GALILEO MINING LTD — Interim / Quarterly Report 2022

Oct 26, 2022

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27 October 2022

ASX: GAL

QUARTERLY ACTIVITIES REPORT

Norseman – 100% GAL

Corporate Directory

Directors

Chairman & Managing Director Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Non-Executive Director Cecilia Camarri

• Primary focus during September Quarter was extensive RC and diamond drilling campaigns at the Callisto palladium-platinum-gold-rhodiumcopper-nickel discovery

• Second round of RC drilling completed (3,939m drilled over 16 drill holes and three pre-collars) with all 16 holes returning palladium-platinumgold-copper-nickel assays

• Third round of RC drilling commenced (10,000 metres for ~ 50 drill holes) and is ongoing with assay results confirming consistent high-grade palladium mineralisation as well as consistent rhodium grades

• First round of diamond drilling (up to an initial 5,000 metres) commenced and is ongoing with massive sulphide mineralisation intersected, displaying the potential for high-grade zones within the mineralised system

• Mineralisation continues to be open along strike and down dip to the east

Projects

Norseman Project Palladium-Nickel-CopperRhodium-Platinum-Gold

Fraser Range Project Nickel-Copper-Cobalt

Subsequent events

• Four RC drill holes completed 400 metres north of the Callisto discovery have intersected disseminated nickel sulphide mineralisation up to 51 metres thick

• Portable XRF analyses confirm the presence of nickel sulphide with laboratory assays required to determine whether palladium/platinum and other metals are present

• Assays from RC drill program at Callisto confirm palladium-platinumgold-copper-nickel in the western most drilling undertaken to date

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• Mineralisation completely open to the west-northwest where a three-metre high-grade seam has been discovered in NRC309

Fraser Range - 67% GAL / 33% Creasy Group JV

• EM surveying of recently acquired tenement along strike of sulphide mineralisation at the Lantern South prospect is continuing

• Infill EM surveying of highly conductive Green Moon prospect is planned to refine targets for drill testing

Corporate

• Successful completion of Placement raising $20.4 million (before costs) with placement closing oversubscribed, including $8.7 million cornerstone investment by major shareholders Mark Creasy and IGO

Contact Details

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

• Funds to be used for diamond and RC drill programs at Callisto and drilling for the palladium and nickel prospective Mission Sill and Jimberlana targets at Norseman

• Well-funded to continue exploration programs with approximately $23.5 million in cash as at 30[th] September 2022

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

The September Quarter 2022 has been a very busy period in which Galileo has further developed its understanding of the true extent of mineralisation discovered at the Callisto palladium-platinum-rhodium-goldcopper-nickel target via extensive and ongoing RC and diamond drilling programs.

With a very strong cash position, Galileo has been able to accelerate RC and diamond drilling campaigns at Callisto to test the regional prospectivity.

Results from the second round of RC drilling have been highly encouraging, further confirming the extensive nature of palladium and associated metals at Callisto.

Meanwhile, our first program of diamond drilling intersected massive sulphides at the shallow depth of 190 metres, an exceptional result, demonstrating the significant upside opportunities that present themselves as we continue our extensive drilling campaigns.

Post quarter end, our discovery of a new zone of disseminated nickel sulphide in our first exploration drill program 400m north of Callisto strongly supports our target generation model which suggests the five kilometres north of Callisto are the most prospective. We are now in the process of extending the scout drilling to the north as part of the current ongoing program.

Our extensive drilling campaigns are providing us with the data we need to understand the mineralisation and to trace out any high-grade zones along strike and at depth. We have a lot to learn about the overall mineralised system and the opportunities that may present themselves as we continue with our large-scale drill campaigns.

With another busy quarter of exploration underway, we strongly believe the opportunity for discovering a large mineralised system is significant and we look forward to progressing this exciting new discovery.”

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to provide a summary of activities for the quarter ending 30[th] September 2022 from its Norseman palladium-platinum-gold-copper-nickel-rhodium project and Fraser Range nickel project in Western Australia.

Norseman (100% GAL)

During the quarter, Galileo continued with ongoing RC and diamond drilling programs at the Callisto palladiumplatinum-rhodium-gold-copper-nickel target.

In July[1] , the second round of RC drilling was completed with 3,939m drilled over 16 drill holes and three precollars with all 16 holes returning palladium-platinum-gold-copper-nickel assays.

Galileo reported mineralisation on the northern sections was continuing towards the surface with the shallowest intercept to date at approximately 110 metres (NRC285 and NRC287) with mineralisation open in all directions and extending over 300 metres across strike on the southern and central lines and over 200 metres across strike on the northern line.

Holes were also analysed for rhodium with the first four holes (see Table 1) returning consistent rhodium grades[2] . Rhodium assaying of sulphide zones is progressing with a separate analytical technique used to quantify rhodium after the initial Pd-Pt-Au-Cu-Ni results.

1 Refer to ASX announcement dated 11th and 13th July and 3rd August 2022

2 Refer to ASX announcement dated 4th August 2022

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Table 1: 2
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Table 1: 2[nd] round of RC drilling - Significant intersections for drill holes NRC274, NRC275, NRC276, NRC277 with a 1.0 g/t 4E cut off, maximum of 1m internal dilution. Rounding may have slight effect on the calculation of 4E.

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Table 2: 2[nd] round of RC drilling - Significant intersections for drill holes NRC278, NRC281, NRC282, NRC285, NRC286, NRC287, NRC288 and NRC291 with a 0.5 g/t 3E cut off, maximum of 2m internal dilution, minimum width of 3m. Rounding may have slight effect on the calculation of 3E

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Table 3: 2
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Table 3: 2[nd] round of RC drilling - Significant intersections for drill holes NRC283, NRC284, NRC289, and NRC290 with a 0.5 g/t 3E cut off, maximum of 2m internal dilution, minimum width of 3m. Rounding may have a slight effect on the calculation of 3E

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In August[3] , Galileo commenced its third round of RC drilling at Callisto with an initial 10,000m campaign for 50 drill holes to follow up on the widespread and consistent palladium-platinum-gold-copper-nickel sulphide intersections reported to the ASX in May, June, and July 2022. The drill campaign consists of 50-metre spaced drill holes to target both the known mineralisation and along strike potential up to one kilometre to the north.

Figure 1 –– RC drilling on site at Galileo’s 100% owned Callisto discovery near Norseman.

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Assays from the current and ongoing RC drilling program confirmed consistent high grade palladium mineralisation at the Callisto discovery.

3 Refer to ASX announcement dated 2nd August 2022

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Table 4: New Drill Intersections (>0.5 g/t 3E cut-off, no internal dilution, minimum 3m drill width. Rounding may have slight effect on the calculation of 3E)

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Mineralisation continues to remain open along strike and down dip to the east.

Figure 2 –– Callisto geological interpretation section 6,447,950N with major drill intercepts. Assays pending for all diamond drill tails (NRC301, NRC302, NRC305, NRC306). NRC304 yet to be drilled with diamond tail.

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Figure 2 section shows the development of a new “seam” of PGE-Cu-Ni within the ultramafic rock above the lower zone. This mineralisation is consistent between drill holes at a 0.5 g/t 3E cut-off and peaks at 8m @ 1.39 g/t 3E in NRC303 where it dips shallowly to the east. The significance of this particular new zone will depend on the assay results from down-dip drill holes (NRC304, NRC305, NRC306). However, as a generalisation, the observation of new and distinct mineralised units within the large ultramafic sill is a positive development for the prospectivity of the overall five-kilometre-long host rock target zone.

In August[4] , Galileo commenced its maiden diamond drilling campaign at Callisto discovery with an initial 2,000 metres of drilling with an option to extend the drilling contract. The first diamond drill tail to be undertaken was on NRC278 where the RC pre-collar ended in mineralisation:

• 18 metres @ 1.02 g/t 3E (0.83 g/t Pd, 0.15 g/t Pt, 0.05 g/t Au), 0.20% Cu & 0.24% Ni from 214m (NRC278) and

• 3 metres @ 1.62 g/t 3E (1.33 g/t Pd, 0.23 g/t Pt, 0.06 g/t Au), 0.20% Cu & 0.21% Ni from 255m (drill hole ended in mineralisation)

Diamond core drilling is required to drill through NRCD278. Additional diamond drilling is designed to target down dip extensions at depth where the mineralisation continues to be open.

Later in August, the Company reported diamond drill hole NRCD293 from the ongoing program at Callisto had intersected massive sulphide mineralisation, displaying the potential for high-grade zones within the mineralised system.[5]

Galileo reported that 1.25 metres of massive sulphides had been logged within a larger 29.1 metre zone of disseminated and stringer sulphides (162.5m to 191.6m in NRCD293) with portable XRF analyses confirming the presence of nickel and copper sulphides.

Figure 3 Detail of massive sulphide mineralisation at 190.8m downhole in NRCD293 (field of view approximately 25cm across, NQ2 core)

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4 Refer to ASX announcement dated 18th August 2022

5 Refer to ASX announcement dated 29th August 2022

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Figure 4 Detail of massive sulphide mineralisation at 190.6m downhole in NRCD293 in top photo with larger interval in lower photo.

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Post period end[6] , Galileo reported four scout RC drill holes completed 400 metres north of the Callisto discovery drill hole NRC266 intersected disseminated nickel sulphide mineralisation with total sulphide content estimated at 5% over the logged interval in NRC346.

An adjacent drill hole 100m to the east (NRC347) also intersected disseminated sulphides with a lower overall abundance of logged sulphides. Two further drill holes were then completed with an 85-degree dip to establish the geometry and extent of mineralisation on the drill line (NRC353 and NRC354). Portable XRF analyses has confirmed the presence of nickel sulphides which were logged in drill chips.

Copper values registered on the pXRF were not significant and it is unknown whether the new nickel sulphide zone represents a similar style of mineralisation to that discovered at Callisto or a new mineralised domain.

Samples from the new zone of nickel sulphide have been submitted to the laboratory.

Figure 5 –– RC chips with disseminated sulphides (5%) in NRC346

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• 6 Refer to ASX announcement dated 10th October 2022 and Appendices 1 & 2 for details

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Figure 6 –– Plan map of RC drilling at the newly identified nickel sulphide zone north of the Callisto discovery. Diamond drilling is ongoing at Callisto while the RC drill rig continues to test targets to the north. Map includes the September geological interpretation of the metal enrichment footprint at Callisto with five kilometres of prospective ground to the north.

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Galileo announced in October that assays from the western most drilling undertaken to date at Callisto confirm palladium-platinum-gold-copper-nickel mineralisation.[7]

Assays received for RC drilling from the northern line 6,448,100N shows mineralisation remains completely open to the west-northwest where a three-metre high-grade seam has been discovered in NRC309. Significant new drill intersections include;

• 11 metres @ 1.63 g/t 3E (1) (1.29 g/t Pd, 0.24 g/t Pt, 0.10 g/t Au), 0.22% Cu & 0.27% Ni from 143m (NRC309), including o 3 metres @ 2.96 g/t 3E (2.37 g/t Pd, 0.41 g/t Pt, 0.18 g/t Au), 0.44% Cu & 0.43% Ni from 145m

• 22 metres @ 1.64 g/t 3E (1.33 g/t Pd, 0.23 g/t Pt, 0.07 g/t Au), 0.23% Cu & 0.26% Ni from 111m (NRC310)

• 23 metres @ 1.36 g/t 3E (1.11 g/t Pd, 0.19 g/t Pt, 0.06 g/t Au), 0.20% Cu & 0.23% Ni from 117m (NRC312)

Figure 7 –– Callisto geological interpretation section 6,448,100. Mineralisation is continuing to the west where grade appears to be increasing (NRC309 compared with drill hole NRC311 at left hand side of section).

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7 Refer to ASX announcement dated 12th October 2022.

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Figure 8 –– Plan map of drilling with 6,448,100N section line (Figure 7). Newly identified nickel sulphide zone is shown (ASX Announcement dated 10/10/2022) with an additional five kilometres of prospective rocks to the north. Interpretation of metal plunge within sulphide zone at Callisto is shown by the red dotted line, open in both directions. Diamond drilling is ongoing at Callisto while the RC drill rig continues to test targets to the north.

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Next Steps

Two rigs (one RC and one diamond drill) are continuing to drill at the Callisto discovery.

Exploration RC drilling will continue to the north, targeting the interpreted prospective geological horizons on Galileo’s tenements. No targeted drilling has been conducted west or north of NRC309 and this area is now a priority for follow up RC drilling.

Diamond drilling continues at the Callisto discovery with the extent of sulphide mineralisation, and the geometry of metal distribution within the sulphide zones, yet to be fully determined.

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Figure 9 - Aerial view of RC drilling on site at Galileo’s 100% owned Callisto discovery near Norseman

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

While the priority for Galileo during the quarter was exploration at Norseman, the Company continued to progress exploration work at its Fraser Range project.

EM surveying is ongoing at Galileo’s northern Fraser Range project area with the aim of defining new undercover nickel targets for drill testing. Previous drilling at the Lantern South and Lantern East prospects has established the area as highly prospective for sulphides. The conductive anomaly at the Easterly prospect is northeast along strike and ready for drill testing.

The conductive target at the Green Moon prospect requires infill EM surveying to refine the target prior to drill testing. The current parameters of the EM models at these locations are shown in Table 5. The location of the prospects is shown in Figure 8 with the target intrusions on the new tenement along strike to the south.

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Figure 10 – Location of untested EM targets at the Easterly and Green Moon prospects and the interpreted intrusive targets on new tenement to the south (TMI magnetic background imagery)

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Table 5: Modelled parameters of Green Moon and Easterly conductors

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Corporate

Galileo is well funded to continue exploration with approximately $23.5 million in cash as of 30[th] September 2022. This puts the Company in a secure position to undertake all its planned exploration programs.

Please refer to the accompanying Appendix 5B report for the period ended 30 September 2022 for further information.

During the quarter, Galileo closed a Placement to sophisticated and institutional investors to subscribe for a placement of 17,000,000 shares at an issue price of $1.20 per share to raise gross proceeds of $20,400,000 (“Placement”).[8]

The placement closed oversubscribed including a cornerstone investment of $8.7 million by major shareholders Mark Creasy and IGO.

Funds raised pursuant to the Placement will be used for:

• Accelerated diamond and RC drill programs at the Callisto palladium-nickel discovery and target testing along the five-kilometre prospective strike length (Norseman Project);

• Drilling and exploration of highly prospective Mission Sill and Jimberlana palladium-nickel prospects (Norseman Project); and

• General working capital purposes.

Inyati Capital Pty Ltd (“Inyati”) acted as lead manager to the Placement.

The Company held its Annual General Meeting (AGM) on 22 September and all resolutions put to the AGM were passed by the requisite majority with voting completed by way of a Poll[9] .

Following the approval of shareholders at the AGM the Company issued a total of 2,500,000 Performance Rights on 22 September (1,975,528 of which were issued to Directors) pursuant to the Company’s Employee Incentive Plan. The Performance Rights are able to be exercised, and fully paid ordinary shares in the capital of the Company will be issued, when the five (5) day volume weighted average market price (as defined in the Listing Rules) of the Company’s quoted Shares first exceeds $3.60 per Share (i.e. the Vesting Condition being satisfied) on or before their expiry date of 22 September 2025[10] .

Capital Structure

The Company’s capital structure as at the date of this Report is as follows:

ASX Code	Security	**Number **
Quoted
GAL	Fully Paid Ordinary Shares	197,408,260
Unquoted
GALAN	Options Ex $0.52/ Exp 15/9/2023	2,500,000
GALAP	PerformanceRightsExp22/09/2025	2,500,000
GALAO	Options Ex $2.40/ Exp 14/7/2024	974,615

• 8 Refer to ASX Announcement dated 6 July 2022

9 Refer to ASX Announcement dated 23 August and 23 September 2022

• 10 Refer to ASX Announcement dated 23 September 2022

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ASX Additional Information

1. ASX Listing Rule 5.3.1: Exploration and Evaluation expenditure during the September 2022 Quarter was $2,382,000. Full details of exploration activity during the September 2022 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 3 for Galileo’s Tenement Schedule at 30 September 2022.

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 $154,000 was paid to Directors and Associates for salaries, superannuation, and director and consulting fees. Please see the Remuneration Report in the 2022 Annual Financial Report for further details on Directors’ remuneration.

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 palladium, nickel, copper, and cobalt resources in Western Australia. GAL’s tenements near Norseman are highly prospective for palladium-copper-nickel sulphide deposits as shown by the Callisto discovery. GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are prospective for nickel-copper sulphide deposits similar to the operating Nova mine. GAL’s Norseman Project contains a near surface laterite deposit with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see JORC Table below).

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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).

d).
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

Appendix 1:

Norseman RC Drill Hole Details (Visual Results, ASX Announcement 10/10/2022)

Comments include preliminary geological logging of disseminated sulphide intersections where relevant. Sulphide mineralisation and metal contents are not directly correlated. Assays are required to determine metal content (ie. Pd, Pt, Au, Cu, Ni, Rh values).

Hole ID	East	North	RL	Azi	Dip	RC Depth (m)	From (m)	To (m)	Length (m)	Lithology	Mineralisation Description Sulphide % (Visual Estimate)
NRC346	372500	6448400	362	270	-60	215	95	146	51	Ultramafic (peridotite, pyroxenite)	Disseminated sulphide (Po-Pn) 5%
NRC347	372600	6448390	359	270	-60	221	87	116	29	Ultramafic (peridotite, pyroxenite)	Disseminated sulphide (Po-Pn) 3%
NRC353	372405	6448430	363	270	-85	155	60	102	42	Ultramafic (peridotite, pyroxenite)	Disseminated sulphide (Po-Pn) 3%
NRC354	372505	6448400	362	270	-85	155	80	123	43	Ultramafic (peridotite, pyroxenite)	Disseminated sulphide (Po-Pn) 3%
Note: Easting and Northing coordinates are Po = Pyrrhotite Cpy = Chalcopyrite					GDA94 Zone 51. Pn = Pentlandite Py = Pyrite

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In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

Appendix 2:

Logging of Sulphide Mode, Type, and Percentage

Cautionary Statement: Sulphide estimates are completed by visual observation with analytical laboratory results pending for drill holes NRC294 to NRC305. Sulphide mineralisation and metal contents are not directly correlated. Assays are required to determine metal content (ie. Pd, Pt, Au, Cu, Ni, Rh values).

Galileo Field Logging Guide

Sulphide Mode	Percent Range (visually estimated)
Weakly disseminated	< 1 %
Disseminated	1 – 5 %
Heavily disseminated	5 – 20 %
Matrix	20 – 40 %
Net textured	20 – 40 %
Semi-massive	>40 to < 80 %
Massive	>80 %

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Appendix 3: Galileo Mining Tenement Schedule as at 30[th] September 2022

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
	P63/2259	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
	E28/2797	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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