GALILEO MINING LTD — Capital/Financing Update 2022

Feb 27, 2022

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28 February 2022 ASX: GAL

FRASER RANGE RC DRILL CAMPAIGN COMMENCES

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Highlights

• RC drill campaign of approximately 1,000 metres is underway in the highly prospective Fraser Range mineral belt

• Targets to be tested include EM conductors as well as follow up drilling of previously reported nickel intercepts;[ 1]

• 36 metres @ 0.2% nickel from 18m including

• 3 metres @ 0.56 % nickel from 24m (ERAC015)

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Palladium-Nickel-Cobalt

• Market update of geological results to be provided after completion of drilling with laboratory assay results expected in April/May 2022

• Norseman assay results from 8,700 metre aircore drill campaign completed in December 2021 are expected to be fully returned over the month of March 2022

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce RC drilling is underway at the Company’s highly prospective Fraser Range project in Western Australia.

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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

Multiple targets, including follow up of Galileo’s previous drilling at the Empire Rose prospect in 2018 and 2019, will be tested in the current drill campaign.

Figure 1 – RC drilling at the Empire Rose prospect in the Fraser Range

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The Empire Rose prospect is located at the southern end of the Fraser Range and is just 30km from IGO’s operating Nova nickel mine in a highly prospective location of the mineral belt.

Commenting on the drill campaign, Galileo Managing Director Brad Underwood said: “ We are excited to begin our first drill campaign of 2022 with a number of high-quality geological and geophysical targets at our Fraser Range project. We plan to have initial geological results to the market after the completion of drilling and with assay results to be returned from the laboratory in April/May 2022.

We are also expecting to receive in March all of the assays from 8,700 metres of aircore drilling completed at our Norseman project in late 2021. We already know the Norseman area is prospective for palladium and nickel sulphides, based on our massive sulphide intercept and EM survey results[(2)] , and we are hoping that the aircore results to come will lead to additional targets for follow-up drill testing.”

Figure 2 – Galileo prospect locations in the Fraser Range with the Nova Mine and regional geology. The Empire Rose prospect is highlighted with a blue circle, next to the Eyre Highway and 30km from the Nova nickel mine.

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Five targets are planned for testing in the current drill campaign. Two targets are related to geological positions developed from aircore drilling and the remaining three targets have been established through a combination of EM surveying and magnetic interpretation.

Figure 3 shows the location of aircore drilling which delineated a peridotite sill, an ultramafic unit prospective for nickel mineralisation. The best nickel result from aircore drilling was 36m @ 0.2% nickel in saprolite (ERAC015, shown in Figure 3). An RC drill hole has been planned to test beneath ERAC015 to assess the potential for disseminated nickel sulphides in the large and strike extensive sill.

Aircore drilling also identified a pyroxenite sill with petrographical work showing the rock to most likely be of cumulate origin. The presence of minor pyrrhotite in the petrographic sample also suggests the possibility for this unit to contain disseminated mineralisation in fresh rock at depth. An RC drill hole has been designed to drill beneath the aircore intersection to test the pyroxenite unit for nickel sulphide fertility.

Figure 3 ––Empire Rose prospect with 2018/2019 drill holes and geological and geophysical targets for drill testing (over TMI magnetic image).

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Three targets adjacent to a large magnetic anomaly have been defined utilising EM data in conjunction with magnetic and geological interpretation (EM1, EM2, & EM3 in Figure 3). The EM targets are moderately to weakly conductive models that may represent accumulations of disseminated to semi-massive sulphides (Table 1). Diamond drilling in 2019 showed that previously tested EM anomalies in the area were related to sulphide mineralisation with minor gold anomalism (see Galileo ASX announcement dated 4[th] July 2019). Geological review of all available data suggests that the targets currently been considered may be caused by sulphide mineralisation however EM anomalies can result from a variety of sources including non-economic sulphides, graphite, or sulphidic sediments. The initial program includes a single drill hole into each of these target zones with follow up drilling as required.

Multi-element assaying, petrographical analysis, and down hole EM surveying will be undertaken upon the completion of drilling. Laboratory assays are expected to be received in April/May as the continued high demand for laboratory services results in longer than standard turnaround times.

Table 1: Empire Rose prospect modelled conductors:

Target	Conductivity	Length	Height	Depth to Top
EM1	430S	950m	600m	-154m
EM2	580S	180m	380m	-60m
EM3	1,760S	215m	180m	-110m

• (1) Refer to Galileo’s ASX announcements dated 30th October 2018 and 4th July 2019

• (2) Refer to Galileo’s ASX announcements dated 1[st] December 2021 and 9[th] February 2022

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Figure 4 – Galileo Mining Project Portfolio Location, Infrastructure & Regional Mines

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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, palladium, 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).

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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