units ') at a price of $0.33 per Unit for aggregate gross proceeds to the Corporation of $4,175,550. The original offering was increased as the amount surpassed the Corporation's previous target of $4,000,000. Each Unit consists of one common share of the Corporation, and one common share purchase warrant (a ' Warrant '). Each Warrant will entitle the holder to acquire one non-flow-through common share of the Corporation for an exercise price of $0.50 per share for a period of 3 years from the closing date of the Private Placement. Each FT Share qualifies as 'flow-through shares' within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the ' Tax Act '). The gross proceeds of the Private Placement will be used for 'Canadian exploration expenses' (within the meaning of the Tax Act), which will qualify, once renounced, as 'flow-through mining expenditures', as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm's length with the Corporation at all relevant times) to the subscribers of FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In connection with the closing of the Private Placement, arm's-length finders, Eskar Capital Corporation, Devon Capital Inc., and Generic Capital Corporation will receive an aggregate of $116,640 as cash finders' commissions. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Private Placement are subject to a hold period of four months and one day, expiring on October 1, 2025. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the ' TSXV '). About Galway Metals Inc. Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada. Galway's flagship project, Clarence Stream, is one of the most important gold districts in Atlantic Canada as it hosts a large, high-grade gold resource in SW New Brunswick. Also important is Estrades, the former-producing, high-grade, gold- and zinc-rich polymetallic VMS mine in the northern Abitibi of western Quebec as it hosts significant resources in the middle of a major gold camp. After its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. The company is looking to replicate the same success in Canada with our two highly perspective projects. Should you have any questions and for further information, please contact (toll free): Galway Metals Inc. Robert Hinchcliffe President & Chief Executive Officer 1-800-771-0680 Website: Email: info@ Look us up on Facebook, Twitter or LinkedIn NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. Caution Regarding Forward-Looking Information This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events, including with respect to the Corporation's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the use of proceeds from the Private Placement. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of the Corporation, the TSXV not providing its final approval for the Private Placement, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation's publicly filed documents. Investors should consult the Corporation's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements.
Associated Press
14-05-2025
- Business
- Associated Press
Galway Metals Confirms Improved Au and Sb Recovery with Process Optimization
TORONTO, ON / ACCESS Newswire / May 14, 2025 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the 'Company' or 'Galway') is pleased to report improved gold recovery, and the capture of antimony as a potential bi-product following the recent completion of Q1 2025 test work on diamond drill hole samples from the Southwest, South and North Deposits at the Company's 100%-owned flagship Clarence Stream high-grade gold project in New Brunswick, Canada. The Clarence Stream Gold Project has district-scale potential with approximately 65-kilometre strike length of highly prospective gold showings and anomalies; and a 2022 MRE of 12.4 Mt @ 2.3 g/t Au Indicated for 922,000 M ozs Au, and 16.0 Mt @ 2.6 g/t Au Inferred for 1.334 M ozs Au (at $1650 Au price) from the NI 43-101 technical report titled " Technical Report on the Clarence Stream Mineral Resource Project, New Brunswick, Canada " dated March 31, 2022, by SLR Consulting Ltd. Rob Hinchcliffe, President and CEO of Galway Metals, commented, 'We're very encouraged by the strong gold recoveries from both low-grade and high-grade antimony mineralization at Clarence Stream, demonstrating the robustness of our new processing strategy. Working with Steve Haggarty, in just under a year we've made great progress advancing our hybrid flowsheet. These results highlight the potential to capture additional value from antimony. With two rigs drilling, we're focused on expanding high-quality gold ounces and improving metallurgical recoveries. Together, these efforts are building a stronger foundation to support future economic assessments of Clarence Stream.' Metallurgical Highlights Studies to Improve Overall Gold Recovery and Target Antimony Recovery Recent test work evaluated a novel hybrid process configuration that is applicable to all material types within the deposit over a range in Au, Sb and sulfide content. Realized Au recoveries varied from 85 to 94% Au recovery in the presence of elevated antimony content up to 5%, with an associated 55 to 85% recovery of antimony. This is particularly significant given Clarence Stream hosts over 25 million pounds of antimony ( 2022 MRE ), and recent Chinese export restrictions have driven antimony prices up from roughly US$5 per pound to about US$15 per pound, underscoring the value of capturing this strategic by-product. The process strategy maximizes Au recovery to doré bullion, with an ability to recover antimony to an Au-Sb concentrate for secondary processing. Associated test work was pursued by Galway Metals, involving Haggarty Technical Services (Burlington, Ontario), and was completed at SGS-Lakefield. Process Metallurgy Optimization The amenability of Clarence Stream mineralization to cyanidation has been confirmed with 89-95% Au extraction from material containing less than 100 ppm Sb at a grind size of 80% passing 75 µm. An estimated 75% of mineralization present in the deposit is associated with trace levels of Sb and is expected to yield relatively high Au recovery. The passivating influence of antimony on gold cyanidation is well known in the mining industry at antimony levels greater than 100 ppm Sb. The hybrid process scheme provides the flexibility required to pursue the recovery of soluble Au values in cyanidation, followed by cyanide destruction and the flotation of remnant values to a low tonnage gold-antimony concentrate for secondary processing. Secondary treatment of the gold-antimony concentrate is often pursued with off-site smelting. Alternatives for the Clarence Stream project could consider on-site, low pressure, low temperature alkaline sulfide leaching to yield incremental Au recovery to doré bullion, and a marketable crystalline sodium antimonate biproduct. As a technology, alkaline sulfide leaching has been successfully applied on an industrial scale since 1942 treating similar concentrates. Depicted in the simplified process schematic, the hybrid process involves conventional technology, with a focus on maximizing Au recovery to doré bullion, while enabling the potential for bi-product recovery of Sb values from secondary treatment of an Au-Sb concentrate. Additional test work is in progress by Galway Metals over a range in Sb head grade to confirm the potential upside and incremental Au and Sb recovery that could be expected from the hybrid process strategy which will benefit project financials. Clarence Stream Project - simplified hybrid process schematic Geology and Mineralization The Clarence Stream deposits can be characterized as intrusion-related, structurally controlled, quartz-vein hosted gold deposits. These deposits consist of quartz veins and quartz stockwork within brittle-ductile fault zones that include adjacent crushed, altered wall rocks and veinlet material. The mineralized systems are hosted in intrusive and metasedimentary rocks within high strain zones controlled by regional fault systems. Pyrite, base metal sulphides, and stibnite occur in these deposits along with anomalous concentrations of bismuth, arsenic, antimony and tungsten. Alteration in the host rocks is confined within a few metres of quartz veins and occurs mainly in the form of sericitization and chloritization. A more complete description of Clarence Stream's geology and mineralization can be found at New Brunswick Junior Mining Assistance Program Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which will contribute up to $50,000 towards exploration drilling in 2024. Review by Qualified Person Jesse Fisher, Project Manager for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. Metallurgical test work was reviewed and approved by Steve Haggarty, P. Eng., Managing Director of Haggarty Technical Services Corp. Quality Control and Reports All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. Drill core is NQ size and sample intervals range from 0.5 meters to 1.5 meters in length. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%. About Galway Metals Inc. Galway Metals is a Canadian mineral exploration and development company focused on advancing its 100%-owned, high-grade, open-pitable flagship Clarence Stream gold project in southwest New Brunswick. Clarence Stream is an emerging gold district with an exploration strike length of approximately 65 kilometres and widths of up to 28 kilometres in certain areas. Galway Metals also has 100%-ownership in the Estrades project, a former producing high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Led by a management team with a proven track-record of creating shareholder value having sold Galway Resources for US$340 million, Galway Metals is focused on creating value for all its stakeholders. For additional Information on Galway Metals Inc., Please contact: Robert Hinchcliffe President & Chief Executive Officer Telephone: 1-800-771-0680 Email: [email protected] Website: Look us up on Facebook, Twitter or LinkedIn Cautionary Statement Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain 'forward-looking statements' and 'forward-looking information' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information 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, but is not limited to, the Company's objectives, goals or future plans, information with respect to the OTCQB listing, DTC eligibility, and broadening U.S. institutional and retail investors. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in economic conditions or financial markets, political and competitive developments, operation or exploration difficulties, changes in equity markets, changes in exchange rates, fluctuations in commodity prices capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development, and those risks set out in the Company's public documents filed on SEDAR+ at Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, 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, whether as a result of new information, future events or otherwise, other than as required by law. SOURCE: Galway Metals Inc. press release
Yahoo
07-05-2025
- Business
- Yahoo
Will Galway Metals (CVE:GWM) Spend Its Cash Wisely?
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt. So should Galway Metals (CVE:GWM) shareholders be worried about its cash burn? In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn. We've discovered 2 warning signs about Galway Metals. View them for free. When Might Galway Metals Run Out Of Money? A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at December 2024, Galway Metals had cash of CA$7.0m and such minimal debt that we can ignore it for the purposes of this analysis. In the last year, its cash burn was CA$5.7m. So it had a cash runway of approximately 15 months from December 2024. While that cash runway isn't too concerning, sensible holders would be peering into the distance, and considering what happens if the company runs out of cash. Depicted below, you can see how its cash holdings have changed over time. TSXV:GWM Debt to Equity History May 7th 2025 View our latest analysis for Galway Metals How Is Galway Metals' Cash Burn Changing Over Time? Because Galway Metals isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. As it happens, the company's cash burn reduced by 3.6% over the last year, which suggests that management are maintaining a fairly steady rate of business development, albeit with a slight decrease in spending. Admittedly, we're a bit cautious of Galway Metals due to its lack of significant operating revenues. We prefer most of the stocks on this list of stocks that analysts expect to grow. How Easily Can Galway Metals Raise Cash? Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for Galway Metals to raise more cash in the future. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
