Foley's side offered plenty of attacking threat in the first half, only for Simon Zebo and Lucas Gonzalez Amorosino to be thwarted on the Dragons try line in quick succession.
And they were made to pay, as the boot of Dorian Jones and a late Rynard Landman try sent the Munstermen back to Limerick empty-handed.
"I think when we created the opportunities we did in the first half, to then come out with the mistakes we made in the second half, not capitalise on any of theirs and then to gift them scores is frustrating and annoying," said Foley.
"We needed to play the game with the ball in hand and every time we touched it we turned it over.
"Confidence isn't about touching down ball, you know. Catch and pass, that's being able to do your job and we didn't do that.
"Fellas had opportunities and they didn't take them. We've got to make changes, we're in competitions here and we've a lot of injuries.
"It's very frustrating, changes don't matter. Performances matter and we didn't perform."
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