GALILEO MINING LTD — Capital/Financing Update 2025

Jul 22, 2025

ASX Announcement

23 July 2025

ASX: GAL

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Norseman PGE Project Drill Program in Progress

Highlights

• Drill program focusing on Platinum Group Elements (PGEs) including palladium, platinum and rhodium has commenced at the Norseman Project in Western Australia

• Targets comprise follow up to peak palladium assay of 4.1 g/t and platinum assay of 2.5 g/t over one metre (NAC617)[1] as well as wide zones of anomalous PGEs including

• 4m @ 1.12 g/t 3E[2] from 26m (NAC516) including 1m @ 2.27 g/t 3E from 28m

• 6m @ 0.73 g/t 3E from 1m (NAC588) including 1m @ 1.03 g/t 3E from 2m

• Galileo’s Norseman Project has proven prospectivity for PGEs with the 2022 discovery of 17.5Mt Callisto resource[3]

• Aim of drilling program is to make new palladium and platinum discoveries to add to the current JORC resource of 1.27Moz PdEq[3]

Galileo Mining Ltd (ASX: GAL, “ Galileo ” or the “ Company ”) is pleased to announce a 5,000m aircore drilling program targeting Platinum Group Elements (PGEs) has commenced at the Company’s Norseman project in Western Australia.

Galileo Managing Director Brad Underwood commented ; “We are pleased to announce PGE drilling has recommenced at our Norseman project. Galileo is one of only a few companies with PGE resources in Australia and our Norseman project has only recently been added to the list of Australian PGE prospective regions after our 2022 discovery of the Callisto deposit.

1 See ASX Announcement dated 16 June 2025

2 3E = Pd + Pt + Au expressed in g/t

3 See Table 1 and ASX Announcement dated 2 October 2023 for JORC resource details

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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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We believe the potential for new discoveries at Norseman is high and that the ultimate endowment of this new mineral belt could be far greater than our current 1.2Moz PdEq resource[3] . The current drill program will be following up existing results as well as opening new areas of exploration at our Mission Sill prospect.

We look forward to the results of the drilling as we search to create value from our extensive 270 square kilometre tenement holding in a highly prospective and underexplored region.”

Fig 1: Drilling underway at the Norseman PGE Project.

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Assay results from the March/April 2025 drill campaign showed peak assays of 4.11 g/t palladium and

2.47 g/t platinum over one metre from 29m depth in NAC617[1] . NAC617 occurs at the end of an aircore drill line and is open to the east (Figure 2). This area is now a focus for further aircore drilling aiming to identify the extent of the anomalism prior to deeper RC drill testing.

Figure 3 shows the location of an additional three target zones which have been confirmed through shallow aircore drill results. The southern two target zones in Figure 3, and prospective zones along the southern extent of the 12km long Mission Sill strike length (see Figure 4), will be drill tested in the upcoming drill campaign.

Approximately 5,000m of aircore drilling is planned for the current program and is scheduled to take three weeks to complete. Laboratory assay results are expected to be received four weeks after the end of the drill program.

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Figure 2 – NAC617 target zone with TMI magnetic background image. See ASX announcement dated 16[th] June 2025 for details..

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Figure 3 – Central Mission Sill aircore drilling target zones. TMI magnetic background image. See ASX announcement dated 16[th] June 2025 for details.

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Figure 4 – Callisto deposit and prospective geological trends at Galileo’s Norseman project.

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Figure 5 – Norseman project location map with a selection of mines, resources, and infrastructure in the region.

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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 600km[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 93

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