GALILEO MINING LTD — Investor Presentation 2019

May 27, 2019

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28 May 2019 ASX: GAL

HIGH GRADE COPPER AT NORSEMAN PROJECT

Corporate Directory

Directors

Non-Executive Chairman Simon Jenkins

Managing Director Brad Underwood

Technical Director Noel O’Brien

Fast Facts

Fast Facts
Issued Shares	120.4m
Share Price	$0.17
Market Cap	$20.5m
Cash (31/03/19)	$8.0m

Projects Norseman Project Fraser Range Nickel Project

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Contact Details

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

Highlights

• Assays from surface sampling return maximum value of 19.9% copper

• Historic prospecting shaft and pits with small scale production recorded of 13 tonnes @ 8.36% copper[(1)]

• Potential for significant Volcanic Massive Sulphide (VMS) copper mineralisation exists over two kilometres of strike length

• Ground electro-magnetic (EM) surveying is planned to define targets prior to drill testing

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce surface sampling results from the new Subzero copper prospect at the Company’s 100% owned Norseman Project.

High grade copper oxide samples with up to 19.9% copper, and multiple iron rich gossan samples up to 1.1% copper, were recorded from a zone of outcrop centred around the historic workings. Further prospectivity exists to the north and south in the same rock unit over a 2-kilometre strike length, and to the west where the same prospective host rock occurs under shallow cover material.

Galileo Mining Managing Director Brad Underwood commented; “ This is a fantastic result from initial work carried out by the Company based on our inhouse prospectivity analysis of mineral potential at Galileo’s Norseman Project.”

Figure 1 –Oxide breccia sample with 6.5% copper & 0.8 ppm gold (CWRK013)

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

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“Our recently completed ultra-detailed magnetic survey has allowed us to undertake a geological interpretation of the area not possible by previous explorers. In doing so we have uncovered historic copper prospects that were last looked at in the 1970’s.

“We will now focus on building up the prospects to drill ready status through the use of modern electromagnetic (EM) surveying methods aimed at identifying significant sub-surface copper mineralisation.”

The surface samples recorded were taken from a volcano-sedimentary rock unit where it outcrops. This rock unit can be traced for over two kilometres and also occurs to the west where it is covered by shallow alluvial sediments. The best samples relate to an area named the Subzero prospect adjacent to a historic shaft and prospecting pits (Figs 2 & 3). Small scale production from the historic workings was registered in 1953 with approximately 13 tonnes of ore extracted at an average grade of 8.36% copper. Regulatory issues at the time prevented the grant of a mine lease and no further work was recorded at the prospect.

Work completed in 1971 by Barrier Exploration at the Cowan West prospect 1.3km to the southwest of Subzero (Figure 4) identified layers of volcanic material, including tuff and agglomerate, in diamond core drilling[(2)] . No other work was conducted and Barrier’s attention returned to nickel exploration on their other tenements. The area around Cowan West is covered by shallow alluvial material which prevents traditional prospecting techniques. Galileo’s detailed magnetic survey, combined with the historic drilling, has allowed the definition of the prospective volcanic unit which can now be targeted by ground EM looking to identify mineralisation not visible on surface.

Figure 2 – Historic prospecting shaft. A copper oxide sample from beside the shaft returned a copper assay of 19.9% (JM013341).

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(2) Refer to the Barrier Exploration Annual Report on Cowan West Claim Group B, 1971 accessible at www.dmirs.wa.gov.au

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The high-grade copper samples relate to an area of outcrop of approximately 80 metre strike length centred around the historic shaft and pits (Figure 3). North and south of the outcrop area the contact zone between the volcanic/sediments and the gabbro intermittently outcrops. The strike length of the prospective zone around Subzero is estimated at 2 kilometres based on magnetic interpretation and on ground prospecting. A ground EM survey to cover the entire strike length has been planned with the intention of defining subsurface conductors related to copper mineralisation.

Figure 3 – Subzero Prospect plan view of high-grade copper samples around historic workings.

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Regional copper prospectivity has been demonstrated by the historic work at the Cowan West prospect. Volcanic material of the type frequently associated with VMS copper mineralisation has been identified and the prospective zone occurs over an area of 2.4km strike by 0.6km width (Figure 4). The ground EM survey targeting the Subzero prospect will also cover the extent of the prospective rock units associated with the Cowan West prospect.

Figure 4 – Regional geology map of prospective volcanic rock units and copper sampling. The western volcanic unit is under shallow alluvial cover. Geological interpretation is based on GSWA mapping, detailed

magnetic surveying, prospecting, and drilling data.

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53 rock chip samples were collected, mostly from the volcanic/sediment unit which occurs between the western basalt and the eastern gabbro (see Figure 4). Rock chip locations and assays are shown below in Table 1 for samples with greater than 0.1% copper.

The volcanic-sedimentary unit, from which the high-grade copper samples were obtained, falls into the GSWA described Mount Kirk Formation. This formation is listed as “acid and basic volcanic rocks and sedimentary rocks, intruded by basic and ultrabasic rocks” and is immediately above the Woolyeenyer Formation in the Norseman Stratigraphy. The Woolyeenyer Formation is the host of the major gold deposits found around Norseman.

Iron rich gossan and copper oxide samples from the Subzero prospect display highly anomalous copper values up to 19.9% (JM013341). Petrographical description of gossan sample JM013345 recognised exsulphide cubes and a matrix of goethite for which sulphide minerals may have been the precursor . Minor remnant grains of pyrite, pyrrhotite and chalcopyrite were also identified.

Galileo considers that the surface copper mineralisation evident at the Subzero prospect indicates good potential for the presence of economic copper resources in the area. Ground EM surveying aims to define conductive drill targets to test for copper sulphide ore bodies hosted in the volcanic rock sequence.

Table 1 – Rock chip assays (0.1% copper cut-off).

SampleID	Easting	Northing	Sample Description	Au (ppb)	Ag (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (%)
CWRK004	376,582	6,443,845	Gossan	11	0.45	0.99	31.3	386	0.64
CWRK005	376,587	6,443,843	Gossan	4	1.72	1.09	46.8	197	0.46
CWRK006	376,588	6,443,844	Gossan	8	2.06	0.82	28.3	170	0.35
CWRK007	376,595	6,443,839	Altered basalt/sediment	12	0.5	0.10	5.8	56	0.03
CWRK008	376,604	6,443,830	Copper oxide breccia	25	0.61	3.71	11.4	184	0.17
CWRK013	376,585	6,443,832	Copper oxide breccia	811	4.29	6.53	20.3	311	0.07
CWRK017	376,624	6,443,962	Altered basalt/sediment	9	0.7	0.11	13.2	25	0.02
CWRK022	376,659	6,444,374	Altered basalt/sediment	3	4.19	0.10	4.7	37	0.02
CWRK026	376,591	6,443,809	Gossan	6	3.4	0.30	33.2	129	0.20
CWRK027	376,603	6,443,582	Altered basalt/sediment	8	0.09	0.22	13.3	156	0.01
JM013337	376,595	6,443,823	Gossan	6	10.75	0.21	40.8	115	0.30
JM013338	376,594	6,443,839	Gossan	34	0.32	1.06	33.8	190	0.35
JM013339	376,587	6,443,846	Gossan	3	0.51	0.97	33.9	347	0.31
JM013340	376,605	6,443,853	Altered basalt/sediment	11	1.36	0.37	14.8	270	0.65
JM013341	376,594	6,443,876	Copper oxide breccia	48	33.85	19.86	10.6	206	0.09
JM013342	376,600	6,443,911	Altered basalt/sediment	8	1.21	0.10	16.8	61	0.04
JM013345	376,593	6,443,797	Gossan	5	0.62	0.12	33.3	82	0.15

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Brad Underwood, a Member of the Australasian Institute of Mining and Metallurgy, and a full time employee of Galileo Mining Ltd. Mr Underwood has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Underwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Investor information: phone Galileo Mining on + 61 8 9463 0063 or email info@galmining.com.au

Media: David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936

About Galileo Mining:

Galileo Mining Ltd (ASX: GAL) is focussed on the exploration and development of cobalt and nickel resources in Western Australia. GAL holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see Figure 5 below). GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickelcopper-cobalt sulphide deposits.

Figure 5: JORC Mineral Resource Estimates for the Norseman Cobalt Project (“Estimates”) (refer to ASX “Prospectus” announcement dated May 25[th] 2018 and ASX announcement dated 11[th] December 2018, accessible at http://www.galileomining.com.au/investors/asx-announcements/). Galileo confirms that all material assumptions and technical parameters underpinning the Estimates continue to apply and have not materially changed).

Cut-off Cobalt %	Class	Tonnes Mt		Co		Ni
			%	Tonnes	%	Tonnes
MT THIRSTY SILL
0.06 %	Indicated Inferred Total	10.5 2.0 12.5	0.12 0.11 0.11	12,100 2,200 14,300	0.58 0.51 0.57	60,800 10,200 71,100
MISSION SILL
0.06 %	Inferred	7.7	0.11	8,200	0.45	35,000
GOBLIN
0.06 %	Inferred	4.9	0.08	4,100	0.36	16,400
TOTAL JORC COMPLIANT RESOURCES
0.06 %	Total	25.1	0.11	26,600	0.49	122,500

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Appendix 1:

Galileo Mining Ltd – Norseman Cobalt Project JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	•The rock chip samples reported were collected in 2019 with sample numbers, locality information and descriptions recorded by employees of Galileo Mining Ltd. •Each sample represents a spot location from the area prospected and is not intended to represent a quantitative determination of copper at the prospect. Drilling will be required to determine in-ground representative grade and thickness distributions. •Sample weights ranged from 0.4kg to 1.5kg. •QAQC standards (blank & reference) were included routinely with 1 per 50 samples being a standard or duplicate. •Samples were sent to an independent commercial assay laboratory. •All assay sample preparation comprised oven drying, jaw crushing, pulverising and splitting to a representative assay charge pulp. •A four acid digest was used for a multi- element analysis suite including Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr by ICP-MS or ICP-OES for all samples. •High grade copper (>2.0% Cu) was analysed using an ore grade 4 acid digest •A 50g Lead Collection Fire Assay with ICP-MS was used to determine Au, Pt andPdresults
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is _oriented and ifso, by what method, etc). _	•Not applicable
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the	•Not applicable.

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	Criteria	JORC Code explanation	Commentary
		samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
	Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant _intersections logged. _	•Rock chips were logged in the field and checked in the office. •Logging is mostly qualitative in nature except for one sample (JM013345) which was sent for petrographic analysis.
	Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the _grainsize of the material being sampled. _	•Not applicable.
	Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision _have been established. _	•QAQC standards and blanks were routinely included at a rate of 1 per 50 samples. •Further internal laboratory QAQC procedures included internal batch standards and blanks •Sample preparation was completed at Intertek Genalysis Laboratory, (Kalgoorlie) with digest and assays conducted by Intertek Genalysis Laboratory Services (Perth) using a four-acid digest for multi-element analyses and a fire assay for Au, Pt, & Pd.
	Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • _Discuss any adjustment to assay data. _	•Field data is collected on site using a standard set of logging templates and entered into a laptop. Data is then sent to the Galileo database manager (CSA Global - Perth) for validation and upload into the database. •Verification of sample locations was completed in the field.

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	Criteria	JORC Code explanation	Commentary
			•Assays are as reported from the laboratory and stored in the Company database and have been rounded to two decimalplaces.
	Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	•Sample locations were surveyed with a handheld GPS with an accuracy of +/- 5m which is considered sufficient for sample location accuracy. •Co-ordinates are in MGA94 datum, zone 51. •Topographic control has an accuracy of 2m based on detailed satellite imagery derivedDTM.
	Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • _Whether sample compositing has been applied. _	•Sampling was completed where outcrop exists •Data spacing and distribution is not sufficient to establish geological and grade continuity. •Drilling will be required to determine whether a Mineral Resource exists at the prospect
	Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•Rock chip spot sampling was limited by the extent of outcrop and as such is biased by the occurrence of outcrop. •Structural controls on mineralisation have yet to be determined •No drilling has yet been undertaken
	Sample security	• The measures taken to ensure sample security.	•Each sample was put into a tied off calico bag and then several placed in a large plastic “polyweave” bag which was zip tied closed. •Samples were delivered directly to the laboratory in Kalgoorlie by Galileo employees or to the laboratory in Perth by Galileo’sfreight contractor.
	Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•Continuous improvement reviews of sampling techniques and procedures are ongoing. No external audits have beenperformed.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

(Criteria listed in	the preceding section also apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	•The Norseman Project comprises two granted exploration licenses and eighteen granted prospecting licenses covering 278km2, and one Mining Lease Application covering 6.54 km2 •All tenements within the Norseman Project are 100% owned by Galileo Mining Ltd. •The Norseman Project is centred around a location approximately 10km north-west of Norseman on vacant crown land. •All tenements in the Norseman Cobalt Project are 100% covered by the Ngadju Native Title Determined Claim. •The tenements are in good standing and there arenoknown impediments.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	•Barrier Exploration completed three diamond drill holes at the Cowan West VMS prospect in 1971 •The GSWA 250k Norseman Map Sheet Explanatory Notes records that 13 metric tonnes of ore were produced from the pits and shaft at the Subzero prospect in 1953. Average ore grade was 8.36% copper.
Geology	• Deposit type, geological setting and style of mineralisation.	•The target geology and mineralisation style is volcanic hosted massive sulphide (VHMS) mineralisation occurring within the GSWA mapped Mount Kirk Formation •The Mount Kirk formation is described as “Acid and basic volcanic rocks and sedimentary rocks, intruded by basic and ultrabasic rocks”
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the _case. _	•No drilling reported

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	Criteria	JORC Code explanation	Commentary
	Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal _equivalent values should be clearly stated. _	•No weighted averaging has been used •Assays are reported as returned from the laboratory
	Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width _not known’). _	•No drilling completed •The mineralisation occurs on surface with a general strike of 010° similar to the host rock •Geometry from surface outcrop is best described as sub-vertical however no reliable quantitative measurements exist.
	Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate _sectional views. _	•Plan map of the general prospect area and detailed location plan map with high grade samples has been included along with accurate hand-held GPS sample locations (Garmin GPS 78s) +/- 5m in X/Y/Zdimensions.
	Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration _Results. _	•All significant results are reported.
	Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	•Detailed 50m line spaced aeromagnetic data has been used for interpretation of underlying geology. Data was collected by Magspec Airborne Surveys Pty Ltd using a Geometrics G-823 caesium vapor magnetometer at an average flying height of 30m. •Petrography was undertaken by R.N. England Consulting Geologist.
	Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not _commercially sensitive. _	•Detailed moving loop electro-magnetic (MLEM) surveying has been planned to cover the extent of the prospective rock units •Drilling will be undertaken using MLEM results, rock chip samples, and mapping to target potentially economic mineralisation

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