GALILEO MINING LTD — Investor Presentation 2019

Sep 17, 2019

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RESOURCES INVESTOR ROADSHOW – SYDNEY & MELBOURNE SEPTEMBER 2019

(ASX:GAL)

DISCLAIMER

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This Presentation (“Presentation” or the “Document”) has been prepared by Galileo Mining Ltd (ACN 104 114 132) (“Company”) and is general background information about the Company and its wholly owned subsidiaries activities as at the date of this Presentation. This Document is prepared for the benefit and internal use of the recipient (the “Recipient”). It is provided on a confidential basis and the Recipient cannot reproduce in whole or in part any information provided in this Presentation or communicate the information of this Presentation to any third party without the prior written consent of the Company. This Document has been prepared on the basis of publicly available information and certain confidential information. The Company has relied upon and assumed, without independent verification, the accuracy and completeness of all such information, including forecasts. It contains selected information and does not purport to be all inclusive or to contain all of the information that may be relevant to the Document. The Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). No representation or warranty is made as to the Presentation’s accuracy or completeness and the Company assumes no obligation to update the Presentation’s information contained herein. Any requests for information in connection with this Document should be addressed directly to the Company and to no other party.

This Presentation may contain forward-looking statements that involve risks, uncertainties and other factors concerning, among other things, the Company’s expected financial performance and strategic operational plans. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. The Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. It is not possible to accurately predict the future revenues or profitability of the Company or whether any revenues or profitability will eventuate. The business of the Company is dependent upon a number of factors and many of these factors are outside the control of the Company. This Document is not a prospectus under Australian law.

This Document is provided to you on the basis that you are a sophisticated, professional or other investor who would not require a disclosure document because of section 708 of the Corporations Act 2001 (Cth). As it is not regulated by the Corporations Act, this Presentation does not purport to contain all of the information that would be contained in a prospectus or that recipients may require in order to evaluate whether to invest in the Company. Any recipient of this Presentation is responsible for conducting their own due diligence and other enquiries as well as making their own analysis and their own independent assessment of the information provided herein. You may wish to consult your broker, solicitor, banker, accountant or other professional advisor about its contents. Any decision to rely on the information contained in this Presentation is the sole responsibility of the recipient of this Document and the Company will not be responsible for any loss incurred by the Recipient as a result of any actions taken by them. The Company represents a speculative business and involves a high degree of risk.

Nothing in this Presentation constitutes the provision of financial or legal advice. The Recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this Document, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. Further, nothing in this Presentation constitutes an offer for the sale of securities. This Presentation does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. The distribution of this Presentation (including in electronic form) outside Australia may be restricted by law and persons who come into possession of this Presentation outside Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

The information contained in this Presentation is prepared as of 17[th] September 2019. Neither the delivery of this Presentation nor any offer, issue or sale contemplated by this Presentation at any time implies that the information contained in it is correct, that any other information supplied in connection with an offer of shares is correct or that there has not been any change (adverse or otherwise) in the financial conditions or affairs of the Company at any time subsequent to the preparation date. In particular, the Company is not under any obligation to any person to update this Presentation at any time including after an issue of shares.

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INVESTMENT OPPORTUNITY

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• $7.1 million in cash[1] - fully funded for the next two years

• Nickel, copper and cobalt assets in Tier-1 mining jurisdiction

• Strategic focus on drilling programs to create value through discovery

• Fraser Range nickel drilling to kick off in September

• Positive first results from Subzero copper-zincgold prospect with follow up drilling planned for November

• Mining entrepreneur Mark Creasy is the founder and major shareholder with a 31% holding

1. As at 30th June 2019

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CORPORATE SNAPSHOT

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Key Metrics
ASX Code	GAL
Shares on Issue	120.4m
Share price (as at 17th Sept 2019)	12.5c
Market Cap (undiluted)	$15.1m
Cash (30/06/19)	$7.1m
Enterprise Value	$8.0m
Options on Issue	15m @ $0.20 (vesting condition: 60 day VWAP > $0.60)
Debt	No debt

Shareholder Composition

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Share Price (six months)

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Major Shareholders

Mark Creasy 31.0% Independence Group Limited (ASX:IGO) 4.9% Chris Ellison 4.2%

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GROWTH THROUGH DISCOVERY

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PROJECT PORTFOLIO

 Western Australia focus

• Stable jurisdiction

• Numerous operating mines in the district with access to

• world-class infrastructure (road, rail, Port of Esperance)

 Norseman Project

• Subzero Copper/Zinc Prospect with encouraging first results

• 25Mt JORC resource with 26,600t cobalt & 122,500t nickel (1)

 **Fraser Range JV Project ***

• Developing nickel province with two significant deposits so far discovered

• with track record of in the

• Management proven discovery Fraser Range**

• Quality targets at the Lantern and Empire Rose prospects

• Follow up drilling at the Lantern prospect in September

• (1) See slide 18 for details

• 67% Galileo Mining/33% Creasy Group JV

• ** Galileo’s exploration team helped discover the Silver Knight deposit when they were a part of the Creasy Group

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NORSEMAN PROJECT - SUBZERO

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Historic workings from 1950s

• Copper outcrop around historic prospecting shaft

• Prospective rock unit can be traced for over two kilometres

• EM survey suggests potential for large scale copper system

• No modern exploration

• First drilling program just completed

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NORSEMAN PROJECT - SUBZERO

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First ever drilling program at the prospect

• Six shallow drill holes completed

• Thick zones of zinc and copper mineralisation[(1)] ;

• 29m @ 0.49% zinc from 119m (NRC243) including

  • 10m @ 0.14% copper, 0.37% zinc & 1.9 g/t silver from 137m

• 16m @ 0.41% zinc from surface (NRC241) including

  • 8m @ 0.15% copper, 0.62% zinc & 3.0 g/t silver from 8m

• 14m @ 0.22% zinc from 26m & 16m @ 0.28% zinc from 42m (NRC242)

• Gold and for VMS copper assays suggest potential

• mineralisation[(1)]

• 6m @ 0.1 g/t gold, 1.9 g/t silver & 0.12% copper from 34m (NRC241)

• 5m @ 0.1 g/t gold, 1.9 g/t silver & 0.14% copper from 76m (NRC242)

• EM conductor target is associated with matrix and heavily disseminated sulphides containing copper and zinc

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(1) See Galileo ASX announcement dated 16[th] September 2019 for details

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NORSEMAN PROJECT - SUBZERO

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Open Along Strike

• Extensive conductors over 2.1km strike length[(1)]

• Good relationship between geophysical modelled conductors and sulphides in first drill holes[(2)]

• Modelled conductors start from 80 metres below surface and continue to greater than 400 metres depth

• Numerous targets along strike

• Good for the of a potential discovery copper-zinc-gold

• deposit in an infrastructure rich region of Western Australia

• Second round of Reverse Circulation (RC) drill testing planned for November

• (1) See Galileo ASX announcement dated 22[nd] July 2019 for details (2) See Galileo ASX announcement dated 16[th] September 2019 for details

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NORSEMAN PROJECT - COBALT

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Substantial cobalt-nickel resource

• 25.1Mt @ 0.11% cobalt and 0.49% nickel[(1)]

• 26,600 tonnes of contained cobalt and 122,500 tonnes of contained nickel

• Shallow and flat lying resource close to established infrastructure

• Higher cobalt grade than most laterite resources

• Provides leverage to increasing cobalt demand

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• “BMW to buy cobalt direct from Australia”[(2)]

• Permitting in progress with Mine Lease application and supporting Miscellaneous License applications

• (1) See slide 18 for details

• (2) Source: Reuters April 23, 2019

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NORSEMAN PROJECT - COBALT

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Increasing cobalt use linked to lithium-ion battery demand growth

• Fastest growing segment of cobalt demand is from battery producers

• “Growth trajectory for lithium ion battery raw material demand is unprecedented”[1]

Projected increase in lithium ion battery capacity from 2018 to 2028[1]

Global Cobalt Use 2010 – 2017 (cobalt tonnes)[2]

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(2) Source: Roskill 2018

(1) Source: Benchmark Mineral Intelligence U.S. Senate Committee, Written Testimony of Simon Moores, MD, Feb 5 2019

FRASER RANGE PROJECT

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Fraser Range: Fast developing mineral province

• Two discoveries in seven significant nickel-copper-cobalt past years

• (Nova & Silver Knight)

• IGO: Nova nickel-copper-cobalt mine

14.4 Mt @ 2.3% Nickel, 0.9% Copper and 0.08 % Cobalt[(1)]

 Plus gold and base metal prospectivity

• IGO Andromeda Prospect (29.9m @ 1.36% copper & 2.5% zinc)[(2)]

 IGO Thunderstorm Gold JV (25m @ 2.42 g/t gold )[(3)]

 Galileo has 637km[2] of prospective ground in two zones

 Lantern nickel prospect: 15km from the Trans-Australia Railway

• Empire Rose nickel and gold prospect: 10km from the Eyre Highway

(1) See IGO ASX Announcement dated 3[rd] November 2015

• (2) See IGO ASX Quarterly Report Announcement dated 27[th] July 2018

• (3) See Rumble Resources ASX Announcement dated 1[st] July 2019

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LANTERN PROSPECT

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Intrusions with similar host rocks to Nova and Silver Knight

• Aircore drilling shows gabbro, gabbro-norite and peridotite rocks with potential to host nickelcopper

• Best aircore results so far 27m @ 0.18% Ni and 0.17% Copper from 47m (LAAC041)[(1)]

• Detailed magnetic and gravity data sets highlight extensive intrusions (magnetic image showing intrusions to right)

• Co-funding awarded from the GSWA Exploration Incentive Scheme for Lantern diamond drill hole[(2)]

• Second round of aircore drilling scheduled to begin in September

• (1) See GAL ASX Announcements dated 26[th] March 2019 for details (2) See GAL ASX Announcements dated 10[th] July 2019 for details

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LANTERN PROSPECT

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Conductive response defines large scale target

• Electro Magnetic survey demonstrates conductive zone within intrusion (late time EM image to right)[(1)]

• Conductor may be related to economic sulphide mineralisation

• Priority areas for upcoming drilling are above the conductive response and on the margins of the intrusion

• Less than 60% of the Lantern Prospect has been covered by EM surveys and only one round of aircore drilling

• Follow up aircore drilling scheduled to begin in September

• (1) See GAL ASX Announcements dated 10[th] July 2019 for details

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EMPIRE ROSE PROSPECT

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• Best intercept from maiden drilling completed in October 2018 was 36m @ 0.2% Nickel from 18m (drill hole ERAC015)[(1)]

• Electro-magnetic (EM) survey delineated a strongly conductive target 250 metres below surface[(1)]

• Diamond drilling showed anomalous gold associated with sulphide mineralisation[(2)]

• Empire Rose is 30km from IGO’s Nova nickel mine and just 10km from the Eyre Highway (location map on slide 11)

• Over nine kilometres of prospective unexplored ground (magnetic image to left)

• New EM surveys planned to target potential mineralisation along strike

(1) See GAL ASX Announcements dated 30[th] October 2018 and 21[st] January 2019 for details (2) See GAL ASX Announcement dated 4[th] July 2019 for details

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A SIGNIFICANT INVESTMENT OPPORTUNITY

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• $7.1 million in cash - fully funded exploration programs for the next two years

• Active explorer focussed on target generation and drill testing

• Highly leveraged to nickel, copper and cobalt in a period of increasing demand

• Fraser Range exploration with strong potential for new nickel discoveries

• Norseman exploration with highly prospective and an

• copper-zinc-gold targets existing cobalt/nickel resource

• Upcoming drilling programs in September and November

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APPENDIX - GALILEO BOARD

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• Simon Jenkins  Mr Jenkins has been a director of corporate law firm Price Sierakowski Corporate since 2005 and has experience in a broad range of corporate transactions including takeovers, mergers and capital raisings both in Australia and overseas.

• Chairman  He has extensive experience in a range of industries including the resource, energy and telecommunications sectors. He has acted for Australian and internationally listed companies as well as for a number of large private enterprises.

• Mr Jenkins has a Bachelor of Laws from the University of Western Australia and is a recommended Mergers and Acquisitions Lawyer by Doyle's Guide

• Brad Underwood  Mr Underwood is a geologist with over 18 years’ experience in exploration, prospecting and mining. He has been involved in copper, gold, nickel and cobalt discoveries and the development of numerous prospects over a variety of

• Managing Director commodities.  Between 2010 and 2018 Mr Underwood worked for prospector and mining entrepreneur Mark Creasy as General Manager of several private exploration companies. During this time Mr Underwood’s responsibilities included the exploration of the Fraser Range tenements surrounding the Nova mine site as well as the development of Galileo’s projects near Norseman.

• Mr Underwood played a key role in the discovery of the Silver Knight nickel-copper deposit in the Fraser Range and the discovery of Galileo’s Mission Sill cobalt resources.

• Mr Underwood has a Bachelor of Science in Geology and a Post Graduate Diploma in Geology from the University of Auckland, and a Master of Science (Distinction) in Mineral Economics from Curtin University.

• Noel O’Brien  Mr O’Brien is a metallurgist and processing expert who is currentlya technical adviser to Core Lithium (ASX:CXO), Savannah Lithium (AIM:SAV) and other ASX listed companies.

• Technical Director  He was formerly Managing Director in South Africa for SNC-Lavalin Inc, a leading global engineering and construction group, and was responsible for delivering base metal smelters and refinery projects across Africa.

• Mr O’Brien has a deep understanding of metallurgy and possesses processing expertise in smelting, gravity separation, flotation, leaching and solvent extraction.

• Mr O’Brien holds a Metallurgical Engineering degree from the University of Melbourne, an MBA from Witwatersrand University and is a Fellow of the AusIMM.

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APPENDIX – JORC RESOURCES

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JORC 2012 RESOURCES

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

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).

Competent Person Statement

The information in this Presentation that relates to the Mt Thirsty Sill and Mission Sill Mineral Resource Estimates is based on, and fairly represents, information and supporting documentation prepared by Michael Elias, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Elias is employed by CSA Global Pty Ltd. Mr Elias has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves”. Mr Elias consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears.

The information in this Presentation that relates to the Goblin Mineral Resource Estimate 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 presentation of the matters based on his information in the form and context in which it appears.

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With regard to the Company’s ASX Announcements referenced in the above presentation, the Company is not aware of any new information or data that materially affects the information included in the Announcements.

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THANK YOU

P: +61 8 9463 0063

E: info@galileomining.com.au

W: http://www.galileomining.com.au/

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