GALILEO MINING LTD — Capital/Financing Update 2025

Nov 27, 2025

ASX: GAL

ASX Announcement

28 November 2025

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Norseman Project Lithium Exploration Joint Venture Update

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) advises it has received a further $1.0m consideration payment under its Lithium Farm-In and Joint Venture Agreement with Mineral Resources Ltd (ASX: MIN) (“ MinRes ”) ( Lithium Exploration JVA ).

The JVA parties have also agreed the following changes to the Lithium Exploration JVA :

• A suspension to the Earn-In Period for a maximum of two (2) years from 30 November 2025 ( EarnIn Suspension Period ).

• During the Earn-In Suspension Period MinRes is entitled to conduct, at its own expense, various low impact non ground disturbing exploration activities over the Lithium Exploration JVA tenements including mapping, rock chip sampling, geochemical surveys, geophysics, heritage and environmental surveys.

• During the Earn-In Suspension Period MinRes can elect to Restart the Earn-In Period by paying Galileo a further $1.5m ( Restart Payment ).

• Upon the Restart Payment being paid to Galileo the Earn-In Period and full exploration activities will resume with MinRes required to expend $12.5m (previously $15m) to meet the Earn-In Requirement to increase its stake in the Lithium Exploration JVA to 55%.

Other than the above changes, all other material terms of the Lithium Exploration JVA remain the same.

Please see Galileo ASX Announcements titled “Mineral Resources Lithium Joint Venture Agreement” dated 3[rd] June 2024 and “Norseman Project Lithium JVA Update” dated 30[th] May 2025 for further details of the Lithium Exploration JVA.

See Appendix 1 for the Norseman Project Lithium Exploration JVA Tenement list.

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Registered Office: 945 Wellington St, West Perth, WA, 6005 Mailing Address: P.O. Box 415, West Perth WA 6872 Phone: +61 8 6285 5622 Email: info@galileomining.com.au Website: galileomining.com.au

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About Galileo Mining:

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Galileo Mining Ltd (ASX: GAL) is focussed on the exploration and development of PGE (palladiumplatinum), nickel, copper, and cobalt resources in Western Australia. GAL’s tenements near Norseman are highly prospective for new discoveries as shown by the Callisto deposit. GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are prospective for nickelcopper sulphide deposits similar to the operating Nova mine.

Norseman (100% GAL)

The wholly owned Norseman project contains the Callisto Discovery and adjacent regional prospects Jimberlana and Mission Sill with potential for palladium, platinum, nickel, copper, cobalt, and rhodium mineralisation. Galileo’s tenure at Norseman comprises mining, exploration, and prospecting licenses covering a total area of 255 km[2] .

The Callisto deposit was discovered in 2022 and is the first deposit of its type identified in Australia, analogous in mineralisation style to the Platreef deposits found in South Africa. An initial Mineral Resource Estimate was reported in 2023 with 17.5 Mt @ 1.04g/t 4E[1] , 0.20% Ni, 0.16% Cu (2.3g/t PdEq[2] or 0.52% NiEq[3] ).

Table 1 - Callisto Deposit Maiden Mineral Resource Estimate (JORC 2012) (see ASX announcement: 2 October 2023)

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Metal equivalent price assumptions of Callisto Resource released on 2[nd] October 2023

Based on metallurgical test work completed to date, the Company believes that Callisto’s mineralisation is amenable to concentration using a conventional crushing, milling and flotation process and has Reasonable Prospects for Eventual Economic Extraction.

Metallurgical recovery assumptions used for metal equivalent value calculations were: Pd – 82%, Pt – 78%, Au – 79%, Rh – 63%, Ni – 77%, Cu – 94%

Metal price assumptions, based on 12 month calculated averages to 11[th] September 2023, were used for metal equivalent values: Pd – US$1,600/oz, Pt – US$975/oz, Au – US$1,870/oz, Rh – US$9,420/oz, Ni - US23,800/t, Cu – US$8,420/t. Based on metallurgical test work completed to date, the Company believes that all metals included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

Fraser Range (67% GAL / 33% Creasy Group JV)

Galileo is actively exploring for magmatic massive sulphide- nickel-copper deposits across its Fraser Range tenements covering over 670km[2] of highly prospective ground in the Albany-Fraser Orogen. The project is well positioned within the nickel-copper bearing Fraser Range Zone, with the Nova-Bollinger mine located between 30km and 90km from Galileo tenure.

14E = Palladium (Pd) + Platinum (Pt) + Gold (Au) + Rhodium (Rh) expressed in g/t

2 PdEq (Palladium Equivalent) = Pd (g/t) + 0.580 x Pt (g/t) + 1.13 x Au (g/t) + 4.52 x Rh (g/t) + 4.34 x Ni (%) + 1.88 x Cu (%)

3 NiEq (Nickel equivalent) = Ni % + 0.230 x Pd (g/t) + 0.133 x Pt (g/t) + 0.259 x Au (g/t) + 1.04 x Rh (g/t) + 0.432 x Cu (%)

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Competent Person Statement

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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.

The information in this report that relates to Galileo’s Mineral Resource for the Callisto Deposit is from a previous report released to the ASX by Galileo Mining (2[nd] October 2023) based on information complied by Paul Hetherington, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hetherington 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 Hetherington consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Hetherington has advised that this consent remains in place for subsequent releases by Galileo of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

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 6285 5622 or email info@galmining.com.au

Media:

David Tasker Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936

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Appendix 1: Norseman Project Lithium Exploration JVA Tenement list

Tenement No	Holder	Status
E63/1041	Norseman Resources Pty Ltd	Live
E63/1764	Norseman Resources Pty Ltd	Live
E63/1954	Norseman Resources Pty Ltd	Pending
E63/2272	Norseman Resources Pty Ltd	Pending
E63/2338	Ganymede Resources Pty Ltd	Pending
E63/2101	Ganymede Resources Pty Ltd	Live

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