GALILEO MINING LTD — Interim / Quarterly Report 2021

Oct 20, 2021

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21 October 2021

ASX: GAL

QUARTERLY ACTIVITIES REPORT

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Corporate

• Successfully raised $6.5 million (before costs) through a Placement with cornerstone investments by major shareholders Creasy Group and IGO

• Funds used to accelerate exploration programs

• Well-funded to continue exploration programs with approximately $10.4 million in cash as at 30[th] September 2021

Fraser Range (Nickel-Copper-Cobalt)

• Copper and gold assays from Delta Blues DB2 target confirm

• prospective mineralised sulphides

Projects

Fraser Range Project Nickel-Copper-Cobalt

• Copper-gold assay results of:

• 4m @ 0.29 g/t gold and 0.29% copper from 188m (DBRC001) including 1 metre @ 0.61 g/t gold and 0.66% copper from 190m

• 5m @ 0.10 g/t gold and 0.25% copper from 167m (DBRC002)

Norseman Project Palladium-Nickel-Cobalt

• 4m @ 0.21 g/t gold and 0.27% copper from 154m (DBRC003)

• Only the top of EM target at Delta Blues DB2 drilled with strongest and best parts of the conductor untested at depth

• Follow up diamond core drilling planned at both DB2 and DB1 targets post receipt of new EM survey results

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• New nickel target less than 5km from nickel sulphides previously drilled at the Lantern South prospect

• Modelled EM conductor is a large-scale target 750 metres long and only 165 metres below surface

• Ongoing target generation work delivering results with high quality drill targets developed

Norseman Project (Palladium-Nickel-Cobalt)

• Palladium soil sample results from Norseman show highly anomalous zones ready for first pass aircore drilling

Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au 13 Colin St, West Perth, WA

• Maximum palladium value of 0.81 g/t, maximum platinum value of 0.26 g/t, maximum nickel value of 0.42%, maximum copper value of 0.11%

• 44 samples from a total of 458 returned palladium greater than 0.1 g/t

• Post-quarter end, five priority palladium-nickel targets to be tested in upcoming 10,000m aircore drilling program slated for late October

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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 30[th] September 2021 from its Fraser Range and Norseman projects in Western Australia.

Commenting on the recent activities, Galileo Managing Director Brad Underwood said:

“I am pleased to report what has been a strong quarter on both the corporate and exploration fronts for Galileo. “We successfully bolstered our cash position by $6.5 million via a placement to institutional and sophisticated investors. In a further validation of our exploration strategy, major shareholders Creasy Group and IGO were cornerstone investors in the placement. This placement, along with existing cash reserves, places us in a strong position to fund multiple exploration programs across our Norseman and Fraser Range projects.

“At the Fraser Range, we were highly encouraged by assay results from the first round of drilling at our Delta Blues prospect with anomalous copper-gold sulphides in all three drill holes at the DB2 target. Given we have only drilled the very top of the large EM conductor at DB2 and have yet to identify the source of the conductor at DB1, there is significant potential for success both at the Delta Blues prospect and within our Fraser Range tenements more generally.

“Follow up diamond drilling will be undertaken at Delta Blues after we have completed additional down hole and surface EM surveys. This will enable us to target the best parts of the conductors and maximise our chances of a successful outcome.

“In addition, EM surveys conducted over the Lantern Prospects to look for buried sulphides identified a new target just five kilometres along strike from Lantern South where previous drilling intercepted nickel-copper mineralisation. Infill EM surveying and modelling will now be undertaken to refine the target prior to drill testing.

“At Norseman, soil sampling results further confirmed the strong potential for mineralisation in the area. Post quarter-end, the soil sampling and existing drill results were used to define five priority drill targets for the upcoming aircore drilling campaign expected to commence in late October. This aircore drilling is designed to develop multiple prospects for advanced RC and/or diamond drilling programs.”

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

In September, Galileo reported assay results from three reverse circulation (RC) drill holes completed at the Company’s Delta Blues DB2 prospect within the Fraser Range Belt in Western Australia.[1] All three drill holes targeted the very top of a large electro-magnetic (EM) conductor and all three holes recorded sulphide intercepts with anomalous amounts of copper and gold. Diamond drill core testing is now required to test for economic mineralisation beneath the currently reported intercepts at DB2 and to determine the source of the strong EM conductor at the DB1 target.

Figure 1 ––Cross Section of Drill Hole DBRC001 with EM Target at the Delta Blues DB2 Prospect

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Geology logging at DB2 recorded a thin layer of sediment cover overlying typical Fraser Range metasediments and mafic granulites near surface. Small units of mafic (gabbro) intrusive rocks within the metasediments were noted prior to the sulphide zones. The sulphide mineralisation in all drill holes occurs as semi massive bands surrounded by disseminated sulphide within a mafic intrusion adjacent to a medium grained felsic intrusion.

1 Refer to ASX announcement dated 13 September 2021

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These intrusions have been preliminarily logged on site as a gabbro and a tonalite with petrography underway to determine the precise rock classifications.

One metre split samples from RC drillholes DBRC001, DBRC002, and DBRC003 were sent to the laboratory for priority analyses. These samples were collected between 179m and 200m (DBRC001), 160m and 180m (DBRC002) and 146m and 186m (DBRC003). Assays are reported in Appendix 3 where copper values are greater than 0.1% and are summarised in the highlights section at the beginning of this announcement. The sections of these three drill holes outside of the priority zones, and the single drill hole completed at DB1 (DBRC004), were sampled with three metre composites. Assay results from these samples have now been received and will be used to assist with petrographical examination. Drill hole collar details and summary drill logs are reported in Appendices 1 and 2 respectively.

Figure 2 ––RC Drilling at Galileo’s Delta Blues Prospect in the Fraser Range

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The economic implications of the assay results from DB2 are at this stage uncertain with deeper diamond drilling required to test the better parts of the EM conductor at depth. The scale of the modelled EM conductor at Delta Blues DB2 is substantial with dimensions up to 500m by 500m (Table 1). The initial three drill holes completed at DB2 have confirmed sulphide mineralisation over a minimum strike length of 210m (Figure 3). Only the very top of the conductor has been drilled and down hole EM surveying will be undertaken to refine the targets prior to diamond drill testing. Timing of diamond drilling is subject to rig availability as Western Australia continues to be affected by labour shortages which limit the ability of contractors to undertake Galileo’s drill programs.

Figure 3 –– RC Drill Hole Plan Location at Delta Blues DB2 with EM Target over TMI Magnetic Image

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One drill hole (DBRC004) was completed at the DB1 target (Figure 4). Geological logging of DBRC004 records multiple units of intrusive rocks of the kind associated with known nickel-copper occurrences in the Fraser Range belt.[2] The cause of the conductive anomaly at DB1 was not identified and additional EM surveying is required to help determine the source. It is important to recognise that no graphite or sulphidic sediments were logged in the drill hole and that the strongly conductive source (Table 1) remains unexplained.

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Figure 4 –– Cross Section of Drill Hole DBRC004 with EM Target at the Delta Blues DB1 Prospect

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• 2 Refer to Galileo’s ASX announcements dated 23rd August 2021

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Figure 5 – Delta Blues Conductors with Aircore Drilling and Neighbouring Prospects (TMI Magnetics)

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In August, Galileo reported results from target generation electro-magnetic (EM) surveying in the Fraser Range region had identified a new nickel sulphide target.

The discovery of the new nickel sulphide target follows on from Fraser Range drilling earlier this year which focussed on the Lantern Prospects where the potential for discovery was demonstrated by the identification of nickel-copper sulphides.

Since then, Galileo has aggressively explored the area with EM surveying to look for buried sulphides. The new target identified, named the Easterly Prospect, is just five kilometres along strike from Lantern South in a similar geological setting. Infill EM surveying and modelling will now be undertaken to refine the target prior to drill testing.

Figure 6 - New Nickel Target (Easterly Prospect) in the Fraser Range over TMI Magnetics

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Geophysical parameters of the newly identified conductor are shown in Table 2.

Table 2: Easterly Prospect modelled conductor:

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Regional geophysical surveying at the Fraser Range Project continued over the quarter including 233 stations collected at the Empire Rose prospect at the southern end of the Fraser Range. The Empire Rose area is just 30km from the Nova mine site with previous drilling by Galileo showing best nickel results of 36m @ 0.2% nickel from 24m (see Galileo’s ASX announcement 30 October 2018). The recently completed EM surveying highlighted multiple conductors that appear to be related to regional stratigraphy. Drill targets from this survey work may be confirmed upon completion of aircore drilling to determine whether prospective rock units occur in conjunction with the observed EM anomalism.

Figure 7 – Galileo Prospect Locations in the Fraser Range

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Norseman (100% GAL)

During the quarter, Galileo reported results from ongoing soil sampling at its 100% owned Norseman project located within the Kambalda nickel belt of Western Australia.

In August, the company announced soil sampling targeting palladium and nickel had defined two priority palladium targets which have now been added to the list of targets for initial drill testing.[3]

The most recent soil sampling program consisted of 458 samples covering a highly prospective area at the Mission Sill/Jimberlana prospects between two areas with maximum palladium in soil values of 0.31g/t Pd and 0.16g/t Pd (see Figure 8).[4]

Figure 8 ––Mission Sill & Jimberlana Prospects at Norseman with Soil Sampling Location (TMI mag)

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• 3 Refer to Galileo’s announcement dated 25th August 2021.

• 4 Refer to Galileo’s ASX announcement dated 17th May 2021

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The new sampling has shown two zones of strong palladium and platinum potential – one over the Mission Sill at an ultramafic/mafic contact and the second over a particular unit within the layered intrusive Jimberlana Dyke. Figures 9 and 10 show the distribution of palladium and platinum over the newly sampled areas. The Jimberlana Dyke has been described by the Geological Survey of Western Australia as similar to the Great Dyke of Zimbabwe which is a centre of palladium and platinum production.[5]

Figure 9 –Palladium Soil Geochemistry with Anomalous Palladium Zones Highlighted (TMI-1VD Mag)

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Figure 10 –Platinum Soil Geochemistry with Anomalous Palladium Zones Highlighted (TMI-1VD Mag)

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5 Refer to the GSWA 250k Norseman Map Sheet Explanatory Notes,1973 accessible at www.dmirs.wa.gov.au

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Regional geophysical surveying at the Norseman Project was undertaken over the quarter including fixed loop and moving loop EM surveying. A Fixed Loop EM survey was completed over a zone south of the conductors identified at the Subzero Prospect in 2019 (see Galileo’s ASX announcement 22 July 2019). A moving loop EM survey was also undertaken at the Woodcutters nickel prospect. Results of EM surveying highlighted multiple conductors that appear to be inter-connected with regional stratigraphy. Drill targets from this survey work may be confirmed upon completion of aircore drilling to determine whether prospective rock units occur in conjunction with the observed EM anomalism.

Figure 11 – Norseman Project Location Map with Selection of Regional Mines and Infrastructure

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Planned and upcoming work programs at the Norseman Project

Post quarter end, Galileo reported that soil sampling and existing drilling have defined five priority palladiumnickel targets for testing in the initial 10,000 metre aircore drilling program scheduled to commence in late October. The campaign drilling program is expected to run for approximately six weeks.[6]

Target JD1: Central position of the Jimberlana Dyke. Maximum palladium value in soil sampling from this area was 0.81 g/t Pd while maximum nickel recorded was 0.2% Ni. Geochemical anomalism is associated with outcropping Jimberlana Dyke layered intrusion. Prospective areas of the dyke to the north and south occur under shallow cover with soil sampling rendered invalid by the cover material. Aircore drilling is designed to extend over areas where cover prevents effective soil sampling.

Figure 12 ––Priority Palladium-Nickel Targets at Norseman - see text for target descriptions (TMI magnetic background image)

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6 Refer to Galileo’s announcement dated 6th October 2021.

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Target JD2: Southern position of the Jimberlana Dyke where the dyke has breached a north striking sulphidic sediment stratigraphically beneath the Mission Sill intrusion. Maximum palladium value in soil sampling from this area was 0.32 g/t Pd and maximum nickel was 0.12% Ni.

Target MS1: Southern prospective contact zone between Mission Sill ultramafic and overlying gabbro. This is a similar geological position to where mineralisation occurs at known deposits such as the Lac des Iles mine in Canada and the Munni Munni deposit in Western Australia. Previous RC drilling recorded wide intersections of palladium such as 68 metres @ 0.2 g/t Pd. (see Figure 13 cross section and Galileo’s ASX announcement dated 17th May 2021 for additional information).

Figure 13 – Drill Section with Basement Palladium Mineralisation and Target Contact Zone at the Mission Sill Prospect (refer to Galileo ASX Announcement dated 17[th] May 2021)

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Target MS2: Prospective contact zone between Mission Sill ultramafic and overlying gabbro where the sill has interacted with the east-west trending Jimberlana Dyke. Maximum values up to 0.3 g/t Pd and 0.25% Ni in soil sampling from this location are associated with laterite-ironstone with prospective zones (as identified by magnetic interpretation) obscured by cover material.

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Target MS3: Northern prospective contact zone between Mission Sill ultramafic and overlying gabbro. Ultramafic rock outcrops however the prospective contact position is mostly under shallow cover. Maximum palladium value in soil sampling from this area was 0.16 g/t Pd. Maximum nickel value was 0.19% Ni.

RC and/or diamond drilling will be undertaken after the completion of aircore drilling to follow up any anomalies resulting from the aircore program. RC/diamond drilling will also test down dip and along strike of Galileo’s existing mineralised drill results within the Norseman Project area including palladium intersections such as:

• 27 metres @ 0.58 g/t Pd, 0.12 g/t Pt, 0.13 % Cu & 0.18% Ni (MTRC096)[7] including 3 metres @ 1.1 g/t Pd, 0.19 g/t Pt, 0.23% Cu & 0.26% Ni; and

• 24 metres @ 0.51 g/t Pd, 0.08 g/t Pt, 0.10 % Cu & 0.15% Ni (MTRC086)

The grade within the sulphide zone at the Mt Thirsty prospect (Figure 14 cross section) increases towards the east supporting the interpretation that increased mineralisation occurs within the target zone.

Figure 14 – Drill Section with Palladium Mineralisation and Target Zone at the Mt Thirsty Prospect

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• 7 Refer to Galileo’s ASX announcement dated 17th May 2021

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Corporate

In September, Galileo successfully completed a Placement to sophisticated and institutional investors raising $6.5 million (before costs) through the issue of 25,000,000 shares at $0.26 per share.[8]

Funds raised will primarily be used to accelerate Galileo’s advanced exploration programs of:

• Ongoing drilling and exploration for Nova-style nickel/copper/cobalt deposits at Fraser Range project;

• Drilling and exploration for palladium and nickel at the Norseman project; and

• Working capital purposes.

Galileo is well funded to undertake all of its planned exploration programs with approximately $10.4 million in cash as at 30 September 2021. Please refer to the Company’s Appendix 5B Quarterly Cashflow Report for the period ended 30 September 2021 (released to the ASX on today’s date) for further information.

Response to Social Media Posts

In August Galileo made an ASX release responding to shareholder enquiries regarding potentially defamatory comments published on the website HotCopper.com.au.[9]

Since that time, Galileo has communicated directly with one of the HotCopper users responsible for several of the potentially defamatory posts and received both an apology and a commitment to refrain from defamatory posts in the future. Galileo notes that the person involved was a particularly small shareholder who was concerned that he would be exposed as responsible for the offending posts. Galileo suggests that all shareholders treat anonymous posts on social media platforms with a strong degree of caution. Galileo continues to reserve its rights with regard to the aforementioned HotCopper posts.

ASX Additional Information

1. ASX Listing Rule 5.3.1: Exploration and Evaluation expenditure during the September 2021 Quarter was $766,000. Full details of exploration activity during the September 2021 Quarter are set out in this report.

2. ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the Quarter.

3. ASX Listing Rule 5.3.3: Please refer to Appendix 4 for Galileo’s Tenement Schedule at 30 September 2021.

4. Rule 5.3.5: – Payments to related parties of the Company and their associates during the Quarter (as detailed in Section 6 of the Company’s Appendix 5B Quarterly Cash Flow Report) totalling $150,000 was paid to Directors and Associates for salaries, superannuation, and director and consulting fees. Please see the Remuneration Report in the 2021 Annual Financial Report for further details on Directors’ remuneration.

8 Refer to Galileo’s announcement dated 8th and 15th of September 2021.

9 Refer to Galileo’s announcement dated 23rd August 2021.

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Competent Person Statement

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 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 nickel, copper and cobalt resources in Western Australia. GAL has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickel-copper sulphide deposits similar to the operating Nova mine. GAL also 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 15 below).

Figure 15: 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 –– RC Drillhole Collar Details at the Delta Blues (DB2) Prospect

Hole ID	Prospect	East	North	RL	Dip	Azimuth	Depth (m)
DBRC001	Delta Blues (DB2)	583488	6544022	231	-70	270	214
DBRC002	Delta Blues (DB2)	583495	6544110	229	-70	270	214
DBRC003	Delta Blues (DB2)	583467	6543902	232	-60	270	213
DBRC004	Delta Blues (DB1)	578820	6547155	226	-80	270	200

Appendix 2 –– Delta Blues (DB2) Prospect RC Drill Hole Summary Logs. Thin section petrography required to determine precise rock classifications.

DBRC001 Drill Log Summary

From (m)	To (m)	Comment
0	27	Transported and sediment cover
27	97	Quartz-garnet gneiss with minor mafic granulite bands
97	136	Quartz-garnet gneiss
136	161	Meta-psammite
161	178	Mafic granulite
178	184	Mafic intrusion (logged as gabbro)
184	196	Mafic intrusion with disseminated sulphide (semi-massive sulphide from 190m to 192m)
196	214	Felsic intrusion (logged as tonalite)

DBRC002 Drill Log Summary

From (m)	To (m)	Comment
0	26	Transported and sediment cover
26	85	Mafic granulite
85	108	Quartz-garnet gneiss with minor mafic granulite
108	126	Mafic intrusion (logged as gabbro)
126	143	Quartz garnet gneiss
143	156	Gneiss and mafic granulite
156	160	Felsic intrusion (logged as tonalite)
160	178	Mafic intrusion with disseminated sulphide (semi-massive sulphide from 167m to 170m)
178	214	Mafic intrusion (logged as gabbro)

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DBRC003 Drill Log Summary

From (m)	To (m)	Comment
0	39	Transported and sediment cover
39	70	Quartz-garnet-biotite gneiss
70	78	Quartz-garnet gneiss
78	110	Quartz-garnet gneiss, minor mafic granulite bands
110	141	Mafic granulite and quartz gneiss
141	148	Mafic intrusion (logged as gabbro)
148	160	Mafic intrusion with disseminated sulphide (semi-massive sulphide from 154m to 157m)
160	178	Mafic intrusion with felsic (quartz rich) intrusive bands
178	213	Quartz-garnet gneiss

Appendix 3 – 1 Metre Split RC Samples from DB2 Prospect. Copper > 0.1%, maximum 1 m internal dilution.

Hole ID	From (m)	To (m)	Interval	Au (ppb)	Ag (ppm)	Cu (%)	Fe (%)	Zn (%)
DBRC001	188	189	1	93	4.54	0.18	19	0.27
DBRC001	189	190	1	25	0.91	0.06	16	0.17
DBRC001	190	191	1	611	6.75	0.66	45	0.20
DBRC001	191	192	1	438	3.54	0.28	42	0.11
DBRC002	167	168	1	114	1.73	0.20	30	0.13
DBRC002	168	169	1	117	1.67	0.38	23	0.21
DBRC002	169	170	1	61	1.31	0.18	21	0.12
DBRC002	170	171	1	144	1.00	0.18	12	0.10
DBRC002	171	172	1	39	1.04	0.31	11	0.09
DBRC003	154	155	1	242	1.04	0.16	26	0.30
DBRC003	155	156	1	240	2.37	0.35	44	0.11
DBRC003	156	157	1	192	2.23	0.40	44	0.13
DBRC003	157	158	1	179	2.01	0.18	30	0.20

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Appendix 4 - Galileo Mining Tenement Schedule as at 30 September 2021

Project	Tenement	Interest at	Interest at	Nature of
	reference & Location	beginning of Quarter	end of	Interest As at end of Quarter
			Quarter
NORSEMAN PROJECT	All tenements are in Western Australia
	E63/1041	100%	100%	Active
	E63/1764	100%	100%	Active
	P63/2053	100%	100%	Active
	P63/2105	100%	100%	Active
	P63/2106	100%	100%	Active
	P63/2107	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
	P63/2115	100%	100%	Active
	P63/2116	100%	100%	Active
	P63/2117	100%	100%	Active
	P63/2118	100%	100%	Active
	P63/2123	100%	100%	Active
	P63/2136	100%	100%	Active
	P63/2137	100%	100%	Active
	M63/671	100%	100%	Active
	L63/83	100%	100%	Active
	L63/85	100%	100%	Active
	L63/86	100%	100%	Active
	L63/87	100%	100%	Active
	L63/88	100%	100%	Active
FRASER RANGE PROJECT	All tenements are in Western Australia
	E28/2064	67%	67% NSZ(1)	Active
	E28/2912	100%	100%	Active
	E28/2949	100%	100%	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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