GALILEO MINING LTD — Capital/Financing Update 2023

Jul 2, 2023

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3 July 2023

ASX: GAL

FOLLOW UP DRILL PROGRAM COMMENCES AT PRIORITY TARGETS

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Cecilia Camarri

Non-Executive Director Mathew Whyte

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Palladium-Nickel-CopperRhodium-Platinum-Gold

Highlights

• Jimberlana and Mission Sill RC drilling has commenced with an initial 4,000 metre drill program planned

• Both targets are advanced prospects with highly prospective aircore drill results including

• 4 metres @ 1.66% nickel, 0.16% cobalt, 0.31 g/t 2E (palladium + platinum) from 32m (Mission Sill, NAC126)[1]

• 15 metres @ 0.44 g/t 2E (palladium + platinum), 0.14% nickel,

  • 0.05% copper from surface (Mission Sill, NAC160)[2]

• 1 metre in bottom of hole @ 0.24% Ni, 0.35% Cu, 0.04% Co and 0.25 g/t Pd from 60m (Jimberlana, NAC105)[3]

• Bottom of hole air core result occurs above strong EM conductor (Jimberlana)

• Drilling is expected to take one month to complete with assay results anticipated from early August onwards

Figure 1 – RC Drilling underway 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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• (1) See GAL ASX Announcement dated 28[th] March 2022 for details. 2E = Palladium (Pd) + Platinum (Pt) in g/t (2) See GAL ASX Announcement dated 21[st] March 2022 for details

(3) See GAL ASX Announcement dated 1[st] December 2021 and 9[th] February 2022 for details

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Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to advise that an RC exploration drill campaign has commenced at the Jimberlana and Mission Sill prospects within the Company’s 100% owned Norseman project in Western Australia.

Galileo’s Managing Director Brad Underwood commented; “We are excited to be drilling two prospects with such outstanding early-stage results. It is rare to see aircore assay results from the near surface like those we have obtained at both the Jimberlana and Mission Sill prospects.

Having made the Callisto discovery in 2022 we believe the opportunity for further success within our Norseman Project is striking. The outcome of the current drill program, and the work we have planned at Norseman over the coming months, could be very significant value drivers for Galileo.”

Figure 2 - Jimberlana Prospect EM conductors with priority drill targets. The target generation model suggests that the east-west trending Jimberlana Dyke has interacted with existing sulphide bearing stratigraphy (oriented north-south), and that this may have resulted in the precipitation of economic sulphides on the margins of the dyke.

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NAC105: 1m@ 0.25 g/t Pd,
0.24% Ni, 0.35% Cu from
bottom of aircore hole
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A 4,000 metre RC drill campaign has commenced at the Jimberlana and Mission Sill with drilling expected to take around one month to complete. Figure 3 displays a location map of the Jimberlana and Mission Sill prospects relative to the 2022 Callisto discovery.

The Mission Sill is a mafic-ultramafic intrusion with similar geology to the host rock at the Callisto discovery. The Mission Sill is located approximately 6km to the southeast of Callisto and has multiple anomalous drilling results over a 10-kilometre strike length. The initial target for testing is “MS3” shown in Figure 4 and in more detail in Figure 5.

The Jimberlana Dyke is an extensive east-west trending mafic-ultramafic dyke with anomalous drill results on both the northern and southern margins. Of particular note is an intersection on the northern margin at the bottom of an aircore drill hole where geochemically anomalous sulphides were intersected (see ASX announcement dated 1[st] December 2021). Strong EM conductors proximal to the anomalous drill intercept make this prospect a compelling target (Figure 2 and Table 1).

For more details on Galileo’s work at the Mission Sill and Jimberlana prospects please refer to ASX announcements dated 01/12/21, 09/02/22, 03/03/22, 08/03/22, 21/03/22, 24/03/22 and 28/03/22.

Table 1 – Modelled EM conductors at the Jimberlana prospect with locations shown in Figure 2

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Figure 3 –– 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.

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6 km
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Figure 4 – TMI magnetic map of Mission Sill and Jimberlana prospects.

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Figure 5 – Mission Sill (MS3 target) aircore drilling results on the eastern side of the figure with the northern Jimberlana target on the western side of the figure (see ASX announcements dated 21[st] March 2022 and 24[th] March 2022 for details).

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NAC151: 8m@ 1.44 g/t 2E
Includes 4m@ 1.70 g/t 2E
NAC143: 20m@ 0.29 g/t 2E
NAC147: 7m@ 0.25 g/t 2E
NAC149: 20m@ 0.32 g/t 2E
NAC151: 8m@ 1.44 g/t 2E
NAC154: 12m@ 0.23 g/t 2E
NAC155: 8m@ 0.25 g/t 2E
NAC156: 14m @ 0.15 g/t 2E
NAC105: 1m@ 0.24 g/t Pd,
0.24% Ni, 0.29% Cu from
bottom of aircore hole NAC160: 15m@ 0.44 g/t 2E
Includes 4m@ 0.69 g/t 2E
(ASX release 21/03/22)
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Figure 6 – 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. GAL’s Norseman Project contains a near surface laterite deposit 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

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