GALILEO MINING LTD — Capital/Financing Update 2021

Jul 11, 2021

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12 July 2021 ASX: GAL

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Cobalt-Nickel-Palladium

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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

NORSEMAN PALLADIUM SAMPLING AND DRILL PLANNING

Highlights

• Palladium soil sampling at Norseman is underway with over 500 samples collected from a continuing program

• Sampling is along strike of two highly prospective zones with maximum soil assays of 0.31g/t Pd and 0.16 g/t Pd[1]

• 10,000 metre aircore drilling program is planned to follow up shallow palladium and nickel sulphide targets

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to provide an exploration update on field work at its 100% owned Norseman project located within the Kambalda nickel belt of Western Australia.

Soil sampling targeting palladium and nickel is underway with over 500 samples collected from an 1,800-sample program. The initial samples cover a highly prospective area at the Mission Sill prospect between two zones with maximum palladium in soil values of 0.31g/t Pd and 0.16g/t Pd (see Figure 1).

This first batch of samples is now at the laboratory with assays pending. The remaining samples cover additional areas at the project with potential for nickel sulphide and other metals.

A 10,000 metre aircore drilling program is planned to follow up existing palladium and nickel targets with the present sampling expected to generate further targets for testing in the same drill campaign.

RC and/or diamond drilling will be undertaken after the completion of aircore drilling. RC/diamond drilling will also test down dip and along strike of Galileo’s mineralised drill results including palladium intersections such as:

• [2]

• o 27 metres @ 0.58 g/t Pd, 0.12 g/t Pt, 0.13 % Cu & 0.18% Ni (MTRC096) including 3 metres @ 1.1 g/t Pd, 0.19 g/t Pt, 0.23% Cu & 0.26% Ni; and

• 24 metres @ 0.51 g/t Pd, 0.08 g/t Pt, 0.10 % Cu & 0.15% Ni (MTRC086)[ 2]

• (1) Refer to Galileo’s ASX announcements dated 17th May 2021 & 13th January 2021 (2) Refer to Galileo’s ASX announcement dated 17th May 2021

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Commenting on the recent field activities Galileo Managing Director Brad Underwood said; “ While we wait for a diamond drill rig to become available to test our Delta Blues nickel prospect in the Fraser Range, we continue to build our portfolio of prospects focussed on the metals needed for a sustainable future.

At Norseman we have numerous palladium drill intersections that demonstrate the outstanding potential within the area. The best one metre intercept from RC drilling assayed over 4 g/t palladium while thicker intercepts up to 27 metres width averaged 0.58 g/t palladium with associated platinum, copper, and nickel.[2]

The current soil sampling program covers an area between and along strike of two palladium zones identified in sampling conducted in 2020. We expect that the results will provide us with more new targets for our scheduled 10,000 metre aircore drilling program, as well as subsequent RC/diamond drilling. Assay results from soil sampling are expected in late August with aircore drilling anticipated to begin in September/October.”

Figure 1 ––Mission Sill Prospect at Norseman with Soil Sampling Location (over magnetic image).

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Figure 2 – Drill Section with Palladium Mineralisation and Target Zone at the Mt Thirsty Prospect

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Drilling completed in 2016 by Galileo beneath the cobalt-nickel laterite resource at Mt Thirsty intersected a previously unrecognised zone of sulphide containing highly anomalous levels of palladium, platinum, copper, and nickel (see section in Figure 2). The contact between the intruding sill and the flat lying stratigraphy is the prospective target zone with potential for higher grade mineralisation. The grade within the sulphide zone increases towards the east (Figure 2), supporting the interpretation that increased mineralisation occurs within the target zone. There is no record of any historic exploration for palladium/platinum along this blind, undercover, contact position at Mt Thirsty.

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Figure 3 – Norseman Project Location Map with Selection of Regional Mines and Infrastructure

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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 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 4 below).

Figure 4: 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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