GALILEO MINING LTD — Investor Presentation 2020

Feb 9, 2020

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STRATEGIC FOCUS ON NICKEL, COPPER & COBALT IN TIER-1 MINING JURISDICTION

INVESTOR PRESENTATION – FEBRUARY 2020 (ASX:GAL)

Disclaimer

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 7[th] February 2020. 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

• Strong cash position - $5.4 million in cash[1]

• Nova-style high value targets in the Fraser Range nickel belt

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

• Strategic focus on drilling programs to create value through discovery

• Active nickel/copper/cobalt exploration at Norseman

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

• 31% holding

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1. As at 31st December 2019

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Corporate Snapshot

Key Metrics
ASX Code	GAL
Shares on Issue	120.4m
Share price (as at 7 Feb 2020)	15.0c
Market Cap (undiluted)	$18.1m
Cash (31/12/19)	$5.4m
Enterprise Value	$12.7m
Options on Issue	15m @ $0.20 (vesting condition: 60 day VWAP > $0.60)
Debt	No debt

Shareholder Composition

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Share Price (twelve months)

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Major Shareholders

Mark Creasy 31.0% Bailey Group 5.2% Independence Group Limited (ASX:IGO) 4.9%

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Project Portfolio

 Strategic Commodity & District Focus

• Nickel and cobalt

• Numerous operating mines in the district with access to worldclass infrastructure (road, rail, Port of Esperance)

 **Fraser Range JV Project ***

• Developing nickel province with two significant deposits so far

• with track record in the Fraser with

• Management proven Range the Silver Knight discovery**

• Outstanding targets at the Lantern prospect, along strike from Legend Mining’s Mawson Prospect

• Drilling to re-start at the Lantern prospect in late February

 Norseman Project

• High grade cobalt resource of 25Mt JORC with 26,600t of contained cobalt & 122,500t of contained nickel[(1)]

• Ongoing nickel/copper/cobalt exploration

• 67% Galileo Mining/33% Creasy Group JV

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(1) See slide 19 for details

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

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Commodity Overview

LME Nickel Cash Price and LME/SHFE Stocks

Strategic Focus on Nickel and Cobalt

• Nickel market in surplus up to 2016 when prices averaged US$9,605/t

• Nickel market in deficit since 2016 price lows

• LME and SHFE stocks have been dropping

Source: Roskill 2020 (LME, SHFE, Fastmarkets)

• Stainless steel accounts for around 70% of primary nickel consumption

LME Nickel Cash Price (US$/t 2000 – 2019)

• Increasing nickel and cobalt use linked to lithium-ion battery demand growth

• Battery and Electric Vehicle production may have a significant positive impact on nickel and cobalt markets

• Galileo highly leveraged to nickel and cobalt in a period of increasing demand

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Source: Roskill 2019

Fraser Range Nickel Belt

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Fraser Range: Fast developing mineral province

• Two significant nickel-copper-cobalt discoveries in past eight years (Nova & Silver Knight)

• IGO: Nova nickel-copper-cobalt mine

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

• Silver Knight deposit, initial publicly disclosed resource

• 4.2 Mt @ 0.8% Nickel, 0.6% Copper, 0.04% Cobalt[(2)]

• Legend Mining: Mawson (Area D) prospect

14.9m @ 1.1% Nickel, 0.8% Copper, 0.06% Cobalt[(3)]

• Galileo has 656km[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 DMIRS website

• (3) See Legend Mining ASX Announcement dated 9[th] December 2019

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Similar to Canadian Nickel Belts

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Canadian Nickel Belts analogous to the Fraser Range Belt

• Three world class nickel mining centres

• Each Canadian nickel hub is on the margin of the Archean aged Superior Province

• The Fraser Range is on the margin of the Archean aged Yilgarn Province in a similar geological environment

• Decades of exploration and mining history in the Canadian examples

• First discovery of economic nickel in the Fraser Range was in 2012

• Further work in the Fraser is to uncover Range likely

• new deposits

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Thompson vs Fraser Range

Thomson Fraser Range Nickel Belt Nickel Belt  More than 10  Two deposits with deposits over over 150km of 100km of strike prospective strike length length  Total known  Total known vs resources of resources of 18Mt 146Mt with less than  eight years of Over 50 years of mining mining and exploration  Immature nickel belt with untapped potential

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Active Exploration Zone

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Galileo, Creasy, IGO and Legend Mining

• Lantern Prospect is 50km along strike from Legend Mining’s Mawson (Area D) Prospect

• IGO aggressively exploring in the Fraser Range with a $24 million regional exploration budget and a $26 million Nova near-mine exploration budget[(1)]

• Galileo tenements surrounded by Legend Mining and IGO tenure[(2)]

• Only two rounds of aircore drilling completed at Galileo’s Lantern Prospect

• Highly prospective initial results with follow up RC and diamond drilling planned

• Additional early stage magnetic and gravity targets for future aircore drilling programs

(1) See IGO ASX Announcement dated 15[th] October 2019

• (2) See Legend Mining ASX Announcement dated 14[th] October 2019

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Lantern Prospect

Intrusions with the same host rocks as the Nova and Silver Knight deposits

• Multiple highly prospective drill targets

• Best aircore results so far 27m @ 0.18% Ni and

• 0.17% Copper from 47m (LAAC041)[(1)]

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

• Detailed magnetic and gravity data sets highlight extensive intrusions

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

 First round of RC drilling to start late February

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(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 Drill Targets

RC drilling above EM conductor

• Aircore drill holes to a maximum 102m depth designed to penetrate sedimentary cover rock[(1)]

• Prospective gabbronorite intrusion identified above EM response

• February RC drilling planned to provide Down Hole EM platform

• Diamond drilling to test EM conductive response for nickel mineralisation

• (1) See GAL ASX Announcements dated 4[th] November 2019 for details

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Growth through Discovery Extensive Drilling Programs Exploration is our business – high levels of in ground expenditure Eight drilling programs in 18 months since listing RC, aircore and diamond drilling programs planned over next five months Improved chances of discovery through targeted drilling campaigns 2019 2020 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun  First Lantern Aircore Drilling Aircore, RC and Diamond Core Drilling of Key Nickel Targets in the Fraser Range  Ground EM Survey  Gravity Survey  EIS Drill Funding Approval  POW Approvals  Second Lantern Aircore Drilling  Petrology Confirms Targeting  New Delta Blues Prospect  Magnetic data defines new targets  POW Approvals First RC Drilling at Lantern Third Lantern Aircore Drilling Program Down Hole EM Surveying Ground EM Surveying First Diamond Core Drilling	Growth through Discovery Extensive Drilling Programs Exploration is our business – high levels of in ground expenditure Eight drilling programs in 18 months since listing RC, aircore and diamond drilling programs planned over next five months Improved chances of discovery through targeted drilling campaigns 2019 2020 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun  First Lantern Aircore Drilling Aircore, RC and Diamond Core Drilling of Key Nickel Targets in the Fraser Range  Ground EM Survey  Gravity Survey  EIS Drill Funding Approval  POW Approvals  Second Lantern Aircore Drilling  Petrology Confirms Targeting  New Delta Blues Prospect  Magnetic data defines new targets  POW Approvals First RC Drilling at Lantern Third Lantern Aircore Drilling Program Down Hole EM Surveying Ground EM Surveying First Diamond Core Drilling
 First Lantern Aircore Drilling  Ground EM Survey  Gravity Survey  EIS Drill Funding Approval  POW Approvals  Second Lantern Aircore Drilling  Petrology Confirms Targeting  New Delta Blues Prospect  Magnetic data defines new targets  POW Approvals	Aircore, RC and Diamond Core Drilling of Key Nickel Targets in the Fraser Range
First RC Drilling at Lantern Third Lantern Aircore Drilling Program Down Hole EM Surveying Ground EM Surveying First Diamond Core Drilling

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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 14

Norseman Project

• 278 square kilometres of prospective ground at the southern end of the prolific NorsemanWiluna greenstone belt

• Tenements are prospective for komatiite hosted nickel sulphide, VMS copper-gold and nickelcobalt laterite mineralisation

• Current 25 Mt nickel-cobalt laterite resource[(1)]

• Drill for Woodcutters and programs designed

• Gremlin prospects

• Premier project location:

• 10 km from the town of Norseman

• 5 km from the sealed Coolgardie-Esperance highway

• Access to gas, water and rail infrastructure

• 180km from the deep-water Port of Esperance

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(1) See slide 19 for details

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Norseman Project - Cobalt

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

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

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

• (1) See slide 19 for details

• (2) Source: Reuters April 23, 2019

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A Significant Investment Opportunity

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• $5.4 million in cash fully funded exploration programs

• Active explorer with experienced management and team focussed on making discoveries

• to nickel and cobalt in a

• Highly leveraged period of increasing demand

• Fraser Range exploration with strong potential for new high value nickel deposits

• Norseman exploration with a 25Mt cobalt/nickel resource and new nickel/copper/cobalt targets

• Drilling programs planned for February, March, April and May 2020

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Appendix – Galileo Board

Brad Underwood Chairman & Managing Director

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• 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 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 Technical Director

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• Mr O’Brien is a metallurgist and processing expert with over 40 years’ experience in the design and construction of mineral processing plants. He has a deep understanding of metallurgy and possesses processing expertise in smelting, gravity separation, flotation, leaching and solvent extraction.

• 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 is currently a Technical Director of Metals Tech (ASX:MTC) and Non-Executive Director at Mali Lithium Limited (ASX:MLL).

• 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.

Mathew Whyte Non-Exec Director & Company Secretary

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• Mr Whyte is a CPA and a Chartered Secretary (FCIS) . He has over 25 years’ commercial experience in the financial management, direction and corporate governance of ASX listed companies.

• Mr Whyte has held senior executive roles on a broad range of Australian listed entities with operations in Australia and overseas in the mining exploration, mining services, power infrastructure and technology development industries.

• Mr Whyte is currently a Non-Executive Director and Company Secretary of Aurora Labs Ltd (ASX: A3D).

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ix – JORC	ix – JORC	Resources	Resources	Resources		Ni Tonnes 60,800 10,200 71,100 35,000 16,400 122,500
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 – JORC Resources

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/asxannouncements/). Galileo confirms that all material assumptions and technical parameters underpinning the Estimates continue to apply and have not materially changed).

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P: +61 8 9463 0063 E: info@galileomining.com.au W: http://www.galileomining.com.au/

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