GALILEO MINING LTD — Capital/Financing Update 2023

Oct 22, 2023

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23 October 2023

ASX: GAL

CAMPAIGN EXPLORATION DRILLING COMMENCES AT NORSEMAN

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Cecilia Camarri

Non-Executive Director Mathew Whyte

Projects

Norseman Project Nickel-Copper-PalladiumRhodium-Platinum-Gold

Highlights

• Campaign RC drilling is underway at the Norseman Project targeting nickel and palladium at the South Callisto and North Callisto prospects

• 2,500 metre drill program is planned with drilling to take around three weeks to complete and assay results expected in December

• Drilling at South Callisto is designed to follow up on shallow results[1] including

• 3 metres @ 0.92 g/t 2E[2] (palladium + platinum) and 0.15% Ni from 6m (NRC116)

• 48 metres @ 0.27 g/t 2E (palladium + platinum) and 0.24% Ni from surface (NRC117)

• Drill program at North Callisto is focussed along strike of recent results[3] including

• 132 metres @ 0.21 g/t 3E[4] from 60m (NRC463)

Fraser Range Project Nickel-Copper-Cobalt

• 62 metres @ 0.22 g/t 3E from 136m (NRC470)

Figure 1 – RC drill rig operating at Galileo’s Norseman Project

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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

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Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to advise RC drilling targeting multiple prospects has commenced at the Company’s 100% owned Norseman project in Western Australia.

Galileo’s Managing Director Brad Underwood commented; “RC drilling at Norseman is underway again as we implement our strategy of regular campaign drilling targeting new discoveries in this highly prospective underexplored province.

Our exploration strategy incorporates campaign drilling, review and interpretation of results, integration of new information with geophysical data, refinement of drill targets, and then follow up drilling. We believe this cycle of exploration activity gives us the best opportunity of making further discoveries.

South Callisto and North Callisto prospects both show signs of mineralisation from our earlier work and we look forward to the results of the current round of drilling.”

Figure 2 - North Callisto first pass drill results with anomalous palladium/platinum horizons and drill target for current drill program. Background is TMI-1VD magnetic image showing geological trends.[ 2]

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Figure 3 –– South Callisto prospect with anomalous RC drilling and target intrusion. Background image is TMI1VD magnetics.[1]

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(1) See ASX announcement dated 18 September 2023 for details

• (2) 2E = Palladium (Pd) + Platinum (Pt) expressed in g/t

(3) See ASX announcement dated 18 October 2023 for details

• (4) 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au) expressed in g/t.

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Figure 4 ––Callisto prospects with magnetic imagery showing prospective rock units. Background image is TMI1VD magnetics. South Callisto occurs in a separate magnetic unit approximately 3 km south of the Callisto discovery.

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Figure 5 – Norseman project location map with a selection of regional mines and infrastructure

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Callisto Discovery
Jimberlana Prospect
Mission Sill Prospect
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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 palladium, nickel, copper, and cobalt resources in Western Australia. GAL’s tenements near Norseman are highly prospective for palladium-copper-nickel sulphide deposits as shown by the Callisto discovery. GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are prospective for nickel-copper sulphide deposits similar to the operating Nova mine.

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