GALILEO MINING LTD — AGM Information 2020

Nov 24, 2020

==> picture [504 x 133] intentionally omitted <==

WESTERN AUSTRALIA NICKEL EXPLORER AGM Presentation I November 2020 I ASX:GAL

Disclaimer

This Presentation (“Presentation” or the “Document”) has been prepared by Galileo Mining Ltd (ACN 104 114 132) (“Company”) and is general background information about the Company and its wholly owned subsidiaries activities as at the date of this Presentation. This Document is prepared for the benefit and internal use of the recipient (the “Recipient”). It is provided on a confidential basis and the Recipient cannot reproduce in whole or in part any information provided in this Presentation or communicate the information of this Presentation to any third party without the prior written consent of the Company. This Document has been prepared on the basis of publicly available information and certain confidential information. The Company has relied upon and assumed, without independent verification, the accuracy and completeness of all such information, including forecasts. It contains selected information and does not purport to be all inclusive or to contain all of the information that may be relevant to the Document. The Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). No representation or warranty is made as to the Presentation’s accuracy or completeness and the Company assumes no obligation to update the Presentation’s information contained herein. Any requests for information in connection with this Document should be addressed directly to the Company and to no other party.

This Presentation may contain forward-looking statements that involve risks, uncertainties and other factors concerning, among other things, the Company’s expected financial performance and strategic operational plans. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. The Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. It is not possible to accurately predict the future revenues or profitability of the Company or whether any revenues or profitability will eventuate. The business of the Company is dependent upon a number of factors and many of these factors are outside the control of the Company. This Document is not a prospectus under Australian law.

This Document is provided to you on the basis that you are a sophisticated, professional or other investor who would not require a disclosure document because of section 708 of the Corporations Act 2001 (Cth). As it is not regulated by the Corporations Act, this Presentation does not purport to contain all of the information that would be contained in a prospectus or that recipients may require in order to evaluate whether to invest in the Company. Any recipient of this Presentation is responsible for conducting their own due diligence and other enquiries as well as making their own analysis and their own independent assessment of the information provided herein. You may wish to consult your broker, solicitor, banker, accountant or other professional advisor about its contents. Any decision to rely on the information contained in this Presentation is the sole responsibility of the recipient of this Document and the Company will not be responsible for any loss incurred by the Recipient as a result of any actions taken by them. The Company represents a speculative business and involves a high degree of risk.

Nothing in this Presentation constitutes the provision of financial or legal advice. The Recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this Document, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. Further, nothing in this Presentation constitutes an offer for the sale of securities. This Presentation does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. The distribution of this Presentation (including in electronic form) outside Australia may be restricted by law and persons who come into possession of this Presentation outside Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

The information contained in this Presentation is prepared as of 23[rd] November 2020. Neither the delivery of this Presentation nor any offer, issue or sale contemplated by this Presentation at any time implies that the information contained in it is correct, that any other information supplied in connection with an offer of shares is correct or that there has not been any change (adverse or otherwise) in the financial conditions or affairs of the Company at any time subsequent to the preparation date. In particular, the Company is not under any obligation to any person to update this Presentation at any time including after an issue of shares.

2

Investment Opportunity

• Strong cash position with ~$7.7M[1]

• High value nickel targets in the Fraser Range nickel belt

• Active nickel and gold exploration at Norseman with an existing nickel-cobalt resource base

• All assets are in the well-established mining jurisdiction of Western Australia

• Pre-discovery market valuation and highly leveraged to success

• Mining entrepreneur Mark Creasy is the founder and major shareholder with a 26% holding

==> picture [92 x 8] intentionally omitted <==

----- Start of picture text -----

1. As at 30 September 2020
----- End of picture text -----

==> picture [363 x 540] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

Corporate Snapshot

Share Price (six months)

==> picture [450 x 192] intentionally omitted <==

==> picture [448 x 87] intentionally omitted <==

Key Metrics
ASX Code	GAL
Shares on Issue	143.1m
Share price (at 18 November 2020)	23.5c
Market Cap (undiluted)	$33.6m
Cash (at 30 September 2020)	$7.7m
Enterprise Value	$25.9m
Options on Issue	15m @ $0.20 (vesting condition: 60 day VWAP > $0.60) 2.3m @ $0.44 per share
Debt	No debt
Major Shareholders
Mark Creasy	26.1%
IGO Ltd (ASX:IGO)	8.9%

Shareholder Composition

==> picture [239 x 144] intentionally omitted <==

4

Project Portfolio

Strategic Commodity & District Focus

• Nickel and cobalt

• Numerous operating mines in the district with access to world-class infrastructure (road, rail, Port of Esperance)

**Fraser Range JV Project ***

• Fraser Range is a developing nickel province with two significant deposits, at Nova and Silver Knight

• Management with proven track record in the Fraser Range

• Developing drill targets at the Lantern and Delta Blues prospects

• First diamond drilling program completed at Lantern with nickel-copper sulphide mineralisation

Norseman Project

• High grade cobalt resource of 25Mt JORC with 26,600t of contained cobalt & 122,500t of contained nickel[(1)]

• Ongoing nickel, cobalt and gold exploration

• 67% Galileo Mining/33% Creasy Group JV

• (1) See slide 18 for details

5

Fraser Range Nickel Belt

Fraser Range: Fast developing new mineral province

• Two nickel-copper-cobalt resource discoveries in the past eight years (Nova & Silver Knight)

• IGO: Nova nickel-copper-cobalt mine

• 14.4 Mt @ 2.3% Nickel, 0.9% Copper and 0.08 % Cobalt[(1)]

• Silver Knight deposit, initial publicly disclosed resource

• 4.2 Mt @ 0.8% Nickel, 0.6% Copper, 0.04% Cobalt[(2)]

• Legend Mining: Mawson prospect

Multiple zones of massive sulphide mineralisation[(3)]

• Galileo has 602km[2] of prospective ground in two zones;

• Lantern and Delta Blues nickel prospects: 15km from the Trans-Australia Railway

• Empire Rose nickel and gold prospect: 10km from the Eyre Highway

• 1) See IGO ASX Announcement dated 3[rd] November 2015 2) See DMIRS website

• 3) See Legend Mining ASX Announcement dated 12[th] October 2020

6

Thompson (Canada) vs Fraser Range (Australia)

	Thomson			Fraser
Nickel Belt				Range
	More than			Nickel Belt
	10 deposits over 100km of strike length	vs		Two deposits with over 150km of prospective
	Total known			strike length
	resources of 146Mt			Total known resources of
	Over 50			18Mt with less
	years of			than eight
	mining and			years of mining
	exploration			Immature
				nickel belt with
				untapped
				potential

==> picture [293 x 391] intentionally omitted <==

7

Active Exploration Zone

Galileo Mining, Legend Mining, S2 Resources, Creasy, IGO

• Lantern and Delta Blues - two key prospect areas in the northern Fraser Range

• Lantern Prospect is 50km along strike from Legend Mining’s Mawson Prospect

• Delta Blues Prospect is along strike from Legend Mining’s Crean and Worsley Prospects and S2 Resources’ prospect

• IGO aggressively exploring the Fraser Range with a very large land position

• Galileo tenements surrounded by Legend Mining and IGO tenure

• First ever RC drilling at the Lantern Prospect discovers disseminated nickel-copper sulphide mineralisation[(1)]

• 12m @ 0.38% Ni, 0.33% Cu from 124m down hole Including 5m @ 0.49% Ni, 0.46% Cu from 126m (LARC003)

• Follow up diamond drilling has confirmed highly prospective sulphide mineralisation at Lantern

• Additional early stage magnetic and gravity targets with ongoing aircore drilling and EM surveying programs

1) See Galileo Mining ASX Announcement dated 17[th] March 2020

8

Nickel Deposits in the Fraser Range

• Undercover mineralisation means there are no surface indications (soil anomalies, rock outcrop, etc.)

• Aircore drilling confirms rock types beneath cover

• Electromagnetic (EM) surveys map out conductors at depth that may contain economic nickel deposits

• RC and diamond drilling is used to drill test targets from 50 metres beneath surface

• Galileo has quality EM targets, confirmed sulphide mineralisation, and is actively exploring for further discoveries

9

EM Surveying

Expanded Moving Loop Electro Magnetic (MLEM) surveys are underway at Fraser Range

• Aim is to identify new zones of nickel sulphide mineralisation

• Large conductive target revealed at the Green Moon prospect, 6km from known sulphide mineralisation at Lantern

• Surveys designed to cover an area of 46km[2] , over two times larger than the EM survey completed in 2019

10

Recent Drilling Activity

RC and diamond drilling campaign

• First diamond drill program conducted at Galileo’s northern Fraser Range project and the first ever to be undertaken looking for nickel in the project area

==> picture [576 x 265] intentionally omitted <==

----- Start of picture text -----

11
----- End of picture text -----

• 23m of heavily disseminated, blebby and banded nickel-copper sulphides in ultramafic host rock from Lantern South (LARC013D)[1]

• 16m of disseminated and blebby sulphide within an overall 108m zone of disseminated sulphide in gabbronorite host rock from Lantern East (LARC008D)[1]

• Increased confidence in regional prospectivity

• (1) See GAL ASX Announcements dated 9[th] September 2020 and 28[th] October 2020 for details

Lantern South Prospect

• Ultramafic intrusion with nickel-copper sulphide mineralisation on the western margin

• Limited drilling with potential for additional mineralisation

• Open to the south and at depth – follow up drilling required

• First appearance of high tenor massive sulphide over small intersection demonstrates the potential for high grade intercepts

• Confirmation of nickel-copper sulphide mineralisation at Lantern South greatly increases the prospectivity of Galileo’s ground position in the Fraser Range

• (1) See GAL ASX Announcements dated 28[th] October 2020 and 17[th] November 2020 for details

12

Lantern East Prospect

• Large EM target on the margin of a major gabbronorite intrusion

• Disseminated sulphide in the only diamond drill hole so far completed (LARC008D)

• Source of conductive anomaly adjacent to sulphides in LARC007 and LARC008D has yet to be identified suggesting potential for additional sulphide mineralisation

• Five rounds of EM surveying have defined the target at less than 200 metres depth – ready for drill testing

13

Delta Blues Prospect

• Aircore drilling in late 2019 showed nickel prospective intrusive rock units

• Weathered sulphide (0.5 – 1%) observed in petrographic samples

• Prospective area with Legend Mining and S2 Resources active along strike in both directions (see map)

• EM surveying to begin in November to establish targets for drill testing

• Developing work programs in a highly prospective and active exploration zone

14

Norseman Project

• 278 square kilometres of prospective ground at the southern end of the prolific Norseman-Wiluna greenstone belt

• Tenements are prospective for komatiite hosted nickel sulphide, gold, copper and nickel-cobalt laterite mineralisation

• Current JORC compliant 25 Mt nickel-cobalt laterite resource[(1)]

• Nickel and gold soil sampling programs designed to build up targets for drilling

• Premier project location:

• 10 km from the town of Norseman and the historic 5 Million oz Norseman gold mine

• Adjacent to sealed Coolgardie-Esperance highway

• Access to gas, water and rail infrastructure

• 180km from the deep-water Port of Esperance

1) See slide 18 for details

15

A Significant Investment Opportunity

• $7.7 million in cash = well funded junior exploration company

• Highly leveraged to discovery success with current market cap around $34 million

• Fraser Range exploration with strong potential for high value nickel deposits

• Active explorer with experienced management and team focussed on making discoveries

• Emphasis on drilling programs as the best method to create lasting value through resource discovery

16

Appendix – Galileo Board

Brad Underwood Chairman & Managing Director

• Mr Underwood is a geologist with over 18 years’ experience in exploration, prospecting and mining. He has been involved in nickel, gold, copper and cobalt discoveries and the development of numerous prospects over a variety of commodities.

• Between 2010 and 2018 Mr Underwood worked for prospector and mining entrepreneur Mark Creasy as General Manager of several private companies. He has a wide range of skills including the strategic growth and commercialisation of mineral assets at different stages of development.

• Mr Underwood played a key role in the discovery of the Silver Knight nickel-copper-cobalt deposit in the Fraser Range and the discovery of Galileo’s Mission Sill cobalt resources.

• Mr Underwood has a Bachelor of Science in Geology and a Post Graduate Diploma in Geology from the University of Auckland, and a Master of Science (Distinction) in Mineral Economics from Curtin University

Noel O’Brien Non-Executive Director

• Mr O’Brien is a metallurgist with wide international and corporate experience. After a career spanning 40 years in Australia and Africa he established Trinol Pty Ltd, a Perth based consultancy, to provide process and project development services over a broad range of commodities.

• Mr O’Brien has been actively involved with projects containing manganese, iron ore, gold, base metals, and the battery metals including lithium, graphite and cobalt

• He has served on the board of a number of ASX listed companies over the past 9 years and is currently a technical advisor to several listed companies with early to advanced stage projects.

• Mr O’Brien holds a Metallurgical Engineering degree from the University of Melbourne, an MBA from Witwatersrand University and is a Fellow of the AusIMM.

Mathew Whyte Non-Exec Director

• & Company Secretary

• Mr Whyte is a CPA and a Chartered Secretary (FCIS). He has over 25 years’ commercial experience in the financial management, direction, and corporate governance of ASX listed companies.

• Mr Whyte has held senior executive roles on a broad range of Australian listed entities with operations in Australia and overseas in the mining exploration, mining services, power infrastructure and technology development industries.

• Mr Whyte has served as a Director and Company Secretary on multiple ASX listed company boards over the past 10 years.

17

Mineral Resource Estimates for the Norseman Cobalt Project (“Estimates”) (refer to ASX “Prospectus” announcement dated May 25[th] 2018 and ASX announcement dated 11[th] December 2018, accessible at

Appendix – JORC Resources

http://www.galileomining.com.au/investors/asxannouncements/). Galileo confirms that all material assumptions and technical parameters underpinning the Estimates continue to apply and have not materially changed).

Cut-off Cobalt %	Class	Tonnes Mt		Co		Ni
			%	Tonnes	%	Tonnes
MT THIRSTY SILL
0.06 %	Indicated Inferred Total	10.5 2.0 12.5	0.12 0.11 0.11	12,100 2,200 14,300	0.58 0.51 0.57	60,800 10,200 71,100
MISSION SILL
0.06 %	Inferred	7.7	0.11	8,200	0.45	35,000
GOBLIN
0.06 %	Inferred	4.9	0.08	4,100	0.36	16,400
TOTAL JORC COMPLIANT RESOURCES
0.06 %	Total	25.1	0.11	26,600	0.49	122,500

18

==> picture [520 x 540] intentionally omitted <==

19