# Galway Metals Reports Robust PEA Results with 33% and 61% After Tax IRR, Using both Long Term and Spot Pricing Scenarios, Respectively Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403 Original source: https://money.tmx.com/en/quote/GWM/news/8438874885006773/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both Publisher: tmx Original announcement: 2026-01-21T22:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Galway Metals Inc. - Ticker: GWM - Exchange: TSX - Region: Québec - Primary commodity: Gold - Secondary commodities: Zinc, Copper, Silver, Lead - Document categories: Resource update, Economic study - Extracted: 2026-09-18 03:02:45 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Galway Metals announced a Preliminary Economic Assessment \(PEA\) for its Estrades Project, showing after-tax IRRs of 33% \(long-term prices\) and 61% \(spot prices\) for a toll-milling scenario. The PEA, which is conceptual \(AACE Class 5\), outlines an 8-year underground mine life with an estimated AISC of US$1,987/oz AuEq. The study incorporates an updated Mineral Resource Estimate from November 2024, comprising 1.75 Mt Indicated and 2.68 Mt Inferred resources. Reasoning: Galway Metals announced robust Preliminary Economic Assessment \(PEA\) results for its 100%-owned Estrades Project, highlighting strong after-tax IRRs and NPVs under various pricing scenarios. The study, prepared to NI 43-101 standards, is supported by an updated mineral resource estimate. However, the conceptual nature of the PEA \(AACE Class 5\) and the reliance on a conceptual toll-milling agreement introduce elements of risk and uncertainty. - Positive factor: Robust PEA results with high after-tax IRRs \(33% to 61%\) and NPVs under both long-term and spot pricing scenarios. - Positive factor: Low estimated All-in Sustaining Costs \(AISC\) of US$1,987/oz AuEq. - Positive factor: Project is 100% owned, providing full exposure to potential upside. - Positive factor: Updated Mineral Resource Estimate incorporates recent drilling, supporting the economic study. - Positive factor: PEA prepared by independent Qualified Persons in accordance with NI 43-101. - Negative factor: The PEA is a conceptual-level AACE Class 5 study \(±50% accuracy\), indicating high uncertainty. - Negative factor: No toll-milling agreement is currently in place, and the toll-milling scenario is conceptual. - Negative factor: The resource estimate includes a significant Inferred component \(2.68 Mt Inferred vs 1.75 Mt Indicated\), which cannot be converted to reserves and limits engineering confidence. - Negative factor: The PEA does not provide specific metallurgical recovery percentages from testwork, only states that assumptions are supported by bench-scale testwork. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 11 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-1) Estrades Project · copper #### Identity - Project: Estrades Project - Commodity: copper - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:08dcc4f5a27853c28506 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1750000 - Grade: 0.97 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Indicated resource for copper contributes to the overall project's geological confidence, being a higher confidence category than Inferred. The estimate is recent and QP-signed, but the lack of contained metal disclosure is a minor drawback. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 0.97 Context: 1,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-2) Estrades Project · lead #### Identity - Project: Estrades Project - Commodity: lead - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:08dcc4f5a27853c28506 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1750000 - Grade: 0.48 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Indicated resource for lead contributes to the overall project's geological confidence, being a higher confidence category than Inferred. The estimate is recent and QP-signed, but the lack of contained metal disclosure is a minor drawback. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 0.48 Context: 1,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-3) Estrades Project · zinc #### Identity - Project: Estrades Project - Commodity: zinc - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:08dcc4f5a27853c28506 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1750000 - Grade: 5.76 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Indicated resource for zinc contributes to the overall project's geological confidence, being a higher confidence category than Inferred. The estimate is recent and QP-signed, but the lack of contained metal disclosure is a minor drawback. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 5.76 Context: 1,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-4) Estrades Project · gold #### Identity - Project: Estrades Project - Commodity: gold - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:08dcc4f5a27853c28506 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1750000 - Grade: 2.86 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Indicated resource for gold contributes to the overall project's geological confidence, being a higher confidence category than Inferred. The estimate is recent and QP-signed, but the lack of contained metal disclosure is a minor drawback. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 2.86 Context: 1,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-5) Estrades Project · silver #### Identity - Project: Estrades Project - Commodity: silver - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:08dcc4f5a27853c28506 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1750000 - Grade: 94.4 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Indicated resource for silver contributes to the overall project's geological confidence, being a higher confidence category than Inferred. The estimate is recent and QP-signed, but the lack of contained metal disclosure is a minor drawback. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 94.4 Context: 1,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-6) Estrades Project · copper #### Identity - Project: Estrades Project - Commodity: copper - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:424213ad5c648e3c045a - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2680000 - Grade: 0.86 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Inferred resource for copper, while contributing to the overall tonnage, carries lower confidence and cannot be used for reserve estimation. Its inclusion in the PEA highlights the early-stage nature of the economic assessment. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: Inferred resource category has limited geological confidence and cannot support economic studies alone. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 0.86 Context: 2,680,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-7) Estrades Project · lead #### Identity - Project: Estrades Project - Commodity: lead - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:424213ad5c648e3c045a - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2680000 - Grade: 0.28 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Inferred resource for lead, while contributing to the overall tonnage, carries lower confidence and cannot be used for reserve estimation. Its inclusion in the PEA highlights the early-stage nature of the economic assessment. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: Inferred resource category has limited geological confidence and cannot support economic studies alone. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 0.28 Context: 2,680,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-8) Estrades Project · zinc #### Identity - Project: Estrades Project - Commodity: zinc - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:424213ad5c648e3c045a - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2680000 - Grade: 4.75 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Inferred resource for zinc, while contributing to the overall tonnage, carries lower confidence and cannot be used for reserve estimation. Its inclusion in the PEA highlights the early-stage nature of the economic assessment. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: Inferred resource category has limited geological confidence and cannot support economic studies alone. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 4.75 Context: 2,680,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-9) Estrades Project · gold #### Identity - Project: Estrades Project - Commodity: gold - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:424213ad5c648e3c045a - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2680000 - Grade: 1.81 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Inferred resource for gold, while contributing to the overall tonnage, carries lower confidence and cannot be used for reserve estimation. Its inclusion in the PEA highlights the early-stage nature of the economic assessment. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: Inferred resource category has limited geological confidence and cannot support economic studies alone. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 1.81 Context: 2,680,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/galway-metals-reports-robust-pea-results-with-33-and-61-after-tax-irr-using-both--ed15a430-b1a3-457f-9529-74dfdb71c403#fact-resource-facts-10) Estrades Project · silver #### Identity - Project: Estrades Project - Commodity: silver - Region: canada\_qc - Reported Region: Québec - Ticker: GWM #### Resource scope - Estimate type: resource - Effective date: 2024-11-05T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Priyadarshi Hem, Vera Gella, Todd McCracken, Hugo Latulippe, Reno Pressacco - Resource group id: resource:424213ad5c648e3c045a - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2680000 - Grade: 77.4 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne #### Prior Estimate - Resource Date: 2024-11-05 #### Metal Equivalent - Assumptions Disclosed: Yes #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-21T00:00:00.000Z Reasoning: The Inferred resource for silver, while contributing to the overall tonnage, carries lower confidence and cannot be used for reserve estimation. Its inclusion in the PEA highlights the early-stage nature of the economic assessment. - Positive factor: Updated estimate incorporates recent drilling campaigns. - Positive factor: QP signed off on the estimate. - Negative factor: Inferred resource category has limited geological confidence and cannot support economic studies alone. - Negative factor: No contained metal disclosed for this category. - Negative factor: The PEA relies on a significant Inferred resource component. Evidence · table > 77.4 Context: 2,680,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.