GALILEO MINING LTD — Capital/Financing Update 2021

Nov 28, 2021

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29 November 2021

ASX: GAL

FRASER RANGE DIAMOND DRILLING UNDERWAY

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Highlights

• Diamond core drilling has commenced at the Delta Blues prospect in the Fraser Range

• Minimum program of two drill holes for ~1000m designed to test for mineralisation beneath initial RC drill intercepts[1] :

• 4 metres @ 0.29 g/t gold and 0.29% copper from 188m (DBRC001) including;

• 1 metre @ 0.61 g/t gold and 0.66% copper from 190m

Projects

• 5 metres @ 0.10 g/t gold and 0.25% copper from 167m (DBRC002)

Fraser Range Project Nickel-Copper-Cobalt

• 4 metres @ 0.21 g/t gold and 0.27% copper from 154m (DBRC003)

Norseman Project Palladium-Nickel-Cobalt

• Drilling is expected to take three to four weeks to complete with a market update and assays to follow

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce diamond core drilling is underway at the Company’s Delta Blues prospect within the Fraser Range region of Western Australia.

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Figure 1 – Diamond drilling at the Delta Blues prospect in the Fraser Range

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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

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Galileo’s Managing Director Brad Underwood commented; “ We are very happy to have started diamond drilling at the Delta Blues DB2 target in the Fraser Range which aims to build on the encouraging assay results we received from the first round of RC drilling where we identified mineralised sulphides.

The downhole EM results also indicated that we had not passed through the major part of the conductive anomaly. This current drilling program will be testing the conductive anomaly for additional mineralisation at depth with a minimum program of two drill holes for approximately 1,000 metres of drilling.

We expect the drill program to be finished prior to Christmas and we look forward to updating the market as results become available.”

Figure 1 ––Cross section of drill hole DBRC001 with planned diamond drill hole at Delta Blues DB2

target. EM target is from DHEM survey.[1]

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• (1) Refer to Galileo’s ASX announcements dated 13th September 2021 and 27[th] October 2021

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Figure 2 –– RC drill hole plan location at Delta Blues DB2 with surface EM target over TMI magnetic image. Initial diamond drilling is designed to intersect the conductor at depth beneath DBRC001 and DBRC003.

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Figure 3 – Galileo Prospect Locations in the Fraser Range Nickel Belt

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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 nickel, copper and cobalt resources in Western Australia. GAL has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickel-copper sulphide deposits similar to the operating Nova mine. GAL also holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see JORC Table below).

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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