GALILEO MINING LTD — Interim / Quarterly Report 2019

Apr 16, 2019

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17 April 2019 ASX: GAL

QUARTERLY ACTIVITIES REPORT & APPENDIX 5B

Corporate Directory

Directors

Non-Executive Chairman Simon Jenkins

Managing Director Brad Underwood

Technical Director Noel O’Brien

Fast Facts
Issued Shares	120.4m
Share Price Market Cap	$0.14 $16.9m
Cash (31/03/19)	$8.0m

Projects

Norseman Cobalt Project Fraser Range Nickel Project

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Highlights

Fraser Range Project (JV with Creasy Group)

• Outstanding geophysical results from the Empire Rose Prospect 30km from the Nova mine site in the Fraser Range

• Empire Rose drill holes targeting geophysical results are scheduled for May and follow on from initial aircore results of 36m @ 0.2% nickel from 18m (ERAC015)

• Aircore samples from maiden aircore drilling at the Lantern Prospect have returned anomalous nickel and copper with best results including;

• 27m @ 0.18% nickel and 0.17% copper from 47m (drill hole LAAC041)

• 8m @ 0.21% nickel and 0.03% copper from 45m (drill hole LAAC042)

• Pyrite and chalcopyrite sulphide minerals observed in rock chips

• Rock types recognised under microscope include gabbro, gabbro-norite, pyroxenite, peridotite, and mafic cumulates, similar to the host rocks at the Fraser Range Nova and Silver Knight nickel-copper deposits

Norseman Cobalt Project (100% owned)

• Scoping study level process plant design confirms highly efficient beneficiation and processing methodology for cobalt extraction

• Ongoing test work aims to optimise beneficiation potential as a key project differentiator

Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au

Corporate

• Well funded cash position of $8.0 million at the end of the March Quarter 2019

• 83% of operating expenditure ($852,000) went into Exploration and Evaluation over the Quarter

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Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to provide a summary of activities for the quarter ending 31 March 2019. Commenting on the results, Galileo Managing Director Brad Underwood said:

“The March quarter was a defining period for our recently listed Company with maiden aircore drilling at the highly prospective Fraser Range Lantern and Nightmarch nickel-copper targets exceeding expectations. Drilling at Lantern delivered numerous positive indicators with sample results, mineralogy, and rock types, all increasing the prospectivity of the area. With our upcoming drilling program at the Empire Rose prospect, the Fraser Range has emerged as a major focus for Galileo in the foreseeable future. Saying that, we continued to progress with work at our 100% owned Norseman cobalt project during the quarter with the Company outlining the proposed process plant design. We believe this project will have a competitive advantage over our cobalt peers as it will use low-cost beneficiation and an efficient processing methodology for cobalt extraction.”

Fraser Range Project, WA

The results of an Induced Polarisation (IP) survey undertaken at the Empire Rose Prospect in the Fraser Range, 30 km from the Nova mine site (see Figure 2), have defined a highly chargeable feature coincident with an electro-magnetic (EM) anomaly that is further supported by anomalous near surface geochemistry of 36m @ 0.2% nickel from 18m. Government drilling approvals for the proposed program at Empire Rose were received over the Quarter and drilling is scheduled to begin in May.

Figure 1 – Empire Rose Prospect cross section with EM conductor, IP Target and Planned Drill Target

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Conductive and chargeable targets are frequently pursued in nickel exploration due to large accumulations of sulphides, the minerals which can contain nickel, giving a measurable geophysical response when a current is passed through the ground during survey work. Galileo considers that the chargeability, conductivity, geological position, and restricted strike length geometry of the Empire Rose target, are all positive characteristics which could represent economic sulphide mineralisation at relatively shallow depths.

Figure 2 – Galileo’s Fraser Range tenement holdings (blue) with Prospect locations.

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Galileo undertook a maiden drilling campaign at the Fraser Range Lantern and Nightmarch Prospects during the Quarter. The aircore drilling program at the Lantern Prospect consisted of a total of 76 drill holes for 4,451 metres drilled. Average drill hole depth was just 59m with cover rock typically between 40 and 60 metres over the target Proterozoic basement.

Figure 3 – Plan View of Maiden Lantern Aircore Drilling over TMI Magnetic Image with Prospective Rock Units

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Laboratory assay results from maiden aircore drilling at the Company’s Lantern Prospect included best results of:

• 27m @ 0.18% nickel and 0.17% copper from 47m (drill hole LAAC041)

• 8m @ 0.21% nickel and 0.03% copper from 45m (drill hole LAAC042)

• 7m @ 0.18% nickel from 45m (drill hole LAAC075)

Nickel and copper assays have confirmed the prospective nature of the Lantern area. However, it is the petrology work completed under the microscope that has demonstrated mafic-ultramafic rocks, with the capacity to host magmatic nickel mineralisation, occur at Lantern as large-scale intrusions over a 7km horizon.

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The Lantern Prospect has demonstrated numerous characteristics typical of mineralised magmatic systems – anomalous nickel and copper, sulphide minerals, and prospective mafic host rocks. Follow up work will include a wide-ranging ground EM survey designed to identify electrically conductive signatures that may be related to economic sulphide mineralisation. Due to the shallow cover it is expected that ground EM will be an effective technique to efficiently penetrate beneath the overburden into the target rocks. EM surveying is planned to begin in May with results anticipated from June onwards.

Figure 4 – Plan View of Geochemical Anomalous Area at the Lantern Prospect over TMI Magnetic Image

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At the Nightmarch Prospect, 987 aircore metres were drilled over 17 drill holes for an average depth of 58 metres. The shallow depth of cover has facilitated a quick interpretation of the basement rock with first pass drilling providing substantial information for the determination of relative prospectivity. Petrological examination suggests that the rock types at Nightmarch are less prospective than those at Lantern and, as a result, work at Nightmarch will be restricted while the Company increases its focus on Lantern.

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Norseman Project, Western Australia

During the quarter, Galileo provided an update on the progress of the Norseman Cobalt Project scoping study. SGS-Bateman have completed a scoping study level process plant design with CAPEX and OPEX estimates for the proposed processing plant. The design and cost estimates for the processing plant have been provided to CSA Global who are currently completing a Conceptual Mining Study based on the SGSBateman flow sheets. Previously reported beneficiation and leach test work results have been incorporated into the study with conservative estimates used which provides the opportunity for further improvement as more test results become available.

Conceptual Mining Study

CSA Global is completing a Conceptual Mining Study based on Galileo’s current JORC resources and utilising SGS-Bateman’s processing plant design criteria, outlined below. Initial results of optimisation work have shown that nickel mineralisation exists immediately adjacent to the Mt Thirsty JORC resource which is not contained within the resource model. The current JORC resource is based on a 0.06% cobalt cut-off which excludes nickel mineralisation with lower levels of cobalt. In order to include the additional nickel mineralisation in the Conceptual Mining Study, Galileo intends to complete a new JORC estimation of the Mt Thirsty deposit using a suitable nickel cut-off grade which will capture both the nickel and cobalt mineralisation.

Norseman Cobalt Project Flow Sheet

SGS-Bateman have completed a Process Plant Scoping Study based on an atmospheric leaching plant which treats beneficiated material. The proposed plant is designed to treat 254 tonnes per hour (2 Mtpa) of laterite ore which delivers 152 tonnes per hour (1.0 Mtpa) of beneficiated ore to the leach processing plant. The final product is expected to be a Mixed Sulphide Precipitate (MSP) which is traded globally as an intermediate product for use in the production of refined cobalt and nickel products, particularly battery chemicals.

Crushing and Beneficiation

The process design envisages that ROM ore will pass over a 600mm square grizzly into the ROM bin, which discharges via an apron feeder to a sizer, to yield a product size of p100 = 100mm. The crushed ore will then be conveyed to a stockpile before being fed to a rotating drum scrubber which washes the crushed ore and separates fine clay particles from coarser particles ahead of being classified in a two-stage cyclone system. The first stage cyclone cuts at 150µm with coarse underflow reporting to a ball mill for further size reduction, whilst the overflow is sent forward to a second stage of cycloning which cuts at 38µm. This overflow is sent directly to tails thickening and disposal whilst the +38µm undersize is pumped to a pre-leach thickener to reduce the pulp volume before being advanced to the atmospheric leach circuit.

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Beneficiation of Norseman Cobalt Project Samples

Preliminary beneficiation results from Norseman samples showed a significant increase in cobalt grade using commercially available sizing techniques. The coarse fraction of the samples was found to contain most of the cobalt which presented an opportunity to maximise the value of the project through preconcentration. Initial results showed a 280% increase in cobalt grade from 0.1% to 0.28% with an accompanying 72.5% reduction in sample mass (1).

Figure 5 – Simplified Block Flow Diagram for the Norseman Cobalt Project

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Follow up tests on additional samples showed the coarse grade portion to have similar upgrades while the medium grade portion displayed a lower total cobalt upgrade (1). For the purposes of the scoping study, a conservative beneficiation assumption is made where the coarse and medium portions of the samples were combined to result in a 60% increase in cobalt grade and 15% increase in nickel grade, accompanied by an overall mass reduction of 50%. Based on these assumptions the recovery of total cobalt from the beneficiation plant is calculated to be 80% and 57.5% for nickel.

Atmospheric Tank Leaching

The pre-leach thickener underflow will be continuously pumped to the atmospheric leach tanks where it will react with sulphuric acid and sulphur dioxide (produced on site from a sulphur burning plant). The leach tanks will be heated to a temperature of 70°C with steam generated from excess heat produced by the sulphur burning plant. Solids to the leach will be introduced at a feed solids density of 40% and be leached for a 24-hour period. Development work will focus on possible improvements to leach kinetics and a

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reduction in leach time to improve plant throughput for little additional capital cost. The final acidity in the atmospheric leach circuit will be controlled to minimise excess acid and downstream neutralisation costs. The leached slurry will gravitate from the last tank to a Counter Current Decantation (CCD) circuit to wash and separate the leach residue from the pregnant solution liquor. The final CCD thickener underflow would then be pumped to the tailings neutralisation and disposal circuit, whilst the pregnant solution from the primary thickener overflow would move forward to the neutralisation circuit for the removal of residual acid, iron and aluminium from solution, ahead of final product precipitation.

Product Metal Precipitation

The filtered neutralised Pregnant Liquor Solution (PLS) is reacted with hydrogen sulphide gas or sodium sulphide to produce a mixed nickel/cobalt sulphide product. The main advantage of sulphide precipitation over the alternative MHS or Mixed Hydroxide route is that the sulphide precipitates have lower levels of impurities, specifically manganese.

Metallurgical Extraction of Cobalt and Nickel

Previously reported metallurgical results demonstrated that up to 95% of the cobalt and up to 66% of the nickel can be extracted from concentrate samples (2). For the purpose of the scoping study a 90% cobalt extraction and a 60% nickel extraction from the beneficiated concentrate has been assumed. This results in an overall extraction of 72% of the cobalt from the ROM and 34.5% of nickel from the ROM. One of the main advantages of pre-concentration prior to leaching is that most of the cobalt which is not recoverable by atmospheric leaching is removed prior to treatment.

Additional advantages include the reduction in mass going through the leach circuit and the reduction in high acid consuming minerals such as iron and alumina which are preferentially rejected to the fine fraction during beneficiation.

Opportunities for Value Improvement

A 24-hour leach residence time has been used in the process design. Optimisation of leach residence times may reduce the time needed to reach economic metal extraction at reduced consumption rates. Such reductions would allow the possibility of an incremental plant throughput increase for little to no extra capital expenditure. Optimisation of size classification at the beneficiation plant may allow for higher grade feed to the atmospheric leach circuit with reduced mass. Initial test work results suggest a cobalt upgrade of over 200% can be achieved with a mass reduction of approximately 70% as opposed to the much more conservative optimisation study assumptions which use a 60% cobalt increase associated with a 50% mass reduction. An ongoing program of concentration test work is planned to assist in the optimisation of concentrate sizing.

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Corporate

As at 31 March 2019, the Company had cash of approximately $8.0 million.

During the quarter the most significant costs incurred were related to exploration and evaluation with 83% of operating expenditure over the quarter falling into this category. Funds received over the quarter included a GST refund of $13,000 and interest of $18,000.

Estimated expenditure for the June 2019 Quarter is approximately $1.0 million.

Please refer to the attached Appendix 5B report for the period ended 31 March 2019 for further information.

Capital Structure

As at the date of this report the Company’s capital structure is as follows:

Quoted Securities:

Quoted Securities:
Number	Class
88,696,037	OrdinaryFullyPaid Shares(Shares)

Un-Quoted Securities

Number	Class
28,094,895	Shares- held in escrow for 24 months from 29 May 2018
3,600,000	Shares- held in escrow for 12 months from 16 May 2018
15,000,000	Class A Options Ex @$0.20 Exp 31/1/2023- held in escrow for 24 months from 29/5/2018 Vestingcondition 60-dayVWAP > $0.60
2,200,000	Performance Rights Vesting @ $1.00/ Exp 31/1/2023 Vestingcondition 10-dayVWAP > $1.00

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled 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.

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 cobalt and nickel resources in Western Australia. GAL holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see Figure 6 below). GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickelcopper-cobalt sulphide deposits.

Figure 6: 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).

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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Appendix 1: Galileo Mining Tenement Schedule as at 31 December 2018

Project	Tenement	Interest at	Interest at	Nature of
	reference & Location	beginning of Quarter	end of	Interest As at end of Quarter
			Quarter
NORSEMAN COBALT PROJECT	All tenements are in Western Australia
	E63/1041	100%	100%	Active
	E63/1764	100%	100%	Active
	P63/2053	100%	100%	Active
	P63/2106	100%	100%	Active
	P63/2108	100%	100%	Active
	P63/2109	100%	100%	Active
	P63/2110	100%	100%	Active
	P63/2111	100%	100%	Active
	P63/2112	100%	100%	Active
	P63/2113	100%	100%	Active
	P63/2114	100%	100%	Active
	P63/2116	100%	100%	Active
	P63/2117	100%	100%	Active
	P63/2118	100%	100%	Active
	P63/2136	0%	100%	Active
	P63/2137	0%	100%	Active
FRASER RANGE PROJECT	All tenements are in Western Australia
	E28/2064	67%	67% NSZ(1)	Active
	E63/1539	67%	67% FSZ(2)	Active
	E63/1623	67%	67% FSZ(2)	Active
	E63/1624	67%	67% FSZ(2)	Active

(1) 67% owned by NSZ Resources Pty Ltd a wholly owned subsidiary of Galileo Mining, 33% Great Southern Nickel Pty Ltd (a Creasy Group Company).

(2) 67% owned by FSZ Resources Pty Ltd a wholly owned subsidiary of Galileo Mining, 33% Dunstan Holdings Pty Ltd (a Creasy Group Company).

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Name of entity

GALILEO MINING LTD

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ABN		Quarter ended (“current	quarter”)
70 104	114 132	31 MARCH 2019
Consolidated statement of cash flows		Current quarter $A’000	Year to date (9 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	‐	‐
1.2	Payments for
	(a) exploration & evaluation	(852)	(2,893)
	(b) development	‐	‐
	(c) production	‐	‐
	(d) staff costs	(40)	(142)
	(e) administration and corporate costs	(165)	(398)
1.3	Dividends received (see note 3)	‐	‐
1.4	Interest received	18	130
1.5	Interest and other costs of finance paid	‐	‐
1.6	Income taxes paid	‐	‐
1.7	Research and development refunds	‐	‐
1.8	Other (Net GST refunded)	13	155
1.9	Net cash from / (used in) operating	(1,026)	(3,148)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) property, plant and equipment	‐	(19)
	(b) tenements (see item 10)	(63)	(63)
	(c) investments	‐	‐

• See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months)
			$A’000
	(d) other non‐current assets	‐	‐
2.2	Proceeds from the disposal of:
	(a) property, plant and equipment	‐	‐
	(b) tenements (see item 10)	‐	‐
	(c) investments	‐	‐
	(d) other non‐current assets	‐	‐
2.3	Cash flows from loans to other entities	‐	‐
2.4	Dividends received (see note 3)	‐	‐
2.5	Other (Security Deposit refunded/(paid))	(7)	(17)
2.6	Net cash from / (used in) investing	(70)	(99)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of shares	‐	‐
3.2	Proceeds from issue of convertible notes	‐	‐
3.3	Proceeds from exercise of share options	‐	‐
3.4	Transaction costs related to issues of	‐	‐
	shares, convertible notes or options
3.5	Proceeds from borrowings	‐	‐
3.6	Repayment of borrowings	‐	‐
3.7	Transaction costs related to loans and	‐	‐
	borrowings
3.8	Dividends paid	‐	‐
3.9	Other (provide details if material)	‐	‐
3.10	Net cash from / (used in) financing	‐	‐
	activities
4.	Net increase / (decrease) in cash and	(1,096)	(3,247)
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	9,124	11,275
	period
4.2	Net cash from / (used in) operating	(1,026)	(3,148)
	activities (item 1.9 above)

• See chapter 19 for defined terms. Appendix 5B Page 2

01/09/2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months)
			$A’000
4.3	Net cash from / (used in) investing	(70)	(99)
	activities (item 2.6 above)
4.4	Net cash from / (used in) financing	‐	‐
	activities (item 3.10 above)
4.5	Effect of movement in exchange rates on	‐	‐
	cash held
4.6	Cash and cash equivalents at end of	8,028	8,028
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to
	the related items in the accounts
5.1	Bank balances	46	43
5.2	Call deposits	7,982	9,081
5.3	Bank overdrafts	‐	‐
5.4	Other (provide details)	‐	‐
5.5	Cash and cash equivalents at end of	8,028	9,124
	quarter (should equal item 4.6 above)
6.	Payments to directors of the entity and their associates		Current quarter
			$A'000
6.1	Aggregate amount of payments to these parties included in		123
	item 1.2
6.2	Aggregate amount of cash flow from loans to	these parties	‐
	included in item 2.3
6.3	Include below any explanation necessary to understand the transactions included in
	items 6.1 and 6.2

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• See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

7. Payments to related entities of the entity and their associates

• 7.1 Aggregate amount of payments to these parties included in item 1.2

• 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3

Current quarter $A'000 ‐ ‐

• 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

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8. Financing facilities available Add notes as necessary for an understanding of the position

8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify)

Total facility amount	Amount drawn at
at quarter end	quarter end
$A’000	$A’000
‐		‐
‐		‐
‐		‐

• 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

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9.	Estimated cash outflows for next quarter	$A’000
9.1	Exploration and evaluation	760
9.2	Development	‐
9.3	Production	‐
9.4	Staff costs	93
9.5	Administration and corporate costs	165
9.6	Other (provide details if material)	(30)1
9.7	Total estimated cash outflows	988

1Includes forecast interest income

• See chapter 19 for defined terms. Appendix 5B Page 4

01/09/2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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10. Changes in Tenement Nature of interest Interest Interest
tenements reference at at end of
(items 2.1(b) and and beginning quarter
2.2(b) above) location of quarter
10.1 Interests in mining
tenements and
petroleum tenements
lapsed, relinquished
or reduced
10.2 Interests in mining
tenements and
petroleum tenements
acquired or increased
----- End of picture text -----*

*Refer to Quarterly Activities Report for Schedule of Tenements.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

17 April 2019 Sign here: ............................................................ Date: ............................................. (Company secretary) Mathew Whyte Print name: .........................................................

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms. 01/09/2016

Appendix 5B Page 5