GALILEO MINING LTD — Capital/Financing Update 2020

Apr 22, 2020

Proposed issue of securities

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Announcement Summary

Entity name

GALILEO MINING LTD

Announcement Type

New announcement

Date of this announcement

Thursday April 23, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +Security Code +Security Description +securities to be issued n/a Unquoted Options 2,272,727

Proposed +issue date

Thursday April 30, 2020

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

GALILEO MINING LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ABN

Registration Number

70104114132

1.3 ASX issuer code

GAL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Thursday April 23, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No Yes ASX +Security Code +Security Description New class-code to be confirmed Unquoted Options

+Security Type

Options

Maximum Number of +securities proposed to be issued

2,272,727

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Purpose of the issue

Options to be issued to the lead manager pursuant to the Placement announced 23 April 2020.

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Offer price details for retail security holders
In what currency is the cash What is the issue price per
consideration being paid? +security?
AUD - Australian Dollar AUD 0.00001
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Oversubscription & Scale back details
May a scale back be applied to this event?
No
Options details
+Security Currency Exercise Price Expiry date
AUD - Australian Dollar AUD 0.4400 Friday April 29, 2022
Details of the existing class of +security that will be issued upon exercise or conversion of this
new class of company option
GAL : ORDINARY FULLY PAID
Please provide any further information relating to the principal terms of the +securities
Each Unquoted Option entitles the holder to subscribe for 1 fully paid ordinary Share in the Company upon exercise of the
Option before the expiry date 29/4/2022
Part 7C - Timetable
7C.1 Proposed +issue date
Thursday April 30, 2020
Part 7D - Listing Rule requirements
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7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

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7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

2,272,727 Options

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11.1 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information 7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Please refer to ASX Announcement 23/4/2020 entitled " $5 Million Placement to Accelerate Fraser Range Exploration"

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