GALILEO MINING LTD — Investor Presentation 2021

Mar 24, 2021

STRATEGIC FOCUS ON NICKEL, COPPER & COBALT IN WESTERN AUSTRALIA

Mines & Money Conference Investor Presentation March 2021 I ASX:GAL

Disclaimer

This Presentation (“ or the “ has been prepared by Galileo Mining Ltd (ACN 104 114 132 ))(“ 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 “ 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

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 23[rd] March 2021. 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

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 (As it is not regulated by the Corporations Act, this Presentation does

Investment Opportunity

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Strong cash position with~$6.9M[1]

High value nickel targets with an existing cobalt/nickel resource Campaign drilling programs throughout the year

All assets are in the Tier-1 mining jurisdiction of Western Australia Pre-discovery market valuation and highly leveraged to success Well supported – successful mining investor Mark Creasy and major mining company IGO are the largest shareholders

(1) As at 31[st] December 2020

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Corporate Snapshot

Share Price (twelve months)

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Key metrics

Key Metrics	Key Metrics
ASX Code	GAL
Shares on Issue	143.1m
Share price (@ 23rd March 2021)	23.0c
Market Cap	$32.9m
Cash (at 31st December 2020)	$6.9m
Enterprise Value	$26.0m
Options on Issue	12.5m @ $0.20; 2.3m @ $0.44 per share
Debt	No debt

Major Shareholders	Major Shareholders
Mark Creasy	26.1%
IGO Ltd (ASX:IGO)	8.9%

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Hi hl Ex erienced Board g y p

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

• Brad Underwood  2010 – 2018 he worked for prospector and mining entrepreneur Mark Creasy as General Manager of several private companies. He has a wide range of skills including the strategic growth and

• Chairman & MD commercialisation of mineral assets at different stages of development.

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

• 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

• A metallurgist with wide international and corporate experience. After a career spanning 40 years in Australia and Africa he established Trinol Pty Ltd, a Perth based consultancy, to provide process and project development services over a broad range of commodities.

• Noel O’Brien  He has been actively involved with projects containing manganese, iron ore, gold, base metals, and the battery metals including lithium, graphite and cobalt

• Non-Executive Director  Served on the board of a number of ASX listed companies over the past 9 years and is currently a technical advisor to several listed companies with early to advanced stage projects.

• Holds a Metallurgical Engineering degree from the University of Melbourne, an MBA from Witwatersrand University and is a Fellow of the AusIMM.

• A CPA and a Chartered Secretary (FGIA), he has over 25 years’ commercial experience in the financial management, direction, and corporate governance of ASX listed companies.

• Mathew Whyte  He has held senior executive roles on a broad range of Australian listed entities with operations in Non-Exec Director & Australia and overseas in the mining exploration, mining services, power infrastructure and technology Company Secretary development industries.  Served as a Director and Company Secretary on multiple ASX listed company boards over the past 10 years.

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Project Portfolio

Strategic Commodity & District Focus

• Nickel and cobalt

• Numerous operating mines in the district with access to world-class infrastructure (road, rail, Kalgoorlie, Port of Esperance)

**Fraser Range JV Project ***

• Developing nickel province with two significant deposits so far at Nova and Silver Knight

• Management with extensive Fraser Range experience

• Next drilling program at the Delta Blues Prospect along strike from Legend Mining’s Mawson Prospect

• Developing targets at the Green Moon Prospect and Lantern Prospects

Norseman Project

• Nickel, cobalt, gold and lithium exploration

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

• Improving cobalt price now over US$52,000/tonne

• 67% Galileo Mining/33% Creasy Group JV (1) See slide 19 for details

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Fraser Range Project

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Fraser Range Nickel Belt

Fraser Range: A New Mineral Province

• Two nickel-copper-cobalt resources discovered since 2012 (Nova mine & Silver Knight deposit)

• 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 prospect

Multiple zones of massive sulphide mineralisation[(3)]

• Galileo has 602km[2] of prospective ground in two zones;

• Lantern and Delta Blues nickel prospects: 15km from the TransAustralia 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 12[th] October 2020

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Thompson (Canada) vs Fraser Range (Australia)

Thomson Nickel Belt

 More than 10 deposits over 100km of strike length

 Total known resources of 146Mt

 Over 50 years of mining and exploration

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Fraser Range Nickel Belt  Two deposits with over 150km of prospective strike length  Total known resources of 18Mt with less than ten years of mining  Immature nickel belt with untapped potential

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Active Exploration Zone

Galileo Mining, Legend Mining, Creasy, IGO

• Lantern and Delta Blues - two key prospect areas in the northern Fraser Range

• Lantern Prospect is 50km along strike from Legend Mining’s Mawson Prospect

• Delta Blues Prospect is along strike from Legend Mining’s Crean and Worsley Prospects

• Galileo tenements surrounded by Legend Mining and IGO tenure

• First RC and diamond drilling at the Lantern Prospect intercepted disseminated nickel-copper magmatic sulphide

• • Demonstrates prospectivity of Galileo’s tenements with confirmation of mineralised geological systems

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Exploration in the Fraser Range

Prospective Proterozoic beneath Eocene sediments

• Mafic-ultramafic magmatic intrusions

• High-grade granulite facies metamorphism

• Interpretation of intrusions mostly from detailed aeromagnetic data

• Aircore drilling used as a first pass test for area prospectivity; provides data on lithology, depth of cover, and Proterozoic regolith

• Followed by Moving Loop EM surveying to define conductors

• RC and diamond drilling of geochemical targets from aircore drilling and conductive targets from geophysical surveying

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Drilling Activity

RC and diamond drilling campaigns

• First RC and diamond drilling programs intersect sulphides

• 23m @ 0.19% Ni & 0.14% Cu from 133m in disseminated nickel-copper sulphides from ultramafic host rock at Lantern South (LARC013D)[1]

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• 41m @ 0.19% Ni & 0.14% Cu from 55m (LARC012)[[1]]

• 108m zone of disseminated pyrrhotite sulphide in gabbronorite host rock at Lantern East (LARC008D)[[1]]

• Increased confidence in regional prospectivity

• (1) See GAL ASX Announcements dated 29[th] September 2020 and 28[th] October 2020 for details

Lantern South

Prospect

• Ultramafic intrusion with nickel-copper sulphides

• Limited drilling with potential for additional mineralisation

First appearance of high tenor primary massive sulphide over small intersection

Recent diamond drilling showed further disseminated mineralisation

Downhole EM surveying currently underway to look for off-hole conductive targets

• Open to the south and at depth – follow up drilling required

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Lantern East Prospect

EM target on margin of major intrusion

• 1.6km along strike from Lantern South

• Magnetic interpretation indicated large gabbronorite intrusion; confirmed by aircore drilling

• 108m of disseminated pyrrhotite sulphide in first diamond drill hole (LARC008D)

• Follow up drilling showed source of conductor likely to be bands of pyrrhotite sulphide (LADD001 and LADD002)

• Downhole EM surveying currently underway to look for off hole conductive targets

• Confirmation of prospective mineralised ground – now need to vector towards any nickel and copper on Galileo’s tenements

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Delta Blues Prospect

Multiple EM targets within zone of prospective intrusions

• Two strong EM conductors (modelled from 3,300 to 11,000 Siemens)[1]

• Shallow aircore drilling showed nickel prospective intrusive rock units[1]

• Weathered sulphides (0.5 – 1%) observed in petrographic samples of cumulate intrusions

• Prospective area with Legend Mining’s Crean Prospect 4 km along strike

• S2 Resources identifying sulphides in drilling 300m from conductor DB2

• Conductors likely to be linked to sulphide with drill testing needed to determine possible economic value

• Diamond drilling planned to test both targets 1) See GAL ASX Announcements dated 3[rd] December 2019 and 16[th] March 2021

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Norseman Project

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Norseman Project

Nickel, Cobalt, and Gold next to Norseman

• 278km[2] of prospective ground at the southern end of the prolific Norseman-Wiluna greenstone belt

• Premier project location:

• 10km from Norseman and the historic 5Moz Norseman gold mine

• • Adjacent to sealed Coolgardie-Esperance Highway

• • Access to gas, water and rail infrastructure

• • 180km from the deep-water Port of Esperance

• Tenements are prospective for komatiite hosted nickel sulphide, gold, lithium, PGE, and nickel-cobalt laterite mineralisation

• Current JORC compliant 25Mt nickel-cobalt laterite resource with 26,600 tonnes of Cobalt and 122,500 tonnes of Nickel[1]

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1) See slide 19 for details

Norseman Project

Target Generation for Planned Drill Programs

• Recent soil sampling programs currently being integrated with existing data to develop focus areas

• Maximum 0.39% nickel in soil assays from the Woodcutters Komatiite Nickel Prospect[1]

• Maximum 0.17 g/t Platinum, 0.31 g/t Palladium and 0.08 g/t Gold from the Mission Sill PGE Prospect[1]

• Potential for additional cobalt mineralisation to supplement the existing 25Mt JORC compliant resource

• New hyperspectral data used in conjunction with machine learning and Artificial Intelligence software

• • Targets anticipated for drilling mid-2021

1) See GAL ASX Announcement dated 13[th] January 2021

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Well funded and supported junior exploration company

A Significant Investment Opportunity

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Highly leveraged to discovery success

Fraser Range and Norseman projects with potential for high value resource discoveries

Active explorer with experienced management and team

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Multiple drilling programs each year increases the chances of success

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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

Appendix – JORC Resources

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).

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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