GALILEO MINING LTD — Capital/Financing Update 2023

Oct 26, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

GALILEO MINING LTD

Date of this announcement

Friday October 27, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unquoted Options 1,000,000 26/10/2023 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity 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 notice of the issue, conversion or payment up of the following unquoted +securities.

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

27/10/2023

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Options issued to Inyati Capital for services to be provided pursuant to Corporate Advisory Mandate

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed Unquoted Options
+Security type ISIN code
Options
Date the +securities the subject of this notification were issued
26/10/2023
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
Refer to seperate ASX Announcement lodged following this announcement on 27 October 2023
Options Details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 1.20000000 18/10/2024
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description
GAL Ordinary shares
Any other information the entity wishes to provide about the +securities the subject of this notification
Unlisted Options issued to Inyati Capital for services to be provided pursuant to Corporate Advisory Mandate
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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

No Appendix 3B was released as the unlisted Options were approved for issue subsequent to market close on 26 October 2023.

Issue details

Number of +securities

1,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Nil

Purpose of the issue

Other

Additional Details

Options issued to Inyati Capital for services to be provided pursuant to Corporate Advisory Mandate

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
GAL : ORDINARY FULLY PAID	197,624,927
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
GALAP : PERFORMANCE RIGHT	2,500,000
GALAO : OPTION EXPIRING 14-JUL-2024 EX $2.40	974,615
New class - code to be confirmed : Unquoted Options	1,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

1,000,000 Options

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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