GALILEO MINING LTD — Capital/Financing Update 2023

Aug 30, 2023

==> picture [79 x 122] intentionally omitted <==

==> picture [119 x 33] intentionally omitted <==

31 August 2023 ASX: GAL OTCQX: GALMF

FIRST DRILL PROGRAM NORTH OF CALLISTO DISCOVERY UNDERWAY

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

Fraser Range Project Nickel-Copper-Cobalt

Highlights

• The first systematic drill program targeting highly prospective rocks along strike from the Callisto nickel-palladium discovery has commenced

• 4,000 metre drill program is planned with drilling to take around one month to complete and assay results expected in October

• Drill program also includes follow up work at the Jimberlana North and Jimberlana South prospects where shallow and prospective sulphide zones have been intersected including:

• 11 metres @ 0.21 g/t 3E[1] , 0.18% Cu, 0.13% Ni and 0.03% Co from 61m downhole (NRC432)[ 2] including:

• 1 metre @ 0.68 g/t 3E, 0.52% Cu, 0.44% Ni and 0.08% Co from 68m

• 1 metre @ 0.83% Ni, 0.36% Cu and 0.07% Co from 74m (NRC456)[ 3] within broader interval of:

• 7 metres @ 0.22% Ni, 0.13% Cu and 0.02% Co from 68m (NRC456)

Figure 1 – Aerial view of RC drill rig at Galileo’s Norseman Project

==> picture [121 x 123] intentionally omitted <==

Contact Details

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

==> picture [368 x 265] intentionally omitted <==

Page 1 | 7

==> picture [594 x 25] intentionally omitted <==

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

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; “This Norseman Project area has never been systematically explored for nickel and palladium and it is a great opportunity to be the first company to drill within these new prospective areas. We have significantly advanced our understanding of the geology since we made the Callisto nickel and palladium discovery, and we are now beginning the focussed exploration of those prospects we believe have the strongest potential for further success.

Within the same drill program we will also be undertaking follow up drilling at the Jimberlana North and South prospects where we have already shown that prospective sulphides occur. This is an exciting period of work for Galileo and we are looking forward to the results of drilling.”

Figure 2 - Callisto nickel and palladium discovery at the southern end of a five-kilometre prospective

zone. First pass RC drilling of the target horizon is underway. Background image is magnetics.

==> picture [307 x 453] intentionally omitted <==

----- Start of picture text -----

Page 2 | 7
----- End of picture text -----

==> picture [594 x 25] intentionally omitted <==

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 3 – Jimberlana North prospect section 376,300E showing sulphide target for drill testing [2]

==> picture [450 x 457] intentionally omitted <==

• (1) 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au) in g/t

(2) See GAL ASX Announcement dated 31[st] July 2023 for details

(3) See GAL ASX Announcement dated 10[th] August 2023 for details

==> picture [594 x 25] intentionally omitted <==

Page 3 | 7

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 4 – Jimberlana South prospect section with nickel sulphide target for drill testing [3]

==> picture [497 x 356] intentionally omitted <==

==> picture [594 x 25] intentionally omitted <==

Page 4 | 7

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 5 –– Map of key prospect locations at the Norseman Project – Callisto, Jimberlana and Mission

Sill adjacent to the main highway and eight kilometres from the town of Norseman.

==> picture [353 x 623] intentionally omitted <==

----- Start of picture text -----

6 km
----- End of picture text -----

==> picture [594 x 25] intentionally omitted <==

Page 5 | 7

==> picture [79 x 123] intentionally omitted <==

==> picture [120 x 32] intentionally omitted <==

Figure 6 – Norseman project location map with a selection of regional mines and infrastructure

==> picture [460 x 622] intentionally omitted <==

----- Start of picture text -----

Callisto Discovery
Jimberlana Prospect
Mission Sill Prospect
----- End of picture text -----

==> picture [594 x 25] intentionally omitted <==

Page 6 | 7

==> picture [120 x 32] intentionally omitted <==

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.

==> picture [594 x 25] intentionally omitted <==

Page 7 | 7