GALILEO MINING LTD — Investor Presentation 2021

Oct 18, 2021

MINES & MONEY @ IMARC PRESENTATION 19 October 2021 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

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 18[th] October 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 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

==> picture [34 x 34] intentionally omitted <==

Strong cash position with~$10.4M[1 ] Recently raised $6.5M from institutional and sophisticated investors

All assets are in the Tier-1 mining jurisdiction of Western Australia

==> picture [33 x 34] intentionally omitted <==

High value nickel targets, palladium targets and an existing cobalt/nickel resource

Pre-discovery market valuation and highly leveraged to success

==> picture [34 x 34] intentionally omitted <==

==> picture [32 x 32] intentionally omitted <==

Campaign drilling programs throughout the year

Well supported – successful mining investor Mark Creasy and major mining company IGO are the largest shareholders

==> picture [465 x 30] intentionally omitted <==

----- Start of picture text -----

Share Price (twelve months)
----- End of picture text -----

==> picture [355 x 30] intentionally omitted <==

----- Start of picture text -----

Key metrics
----- End of picture text -----

==> picture [915 x 405] intentionally omitted <==

----- Start of picture text -----

0.45 12000000 ASX Code GAL
0.4
Shares on Issue 168.1m
10000000
0.35
Share price (@ 18 [th] October 2021) 24.5c
0.3 8000000
0.25
Market Cap $41.2m
6000000
0.2
Cash (at 30 [th] Sep 2021) $10.4m
0.15 4000000
Enterprise Value $30.8m
0.1
2000000
0.05 Options on Issue 12.5m @ $0.20 (Management Options)
2.3m @ $0.44; 2.5m @ $0.52
0 0
Debt No debt
Volume Close
JORC Resources (slide 20 for details) Major Shareholders
Cobalt 26,600 tonnes Mark Creasy 24.6%
Nickel 122,500 tonnes IGO Ltd (ASX:IGO) 8.9%
4
----- End of picture text -----

Highly Experienced Board

• Over 18 years’ experience in exploration, prospecting and mining.

Brad Underwood Chairman & MD

• 2010 – 2018 worked for Mark Creasy as General Manager of several private companies.

• Discovered the Silver Knight nickel-copper-cobalt deposit in the Fraser Range and Galileo’s Mission Sill nickel-cobalt resources.

• Bachelor of Science in Geology and a Post Graduate Diploma in Geology from the University of Auckland, Master of Science (Distinction) in Mineral Economics from Curtin University.

Noel O’Brien Non-Executive Director

Mathew Whyte Non-Exec Director & Company Secretary

• An experienced metallurgist with wide international development and corporate expertise.

• Served on the board of a number of ASX listed companies over the past 10 years.

• Currently technical advisor to several listed companies.

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

• CPA and a Chartered Secretary (FGIA), with over 25 years’ experience.

• Held senior executive roles on a broad range of Australian listed entities.

• Served as Director and Company Secretary on multiple ASX company boards over the past 15 years.

5

Strategic

Commodity & District Focus

• Numerous operating mines in the district

• Access to world-class infrastructure (road, rail, City of Kalgoorlie, Port of Esperance)

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

**Fraser Range JV Project ***

• Management with extensive Fraser Range experience

• Upcoming drilling program at the Delta Blues Prospect where initial drilling hit sulphides

• Developing targets at the Easterly and Lantern Prospects with an ongoing regional exploration program

• Nickel, cobalt, and palladium exploration

Norseman Project

• 10,000m aircore drilling program scheduled to start mid-late October

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

• Cobalt price now ~ US$55,000/tonne with increasing demand

• 67% Galileo Mining/33% Creasy Group JV

• (1) See slide 20 for details

6

Fraser Range Project Nickel, copper, cobalt

==> picture [107 x 33] intentionally omitted <==

==> picture [433 x 540] intentionally omitted <==

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

==> picture [291 x 391] intentionally omitted <==

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

==> picture [293 x 391] intentionally omitted <==

Fraser Range Mineral Belt

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)]
  

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

• Delta Blues and Lantern prospects: 15km from the Trans-Australia

  • Railway

• Sulphide intercepts demonstrate prospectivity of Galileo tenure

• 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

9

==> picture [575 x 297] intentionally omitted <==

Drilling Activity

RC and diamond drilling campaigns

• First RC and diamond drilling programs intersect sulphides at the Lantern Prospect

• 23m @ 0.19% Ni & 0.14% Cu from 133m in disseminated nickelcopper sulphides from ultramafic host rock (LARC013D)[1]

• 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

10

Delta Blues Drilling

First round of drilling - copper and gold assays confirm prospective mineralised sulphides[1,2]

• Copper-gold assay results of:

• 4m @ 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

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

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

• Top of EM target at Delta Blues DB2 drilled with strongest and best parts of the conductor untested at depth

• Scale of mineralised system at DB2 is substantial with conductor dimensions 500m by 500m

• 1,200 metre diamond drilling program designed to follow up early results

==> picture [378 x 141] intentionally omitted <==

----- Start of picture text -----

154-155m 155-156m 156-157m
----- End of picture text -----

Drill chips from DBRC003; semi-massive sulphide from 154-157m

Cross Section of Drill Hole DBRC001 with EM Target at the Delta Blues DB2 Prospect

New Nickel Target

Results from target generation electro-magnetic (EM) surveying in the Fraser Range region continue to identify new nickel targets[1]

• New nickel prospect less than 5km from confirmed nickel sulphides at the Lantern South prospect

• Modelled EM conductor is a large-scale target 750 metres long and only 165 metres below surface

• Ongoing target generation work delivering results with high quality drill targets developed

• Infill EM surveying and advanced modelling to be undertaken prior to drill testing

• Refer to ASX announcement dated 30[th] August 2021

12

Norseman Project Palladium, nickel, cobalt

==> picture [107 x 33] intentionally omitted <==

==> picture [433 x 540] intentionally omitted <==

Highly prospective ground next to Norseman

• 278km[2] of prospective ground at the southern end of the prolific NorsemanWiluna 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

==> picture [208 x 197] intentionally omitted <==

• Tenements are prospective for palladium, nickel sulphide, and nickel-cobalt laterite mineralisation

• Current JORC compliant 25Mt nickel-cobalt laterite resource

14

==> picture [465 x 540] intentionally omitted <==

----- Start of picture text -----

Norseman Project
•
•
•
•
----- End of picture text -----

5 Priority Drill Targets Identified from New Palladium Soil Sampling[1]

• Five priority palladium-nickel targets to be tested in upcoming aircore drilling program

• High value palladium up to 0.81 g/t in soil sampling and nickel up to 0.25% define target zones[2]

• Large scale 10,000 metre aircore drilling program scheduled to commence in mid-late October and expected to run for approximately six weeks

• Aircore drilling is designed to develop multiple prospects for follow up RC and/or diamond drilling programs

• Refer to ASX announcement dated 6[th] October 2021

• Refer to ASX announcement dated 25[th] August 2021

15

Norseman Project

Palladium Targets Identified from Existing Drilling

• Palladium drill results demonstrate highly prospective ground position[1]

• 27 metres @ 0.58 g/t Pd, 0.12 g/t Pt, 0.13 % Cu & 0.18% Ni from 123m (MTRC096) including

  • 3 metres @ 1.1 g/t Pd, 0.19 g/t Pt, 0.23% Cu & 0.26% Ni

• 2 metres @ 2.39 g/t Pd, 0.63 g/t Pt, & 0.11% Ni from 92m (MTRC128) including

  • 1 metre @ 4.3 g/t Pd, 1.1 g/t Pt, & 0.12% Ni

• 35 RC holes with anomalous palladium >0.4 g/t in regolith; 16 RC holes with anomalous palladium >0.2 g/t in fresh rock

• Multiple drill ready targets with +5km of prospective strike length at Mt Thirsty & +10km of prospective strike length at Mission Sill

• 1. Refer to ASX announcement dated 17[th] May 2021

16

==> picture [428 x 540] intentionally omitted <==

----- Start of picture text -----

Norseman Project
----- End of picture text -----

Established Nickel and Cobalt Deposit

• 25.1Mt @ 0.11% cobalt and 0.49% nickel[1]

• 26,600 tonnes of contained cobalt and 122,500 tonnes of contained nickel

• Shallow, flat lying deposit, 20 -30 metres deep

• Contiguous high-grade cobalt mineralisation

• Ongoing metallurgical test work programs

• Provides leverage to increasing cobalt demand from EV battery technology

• 1) See slide 20 for details

17

==> picture [34 x 34] intentionally omitted <==

Well funded and supported junior exploration company

==> picture [33 x 34] intentionally omitted <==

Active explorer with experienced management and team

Fraser Range and Norseman projects with campaign drilling

Highly leveraged to discovery success

==> picture [33 x 34] intentionally omitted <==

Focused on discovery nickel, cobalt, copper & palladium

==> picture [268 x 80] intentionally omitted <==

P: +61 8 9463 0063

E: info@galileomining.com.au W:http://www.galileomining.com.au/

==> picture [433 x 540] intentionally omitted <==

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/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

20