GALILEO MINING LTD — Share Issue/Capital Change 2021

Nov 25, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

GALILEO MINING LTD

Date of this announcement

Friday November 26, 2021

The +securities the subject of this notification are:

==> picture [8 x 9] intentionally omitted <==

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
GALAD	PERFORMANCE RIGHTS	500,000	25/11/2021

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

1 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

GALILEO MINING LTD

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

70104114132

1.3 ASX issuer code

GAL

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

26/11/2021

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

2 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

==> picture [21 x 22] intentionally omitted <==

2.1 The +securities the subject of this notification are:

==> picture [8 x 8] intentionally omitted <==

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

==> picture [8 x 8] intentionally omitted <==

has an existing ASX security code ("existing class")

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

3 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code and description

GALAD : PERFORMANCE RIGHTS

Date the +securities the subject of this notification were issued

25/11/2021

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class

==> picture [9 x 8] intentionally omitted <==

Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities.

Name of KMP	Name of registered holder	Number of +securities
Mathew Whyte	Mr Mathew Joseph Whyte + Sarah Louise Whyte ATF Family Trust>	200,000

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

http://www.galileomining.com.au/wp-content/uploads/2021/10/October-21-2021-1.pdf

Any other information the entity wishes to provide about the +securities the subject of this notification

The issue of 200,000 Performance Rights to Mathew Whyte (under the Company's Employee Incentive Plan), a Non-Executive Director of the Company, or his permitted nominee and to the issue of shares on exercise of such of those Performance Rights which vest upon satisfaction of the applicable vesting conditions was approved by Shareholders at AGM held on 25 November 2021. See Resolution 6 of the Company's Notice of AGM dated 21 October 2021, which sets out approval for this issue under the Company's Employee Incentive Plan for the purposes of ASX Listing Rule 10.14, given that Mathew Whyte is a Non-Executive Director of the Company.

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

4 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

==> picture [21 x 22] intentionally omitted <==

Number of +securities

500,000

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

5 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
GAL : ORDINARY FULLY PAID	168,409,205
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
GALAE : OPTION EXPIRING 29-APR-2022 EX 44C	2,272,727
GALAD : PERFORMANCE RIGHTS	1,600,000
GALAC : OPTION EXPIRING 31-JAN-2023 EX $0.20	12,500,000
GALAN : OPTION EXPIRING 15-SEP-2023 EX $0.52	2,500,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

6 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

13

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

7 / 7