GALILEO MINING LTD — Capital/Financing Update 2020

Jul 15, 2020

==> picture [119 x 33] intentionally omitted <==

16 July 2020 ASX: GAL

COMPREHENSIVE EM SURVEYS UNDERWAY AT FRASER RANGE

Corporate Directory

Directors

Executive Chairman

Brad Underwood

Technical Director Noel O’Brien

Non-Executive Director Mathew Whyte

Highlights

• Expanded Moving Loop Electro Magnetic (MLEM) surveys are underway at Galileo’s Fraser Range project

• Surveys are designed to detect zones of nickel sulphide mineralisation associated with mafic/ultramafic intrusions identified by aircore drilling[1]

• New surveys will cover an area of 46km[2] , over two times larger than the current exploration footprint

Projects

Fraser Range Project Nickel-Copper

Norseman Project Cobalt-Nickel-Copper

• Extensive surveys are along strike of the highly prospective Lantern area which contains advanced drill ready targets

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce an extensive program of EM surveying has commenced at the Company’s Fraser Range nickel project in Western Australia.

The surveys are designed to cover prospective intrusions (named Think Big, Backwood and Green Moon[1] ) located along strike from the Lantern area which is the target of upcoming RC and diamond drilling programs[2] (Figure 1).

==> picture [121 x 123] intentionally omitted <==

Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au 13 Colin St, West Perth, WA

The new EM surveys will focus on zones both north and south of the Lantern prospects and will dramatically expand the footprint of exploration. The EM survey completed in 2019 will be more than doubled by the current survey which will cover 46km[2 ] of highly prospective ground. The survey is expected to take eight weeks to complete.

Commenting on the new EM surveys Galileo Managing Director Brad Underwood said: “Our aircore drilling has shown the presence of prospective intrusions under shallow cover rocks along strike of the advanced Lantern drill targets. We know that nickel and copper sulphides occur at the Lantern South prospect[3] and we will begin drilling again this month. At the same time, we are undertaking an extensive program of EM surveying aiming to identify new zones of mineralisation in an area that is displaying all the right signs of becoming a significant nickel exploration project.”

(1) Refer to the Company’s ASX announcement dated 19th May 2020

(2) Refer to the Company’s ASX announcement dated 13th July 2020

(3) Refer to the Company’s ASX announcement dated 17th March 2020

==> picture [594 x 25] intentionally omitted <==

Page 1 | 4

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 1: New MLEM Surveys Along Strike of Lantern Prospect (TMI-1VD Magnetic Image)

==> picture [437 x 638] intentionally omitted <==

==> picture [594 x 25] intentionally omitted <==

Page 2 | 4

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 2: Galileo Prospect Locations in the Fraser Range Nickel Belt

==> picture [485 x 628] intentionally omitted <==

==> picture [594 x 25] intentionally omitted <==

Page 3 | 4

==> picture [120 x 32] intentionally omitted <==

Competent Person Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Brad Underwood, a Member of the Australasian Institute of Mining and Metallurgy, and a full time employee of Galileo Mining Ltd. Mr Underwood has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Underwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

With regard to the Company’s ASX Announcements referenced in the above Announcement, the Company is not aware of any new information or data that materially affects the information included in the Announcements.

Authorised for release by the Galileo Board of Directors.

Investor information: phone Galileo Mining on + 61 8 9463 0063 or email info@galmining.com.au

Media:

David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936

About Galileo Mining:

Galileo Mining Ltd (ASX: GAL) is focussed on the exploration and development of nickel, copper and cobalt resources in Western Australia. GAL has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickel-copper sulphide deposits similar to the operating Nova mine. GAL also holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see Figure 3 below).

Figure 3: JORC 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 http://www.galileomining.com.au/investors/asx-announcements/). 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

==> picture [594 x 25] intentionally omitted <==

Page 4 | 4