GALILEO MINING LTD — Capital/Financing Update 2025

Feb 25, 2025

ASX Announcement

26 February 2025

ASX: GAL

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Drill Program Underway at the Norseman Project

Highlights

• Drill program targeting palladium, platinum, and nickel has commenced at the Norseman Project in Western Australia

• Drill program is a follow up to recently reported results from the Mission Sill prospect including[1] ;

• 11m @ 0.71 g/t 3E[2] from 20m (NAC470)

• 18m @ 0.48 g/t 3E from surface (NAC471)

• 4m @ 0.73 g/t 3E from 39m (NAC479)

• 2m @ 2.29 g/t 3E from 27m (NAC501)

• Peak palladium assay of 3.3 g/t over one metre (from 28m, NAC501)

• Mission Sill prospect is approximately 8km from the 17.5Mt Callisto resource[3] and has the same prospective ultramafic host rocks

• Drill program includes infill drilling of recent results as well as new drilling along strike within the 12km Mission Sill prospective trend

Galileo Mining Ltd (ASX: GAL, “ Galileo ” or the “ Company ”) is pleased to provide an update on drilling activity at the Company’s 100% owned Norseman project in Western Australia.

Galileo Managing Director Brad Underwood commented ; “We are pleased to announce our first drill program of 2025 is underway with work focussing on our highly prospective Mission Sill target at Norseman. We already know the area has strong potential based on reported assay results and we are now conducting follow up drilling to progress the search for high value mineral discoveries. Our Norseman Project is in a greenfields region with minimal prior exploration for palladium and platinum prior to our 2022 discovery of the 17Mt Callisto deposit. We are aiming to make new

1 See ASX Announcement dated 18th February 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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discoveries and are excited to be working on an untested prospect close to existing infrastructure in an active mining district.

We look forward to the results of the current drill program as we search to unlock value from our extensive and prospective tenement holdings.”

Fig 1: Commencement of the current drill program at the Norseman Project.

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The Mission Sill prospect is a mafic-ultramafic sill complex parallel to the Callisto sill unit and located approximately 3km to the east of the southern end of the host sill to the Callisto deposit, and approximately 8km from the Callisto deposit itself (see location map in Figure 3). Geological prospect mapping at a 1:10,000 scale has accurately identified the basal position of the Mission Sill (see ASX Announcement dated 10[th] October 2024). Following the Callisto discovery, and the increased understanding of the prospective geology, the basal unit of the Mission Sill is now recognised as having the greatest capacity for Callisto style sulphide deposits. Further potential for sulphide mineralisation exists at the upper contact between the ultramafic and mafic rock units (Figure 2).

The current aircore drilling program will prioritise infill drilling on lines one through four (Figure 2) as a follow up to previously announced results. Additional drilling will be undertaken to the north and south within the extensive 12km strike length of the Mission Sill prospect. Approximately 6,000m of drilling is planned with the program 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 – November 2024 aircore drilling with location of anomalous drill results. TMI magnetic background image. See ASX Announcement dated 18[th] February 2025 for details.

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Figure 3 – Callisto deposit and prospective geological trends at Galileo’s Norseman project.

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Figure 4 – 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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