GALILEO MINING LTD — Capital/Financing Update 2022

Apr 19, 2022

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20 April 2022 ASX: GAL

DRILLING UNDERWAY AT HIGH PRIORITY SULPHIDE TARGETS

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Highlights

• RC drilling has commenced at the Norseman Project with a 1,600metre program planned to run for approximately two weeks

• Priority palladium-nickel targets to be tested as follow up of sulphide intersections at shallow depths;[ (1)]

• 27 metres @ 0.58 g/t Pd, 0.12 g/t Pt, 0.18% Ni & 0.13% Cu from 123m (MTRC096) including

• 3 metres @ 1.1 g/t Pd, 0.19 g/t Pt, 0.26% Ni & 0.23% Cu; and

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Palladium-Nickel-Cobalt

• 24 metres @ 0.51 g/t Pd, 0.08 g/t Pt, 0.15 % Ni & 0.10% Cu from 132m (MTRC086)

• Additional twin drill hole planned to follow up on aircore drilling which intersected massive sulphide at bottom-of-hole with;[(2)]

• 1 metre @ 0.24% Ni, 0.35% Cu, 0.04% Co and 0.25 g/t Pd from 60m (NAC105)

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• Market update with geological results to be provided after completion of drilling. Laboratory assay results expected in May/June 2022

Figure 1 – RC Drilling Underway at Galileo’s Norseman Project

Contact Details

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

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Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce RC drilling has commenced at the Company’s 100% owned Norseman project located within the prolific Norseman-Wiluna greenstone belt of Western Australia.

The drill program is concentrated on the sulphide intersections identified by previous Galileo drilling at the Mt Thirsty and Jimberlana prospects. Early indications of economic sulphides have been reported in aircore and RC drilling, and the current program aims to confirm mineralisation whilst aiming to define zones of higher palladium and nickel metal content.

Galileo’s Managing Director Brad Underwood commented; “ We are excited to be drilling two prospects where fertile sulphides have already been intersected. At the Mt Thirsty prospect, we have a well-developed target where sulphides have accumulated above a sedimentary marker unit. The sulphides contain palladium, nickel, and copper, and the grades appear to be increasing towards the eastern target zone.

At the Jimberlana prospect we have multiple geochemical and geophysical targets in addition to a unit of massive sulphide intersected in aircore drilling. The aircore rig did not drill through the sulphide and so we will take the opportunity to use the bigger RC rig to follow up with a deeper twinned drill hole.

The coveted, high-value nature of palladium and nickel sulphides means that the outcome of this program could be very significant for Galileo. We look forward to drill testing these outstanding prospects and updating the market with results as they become available.“

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

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Figure 3 – Magnetic Map (TMI) of Mt Thirsty Prospect showing over 5km of Prospective Contact Zone

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Figure 4 –– Location of Jimberlana/Mission Sill aircore drilling with a selection of anomalous assays. A deeper twin drill hole of NAC105 is planned in the current round of drilling (2E = palladium + platinum, TMI magnetic image in background).

NAC151: 8m@ 1.44 g/t 2E Includes 4m@ 1.70 g/t 2E (ASX release 24/03/22) NAC160: 15m@ 0.44 g/t 2E Includes 4m@ 0.69 g/t 2E (ASX release 21/03/22) NAC105: 1m @ 0.24% Ni, 0.35% Cu, 0.25 g/t Pd (ASX 01/12/21) NAC126: 4m @ 1.66% Ni, 0.16% Co, 0.31 g/t 2E from 32m and 4m @ 0.90% Ni, 0.18% Co, 0.39 g/t Au, 0.23 g/t 2E from 52m (ASX 28/03/22) Page 4 | 6

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Figure 5 – Norseman Project Location Map with a 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 JORC Table below).

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).

d).
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

(1) Refer to Galileo’s ASX announcement dated 17[th] May 2021

(2) Refer to Galileo’s ASX announcements dated 1[st] December 2021

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