NORTHERN SECURITES: GWY UPPED TO STRONG BUY $3 We see limited downside at the current share price of $2.15, which implies only a $0.10/sh valuation for both the Victorio
Molybdenum-Tungsten Project and 90% of the Vetas Gold Project. As a result, we now believe shares of Galway carry much
less risk at this point as we do not foresee issues preventing the plan of arrangement from closing. We have upped our
rating of Galway Resources to STRONG BUY and have increased our 12-month target to 3.00/share based on 1.0×
our NAV.