GALILEO MINING LTD — Capital/Financing Update 2021

Aug 2, 2021

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3 August 2021 ASX: GAL

FRASER RANGE DRILLING CAMPAIGN UNDERWAY

Corporate Directory

Directors

Chairman & MD Brad Underwood

Technical Director Noel O’Brien

Non-Executive Director Mathew Whyte

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Cobalt-Nickel-Palladium

Highlights

• RC drilling has commenced at the Delta Blues prospect in the Fraser Range nickel belt

• Program of five drill holes for 1,000 metres of drilling is designed to test the top of EM conductors at the DB1 and DB2 targets

• Follow up diamond drilling is anticipated to test the deeper parts of the EM conductors with timing subject to rig availability

• Initial drilling is expected to take approximately two weeks to complete with a market update and assays to follow

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce reverse circulation (RC) drilling is underway at the Company’s Delta Blues prospect within the Fraser Range Nickel Belt in Western Australia.

Delta Blues prospects DB1 and DB2 represent compelling targets with EM anomalies at both locations supported by positive interpretations of magnetic, gravity, and aircore drilling data.[1]

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Contact Details

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

The top of the conductor at DB1 starts at 175m below surface while the top of the conductor at DB2 is just 125m below surface. RC drilling is planned to intercept the top of the modelled conductors to provide information on the source of the modelled EM anomalies.

EM anomalies can have various sources including mineralised sulphides and it is anticipated that the current RC drilling will provide critical information for the design of follow up diamond drilling expected to occur later in the year.

Commenting on the upcoming drilling program Galileo Managing Director Brad Underwood said; “ We are very excited to have started the first deep drilling campaign at our Delta Blues prospect. The quality of the modelled EM conductors combined with the magnetic and gravity interpretations provide a strong case for potential sulphide mineralisation.

RC drilling will deliver a good test of the near surface sections of the DB1 and DB2 targets. The present drilling campaign is expected to take two weeks to complete, and we look forward to updating the market as results become available.”

(1) Refer to Galileo’s ASX announcements dated 8th February 2021 and 4th May 2021

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Table 1: Delta Blues modelled conductors:

Prospect	Conductivity	Length	Height	Depth to Top
DB1	10,000S to 25,000S	800m to 900m	25m to 40m	175m to 255m
DB2	1,500S to 5,000S	350m to 500m	250m to 500m	125m to 185m

Figure 1 ––Indicative Cross Section of Proposed Drilling at the Delta Blues DB1 Prospect

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Figure 2 ––Indicative Cross Section of Proposed Drilling at the Delta Blues DB2 Prospect

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Figure 3 – Delta Blues Conductors with Aircore Drilling and Neighbouring Prospects (TMI Magnetics)

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Figure 4 – Galileo Prospect Locations in the Fraser Range Nickel Belt

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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, cobalt and palladium 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 5 below).

Figure 5: 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

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