Price Performance

S&P Financial Writer Frank Barone

Operational Review March 25, 2010

Revenue/Earnings Data

YearRevenue (Million) ($) YearEarnings Per Share($) Year1Q2Q3Q4QYearYear1Q2Q3Q4QYear

Fiscal year ended Dec. 31. Next earnings report expected: NA
2009	Nil	Nil	Nil			2009	-0.03	-0.01	-0.01
2008	Nil	Nil	Nil	Nil	Nil	2008	-0.05	-0.04	-0.02	-0.01	-0.13
2007	Nil	Nil	Nil	Nil	Nil	2007	-0.05	-0.04	-0.06	-0.07	-0.23
2006	Nil	Nil	Nil	Nil	Nil	2006	-0.05	-0.04	-0.08	-0.06	-0.23
2005	Nil	Nil	Nil	Nil	Nil	2005	Nil	-0.02	-0.02	-0.07	-0.09
2004						2004

Dividend Data

No dividend data available.

Key Growth Rates and Averages

Past Growth Rate (%)1 Year3 Years5 Years9 Years Ratio Analysis (Annual Average)

Sales	NM	Nil	NA	NA
Net Income	NM	NM	NA	NA
% LT Debt to Capitalization	Nil	Nil	Nil	NA
Return on Equity (%)	NM	NM	NA	NA

Company Financials

Per Share Data ($) Year ended Dec. 31 2008200720062005200420032002200120001999 Prices P/E Ratio

Tangible Book Value	0.09	0.23	0.15	Nil	NA	NA	NA	NA	NA	NA
Cash Flow	-0.13	-0.23	-0.23	-0.09	NA	NA	NA	NA	NA	NA
Earnings	-0.13	-0.23	-0.23	-0.09	NA	NA	NA	NA	NA	NA
Dividends	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
Payout Ratio	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
High	1.00	1.96	1.10	NA	NA	NA	NA	NA	NA	NA
Low	0.03	0.61	0.35	NA	NA	NA	NA	NA	NA	NA
High	NM	NM	NM	NA	NA	NA	NA	NA	NA	NA
Low	NM	NM	NM	NA	NA	NA	NA	NA	NA	NA

Income Statement Analysis (Million$) Year ended Dec. 31 2008200720062005200420032002200120001999

Revenue	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
Operating Income	-6.90	-9.46	-3.65	-0.28	NA	NA	NA	NA	NA	NA
Depreciation	0.04	0.06	0.03	Nil	NA	NA	NA	NA	NA	NA
Interest Expense	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
Pretax Income	-6.80	-9.68	-3.69	-0.28	NA	NA	NA	NA	NA	NA
Effective Tax Rate	NM	NM	NM	NM	NA	NA	NA	NA	NA	NA
Net Income	-6.80	-9.68	-3.69	-0.28	NA	NA	NA	NA	NA	NA

Balance Sheet & Other Financial Data (Million$) Year ended Dec. 31 2008200720062005200420032002200120001999

Data as orig reptd.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.
Cash	3.50	10.5	4.48	0.14	NA	NA	NA	NA	NA	NA
Current Assets	3.70	10.7	4.52	0.15	NA	NA	NA	NA	NA	NA
Total Assets	5.10	11.9	5.09	0.15	NA	NA	NA	NA	NA	NA
Current Liabilities	0.42	0.36	0.48	0.12	NA	NA	NA	NA	NA	NA
Long Term Debt	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
Common Equity	4.70	11.5	4.61	0.03	NA	NA	NA	NA	NA	NA
Total Capital	4.70	11.5	4.61	0.03	NA	NA	NA	NA	NA	NA
Capital Expenditures	0.02	0.07	0.12	Nil	NA	NA	NA	NA	NA	NA
Cash Flow	-6.76	-9.62	-3.66	-0.28	NA	NA	NA	NA	NA	NA
Current Ratio	8.8	29.4	9.4	1.3	NA	NA	NA	NA	NA	NA
% Long Term Debt of Capitalization	Nil	Nil	Nil	Nil	NA	NA	NA	NA	NA	NA
% Net Income of Revenue	NM	NM	NM	NM	NA	NA	NA	NA	NA	NA
% Return on Assets	NM	NM	NM	NM	NA	NA	NA	NA	NA	NA
% Return on Equity	NM	NM	NM	NM	NA	NA	NA	NA	NA	NA

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Business Summary March 25, 2010

Galway Resources Ltd. (GWY), in the development stage as of December 31, 2009, is a mining company focused on advancing exploration projects in the U.S. and conducting exploration for coal and gold in Colombia. Projects include the company's Victorio molybdenum-tungsten project in New Mexico.

The exploration initiative in Colombia is focused on gold and coal, given the country's vast geological potential for these two commodities. The two primary projects are the California gold project and the GALCA coal project. Total expenditures in Colombia during the first nine months of 2009 amounted to C$603,851, with virtually all expenses related to the company's gold initiative.

California (Colombia) Gold Initiative: This new gold initiative was announced on July 28, 2009 and provides the company with a land position in the highly prospective California Gold District. The land package is comprised of 335 hectares along strike and adjoining Ventana Gold's La Bodega/Mascota property and 3 kilometers southwest of Greystar's Angostura property.

GALCA Coal Project: Subsequent to the end of the third quarter, the Company announced the initiation of a drill program at the GALCA coal project in Colombia. The Company has an exploration and joint venture agreement with Prodeco (the Colombian subsidiary of Xstrata), which is the third largest coal producer in Colombia, with 11 million tons of annual coal production. The GALCA coal project comprises 132,000 hectares that Galway believes could host a new undiscovered coal basin that occurs close to surface.

The terms of the GALCA exploration and joint venture agreement include the following: Prodeco will fund the first 19 drill holes, and in consideration for agreeing to fund the feasibility drilling program, will be granted a 60% equity interest in the project. Prodeco will then earn the remaining 40% equity interest in the project by paying Galway an already agreed value per tonne of economically mineable open-cut reserves determined in accordance with the JORC Code, up to US$70 million.

The Victorio Project is an underground molybdenum-tungsten property located in south-western New Mexico. A positive Scoping Study was released on this project during 2008. An NI 43-101 Resource Estimate has also been provided on this project, incorporating 215,000 feet of drilling. During the first nine months, C$96,089 was spent on advancing the Victorio project. Management has curtailed spending on this project due to low molybdenum and tungsten prices.

Corporate Information

All of the views expressed in this research report accurately reflect our quantitative research models regarding any and all of the subject securities or issuers. No part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither S&P nor any other party guarantees its accuracy or makes warranties regarding results from its usage. Redistribution is prohibited without written permission.

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Glossary

Quantitative EvaluationsIn contrast to our qualitative STARS recommendations, which are assigned by S&P analysts, the quantitative evaluations described below are derived from proprietary arithmetic models. These computer-driven evaluations may at times contradict an analyst's qualitative assessment of a stock. One primary reason for this is that different measures are used to determine each. For instance, when designating STARS, S&P analysts assess many factors that cannot be reflected in a model, such as risks and opportunities, management changes, recent competitive shifts, patent expiration, litigation risk, etc.