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Galway Metals Inc (GWM-V)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
June 24, 202221,400$0.425$0.415$0.415($0.015)Trading
Basic Info
Listed On:TSX Venture: GWM1/4/2013Sector:ResourceKey People
Issued:200,623,4976/1/2022Story Type:Feasibility DemonstrationRobert Hinchcliffe (CEO), Robert D. B. Suttie (CFO), Rafael Solis (VP FI), Lawrence J. Strauss (VP CD),
Diluted:219,244,747
JK Owns:No
Insider Stake:12%1/18/2022Tel:1-800-771-0680
Working Capital:$7,301,64912/31/2021Email:Address
Market Cap:$83,258,751
Web Site:galwaymetalsinc.com82 Richmond Street East, Toronto, ON, M5C 1P1, Canada
Cash Breakup:$0.03per shTwitter:@galwaymetals
Spec Value Rating History
Dec 13, 2018 $0.185 Fair Spec Value New
Feb 18, 2020 $0.340 Fair Spec Value New
Dec 31, 2020 $1.140 Fair Spec Value New
Aug 23, 2021 $0.590 Good Spec Value New
Dec 7, 2021 $0.570 Bottom-Fish Spec Value New
Dec 31, 2021 $0.640 Fair Spec Value New
Spec Value Rating Overview Updated January 18, 2022
SV Rating: Fair Spec Value - Favorite - as of December 31, 2021: Galway Metals Inc is a Fair Spec Value rated Favorite as of December 31, 2021 based on its efforts since 2016 to demonstrate the multi-million ounce district scale gold potential of the 100% owned Clarence Stream project in New Brunswick, and to show that the Estrades polymetallic VMS system in Quebec has significant resource expansion potential at depth and that the 31 km long property can yield an entirely new VMS discovery at the Newiska target about 10 km to the east. Tracker Feb 18, 2020 describes Galway's origin as a spinout from CEO Robert Hinchcliffe's Galway Resources Ltd which was bought out in 2012 for its property near Ventana's La Bodega gold discovery in Colombia and provides background for the Clarence Stream project. Tracker Aug 23, 2021 provides an overview of Galway's recent objectives for the Clarence Stream and Estrades projects. The 60,000 ha Clarence Stream project straddles 65 km of the Appalachian Gold Trend which stretches from the Carolinas through Newfoundland and Ireland into Scandinavia. The key structural feature at Clarence Stream is the east-west oriented Sawyer Brook Fault which cuts through Ordovician and Silurian metasediments that have been intruded by various stocks that served as the heat engines for creating quartz vein hosted stockwork and disseminated gold mineralization of the intrusion related gold system style. Since 2016 Galway has drilled about 130,000 m on top of the 60,000 m drilled by previous owners, most of it focused on the cluster of new zones discovered in late 2017 about 7 km southwest of the existing North and South zones for which 9,586,000 tonnes of 2.17 g/t gold OP and UG mineable (667,000 oz) was estimated in 2017 (M+I+I). Galway established a data cutoff at the end of 2021 for the purpose of delivering an initial resource estimate for the Adrian-GMZ-Richard-Jubilee zones in Q1 of 2022. An updated resource will also be calculated for the North-South Zones. This will be an important milestone which the market hopes will tally in the 1.5-2.0 million ounce range, though given the 8-12 week turnaround time for assays one should be happy with 1.0-1.5 million ounces and wait for more in a future update. Galway plans to drill 75,000 m in 2022 split between further expansion and infill drilling of the Adrian etc zones and wildcat drilling on the various soil and till gold anomalies established through property wide sampling during the past few years as part of Galway's goal to show Clarence Stream has 10 million plus ounce district scale gold potential. The Oak Bay-Tower Hill targets will receive attention, as well as the 3 km by 7 km soil anomaly that sits on top of a gabbroic intrusive complex to the south of the Adrian-Jubilee zone cluster. Galway will also earmark 25,000 m drilling for its Estrades VMS project where Titan geophysical surveys that can see 2,000 m deep suggest down-plunge potential beneath the existing Estrades resource (2018 I+I 3,696,000 tonnes 5.7% Zn, 1.03% Cu, 0.42% Pb, 93 g/t Ag, 2.59 g/t Au) as well as a potential major new VMS system at the Newiska target within a parallel rhyolite unit about 10 km to the southeast. Galway's 2021 effort to test Newiska, which can only be drilled in winter, failed to reach target depth before a warm winter shut down drilling. Galway will drill Newiska in Q1 of 2022 and test the main Estrades target later due to year round access. The IRGS nature of the Clarence Stream project is unlikely to deliver a discovery hole that moves the market unless it is for a brand new zone, but the VMS nature of the Estrades and Newiska targets could yield intersections with big discovery implications, especially in the case of Newiska which sits in the middle of a 31 km land package straddling the Casa Berard-Douay trend which has potential for both polymetallic and gold deposits. At the end of 2021 Galway Metals Inc had about $12 million working capital left, insufficient to fund its 2022 drilling plan, so additional financing will be needed by mid 2022. Galway had 178.7 million issued and 197.0 million fully diluted with no worrisome warrant overhang at the end of 2021. Insiders, including the chief geologist Mike Sutton who is key to sorting out the Clarence Stream zones, own just under 14% of the issued stock. In terms of management Galway is a well-rounded junior that knows how to promote, fund and execute its story.
What's Next?
Updated January 19, 2022: Galway Metals Inc is a Fair Spec Value rated Favorite effective December 31, 2021 at a price of $0.64 based on the multi-million ounce district scale gold potential of the 100% owned Clarence Stream project in New Brunswick, and the potential for the 100% owned Estrades polymetallic VMS system in Quebec for significant resource expansion at depth and the potential for an entirely new VMS discovery at the Newiska target about 10 km to the east. After numerous delays Galway finally bit the bullet and declared data cutoff at the end of 2021 for the Clarence Stream project where it has drilled over 100,000 m delineating the Adrian-GMZ-Richard-Jubilee high grade gold zones discovered 3-7 km southwest of the North-South Zone in late 2017. Calculation of an updated resource for the North-South zones and a maiden resource for the Adrian cluster is now in the hands of third party consultants. The resource estimate is expected by the end of Q1 of 2022. Drilling is continuing at Clarence Stream and will pause for a one month spring thaw break in April-May. The goal is to drill 75,000 m in 2022 with 6 rigs split between further delineation and infill drilling of the Adrian cluster, and wildcat testing of the various gold in soil or till anomalies that property wide sampling generated during the past couple years. Some of these anomalies such as the one hosted by the gabbroic intrusive complex south of the Adrian cluster are stronger than those associated with known zones but the company has been largely focused on delineating the Adrian cluster. The problem with this intrusion related gold system type of mineralization is that it is difficult for the market to see tonnage taking shape so it gets tired of the endless parade of high grade gold intersections. But if wildcat testing of new gold anomalies delivers strong intersections the market will pay attention, especially if this occurs on several targets in 2022 which would support Galway's goal of proving Clarence Stream is a 10 million plus ounce gold district. We hope to see a global resource in the 1.5-2.0 million ounce range, but will settle for 1.0-1.5 million ounces. With only $12 million working capital left at the end of 2021 another milestone will be a major financing by middle of 2022, ideally at a better price than the level at the end of 2021. While market interest in Clarence Stream will track the gold price trend, discovery focused speculators will be watching the Estrades VMS play in Quebec where Galway plans to drill 25,000 m in 2022 to test deep Titan geophysical anomalies interpreted to be conductive massive sulphides. Estrades is a gold-silver rich VMS system but its tonnage is small. The zones have been chased to depths of 750 m, but these Archean VMS deposits tilted on their sides can be several kilometres deep. Galway thinks that the smoke encountered by existing deep holes coupled with the deeper Titan anomalies may indicate proximity to a deeper vent. Estrades can be drilled year round so the focus in Q1 of 2022 will be the Newiska target 10 km to the east which sits in a parallel but thicker rhyolite unit. Drilling done in 2018 without the benefit of the Titan survey appears to have been too shallow. Newiska can only be drilled during winter and hole 14B was stopped short of the target due to an early thaw in 2021. The same rhyolite unit also features a Titan anomaly south of the Estrades zones called Estrades South though it is not clear when Galway will test this target.
Milestone Timeline
ProjectProgramStartEndMilestone
Clarence StreamUpdated Resource Estimate2022 Q1 Early January2022 Q2 Late AprilUpdated resource estimate for North-South Zones and initial estimate for the Adrian, GMZ, Richard and Jubilee zones - combined OP & UG. Goal is 1.5-2.0 million oz gold. Data cut off was end of 2021. Published Apr 25, 2022.
EstradesTarget Testing2022 Q1 Early January2022 Q2 Mid AprilPart of 25,000 m drilling in 2022 will test deep Titan anomaly at Newiska which can only be drilled in winter. Success would constitute a new VMS discovery.
Clarence StreamEconomic Study - PEA2022 Q2 Early May2023 Q4 Late DecemberUndertake metallurgical and pit slope studies to support PEA for delivery in H2 of 2022.
Clarence StreamTarget Testing2022 Q2 May2022 Q4 Late DecemberWildcat drilling of gold in soil and till targets outside the established zones to assess district scale potential for 5-10 million oz.
EstradesTarget Testing2022 Q1 Early January2022 Q4 Late DecemberDeep drilling of Titan anomalies at Estrades looking for copper rich VMS zones down-plunge from existing zones, can be drilled year-round, part of 25,000 program for 2022.
Clarence StreamTarget Testing2022 Q1 Early January2022 Q4 Late December35,000 m drilling to test new geochemical targets such as Oak Bay-Tower Hill and the gabbro complex soil anomaly to further develop district scale nature of Clarence Stream. Completed.
Clarence StreamDelineation2022 Q2 Early May2022 Q4 Late December40,000 m drilling in Adrian-GMZ-Richard-Jubilee area to infill and expand system to support another resource estimate in 2023.
Corporate Change History


#Old for NewLast PricePrior NameSubsequent NameDetails
Sep 16, 2013Reverse Split3:1$0.04Galway Metals Inc (GWM-V)Galway Metals Inc (GWM-V)
Recommendation History
Edition Date Price
Recommendation Gain
BF2014 1/3/2014 $0.13 New BF Buy $0.10-$0.19 -34%
BF2014 12/31/2015 $0.10 BF Technical Closeout 100% -50%
BF2016 12/31/2015 $0.10 New BF Buy below $0.10 -5%
BF2016 12/13/2018 $0.19 BF Technical Closeout 100% 85%
SVF2020 12/31/2019 $0.34 Bottom-Fish Spec Value Favorite 0%
SVF2020 2/18/2020 $0.34 Fair Spec Value Favorite 1%
SVF2020 12/31/2020 $1.14 Fair Spec Value Favorite 240%
SVF2021 12/31/2020 $1.14 Fair Spec Value Favorite 0%
SVF2021 8/23/2021 $0.64 Good Spec Value Favorite -44%
SVF2021 12/31/2021 $0.61 SV Technical Closeout 100% -47%
SVF2022 12/31/2021 $0.61 Good Spec Value Favorite 0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Jun 24, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:103,169,437200,623,49722.0%46.2%
Price Group Total:118Working Cap:$3,132,100$7,301,64970.3%
TSXV KRO as of Jun 24, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:76,964,088200,623,49716.5%44.8%
Price Group Total:97Working Cap:$2,551,764$7,301,64973.2%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a member ranks higher than. Note that issued and WC reflect latest financials.
Ranking Color Code:Lower than 25%25% to 50%50% to 75%Higher than 75%
Charts & Financing Activity
 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Apr 23, 2014 Galway Metals Inc PP 6,600,000 $0.100
Units $660,000
Nov 21, 2017 Galway Metals Inc PP 6,407,390 $0.430 FT Units $2,755,178
Nov 21, 2017 Galway Metals Inc PP 3,928,297 $0.350
Units $1,374,904
Dec 4, 2017 Galway Metals Inc PP 257,000 $0.430 FT Units $110,510
Dec 4, 2017 Galway Metals Inc PP 1,142,857 $0.350
Units $400,000
Dec 22, 2017 Galway Metals Inc PP 465,116 $0.430 FT Units $200,000
Dec 22, 2017 Galway Metals Inc PP 860,000 $0.350
Units $301,000
Jun 14, 2018 Galway Metals Inc PP 2,624,998 $0.280 FT
$734,999
Jun 14, 2018 Galway Metals Inc PP 11,263,891 $0.230
Units $2,590,695
Dec 28, 2018 Galway Metals Inc PP 9,394,636 $0.170

$1,597,088
Dec 28, 2018 Galway Metals Inc PP 5,600,000 $0.200 FT
$1,120,000
Dec 28, 2018 Galway Metals Inc PP 2,826,086 $0.230 FT
$650,000
Jul 4, 2019 Galway Metals Inc PP 4,333,334 $0.300

$1,300,000
Jul 4, 2019 Galway Metals Inc PP 4,864,863 $0.370 FT
$1,799,999
Jul 30, 2019 Galway Metals Inc PP 4,060,000 $0.370 FT
$1,502,200
Jan 28, 2020 Galway Metals Inc PP 5,218,535 $0.340 FT
$1,774,302
Jan 28, 2020 Galway Metals Inc PP 3,684,933 $0.300

$1,105,480
Jul 28, 2020 Galway Metals Inc PP 17,877,300 $0.635 FT
$11,352,086
Jul 28, 2020 Galway Metals Inc PP 13,636,400 $0.440

$6,000,016
Apr 5, 2021 Galway Metals Inc PP 4,095,400 $1.050 FT
$4,300,170
Apr 5, 2021 Galway Metals Inc PP 1,087,000 $1.840 FT
$2,000,080
Apr 5, 2021 Galway Metals Inc PP 5,999,900 $1.450 FT
$8,699,855
Capital
Financials Dated: December 31, 2021 Reporting Period: 12 months Year End: 12/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $10,681,021 Current Liabilities: $4,296,254 Operating Revenues: $0
Receivables etc: $916,882 Tangible LT Debt: $186,231 Operating Cash Costs: $0
Current Assets: $11,597,903 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$9,150,697Total Liabilities:$4,482,485Operating Non-Cash Costs:$0




Miscellaneous Revenue:$0
Total Assets: $20,748,600 Share Capital: $56,637,507 Cash Expenses: $18,220,361


Shareholder Deficit: ($40,371,392) Non-Cash Expenses: $1,455,983
Working Capital: $7,301,649 Net Shareholder Equity: $16,266,115 Total Expenses: $19,676,344




Overall Cash Flow:($18,220,361)
Monthly Overhead:$1,518,363

Net Income (Loss):($19,676,344)

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINCash
Expenses
DilutedWorking
Capital
12/31/2012 12 $11,883,874 $11,914,307 $13,567,228 $119,475 $119,475 $13,553,050 0% $107,645 149,635,739 $11,794,832
3/31/2013 3 $11,778,113 $11,806,974 $13,459,895 $216,446 $216,446 $13,553,050
$451,644 149,635,739 $11,590,528
6/30/2013 6 $11,406,397 $11,539,632 $13,296,034 $98,236 $98,236 $13,554,998
$556,728 149,685,739 $11,441,396
9/30/2013 9 $11,288,518 $11,342,565 $13,098,967 $118,643 $118,643 $13,554,998
$224,704 49,895,248 $11,223,922
12/31/2013 12 $11,064,042 $11,208,460 $11,333,730 $95,319 $95,319 $13,554,998 0% ($61,676) 54,720,248 $11,113,141
3/31/2014 3 $11,046,517 $11,144,424 $11,269,694 $109,442 $109,442 $13,678,833
$136,646 54,720,248 $11,034,982
6/30/2014 6 $11,303,864 $11,513,640 $11,638,910 $111,519 $111,519 $13,986,270
$359,173 64,670,248 $11,402,121
9/30/2014 9 $11,276,245 $11,301,384 $11,426,654 $131,485 $131,485 $13,986,270
$566,275 64,670,248 $11,169,899
12/31/2014 12 $11,112,093 $11,154,299 $11,279,569 $182,035 $182,035 $14,126,982 4% $39,995 64,670,248 $10,972,264
3/31/2015 3 $10,961,990 $11,000,593 $11,125,863 $207,041 $207,041 $14,126,982
$182,105 64,670,248 $10,793,552
6/30/2015 6 $10,551,571 $10,582,238 $10,707,508 $134,109 $134,109 $14,126,982
$461,688 64,670,248 $10,448,129
9/30/2015 9 $10,291,164 $10,342,658 $10,467,928 $175,273 $175,273 $14,126,982
$826,482 64,670,248 $10,167,385
12/31/2015 12 $10,037,068 $10,055,789 $10,181,059 $124,616 $288,656 $14,126,982 0% $666,648 64,670,248 $9,931,173
3/31/2016 3 $9,809,486 $9,833,689 $9,958,959 $129,070 $293,110 $14,126,982
$805,066 64,670,248 $9,704,619
6/30/2016 6 $9,564,437 $9,584,552 $9,709,822 $108,984 $273,024 $14,126,982
$436,806 66,270,248 $9,475,568
9/30/2016 9 $7,436,424 $7,504,035 $9,442,429 $168,258 $332,298 $14,337,357
$1,942,803 67,705,248 $7,335,777
12/31/2016 12 $6,487,429 $6,606,889 $8,644,417 $160,191 $160,191 $14,234,417 1% $2,078,762 67,705,248 $6,446,698
3/31/2017 3 $7,557,899 $7,846,639 $10,499,471 $386,953 $386,953 $12,912,298
$1,392,066 67,965,248 $7,459,686
6/30/2017 6 $6,398,561 $6,697,505 $9,350,337 $252,951 $252,951 $13,414,659
$1,311,045 68,380,248 $6,444,554
9/30/2017 9 $4,284,261 $4,753,042 $8,457,594 $602,752 $602,752 $14,591,747
$4,208,076 87,363,226 $4,150,290
12/31/2017 12 $7,471,382 $7,859,379 $11,560,147 $951,133 $951,133 $18,436,596 30% $5,839,583 89,290,911 $6,908,246
3/31/2018 3 $5,568,333 $6,068,066 $9,828,702 $1,207,090 $1,207,090 $18,478,596
$2,074,062 89,515,911 $4,860,976
6/30/2018 6 $7,090,449 $7,601,119 $11,311,207 $923,101 $923,101 $21,013,240
$3,400,098 109,536,746 $6,678,018
9/30/2018 9 $5,057,991 $5,579,411 $10,298,984 $807,576 $807,576 $21,013,240
$4,292,948 109,536,746 $4,771,835
12/31/2018 12 $7,058,093 $7,499,398 $12,394,645 $614,155 $614,155 $23,925,370 30% $5,518,817 128,307,468 $6,885,243
3/31/2019 3 $5,728,219 $6,226,557 $11,149,453 $570,894 $570,894 $23,925,370
$1,536,389 128,307,468 $5,655,663
6/30/2019 6 $7,428,596 $7,835,948 $12,832,559 $726,368 $726,368 $26,540,773
$2,599,679 137,505,665 $7,109,580
9/30/2019 9 $6,442,255 $6,953,898 $12,713,872 $1,004,417 $1,004,417 $27,736,354
$4,017,338 141,715,665 $5,949,481
12/31/2019 12 $6,127,939 $6,887,096 $12,693,229 $1,252,492 $1,252,492 $29,387,007 23% $6,124,378 14,831,946 $5,634,604
3/31/2020 3 $4,783,526 $5,749,894 $11,584,717 $883,289 $883,289 $30,428,521
$1,850,366 142,609,130 $4,866,605
6/30/2020 6 $21,959,761 $23,008,416 $28,840,892 $4,577,153 $4,577,153 $44,807,846
$2,920,531 180,288,652 $18,431,263
9/30/2020 9 $18,704,513 $20,020,352 $27,706,940 $4,817,881 $4,817,881 $46,040,817
$5,460,764 181,132,959 $15,202,471
12/31/2020 12 $15,351,359 $17,052,188 $24,736,026 $4,343,048 $4,343,048 $46,367,260 58% $8,697,160 184,527,959 $12,709,140
3/31/2021 3 $25,511,977 $26,902,908 $34,597,354 $6,796,448 $6,796,448 $56,649,848
$4,507,573 189,285,259 $20,106,460
6/30/2021 6 $20,491,878 $21,494,456 $30,001,835 $6,585,336 $6,764,301 $56,649,848
$9,052,312 196,551,197 $14,909,120
9/30/2021 9 $15,457,040 $16,664,331 $25,670,254 $7,065,261 $7,244,226 $56,649,848
$13,882,760 196,551,197 $9,599,070
12/31/2021 12 $10,681,021 $11,597,903 $20,748,600 $4,296,254 $4,482,485 $56,637,507 22% $18,220,361 195,966,197 $7,301,649
Structure & People
Directors, Officers and Employees: 24,478,634 12.2% AGM: December 14, 2021
Other Insiders: 0 0.0% People Tree Available
Past Reported Shareholders: 15,822,832 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
Joseph Cartafalsa Lawyer 12/27/2012

2,135,688 1.1%
Alfonso Gomez Renfigo Administrator 12/27/2012

437,500 0.2%
Robert Hinchcliffe Mining Executive 5/9/2012 CEO & President 14,857,019 7.4%
Rafael Solis Investor Relations 8/26/2021 VP Finance 4,330,754 2.2%
Lawrence J. Strauss Analyst 5/13/2014 VP Corp Dev 1,050,000 0.5%
Michael Sutton Geologist 5/13/2014 Chief Geologist 1,667,673 0.8%
Harold Gibson Geophysicist 2/6/2020

Advisory Board 0 0.0%
Debbie G. Laney Metallurgist 10/11/2018

Advisory Board 0 0.0%
Duncan Middlemiss Engineer 4/25/2017
Advisory Board 0 0.0%
David Rhys Geologist 2/6/2020

Advisory Board 0 0.0%
Robert D. B. Suttie Administrator 12/27/2012
CFO 0 0.0%
Phillip C. Walford Geologist 2/6/2020

Advisory Board 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
Robb Doub Investment Banker 12/27/2012 12/14/2021 6/20/2018
Director 450,000
Jaguar Financial Corp
9/4/2014


Insider 6,798,999
Jimmy S. H. Lee Merchant Banker 9/9/2016


Insider 8,497,500
Robert W. Schafer Geologist 12/27/2012 11/6/2014 11/6/2014
Director 76,333
Rob White Investment Banker 4/23/2018 8/26/2021 8/26/2021
Director 0
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:December 31, 2019Start Price:$0.34
KRO Favorites 2020: Features companies with Bottom-Fish, Fair or Good Spec value ratings that were designated Favorites in 2020, effective December 31, 2019.
Membership Start Date:December 31, 2020Start Price:$1.14
KRO Favorites 2021: Features companies with Bottom-Fish, Fair or Good Spec value ratings that are designated 2021 Favorites, effective December 31, 2020.
Membership Start Date:December 31, 2021Start Price:$0.61
KRO Favorites 2022: Features companies designated 2022 KRO Favorites, based on closing price December 31, 2021.
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability
Ranges in millions
ranked from most to least achievable
below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50 Tiny Scale: underground mine or quarry - not worth the bother
$50-$100 Small Scale: junior needs to self-develop
$100-$250 Buyout Target: by Lower Tier Producers
$250-$500 Buyout Target: by Mid-Tier Producers
$500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
Clarence Stream Canada - New Brunswick 100% WI 4-Infill & Metallurgy $91 $910 - $1,820 Gold AntimonyIntrusion Related Gold System
Estrades Canada - Quebec 100% WI 4-Infill & Metallurgy $91 $910 - $1,820 Zinc Copper Gold SilverVMS
Company Projects

Clarence Stream Project
Featured in Share Collective
Clarence StreamCanadaNBNew Brunswick60,465 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 1.00%
Ownership Terms: Agreement Aug 3, 2017 to acquire 100% from Wolfden Resources Corp for CAD $3,250,000 over 3 years. Wolfden retains a 1% NSR which can be bought anytime for CAD $2 million. Franco Nevada has a 1% option on part of the property. Another group has a 2% NSR on a portion of which half can be bought for CAD $1 million.
Target Metals: Gold AntimonyModel: Intrusion Related Gold SystemStage: 4-Infill & Metallurgy
See Reliable Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Updated Resource Estimate2022 Q1 Early January2022 Q2 Late AprilUpdated resource estimate for North-South Zones and initial estimate for the Adrian, GMZ, Richard and Jubilee zones - combined OP & UG. Goal is 1.5-2.0 million oz gold. Data cut off was end of 2021. Published Apr 25, 2022.
Economic Study - PEA2022 Q2 Early May2023 Q4 Late DecemberUndertake metallurgical and pit slope studies to support PEA for delivery in H2 of 2022.
Target Testing2022 Q2 May2022 Q4 Late DecemberWildcat drilling of gold in soil and till targets outside the established zones to assess district scale potential for 5-10 million oz.
Target Testing2022 Q1 Early January2022 Q4 Late December35,000 m drilling to test new geochemical targets such as Oak Bay-Tower Hill and the gabbro complex soil anomaly to further develop district scale nature of Clarence Stream. Completed.
Delineation2022 Q2 Early May2022 Q4 Late December40,000 m drilling in Adrian-GMZ-Richard-Jubilee area to infill and expand system to support another resource estimate in 2023.
Base Case Resource Estimates
Project Resource Estimate - Clarence Stream - North OP
Apr 25, 2022NI 43-101Reno Pressacco, PGeo, SLR Consulting (Canada) LtdCutoff: 0.38 g/t Au $1,650/oz Au, 1:33 CAD:USD, $10,000/t Sb
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources1,171,000$200/tGold2.28 g/t100.0%85,840 oz67%
Antimony0.480%100.0%12,391,616 lb33%
Inferred Mineral Resources1,731,000$154/tGold2.51 g/t100.0%139,691 oz96%
Antimony0.049%100.0%1,869,920 lb4%
All Categories Spot2,902,000$173/tGold2.42 g/t
225,531 oz82%
Antimony0.223%
14,261,536 lb18%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$501,543,20118.1%Gold $1,825.45/oz, Antimony $6.30/lb
Project Resource Estimate - Clarence Stream - South OP
Apr 25, 2022NI 43-101Reno Pressacco, PGeo, SLR Consulting (Canada) LtdCutoff: 0.38/t Au $1,650/oz Au, 1:33 CAD:USD, $10,000/t Sb
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources3,190,000$186/tGold2.89 g/t100.0%296,405 oz91%
Antimony0.120%100.0%8,439,209 lb9%
Inferred Mineral Resources594,000$208/tGold3.45 g/t100.0%65,888 oz97%
Antimony0.038%100.0%497,622 lb3%
All Categories Spot3,784,000$190/tGold2.98 g/t
362,293 oz92%
Antimony0.107%
8,936,832 lb8%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$717,649,84412.7%Gold $1,825.45/oz, Antimony $6.30/lb
Project Resource Estimate - Clarence Stream - Southwest OP
Apr 25, 2022NI 43-101Reno Pressacco, PGeo, SLR Consulting (Canada) LtdCutoff: 0.38 g/t Au $1,650/oz Au, 1:33 CAD:USD, $10,000/t Sb
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources7,761,000$119/tGold2.02 g/t100.0%504,042 oz100%
Inferred Mineral Resources9,471,000$102/tGold1.73 g/t100.0%526,793 oz100%
All Categories Spot17,232,000$109/tGold1.86 g/t
1,030,835 oz100%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$1,881,737,1054.8%Gold $1,825.45/oz
Project Resource Estimate - Clarence Stream - South UG
Apr 25, 2022NI 43-101Reno Pressacco, PGeo, SLR Consulting (Canada) LtdCutoff: 2.0 g/t Au $1,650/oz Au, 1:33 CAD:USD, $10,000/t Sb
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources274,000$249/tGold4.10 g/t100.0%36,119 oz97%
Antimony0.059%100.0%354,583 lb3%
Inferred Mineral Resources1,917,000$255/tGold4.21 g/t100.0%259,479 oz97%
Antimony0.056%100.0%2,362,456 lb3%
All Categories Spot2,191,000$254/tGold4.20 g/t
295,598 oz97%
Antimony0.056%
2,717,040 lb3%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$556,715,86216.3%Gold $1,825.45/oz, Antimony $6.30/lb
Project Resource Estimate - Clarence Stream - Southwest UG
Apr 25, 2022NI 43-101Reno Pressacco, PGeo, SLR Consulting (Canada) LtdCutoff: 2.00 g/t U
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Inferred Mineral Resources2,250,000$279/tGold4.75 g/t100.0%343,616 oz100%
All Categories Spot2,250,000$279/tGold4.75 g/t
343,616 oz100%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$627,254,50514.5%Gold $1,825.45/oz
Outcome Visualization Project as of Jun 24, 2022: Galway: Clarence Stream 7,000 tpd OP Scenario
Project:Clarence StreamLocation:CanadaStage:4-Infill Drilling
Net Interest:100% WIUncapped NSR:1.0%Target Metals:Gold Antimony
OV Project ID:1000035OVP Posted:4/26/2022OVP Retired:
Current OV ID:1000093Current OV Confirmed:4/26/2022Visualizer:JK
Click here for Full Visualized Outcome (KRO Members Only)
Visualized Outcome: Galway: Clarence Stream 7,000 tpd OP Scenario
Galway Metals Inc published an updated resource estimate on Apr 25, 2022 for the Clarence Stream project for the North, South and Southwest zones that it breaks up into open-pittable at 0.38 g/t gold cutoff and underground mineable at 2.0 g/t gold. 72% of the gold resource is assigned as open-pittable. Continuing exploration both in proximity to the existing open-pittable zones and new targets on the disctrict scale property will very likely expand the open-pittable resource. This OV looks at a scenario where the resource never expands and the existing open-pittable resource is mined at 7,000 tpd over a 10 year period. The underground resource is ignored as is the antimony credit in the North and South Zones . The cost structure is based on the April 1, 2021 feasibility study for the phase 1 development of the Valentine gold system in Newfoundland by Marathon Gold. This is a series of 5 similar open-pittable deposits with a lower grade, but also a lower strip rate of 7.2 rather than the 11 assumed for Clarence Stream whose zones generally dip more steeply. The objective is to show what the Clarence Stream project is potentially worth at a minimum at different gold prices. This bridges the knowledge gap between now and a possible PEA by the end of 2023.
Visualized Outcome Summary: Galway: Clarence Stream 7,000 tpd OP Scenario
Deposit Scenario: 23,919,000 t @ 2.10 g/t Gold
Mining Scenario: Open Pit 7,000 tpd 9.4 yrs, CapEx $229.0 million, SustCapEx $190.0 million, OpEx $38.50/t (USD)
LOM Payable: 1.4 million oz gold
Economic Outcome (USD): Revenue Model at OV designated Metal Prices

Annual AverageLife of Mine (LOM)LOM Stats
Recoverable Revenue:$283,411,283$2,653,195,490$111/t ore Recoverable Value:
   Smelter/Transport Costs:($2,834,113)($26,531,955)1.0% of Recoverable Revenue
Gross Payable Revenue:$280,577,170$2,626,663,53599.0% of Recoverable Revenue
   Royalties:($2,805,772)($26,266,635)1.0% of Gross Payable Revenue
Net Payable Revenue:$277,771,398$2,600,396,89998.0% of Recoverable Revenue
   Mining Cost:($61,320,000)($574,056,000)52% of OpEx - $24.00/t ore
   Processing Cost:($28,105,000)($263,109,000)24% of OpEx - $11.00/t ore
   Other Cost:($8,942,500)($83,716,500)8% of OpEx - $3.50/t ore
   Sustaining Cost:($19,000,000)($190,000,000)17% of OpEx - $7.94/t ore
Total Operating Cost:($117,367,500)($1,110,881,500)43% of Net Payable Revenue - OpEx - $46.44/t ore
Pre-Tax Cash Flow:$160,403,898$1,489,515,39957% of Net Payable Revenue - $62.27/t ore
   Taxes:($39,423,291)($365,549,466)25% of Pre-Tax Cash Flow - $15.28/t ore
After-Tax Cash Flow:$120,980,607$1,123,965,93343% of Net Payable Revenue - $46.99/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:10 yearsStartupNPV 5%NPV 10%NPV 15%
Annual Avg NSR:$2,777,714Now$19,390,665$14,894,742$11,741,220
LOM NSR:$26,003,9692027$15,193,093$9,248,463$5,837,461
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $650.0 million - Poor Speculative Value
Gross Rock Value (USD/t):$123Recoverable Rock Value:$111Payable Rock Value:$110
LOM Net Payable Revenue (USD):$2,600,396,899LOM PT Cash Flow (USD):$1,489,515,399LOM AT Cash Flow (USD):$1,123,965,933
USD Pre-Tax NPV:$735,441,330Pre-Tax IRR:69.5%Pre-Tax Payback:1.4
USD After-Tax NPV:$502,804,749After-Tax IRR:51.7%After-Tax Payback:1.9
CAD Fair Spec Value Low:$32,513,869CAD Fair Spec Value High:$65,027,738CAD Implied Project Value:$90,986,570
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $2.97
Fair Speculative Value Stock Price Range: CAD $0.15 - $0.30
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.
Fair Speculative Value Ladder
USD OV NPVCAD OV NPVExch RateDilutedNet Interest
$502,804,749$650,277,3821.2933219,244,747100.00%
Project StageUncertainty RangeCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Grassroots 0.5% - 1.0% $3,251,387 - $6,502,774 $0.01 - $0.03 $0.03 - $0.07
Target Drilling 1.0% - 2.5% $6,502,774 - $16,256,935 $0.03 - $0.07 $0.07 - $0.15
Discovery Delineation 2.5% - 5.0% $16,256,935 - $32,513,869 $0.07 - $0.15 $0.15 - $2.22
Infill & Metallurgy 5% - 10% $32,513,869 - $65,027,738 $0.15 - $0.30 $1.48 - $2.97
PEA 10% - 25% $65,027,738 - $162,569,346 $0.30 - $0.74 $0.74 - $2.22
Prefeasibility 25% - 50% $162,569,346 - $325,138,691 $0.74 - $1.48 $0.74 - $1.48
Permitting & Feasibility 50% - 75% $325,138,691 - $487,708,037 $1.48 - $2.22 $0.74 - $1.48
Construction 75% - 100% $487,708,037 - $650,277,382 $2.22 - $2.97 $1.48 - $2.22
Production 100% $650,277,382 $2.97 $2.97 - $3.71
Market Speculative Value Stock Price Range: CAD $1.48 - $2.97
Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.
Alternative Metal Price Scenarios

Metal 1Metal 2Metal 3Metal 4

Gold


Spot:$1,825 /oz


OV Assigned:$1,825 /oz


Pessimistic:$1,300 /oz


Optimistic:$2,300 /oz


Fantasy:$3,000 /oz


Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4
Economic Outcomes with Alternative Metal Price Scenarios

USD PT NPVUSD PT IRRUSD AT NPVUSD AT IRRAT Payback yrs
Spot:$735,441,33069.5%$502,804,74951.7%1.9
OV Assigned:$735,441,33069.5%$502,804,74951.7%1.9
Pessimistic:$260,564,26632.5%$166,651,78124.3%3.6
Optimistic:$1,164,317,361101.4%$807,306,73274.8%1.3
Fantasy:$1,796,944,528148.1%$1,256,472,020108.1%0.9
Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Infill & Metallurgy - 5.0% - 10.0%

CAD AT NPVCAD Target PriceCAD FSV RangeCAD FSV per Share RangeCAD MSV per Share Range
Spot:$650,277,382$2.97$32,513,869 - $65,027,738$0.15 - $0.30$1.48 - $2.97
OV Assigned:$650,277,382$2.97$32,513,869 - $65,027,738$0.15 - $0.30$1.48 - $2.97
Pessimistic:$215,530,748$0.98$10,776,537 - $21,553,075$0.05 - $0.10$0.49 - $0.98
Optimistic:$1,044,089,796$4.76$52,204,490 - $104,408,980$0.24 - $0.48$2.38 - $4.76
Fantasy:$1,624,995,263$7.41$81,249,763 - $162,499,526$0.37 - $0.74$3.71 - $7.41
Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.
.

Estrades Project
Featured in Share Collective
EstradesCanadaQCQuebec14,854 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 2.00%
Ownership Terms: Agreement Aug 18, 2018 to acquire various claims and partial interests from Mistango River Resources, CR Capital, First Qunatum, Globex and a private party for CAD $1,350,000 and 800,000 units at $0.25. First Qunatum has a 2% NSR on some claims, Globex has 1% NSR on others.
Target Metals: Zinc Copper Gold SilverModel: VMSStage: 4-Infill & Metallurgy
See Reliable Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Target Testing2022 Q1 Early January2022 Q2 Mid AprilPart of 25,000 m drilling in 2022 will test deep Titan anomaly at Newiska which can only be drilled in winter. Success would constitute a new VMS discovery.
Target Testing2022 Q1 Early January2022 Q4 Late DecemberDeep drilling of Titan anomalies at Estrades looking for copper rich VMS zones down-plunge from existing zones, can be drilled year-round, part of 25,000 program for 2022.
Base Case Resource Estimates
Project Resource Estimate - Estrades
Sep 20, 2018NI 43-101Reno Pressacco, P.Geo, RPA IncCutoff: $140/t NSR $1,450/oz Au 80% rec, $21/oz Ag 70% rec, $1.15/lb Zn 92% rec, $3.50/lb Cu 90% rec, $1/lb Pb 85% rec
Note: Minimum 1.5 m mining width.
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources1,497,000$659/tZinc7.200%100.0%237,620,619 lb40%
Copper1.060%100.0%34,983,036 lb14%
Lead0.600%100.0%19,801,718 lb2%
Gold3.55 g/t100.0%170,863 oz32%
Silver122.90 g/t100.0%5,915,227 oz13%
Inferred Mineral Resources2,199,000$428/tZinc4.720%100.0%228,821,619 lb41%
Copper1.010%100.0%48,963,948 lb20%
Lead0.290%100.0%14,058,955 lb1%
Gold1.93 g/t100.0%136,452 oz26%
Silver72.90 g/t100.0%5,154,072 oz11%
All Categories Spot3,696,000$522/tZinc5.724%
466,442,238 lb40%
Copper1.030%
83,946,984 lb17%
Lead0.416%
33,860,674 lb2%
Gold2.59 g/t
307,315 oz29%
Silver93.15 g/t
11,069,299 oz12%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$1,927,880,7424.7%Zinc $1.67/lb, Copper $3.89/lb, Lead $0.90/lb, Gold $1,825.45/oz, Silver $20.86/oz
Company Related KRO Comments
Jun 2, 2022Kaiser Watch - 0:19:24
Apr 28, 2022Kaiser Watch - 0:28:11
Apr 14, 2022Kaiser Watch - 0:29:27
Mar 3, 2022Kaiser Watch - 0:08:48
Jan 27, 2022Kaiser Watch - 0:35:37
Jan 19, 2022Tracker: What's Next for Galway Metals Inc?
Jan 18, 2022Tracker: Spec Value Rating for Galway Metals Inc
Aug 25, 2021Discovery Watch with HoweStreet.com - 0:00:01
Aug 23, 2021Tracker: What's Next for Galway Metals Inc
Jul 29, 2020Discovery Watch with HoweStreet.com - 0:09:21
Jul 2, 2020Discovery Watch with HoweStreet.com - 0:00:01
Apr 30, 2020Discovery Watch with HoweStreet.com - 0:14:40
Feb 25, 2020Tracker: Galway delivers new evidence that grades get better at depth for Clarence Stream
Feb 20, 2020Discovery Watch with HoweStreet.com - 0:22:24
Feb 17, 2020Tracker: Spec Value Rating for Galway Metals Inc (GWM-V)

Company News Releases - Members Only
Jun 8, 2022Update to Insider Purchases
Jun 6, 2022Private Placement Brokered
May 26, 2022Closing Of $10.5 Million Bought Deal Private Placement
May 6, 2022Upsizing Of Previously Announced Bought Deal Private Placement To $10m
May 5, 2022$8 Million Bought Deal Private Placement Financing
Apr 25, 2022Clarence Stream Resource Update Indicated: 922,000 oz at 2.31 g/t Au, up 136% Inferred: 1,334,000 oz at 2.60 g/t Au, up 382%
Mar 30, 2022Richard Drilling Intersects 3.7 g/t Au Over 35.0m Plus 3.4 g/t Au over 21.0m in One Hole, and 4.4 g/t Au Over 21.0m in Another, and Extends Richard 340m North
Mar 2, 2022Connects GMZ to Adrian and Richard Zones with 4.0 g/t Au over 41.2m Plus 7.3 g/t Au over 13.5m, and 1.4 g/t Au over 34.5m; GMZ Expands with 4.4 g/t Au over 21.35m; Adrian Extends by 50m with 0.6 g/t Au
Feb 9, 2022Extensive 2022 Programs Being Undertaken at the Former Producing High Grade Estrades Project in the Abitibi of Western Quebec
Dec 7, 2021Adrian and GMZ Gaps Return 5.8 g/t Au over 55.5m, and 8.1 g/t Au Over 17.5m
Nov 18, 2021Gap Drilling Intersects 1.3 g/t Au over 41.15m and 18.8 g/t Au over 6.0m, Closing Gap Between GMZ and Richard Zones
Oct 27, 2021Drills Oak Bay for the First Time First Hole Returns 6.0 g/t Au over 3.3m with Follow Up Holes Extending this New Zone 110 Metres at Clarence Stream
Sep 7, 2021Adrian and GMZ Gaps Return 38.6 g/t Au Over 7.5m, and 10.2 g/t Au over 6.0m
Sep 2, 2021Intersects 24.0m Massive Sulphides in Deepest Intersection Ever; 24.0 g/t AuEq Over 2.95m plus 16.1 g/t AuEq Over 3.0m; Cu Stringer Zones to 9.0m and up to 5.2% Cu Over 0.5m at 300m below Resource
Aug 26, 2021Appointment of New Director, Update to Insider Purchases and Listing on The OTCQB Exchange
Jul 26, 2021New Discovery Expands with 4.1 g/t Au Over 10.25m; 5.7 g/t Au Over 25.0m from Adrian Zone; GMZ East Gap Returns 1.7 g/t Au Over 10.0m
Jun 9, 2021Intersects 15.3 g/t Au over 18.5m, 2.0 g/t Au over 54.0m & 22.7 g/t Au over 3.5m at Clarence Stream
Apr 19, 2021Intersects 10.7 g/t Au, 22.8% Zn, 423 g/t Ag, 2.8% Cu, and 2.6% Pb Over 2.7 Metres at Its Estrades Project in Quebec
Apr 5, 2021Private Placement Brokered
Mar 30, 202178.4 g/t Au over 3.0m, 9.0 g/t Au over 7.4m, 3.0 g/t Au over 30.5m and a New Vein Discovery of 70.3 g/t Au over 1.5m at Clarence Stream
Mar 25, 2021Closing of $15 Million Bought Deal Private Placement Financing
Feb 24, 2021Upsizing of Previously Announced Bought Deal Private Placement Financing
Feb 23, 2021$12 Million Bought Deal Private Placement Financing
Feb 16, 2021Intersects 4.8 g/t Au Over 34.0m, 23.0 g/t Au Over 7.4m, & 4.9 g/t Au Over 20.35m, at Clarence Stream
Feb 10, 2021Commences 2021 Drilling of the Estrades Mining District
Jan 25, 2021Discovers 3 New Veins in Gap: 19.5 g/t Au over 4.0m, 75.9 g/t Au over 1.1m and 10.0 g/t Au over 3.0m, plus Intersects Known Veins with 3.5 g/t Au over 40.0m and 9.5 g/t Au over 6.5m
Jan 6, 2021Makes Another New Discovery 4.8 g/t Au Over 3.1m, 900m NW of the New Adrian Zone, Plus Mineralization Returned 400m East of GMZ at Clarence Stream
Jan 4, 2021Share Purchases by Robert Hinchcliffe
Dec 14, 2020Adrian Zone Follow Up: 33.7 g/t Au over 4.7 Metres and 1.5 g/t Au over 34.3 Metres at Clarence Stream
Nov 19, 2020Intersects 5.3 g/t Au over 25.5m and 5.1 g/t Au over 10.2m East & West of Richard
Nov 16, 2020Awards Incentive Stock Options
Oct 26, 2020Clarence Stream Project Assay Results
Sep 30, 2020Intersects 2.1 g/t Au Over 38.75m, Plus a New Vein in Western Extension of the GMZ at Clarence Stream
Sep 9, 2020Expands Richard Zone Another 100m with 4.1 g/t Au over 16.0m and Gets Deepest Intersection with 10.0 g/t Au over 4.5m
Sep 8, 2020Property Asset or Share Purchase Agreement
Aug 25, 2020Options Key Claims with 5.2 g/t Au over 2.5m at Clarence Stream
Aug 18, 2020Intersects 13.4 g/t Au over 12.95 metres in New Discovery Hole at Clarence Stream
Jul 31, 2020Property Asset or Share Purchase Agreement
Jul 29, 2020Intersects New Wide Vein with Significant Visible Gold 320 Metres NE of GMZ's New Veining at Clarence Stream
Jul 28, 2020Private Placement Brokered
Jul 28, 2020Second Royalty Buy Back at its Clarence Stream Property
Jul 23, 2020Property Asset or Share Purchase Agreement
Jul 21, 2020Royalty Buy Back at its Clarence Stream Property
Jul 15, 2020Intersects 54.7 g/t Au Over 2.5m, 1.4 g/t Au Over 46.0m, and 4.7 g/t Au over 8.2m Deepest Intersect at West End of the Richard Zone at Clarence Stream
Jun 25, 2020Closing of $17.35 Million Best Efforts Offering Financing
Jun 24, 2020Intersects 186.5 g/t Au Over 0.6m in New Discovery, 950m West of the Jubilee Zone; Increasing Drills from 3 to 5
Jun 3, 2020Upsizing Of Previously Announced Best Efforts Private Placement
Jun 3, 2020$12.25 Million Best Efforts Private Placement Financing
Jun 1, 2020Intersects 6.2 g/t Au Over 38.5m, and 1.4 g/t Au Over 85.0m, 45m Apart, at West End of the Richard Zone at Clarence Stream
May 21, 2020Awards Incentive Stock Options
May 11, 2020Intersects 4.6 g/t Au over 13.0m and 5.9 g/t Au over 12.0m in the Richard Zone; Step Out Holes 78 & 93 are Now 8.5 g/t Au over 12.5m and 2.4 g/t Au over 30.0m
Apr 29, 2020Intersects 6.5 g/t Au over 14.05 metres, Extending the GMZ at Clarence Stream
Apr 16, 2020Corporate Update: Estrades Met Holes Return 19.6% Zn and 5.2 g/t Au over 5.65m (1.3m TW) and 2.0% Cu and 10.3% Zn over 4.7m (1.9m TW)
Feb 25, 2020Intersects 10.6 g/t Au Over 47.0m (25.6mTW) South of the Richard Zone; 4.5 g/t Au over 10.8m (5.6mTW) Narrows Gap Between Richard and Jubilee at Clarence Stream
Feb 13, 2020Intersects 6.3 g/t Au Over 30.0 Metres, Hits VG in a 230m Stepout, and Discovers a New Zone with VG, all at the GMZ at Clarence Stream
Feb 6, 2020Three Additions to its Technical Advisory Board
Feb 3, 2020Share Purchases by Robert Hinchcliffe
Jan 28, 2020Private Placement Non Brokered
Jan 9, 2020Intersects 20.9 g/t Au Over 4.75m Plus 2.7 g/t Au Over 14.1m in Gap Between Richard and Jubilee at Clarence Stream
Dec 11, 2019$2,000,000 Non Brokered Private Placement
Sep 5, 2019Adds 3rd Drill Rig: Intersects 1.9 g/t Au Over 43.3m at West End of Jubilee; Richard Zone Returns 3.5 g/t Au Over 5.3m, 2.1 g/t Au Over 12.8m, and 1.5 g/t Au Over 16.0m
May 10, 2019Increase in Size of Non Brokered Private Placement and Closes First Tranche
Apr 18, 2019Intersects 2.8 g/t Au Over 21.0 Metres and Extends JubileeaC(TM)s Strike LengthaC"2nd Drill Rig Mobilized to Clarence Stream
Apr 12, 2019Non Brokered Private Placement
Feb 28, 2019Intersects 13.0 g/t Au Over 8.7 Metres, Including 201.0 g/t Au Over 0.5 Metres in the GMZ at Clarence Stream
Feb 26, 20192nd Hole in New Gold Discovery Runs 5.4 g/t Au Over 11.0 Metres
Feb 13, 2019CORRECTION: Intersects 7.3 g/t Au Over 36.7 Metres, Including 38.1 g/t Au over 6.5 m, at its New Gold Discovery at Clarence Stream
Jan 23, 2019New Gold Discovery at Clarence Stream and Strong GMZ Drill Results
Dec 27, 2018Closing of $3.37 Million Non Brokered Private Placement; Four Insiders Participate
Nov 5, 2018Drills 1.2% Copper Over 7.1m at Newiska, Quebec; New TITAN Targets and Awards Incentive Stock Options
Oct 11, 2018Appoints Debbie G. Laney, P.Eng, as a Metallurgical Advisor
Sep 20, 2018Resource Increases at Its Estrades Polymetallic VMS Project in Quebec
Aug 9, 2018Intersects Wide, Near Surface Mineralization At Its New GMZ Discovery At Clarence Stream In New Brunswick
Jul 26, 2018Intersects Wide, High Grade, VMS Mineralization in Gap Area At its Estrades Project in Quebec
Jun 28, 2018Outlines Significant New Titan Geophysical Targets and Drills 4.2% Copper Over 0.7m at Newiska at its Estrades Project, Quebec
Jun 14, 2018Private Placement Non Brokered
Jun 13, 2018Awards Incentive Stock Options
May 14, 2018Non Brokered Private Placement
May 2, 2018Intersects 807 g/t Au Over 1.25m From New GMZ Discovery
Apr 23, 2018Rob White Has Joined Its Board Of Directors
Apr 19, 2018Strong VG in Middle of New Discovery for Galway Metals; Drilling Returns 13.8 g/t Au over 1.4m, 12.5 Au over 1.0m, and 1.3 Au over 10.3m
Apr 11, 2018Intersects High Grades in Three Areas Outside the Estrades Resource; Geophysics Defines Deep Target
Feb 20, 2018New Discovery Gets Bigger: 0.7 g/t Au over 48.8m, Located Above 2.2 g/t Au over 11.9m and 300m East of 2.1 g/t Au over 7.6m
Feb 5, 2018Purchases Additional Claims At Its Estrades Gold, Zinc, Copper And Silver Vms Property In Quebec, Canada
Dec 21, 2017$501,000 Non Brokered Private Placement For A Total Of $5.1 Million In Proceeds And Director Resignation
Dec 18, 2017New Discovery: 2.2 G/t Au Over 11.9m
Dec 4, 2017Private Placement Non Brokered
Nov 27, 2017$510,510 Non brokered Private Placement For Total Of $4.6 Million In Proceeds
Nov 21, 2017Private Placement Non Brokered
Nov 14, 2017Completes $4 Million Over Subscribed Non Brokered Private Placement
Oct 12, 2017Intersects 14.5 g/t Au over 3.1m and 0.9 g/t Au over 35.2m in a Satellite Zone 5 Km West of Clarence Stream; Additional Strong Gold Anomalies Delineated
Oct 10, 2017Intersects 11.8 g/t Au over 12.8m and 6.1 g/t Au over 15.1m at Clarence Stream
Sep 26, 2017A 54% Increase in Gold Resources at Clarence Stream
Aug 2, 2017Intersects 28.5% Zn over 3.3m; 18.6% Zn Over 2.7m; 22.4 g/t Au And 10.4% Zn Over 1.6m; and Deep Hole of 4.2% Zn over 17.7m
Jul 18, 2017Step Out Drilling Intersects 14.6 g/t Au over 10.2m and 7.3 g/t Au over 4.6m Near Surface at Clarence Stream North Zone
Jun 19, 2017Shareholder Action And Intent To Defend
Jun 14, 2017Intersects 4.7% Cu, 4.0% Zn, And 2.8 G/t Au Over 2.7 Metres At Estrades; Deep Drill Hole Commences
May 31, 2017Undertakes Clarence Stream Maiden Pit Constrained Resource To Unlock Potential Of Near Surface, High Grade Gold Mineralization
May 8, 2017Intersects High Grade Au, Ag, Cu And Zn At The Estrades VMS
Apr 25, 2017Appoints Duncan Middlemiss, P.eng, As An Advisor And Awards Incentive Stock Options
Mar 28, 2017Intersects 56.2 G/t Au Over 0.6m Located 240m From The North Zone Resource And 4.9 G/t Au Over 5.4m In The South Zone At Clarence Stream
Feb 28, 2017First Hole Intersects 72.5 G/t Au Over 1.6m At Estrades
Feb 1, 2017Intersects 10.0 G/t Au Over 31.0m And 10.1 G/t Au Over 13.0m At Clarence Stream
Jan 12, 2017Intersects 4.6 G/t Au Over 30.0m And 5.5 G/t Au Over 5.5m At Clarence Stream
Dec 20, 2016Delineates Strong Gold Anomalies On Strike With Clarence Stream; Stakes Additional Claims And Purchases Lower Tower Hill Property
Nov 8, 2016Disposition Of Common Shares Of Galway Metals Inc.
Oct 3, 2016Files Estrades Ni 43 101 Resource Update
Sep 21, 2016Awards Incentive Stock Options
Aug 24, 2016Property Asset or Share Purchase Agreement
Aug 18, 2016Consolidates The Estrades Mining District, Provides An Updated Ni 43 101 Estrades Resource Estimate And Consolidates 31 Km Of Strike Along The Adjacent Casa Berardi Break
Aug 10, 2016Jimmy Lee Has Withdrawn His Nomination For Election As A Director At The Annual And Special Meeting Of Shareholders
Aug 3, 2016Consolidates Highly Prospective Clarence Stream Gold District In New Brunswick, Canada
May 3, 2016Terminates Victorio Agreement
Apr 1, 2016Sale of Equity Interest in Galway Metals
Mar 31, 2016Correction: Acquisition Of Common Shares Of Galway Metals Inc.
Mar 30, 2016Jimmy Lee Acquisition Of Common Shares Of Galway Metals Inc.
Jul 27, 2015Results Of Annual And Special Meeting
Jul 21, 2015Adjourns Shareholder Meeting
Jun 26, 2015Annual And Special Shareholders Meeting And Notice To Shareholders
Jun 19, 2015Sets Meeting Date For Annual And Special Shareholders' Meeting
Jun 17, 2015Amendments To Its By laws To Include Enhanced Qualification Criteria For Nominee Directors
Jun 8, 2015Cancellation Of Shareholder Meeting Scheduled For June 10, 2015
May 20, 2015Corporate Update
May 14, 2015Files Amended Circular And Proxy
Nov 6, 2014Larry Strauss And Mike Sutton Have Joined Its Board Of Directors
Nov 4, 2014Jaguar Announces Equity Interest in Galway Metals
Sep 4, 2014Jaguar Announces Equity Interest in Galway Metals
Aug 21, 2014Dismissal Of Application To Bcsc For Review Of Tsxv Approval Of Financing
Jul 17, 2014BCSC Hearing Notice Adjournment for Jaguar Financial Corporation, Tsx Venture Exchange Inc. and Galway Metals Inc.
May 26, 2014Impairment Charge
May 20, 2014Receives Notice of Request for BCSC Hearing
May 14, 2014Engages Technical Advisors
Apr 29, 2014Re negotiates Victorio Agreement
Apr 23, 2014Private Placement Non Brokered
Apr 16, 2014Completes $660,000 Private Placement
Apr 3, 2014Jaguar Announces Ownership of Shares in Galway Metals
Mar 31, 2014Private Placement
Jan 31, 2014Adopts advance notice by law
Dec 4, 2013Awards incentive stock options
Sep 13, 2013Consolidation
Sep 10, 2013Results of Special Meeting


 

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