GALILEO MINING LTD — Interim / Quarterly Report 2024

Oct 25, 2023

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26 October 2023

ASX: GAL

QUARTERLY ACTIVITIES REPORT

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Non-Executive Director Cecilia Camarri

Corporate

• Galileo is fully funded to implement all planned drilling programs with approximately $12 million in cash as at 30[th] September 2023

Norseman - 100% GAL

• RC drilling program completed at Jimberlana and Mission Sill targets

• Shallow and prospective sulphide zones intersected at both Jimberlana North and Jimberlana South including:

• 11m @ 0.21 g/t 3E, 0.18% Cu, 0.13% Ni and 0.03% Co from 61m downhole (NRC432) including

• 1m @ 0.68 g/t 3E, 0.52% Cu, 0.44% Ni and 0.08% Co from 68m

• o 1m @ 0.83% Ni, 0.36% Cu and 0.07% Co from 74m (NRC456) within broader interval of

• 7m @ 0.22% Ni, 0.13% Cu and 0.02% Co from 68m (NRC456)

Projects

Norseman Project Palladium-Nickel-CopperRhodium-Platinum-Gold

Fraser Range Project Nickel-Copper-Cobalt

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Contact Details

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

• Nickel sulphides at Jimberlana North and Jimberlana South prospects are open at depth and along strike

• First systematic drill program commenced targeting highly prospective rocks along strike north of the Callisto discovery. Assay results were reported after the end of the quarter

• New assays of samples from 2018 drilling show significant palladium and nickel results 3km south of Callisto discovery. First pass RC drilling planned in early November 2023

• Additional four kilometres of strike has been identified as prospective for Callisto style palladium and nickel discoveries in an emerging new mineralised province

Post end of period

• Maiden Mineral Resource Estimate calculated for Callisto deposit; o 17.5Mt @ 1.04g/t 4E, 0.20% Ni, 0.16% Cu (2.3g/t PdEq or 0.52% NiEq)

• Contained metal includes 585,000oz 4E, 35kt Ni and 28kt Cu (~1.27Moz PdEq or ~91,000t NiEq)

• ~8Mt (46%) of the resource is inside the indicated category with a 2.5g/t PdEq grade or 0.58% NiEq (metal content within indicated resource category of ~639,000oz PdEq or ~45,800t NiEq)

• First discovery of “Platreef” style PGE-gold-nickel-copper deposit in Australia

• 95% of resource is constrained by pit optimisation and remains open at depth with potential for additional resource delineation

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

• Infill EM surveying of prospective zones planned to refine targets prior to drill testing in 2024

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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 30th September 2023 from its Norseman palladium-platinum-gold-copper-nickel-rhodium project and Fraser Range nickel project in Western Australia.

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Figure 1 - RC Drilling at Galileo’s Jimberlana and Mission Sill prospects

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

“I am pleased to report on yet another fruitful quarter of exploration drilling at our Norseman project across both the Callisto discovery and priority targets at Jimberlana and Mission Sill.

Assays received from Jimberlana identified a significant sulphide zone on the margin of an ultramafic rock unit which is open down dip and along strike in all directions. This is an excellent geological location for the potential discovery of economic mineralisation and illustrates the fundamental potential of our Norseman prospects, not only for nickel-palladium discoveries such as Callisto, but for high value nickel sulphide deposits.

In addition, we also kicked off the first systematic drill program north of Callisto targeting highly prospective rocks for nickel and palladium. Since making the Callisto discovery last year, we have been significantly advancing our understanding of the geology and we have now entered the stage of focussed exploration of prospects that have the strongest potential of success. We are anticipating assay results shortly from this campaign as well as a follow-up drilling program at Jimberlana North and South.

Post quarter end, we were very pleased to report a maiden mineral resource for the Callisto discovery where the nature of the mineralisation is analogous to the Platreef deposits in South Africa where several deposits occur over a strike length of tens of kilometres. Applying this knowledge, we will broaden our search for more discoveries starting with the prospective areas at our North and South Callisto prospects. Ultimately, we believe this search space will encompass the full 20km of the prospective host rocks at the Callisto trend and the further 12km of prospective strike length at the Mission Sill prospect where similar geology has been intersected in drilling.

We have commenced a drill program since the end of the quarter to test targets at both South and North Callisto prospects and I look forward to updating investors as we progress this campaign and release results in due course.

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Norseman (100% GAL)

Jimberlana & Mission Sill

During the quarter, Galileo undertook a ~3,200 metre drill program at Jimberlana and Mission Sill prospects.[1]

The Jimberlana Dyke is an extensive east-west trending mafic-ultramafic dyke with anomalous drill results on both the northern and southern margins. Of note is an intersection on the northern margin at the bottom of an aircore drill hole where geochemically anomalous sulphides were intersected.[2] Strong EM conductors proximal to the anomalous drill intercept make this prospect a compelling target.

The Mission Sill is a mafic-ultramafic intrusion with similar geology to the host rock at the Callisto discovery and is located approximately 6km to the southeast of Callisto and has multiple anomalous drilling results over a 10kilometre strike length.

Figure 2 – Map of key prospect locations at the Norseman Project – Callisto, Jimberlana and Mission

Sill adjacent to the main highway and eight kilometres from the town of Norseman.

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• 1 Refer to ASX announcement dated 3rd July 2023

• 2 Refer to ASX announcement dated 1st December 2021

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Jimberlana North

First assays received from the drilling program at Jimberlana prospect show elevated metals in a newly discovered sulphide zone.[3] The new sulphide zone is on the northern side of the Jimberlana prospect and is completely open at depth and along strike. The drill intersection included an 11-metre zone starting from a shallow depth of approximately 53 metres below surface;

• 11 metres @ 0.21 g/t 3E , 0.18% Cu, 0.13% Ni and 0.03% Co from 61m downhole (NRC442) including

• • 1 metre @ 0.68 g/t 3E , 0.52% Cu, 0.44% Ni and 0.08% Co from 68m

An adjacent drill hole also shows anomalous sulphides with:

• 13 metres @ 0.14 g/t 3E , 0.08% Cu, 0.07% Ni and 0.01% Co from 71m (NRC443)

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Figure 3- Jimberlana North section 376,300E showing sulphide target for drill testing

• 3 Refer to ASX announcement dated 31 July 2023

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----- Start of picture text -----

Semi-massive sulphide
@ 68m downhole
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Figure 4 – RC drill chips with sulphide from NRC442

RC drill holes NRC442 and NRC443 were completed as a follow up to air core drill hole NAC105 which intercepted sulphides at the bottom of hole[4] . Disseminated and banded semi-massive sulphides were intercepted in both RC drill holes on the margin of the Jimberlana Dyke (an ultramafic/mafic east-west intrusive unit) where it has cross-cut the volcano-sedimentary stratigraphy. EM conductors to the north of the prospective contact zone appear to primarily be related to rock units within the volcano-sedimentary stratigraphy.

However, it is believed that discriminating between conductive signals attributable to magmatic sulphide on the margin of the dyke and broad regional conductors is not practical with surface EM methods. In addition, there may be considerable interaction between sulphide bearing stratigraphy and the Jimberlana Dyke along the area of interest.

Jimberlana South

First pass RC drilling at the Jimberlana South prospect intersected nickel and copper sulphides with shallow sulphide lenses starting at approximately 59 metres below surface with best result of:

• 1 metre @ 0.83% Ni, 0.36% Cu and 0.07% Co from 74m (NRC456) within broader interval of

• 7 metres @ 0.22% Ni, 0.13% Cu and 0.02% Co from 68m (NRC456)

The nickel sulphides occur on the south side of Jimberlana prospect and are open at depth and along strike.[5]

RC drill holes NRC455 and NRC456 targeted a strong electro-magnetic (EM) conductor adjacent to anomalous aircore drilling results[6] . Disseminated and matrix sulphides were intercepted in both RC drill holes with the highest assays coming from a sulphide lens within the ultramafic-mafic target rock in NRC456 (Figure 5).

Sulphide zones with anomalous nickel and copper occur within the sediment/basalt and these are also interpreted to be related to the emplacement of the mafic-ultramafic Jimberlana Dyke. The modelled EM conductor is located at the boundary between the target rock and the sediment and basalts.

4 Refer to ASX announcement dated 1st December 2021 5 Refer to ASX announcement dated 10th August 2023 6 Refer to ASX announcement dated 3rd July 2023

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Figure 5 - Jimberlana South section with nickel sulphides.

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Figure 6 – Disseminated and matrix sulphides in RC drill chips (53m in NRC455)

Follow-up drilling at Jimberlana North and Jimberlana South commenced in late August to test the shallow and prospective sulphide zones intersected. Assay results from this program were released after the end of the quarter with follow up drilling planned in late November (See ASX announcement dated 18 October 2023).

Assays from the Mission Sill prospect were received during the quarter and, although not material in contained metals, the results showed a thick sequence of ultramafic/mafic rock units similar to the rocks which host the Callisto deposit. Further drilling along the 12km prospective strike length of the Mision Sill is being planed.

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Callisto Drilling

During the quarter, the Company undertook the first systematic drill program targeting highly prospective rocks along strike to the north from the Callisto nickel-palladium discovery.[7] The 3,800m RC drill program took one month to complete with assay results released to the market after quarter end on the 18[th] October 2023 .

Figure 7 - Callisto nickel and palladium discovery at the southern end of a five-kilometre prospective zone. First pass RC drilling of the target horizon completed. Background image is magnetics.

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In addition, the Company reported new assay results from historic drill samples drilled 3km south of the Callisto discovery.[8] The RC drill holes were originally drilled in 2018 and targeted near surface cobalt mineralisation. These samples were re-assayed for PGE (platinum group elements) in light of the Callisto discovery.

7 Refer to ASX announcement dated 31 August 2023

8 Refer to ASX announcement dated 18th September 2023

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Approximately 3,100 metres of RC drilling was completed over 58 drill holes in 2018 to define the “Goblin” cobalt laterite resource.[9] Selected drill sample pulps from this drilling were re-analysed for PGEs and gold by fire assay. Anomalous results were recorded in multiple drill holes with assay results from 23 drill holes recorded in Table 1.

These 23 drill holes are shown over the magnetic imagery in Figure 8. Outcropping ultramafic rock units have been recorded by field mapping, and interpretation of the magnetic data suggests that discrete intrusive rock units, similar to that found at Callisto, occur at the South Callisto prospect. First pass drilling at South Callisto is planned to commence in late October.

Figure 8 - South Callisto prospect with anomalous RC drilling, selected drill assays, and target intrusion. Background image is TMI1VD magnetics. See Table 1 for assay details.

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9 Refer to ASX announcement dated 29 August 2018.

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Figure 9 - Callisto prospects with magnetic imagery showing prospective rock units. Background image is TMI1VD magnetics. South Callisto occurs in a separate magnetic unit approximately 3 km south of the Callisto discovery.

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Table 1: South Callisto Prospect - Anomalous Drill Intersections >0.1g/t 2E (palladium + platinum) cut-off, no internal dilution. Minimum 9 metre interval with 3 metre composite samples. Higher grade reported internal intervals are > 0.4 g/t 2E with no internal dilution.

Hole ID	From (m)	To (m)	Interval (m)	2E (g/t)	Palladium (g/t)	Platinum (g/t)	Nickel (%)
NRC097	0	24	24	0.16	0.10	0.06	0.17
NRC098	0	12	12	0.11	0.08	0.04	0.15
NRC099	0	9	9	0.16	0.09	0.07	0.19
NRC100	0	24	24	0.14	0.08	0.06	0.19
NRC101	0	27	27	0.14	0.08	0.06	0.27
NRC102	6	18	12	0.12	0.07	0.06	0.26
and	24	39	15	0.15	0.12	0.04	0.26
NRC103	3	12	9	0.12	0.08	0.04	0.16
and	21	36	15	0.12	0.07	0.05	0.16
NRC104	0	42	42	0.18	0.11	0.07	0.14
NRC111	0	9	9	0.15	0.07	0.08	0.13
NRC112	0	18	18	0.13	0.09	0.04	0.17
NRC114	0	21	21	0.25	0.16	0.09	0.20
NRC115	0	15	15	0.23	0.15	0.08	0.22
NRC116	0	12	12	0.59	0.40	0.19	0.17
including	3	12	9	0.67	0.48	0.20	0.16
and	6	9	3	0.92	0.72	0.19	0.15
NRC117	0	48	48	0.27	0.18	0.09	0.24
including	0	6	6	0.66	0.47	0.20	0.14
NRC122	3	30	27	0.14	0.10	0.04	0.24
NRC124	0	30	30	0.22	0.14	0.07	0.25
NRC125	0	36	36	0.30	0.19	0.11	0.18
including	6	21	15	0.42	0.27	0.15	0.21
NRC126	0	18	18	0.50	0.26	0.24	0.20
including	0	12	12	0.62	0.32	0.30	0.18

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Hole ID	From (m)	To (m)	Interval (m)	2E (g/t)	Palladium (g/t)	Platinum (g/t)	Nickel (%)
and	21	36	15	0.14	0.09	0.05	0.34
NRC127	0	24	24	0.13	0.08	0.04	0.18
and	36	42	6	0.14	0.08	0.07	0.15
NRC132	0	27	27	0.33	0.23	0.10	0.20
including	0	15	15	0.48	0.34	0.14	0.15
NRC133	0	12	12	0.20	0.12	0.07	0.16
and	15	24	9	0.18	0.14	0.04	0.43
NRC234	0	24	24	0.15	0.11	0.04	0.31
NRC237	6	30	24	0.15	0.10	0.06	0.23

Callisto Maiden Mineral Resource Estmate

Post quarter-end, Galileo reported the maiden Mineral Resource Estimate (Resource) for the Callisto deposit, the first deposit of its type identified in Australia and is analogous in mineralisation style to the Platreef deposits found in South Africa.[10]

The maiden Indicated and Inferred Mineral Resource Estimate, which was defined from a total of 147 drill holes

(38,695m ), was calculated at:

• 17.5 Mt @ 1.04g/t 4E, 0.20% Ni, 0.16% Cu (2.3g/t PdEq or 0.52% NiEq) for contained metal of 585,000oz 4E, 35kt Ni and 28kt Cu (~1.27Moz PdEq or ~91,000t NiEq). (See Table 2 for MRE)

Approximately 8Mt (46%) of the resource is inside the indicated category with a 2.5g/t PdEq grade or 0.58% NiEq (metal content within indicated resource category of ~639,000oz PdEq or ~45,800t NiEq).

About 95% of resource is constrained by pit optimisation signifying robust economic prospects for eventual extraction. The deposit remains open at depth with potential for additional resource delineation.

The discovery, which follows the analysis of two drill holes targeting a geophysical electromagnetic conductor, points to consistent and continuous sulphide mineralisation within a single-modelled geological domain.

Simple metallurgy and excellent recoveries are demonstrated via standard sulphide flotation.

The resource estimate was undertaken by Cube Consulting, using data gathered from drilling activities conducted by Galileo between 2022 and 2023.

10 Refer to ASX announcement dated 2nd October 2023

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Table 2 - Callisto Deposit Maiden Mineral Resource Estimate (JORC 2012)

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Notes:

4E = Palladium (Pd) + Platinum (Pt) + Gold (Au) + Rhodium (Rh) expressed in g/t

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 (%)

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 (%)

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.

Regional EM surveying has been completed 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.

Conductive responses from first pass EM surveying require infill surveying to refine and prioritise targets prior to drill testing. The current parameters of well-developed EM models at untested prospects are shown in Table 3. The location of the prospects is shown in Figure 10 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 3: Modelled parameters of Green Moon and Easterly conductors

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Corporate

Galileo remains well funded to continue exploration with approximately $12 million in cash as of 30[th] September 2023. This puts the Company in a secure position to undertake all planned drilling and exploration programs.

Please refer to the accompanying Appendix 5B report for the period ended 30 September 2023 for further information.

During the quarter, ordinary shares in Galileo began trading on the OTCQX Market in the United States under the ticker symbol GALMF.[11]

Capital Structure

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

ASX Code	Security	Number
Quoted
GAL	FullyPaid Ordinary Shares	197,624,927
Unquoted
GALAD	Options Ex $2.40/ Exp 14/7/2024	974,615
GALAP	Performance Rights Exp 22/09/2025	2,500,000

ASX Additional Information

1. ASX Listing Rule 5.3.1: Exploration and Evaluation expenditure during the September 2023 Quarter was $2.37 million. Details of exploration activity during the September 2023 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 1 for Galileo’s Tenement Schedule at 30 September 2023.

4. Rule 5.3.5: – Payments to related parties of the Company and their associates during the September Quarter (as detailed in Section 6 of the Company’s Appendix 5B Quarterly Cash Flow Report) totalling $199,000 were paid to Directors and Associates for salaries, superannuation, and director and consulting fees. Please see the Remuneration Report in the 2023 Annual Financial Report for further details on Directors’ remuneration.

11 Refer to ASX announcement dated 15th August 2023

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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 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.

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Appendix 1: Galileo Mining Tenement Schedule as at 30[th] September 2023

Project	Tenement	Interest at	Interest at	Nature of Interest
	reference & Location	beginning of	end of	As at end of
		Quarter	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
	E63/2101	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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