GALILEO MINING LTD — Capital/Financing Update 2026

Feb 26, 2026

27 February 2026

ASX Announcement

ASX: GAL

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Diamond Drilling Underway at Callisto PGE Resource

Highlights

• Diamond core drilling has commenced at the 17.5Mt Callisto resource exploring for deeper repeats of the near surface mineralisation

• Drillhole planned to reach at least 600m to test beneath the thickest section of the Callisto mineralisation

• Drilling is partially funded by the Western Australia state government Exploration Incentive Scheme (EIS)

• Drill program is expected to take three weeks to complete with core processing and assaying to follow

• One metre split samples from recent RC drilling[1] have been collected and are currently being analysed at the laboratory

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Figure 1 – Diamond core drilling underway at Callisto
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Registered Office: 13 Colin St, West Perth, WA, 6005 Mailing Address: P.O. Box 415, West Perth WA 6872 Phone: +61 8 9463 0063 Email: info@galileomining.com.au Website: galileomining.com.au

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Galileo Mining Ltd (ASX: GAL, “ Galileo ” or the “ Company ”) is pleased to announce the start of diamond core drilling at the Company’s 100% owned Norseman project in Western Australia.[12]

Galileo Managing Director Brad Underwood commented ; “The commencement of deep diamond core drilling at our Callisto resource is an important step in the evolution of our Norseman project. Having defined 17.5Mt of near surface mineralisation we are now expanding the search to look for stacked lodes that may have intruded at depth using the same geological structures responsible for the emplacement of Callisto. As well as exploring for new discoveries the current drilling will provide us with mineralised samples for additional metallurgical test work on the existing resource. New one metre split samples from RC drilling at the Mission Sill have been collected and are being processed at the laboratory with results expected in four to six weeks. These assays will assist in determining the location of follow up drilling at the Mission Sill prospect.

With over 20km of prospective strike around the Callisto resource, and over 10km of strike at the Mission Sill prospect, we are excited to be exploring a large project area with excellent potential for additional discoveries at multiple locations.”

In 2025 Galileo successfully applied for Western Australian state funding to drill beneath the Callisto PGE-nickel-copper deposit at Norseman[2] . Up to $180,000 is available to assist in drilling costs through the Exploration Incentive Scheme (EIS). Diamond core drilling will focus directly below the Callisto

Figure 2 – Callisto mineralisation schematic cross section and target zone for EIS funded

diamond core drilling beneath the resource.

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Target zone beneath
Callisto mineralisation
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1 Refer to ASX Announcement dated 3rd February 2026

2 Refer to ASX Announcement dated 30th April 2025

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resource to test for new mineralisation and to increase the understanding of how the deposit was formed. In addition to the potential of making a new discovery, the geological information obtained from drilling will contribute to further exploration along strike from Callisto and at other prospects in the Norseman project area. The initial EIS diamond hole is planned to drill to 600m depth with further extensions possible as determined by results.

Galileo also intends to undertake new metallurgical test work with the aim of optimising the Company’s understanding of metal extraction from the Callisto resource. Early-stage metallurgical results[3] showed excellent metallurgical recoveries from industry standard sulphide flotation test work. New metallurgical samples will be obtained from the diamond drill hole planned to test for mineralisation beneath the Callisto resource. This drill hole will intersect the Callisto mineralisation at shallow levels before continuing deeper to test the undrilled zones immediately beneath the resource.

Figure 3 – Norseman Project outline (blue line) with PGE prospective area (black dashed line),

Callisto Deposit (red star), and prospects requiring follow up drilling (grey stars).

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3 Refer to ASX announcement dated 20th February 2023

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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[4] , 0.20% Ni, 0.16% Cu (2.3g/t PdEq[5] or 0.52% NiEq[6] ).

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

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.

44E = Palladium (Pd) + Platinum (Pt) + Gold (Au) + Rhodium (Rh) expressed in g/t

5 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 (%)

6 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.

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

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