Montauk Metals Inc. Provides Update on Arbitration Process

The Arbitration is being conducted in two phases. Phase One is a determination of jurisdiction and liability issues. Phase Two is a determination of damages, discovery jurisdiction and liability as found. Montauk contends that Colombia breached its obligations owed to Montauk, including specific obligations under the FTA. The claims include Colombia's refusal or failure to compensate the Company for the losses incurred as a consequence of Colombia's prohibition of mining in the páramos (high altitude eco-systems).

Montauk is currently reviewing the status of the Arbitration and the merits of pursuing further funding to recommence the Arbitration. The final outcome of the Phase One Arbitration and the eventual outcome of the Phase Two Arbitration cannot be predicted at this time. Certain costs of the proceedings including legal and arbiter costs have exceeded the original estimates and the Company has also had to pay Colombia's half of the arbiter fees. The total cost to obtain a final resolution to the Arbitration is unknown at this time; however, the Company expects that the cost would be a minimum of US$400,000 to conclude the Phase One jurisdiction and liability ruling. The Company has a cash balance of approximately $100,000 and is contesting $473,000 in legal fees representing a portion of the legal fees it has paid to date.

The Company is very mindful of balancing the potential for reward against the cost of share dilution arising pursuant to a financing. There can be no assurance that the Company will proceed with the Arbitration at this time given the need for a financing. Management of the Company has not been successful in sourcing funding from institutional, individual or litigation funding investors. In particular, several litigation funding groups have been approached and there has been no interest to support the Arbitration at this time. The Arbitration will be dismissed by November 9, 2023, if no decision is made to proceed and to continue funding the costs. The Company will continue solicit funding, but there can be no guarantee that the Company will be able to obtain funding on commercially attractive terms or at all. Management of the Company will continue to provide updates on material developments of the status of the Arbitration.

Montauk Metals Inc.
Robert Suttie
Chief Financial Officer
416-848-6865
www.galwaygoldinc.com

Cautionary Note Regarding Forward-Looking Statements: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe Montauk's future plans, objectives or goals, including words to the effect that Montauk or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Montauk, Montauk provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the status of the Arbitration, the mertisand the associated costs of continuing the Arbitration and the availability of funds and the potential share dilution. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the inability to reinstitute the Arbitration for any reason, costs of the Arbitration for amounts which are in excess of anticipated amounts, an inability to fund the Arbitration on terms which are economic or at all, an inability on the part of the Company to succeed on Phase One and Phase Two of the Arbitration and the resulting failure to recover damages in respect of the termination of the Reina de Oro project with a complete loss of all costs incurred in respect of the Arbitration, any change in the legal landscape which could render the Company's pursuit of the Arbitration more or less promising, any change in the legislation, policy and/or jurisprudence of Colombia and/or Canada which could impact the ability of the Company to recover damages in respect of the termination of the Reina de Oro project, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and those risks set out in Montauk's public documents filed on SEDAR. Although Montauk has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. There can be no assurance that forward-looking information will prove to be accurate. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding Montauk's plans, objectives, and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Montauk does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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