Q2 MD&A – 2022 END DATE: JUN 30, 2022

GALWAY METALS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

Galway Metals Inc.

Management's Discussion and Analysis

Three and Six Months Ended June 30, 2022

Dated: August 29, 2022

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of operations of Galway Metals Inc. ("Galway", "Galway Metals" or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the three months ended June 30, 2022. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended June 30, 2022, and the audited annual consolidated financial statements of the Company for the year ended December 31, 2021, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. Information contained herein is presented as at August 29, 2022 unless otherwise indicated.

For the purposes of preparing this MD&A, management, in conjunction with the board of directors of the Company (the "Board of Directors" or "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of Galway common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) if it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity. Mr. Mike Sutton, P.Geo., Vice President of Exploration and a Director to the Company, is the "Qualified Person" under National Instrument 43-101, who has reviewed the technical information for the Clarence Stream project in this management discussion and analysis. In compliance with National Instrument 43-101, Kamil Khobzi, P. Eng., is the Qualified Person who supervised the preparation of the scientific and technical disclosure on behalf of Galway Metals Inc. for the Estrades project and is independent of Galway.

Description of Business

Galway Metals Inc. was incorporated pursuant to the Business Corporations Act (New Brunswick) on May 9, 2012 and continued to the Province of Ontario on July 21, 2015. Galway Metals' head office is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1. Galway Metals was incorporated for the sole purpose of participating in the Plan of Arrangement (the "Arrangement") which closed December 20, 2012 involving Galway Metals, Galway Gold Inc., Galway Resources Ltd., AUX Acquisition 2 S.àr.l. ("AUX") and AUX Canada Acquisition 2 Inc., formerly 2346407 Ontario Inc. ("AUX Canada"), a wholly owned subsidiary of AUX. Prior to the close of the Arrangement Agreement, Galway Metals did not carry on any active business.

Under the Arrangement, AUX Canada acquired all of the common shares of Galway Resources not already owned by AUX Canada and its affiliates and pursuant to the Arrangement, Galway Resources shareholders received for each Galway common share: cash consideration of $2.05 per share, one common share of Galway Metals, and one common share in a new exploration and development company, Galway Gold Inc. Under the Arrangement, Galway Resources transferred to Galway Metals a 100% interest in Galway Resources' Victorio project, being a molybdenum-tungsten exploration project located in New Mexico (the "Victorio Project") and US$12 million. Upon completion of the Arrangement, Galway's existing security holders owned 100% of the Galway Metals shares outstanding, proportionate to their ownership of Galway Resources at the time the Arrangement was completed.

The Arrangement was completed by way of a statutory Plan of Arrangement under the Business Corporations Act (Ontario). The Arrangement was approved by Galway Resources' shareholders and warrant holders at a special meeting held on December 17, 2012. On January 4, 2013, the Company's common shares commenced trading on the TSX Venture Exchange under the symbol "GWM".

On June 8, 2018, the Company announced that it had completed a non-brokered private placement financing consisting of the sale of 11,263,891 Hard Dollar Units at a price of $0.23 per HD Unit and 2,624,998 Flow Through Shares at a price of $0.28 per FT Unit for total gross proceeds of $3,325,694.

Each HD Unit consisted of one (1) common share in the capital stock of Galway Metals and one-half (1/2) of one Share purchase warrant. Each whole Warrant entitled the holder to purchase one Share for a period of 24 months after closing at a

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Galway Metals Inc.

Management's Discussion and Analysis

Three and Six Months Ended June 30, 2022

Dated: August 29, 2022

price of $0.35. As of September 8, 2020, all Warrants issued pursuant to this private placement financing were exercised for gross proceeds of $1,971,180. Each FT Unit consisted of one Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada).

On June 13, 2018, Galway Metals granted 500,000 incentive stock options exercisable at C$0.23 per common share and expiring on June 13, 2028, to officers, directors, employees and consultants of the Company.

On November 5, 2018, Galway awarded 150,000 incentive stock options exercisable at C$0.175 per common share and expiring on November 5, 2028, to an officer of the Company. This grant of options is in compliance with terms of the Company's Stock Option Plan.

On December 21, 2018, Galway Metals completed a non-brokered private placement of $3,367,090. The Offering consisted of the sale of: (i) 2,826,086 Québec flow-through shares at a price of $0.23 per QC FT Share; (ii) 5,600,000 federal flow- through shares at a price of $0.20 per FT Share; and (iii) 9,394,636 hard-dollar common shares at a price of $0.17 per HD Share, for aggregate gross proceeds of $3,367,090.

On May 8, 2019, Galway purchased the 1% NSR royalty on its Estrades property from Mistango River Resources for $75,000. Original terms included a cash payment of $700,000, plus a 1% NSR royalty on portions of three claims with a buyout option at any time for $1 million. These three claims host the majority of Estrades' resources.

On May 9, 2019, the Company completed the first tranche of a non-brokered private placement consisting of the sale of 4,594,593 flow through Shares at a price of $0.37 per share and 4,333,334 hard dollar shares at a price of $0.30 per share for aggregate gross proceeds of $3,000,000. On June 21, 2019, Galway completed the second tranche of the private placement consisting of the sale of 270,270 flow through Shares at a price of $0.37 per share for aggregate gross proceeds of $100,000.

On July 22, 2019, the Company completed a non-brokered private placement financing consisting of the sale of 4,060,000 flow through shares at a price of $0.37 per FT Unit for total gross proceeds of $1,502,200.

On December 20, 2019, Galway announced that it had completed the first tranche of a non-brokered private placement with the sale of 5,218,535 Flow Through Shares at a price of $0.34 per Share for gross proceeds of $1,774,302. The second tranche closed on January 21, 2020 and consisted of the sale of 3,684,933 Hard Dollar Shares for gross proceeds of $1,105,480. Aggregate gross proceeds for the two tranches was $2,879,782.

On January 21, 2020, the Company granted 1,150,000 stock options to advisors and employees of the Company. The options are exercisable at $0.32 per share, have a ten-year term, vesting at a rate of 20% after 12 months, 20% after 24 months, with the remaining 60% vesting after 36 months.

On January 27, 2020, the Company granted 640,000 stock options to consultants and employees of the Company. The options are exercisable at $0.30 per share, have a ten-year term, with 640,000 vesting at a rate of 25% after six months, 25% after twelve months, with the remaining 50% vesting after 18 months.

On February 6, 2020, Galway announced that it had made three new appointments to the Company's Technical Advisory Board, which increased membership to five. The new members included Mr. Phill Walford, P. Geo, Mr. David Rhys, P. Geo and Mr. Harold Gibson, PhD., P. Geo. They joined the existing advisors, Mr. Duncan Middlemiss, Mining Engineer, and Debbie Laney, Metallurgical Engineer.

Phillip Walford has extensive experience in mine geology and exploration, most recently as President and CEO of Marathon Gold Corporation, who's Valentine Lake Project in central Newfoundland was advanced into a 4-million- ounce gold project. Mr. Walford's vast experience at Valentine Lake will assist Galway in advancing its Clarence Stream project in nearby New Brunswick. Both Valentine Lake and Clarence Stream are located along the Appalachian Trend and have similar geologic features. Mr. Walford is a registered Professional Geologist with over 40 years' experience in mine geology and exploration. He has extensive international experience in gold and base metal deposits with a focus on resource development and mining. As a founder and former CEO of Marathon PGM Corporation, Mr.

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Galway Metals Inc.

Management's Discussion and Analysis

Three and Six Months Ended June 30, 2022

Dated: August 29, 2022

Walford oversaw the expansion of the resource to more than 4 million ounces of PGMs at the time the company was sold to Stillwater Mining. Marathon Gold was spun out of Marathon PGM and Mr. Walford served as President and CEO until August 19, 2019 when he retired from management. Previously Mr. Walford also held senior management positions with Geomaque Explorations Ltd., Lac Minerals Ltd., Pamour Porcupine Mines Ltd and Hudson Bay Exploration and Development Ltd. Mr. Walford directed the exploration program while at Lac that found the Dona Rosa zinc/gold deposit in southern Chile. During his career he has raised significant funds for exploration and mine development and his teams have won Developer of the Year in Ontario and Newfoundland and Labrador. He is currently a board member and technical advisor to several mining companies.

David Rhys, P. Geo, will assist Galway in evaluating and interpreting structural settings, with a focus on expanding existing deposits and identifying new ones at both the Clarence Stream and Estrades projects. Mr. Rhys is a consulting geologist based in Vancouver, Canada. He studied at the University of British Columbia and subsequently has worked for more than 25 years in the mining industry applying geological studies with a structural geology focus to exploration, development and mining. Much of his work is on advanced projects and active mining operations, aiding in the interpretation of mine site ore controls and applications of mine geology to local and district scale exploration activities, and participation in multi-disciplinary technical teams to provide guidance for project investment and acquisition. He has extensive experience in the evaluation of gold deposits globally, including work throughout most Canadian gold districts, having implemented studies that have resulted in orebody definition, expansion and new discoveries at several deposits. He is an advisor to several companies and provides training to technical staff enhanced by the presentation of applied short courses for various societies and conferences.

Dr. Harold Gibson is a world-renowned expert on Volcanogenic Massive Sulphide (VMS) deposits, and is working with Galway principally to assist in the exploration and advancement of the Estrades VMS project. He is Professor of Volcanology and Ore Deposits at the Harquail School of Earth Sciences, Laurentian University. He was Director of the Mineral Exploration Research Centre (MERC) from 2002 to 2017, and is the Founding Director of the $104M, Metal Earth Research Project, Canada's largest mineral exploration research initiative. Harold joined Laurentian University in 1990, after leaving a successful 12-year career in the mining exploration industry. His research is field based, focuses on volcanogenic massive sulfide (VMS) ore systems, and over the past 40 years he has developed extensive expertise on the geology and setting of VMS deposits globally, including those in Canada, USA, Mexico, Sweden, Australia, Turkey, Morocco, Oman, Eritrea, Saudia Arabia and on the modern seafloor. Harold has more than 90 peer-reviewed publications and has consulted for Canadian and International Mining Companies and governments. Harold is a recipient of the William Harvey Gross Award and the Duncan R. Derry Medal from the Mineral Deposits Division of the Geological Association of Canada, the Barlow Memorial Medal and the Julian Boldy Memorial Award from the Canadian Institute of Mining and Metallurgy, and the Research Excellence Award form Laurentian University.

The three new advisors join the existing team of Duncan Middlemiss, Mining Engineer, and Debbie Laney, Metallurgical Engineer. Mr. Middlemiss is President, Chief Executive Officer and Director of Wesdome Gold Mines Ltd. He was on the board of IDM Mining until its takeover by Ascot Resources in March 2019. Prior to joining Wesdome, he was President, Chief Executive Officer and Director of St. Andrew Goldfields Ltd. ("SAS") until its acquisition by Kirkland Lake Gold Inc. in January 2016. In 2002, he joined Foxpoint Resources (now Kirkland Lake Gold Inc.) where, as Engineering & Production Manager and later as Mine Manager, he was instrumental in all facets of production at Kirkland Lake Gold's Macassa mine from early developments to incorporating large new discoveries into the mine plan. Later, Mr. Middlemiss was responsible for implementing mine and processing expansions toward the robust producer it has become. Mr. Middlemiss is a native of Kirkland Lake, Ontario, and has extensive experience in the mining of gold deposits in the Abitibi Greenstone Belt.

Mrs. Laney, P.Eng, has over 30 years of experience as a Metallurgical Engineer in the United States and overseas covering all facets of the metallurgical/mining industry. Debbie has extensive knowledge of oxide, sulphide and refractory processing of gold, silver, copper, and polymetallic ores. She provides engineering and management oversight for field trials and pilot plant studies; develops detailed process designs for feasibility studies and provides data analyses for successful full-scale production plants. Debbie holds both Bachelor and Master of Science Degrees in Metallurgical Engineering from Montana Tech of the University of Montana and is a licensed Professional Engineer in Nevada and Arizona. She is a member of SME, CIM, MMSA, and CMP. She is on the advisory board for the Women's

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Galway Metals Inc.

Management's Discussion and Analysis

Three and Six Months Ended June 30, 2022

Dated: August 29, 2022

Mining Coalition and a member of the PE exam committee for SME. Throughout her career Debbie has worked for both small and large mining companies, chemical companies and research firms.

On February 18, 2020, the Company granted 250,000 stock options to a consultant of the Company. The options are exercisable at $0.33 per share, have a ten-year term, vesting at a rate of 20% after twelve months, 20% after 24 months and 60% after 36 months.

On May 21, 2020, the Company awarded 1.3 million incentive stock options exercisable at C$0.415 per common share and expiring on May 21, 2030, to officers, directors, employees and consultants of the Company.

On June 25, 2020, the Company closed a previously announced "best efforts" offering for aggregate gross proceeds of

$17.35 million, consisting of 17,877,300 common shares of the Company that qualify as "flow-through shares" at a price of $0.635 per FT Share, and 13,636,400 common shares of the Company at a price of $0.44 per Offered Share.

The Offering was carried out by a syndicate of underwriters led by Paradigm Capital Inc., and including Laurentian Bank Securities Inc.

Mr. Eric Sprott purchased C$3.0 million of Offered Shares in the Offering. Following the closing of the Offering, Mr. Sprott's fully diluted ownership interest in the Company was approximately 3.8%.

On July 21, 2020, the Company announced that it had entered into an agreement with an arm's length third party royalty holder to buy back a two percent (2.0%) net smelter returns royalty (the "Royalty") covering certain mineral claims at the Company's Clarence Stream property in southwest New Brunswick. The mineral claims fully cover the South, North and George Murphy Zones, the gap area between the George Murphy and Richard Zones, and potential extensions to these zones and other prospective targets. The purchase of the Royalty was closed effective July 21, 2020, pursuant to an agreement dated July 15, 2020.

The original agreement allowed only for buyback of one percent (1.0%) of the royalty for $500,000 for each 0.5%. Galway was able to negotiate with the royalty holder to purchase the royalty in its entirety. Under terms of the Agreement, Galway Metals will pay a total purchase price of $3,000,000 in six equal annual instalments of $500,000, with each partial payment representing the purchase of one-sixth (1/6) of the Royalty. Pursuant to the Agreement, on closing Galway issued 434,783 common shares in the capital of the Company to the royalty holder, which represented the first Partial Payment of $500,000 at a deemed price equal to $1.15 per Share. Each subsequent $500,000 Partial Payment shall be paid as follows: (i) $125,000 in cash; and, (ii) the remaining $375,000, at the sole election of the Company, shall be paid either in cash, through the issuance of Shares or a combination thereof as shall equal $375,000 with the Shares valued at a deemed price equal to the higher of: (A) the closing price of the Shares on the TSX Venture Exchange ("TSXV") on the day that is two (2) business days prior to the date of the respective share issuance, and (B) the lowest price of Shares that shall be acceptable to the TSXV. The Shares will be subject to the statutory hold periods of four months and one day.

On July 27, 2020, Galway entered into an agreement with an arm's length third party royalty holder to buy back a one percent (1.0%) net smelter returns royalty. This was a separate royalty and is in addition to the royalty purchase announced on July 21, 2020. The mineral claims subject to the Royalty cover the Jubilee Zone, parts of the Richard Zone, the recently reported new discovery of 186.5 g/t Au over 0.6m located 950m SW of the Jubilee Zone and other prospective properties.

The original agreement allowed only for buyback of one-half percent (0.5%) of the royalty for $500,000. Galway was able to negotiate with the royalty holder to purchase the royalty in its entirety. Under terms of the Agreement, Galway Metals paid a total purchase price of $580,000 comprised of a cash payment of $100,000 and 400,000 common shares in the capital of the Company at a deemed price of $480,000 ($1.20 per Share).

On August 25, 2020, the Company announced that it optioned 5 claim groups consisting of a total of 79 claim units at the Clarence Stream Gold Project in SW New Brunswick. Highlights include:

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