GALILEO MINING LTD — Capital/Financing Update 2021

Oct 5, 2021

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6 October 2021

ASX: GAL

MULTIPLE TARGETS READY FOR DRILLING AT NORSEMAN

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Palladium-Nickel-Cobalt

Highlights

• 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[1]

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

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

• Existing palladium drill results demonstrate highly prospective ground position[2]

• 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

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• 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

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce drill targets have been finalised for the upcoming aircore drilling campaign at its 100% owned Norseman project located within the Kambalda nickel belt of Western Australia.

Soil sampling and existing drilling have defined five priority palladium-nickel targets for testing in the initial aircore drilling program scheduled to commence in mid to late October.

Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au 13 Colin St, West Perth, WA

Commenting on the forthcoming drilling program Galileo Managing Director Brad Underwood said; “S oil sampling and existing drill results have established the prospectivity of our ground at the Norseman project. Very few early-stage palladium prospects exist with such strong indications of mineralisation.

• (1) Refer to Galileo’s ASX announcement dated 25th August 2021

• (2) Refer to Galileo’s ASX announcement dated 17th May 2021

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Our Norseman project with palladium-nickel-cobalt fits well with our Fraser Range nickel-copper-cobalt project. Both areas have excellent potential for new discoveries as we explore for the metals which will drive the global transition towards the use of cleaner technologies.

Aircore drilling is scheduled to begin in approximately two weeks subject to the usual constraints of rig availability and weather conditions. We look forward to getting on the ground and starting our next phase of drill testing.”

Figure 1 ––Priority Drill Targets at Norseman - see text for descriptions (magnetic image)

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Priority Aircore Drill Target Descriptions

Target JD1: Central position of the Jimberlana Dyke. Maximum palladium value in soil sampling from this area was 0.81 g/t Pd while maximum nickel recorded was 0.2% Ni. Geochemical anomalism is associated with outcropping Jimberlana Dyke layered intrusion. Prospective areas of the dyke to the north and south occur under shallow cover with soil sampling rendered invalid by the cover material. Aircore drilling is designed to extend over areas where cover prevents effective soil sampling.

Target JD2: Southern position of the Jimberlana Dyke where the dyke has breached a north striking sulphidic sediment stratigraphically beneath the Mission Sill intrusion. Maximum palladium value in soil sampling from this area was 0.32 g/t Pd and maximum nickel was 0.12% Ni.

Target MS1: Southern prospective contact zone between Mission Sill ultramafic and overlying gabbro. This is a similar geological position to where mineralisation occurs at known deposits such as the Lac des Iles mine in Canada and the Munni Munni deposit in Western Australia. Previous RC drilling recorded wide intersections of palladium such as 68 metres @ 0.2 g/t Pd (see Figure 2 cross section and ASX announcement dated 17[th] May 2021 for additional information).

Figure 2 – Drill Section with Basement Palladium Mineralisation and Target Contact Zone at the Mission Sill Prospect (refer to Galileo ASX Announcement dated 17[th] May 2021)

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Target MS2: Prospective contact zone between Mission Sill ultramafic and overlying gabbro where the sill has interacted with the east-west trending Jimberlana Dyke. Maximum values up to 0.3 g/t Pd and 0.25% Ni in soil sampling from this location are associated with laterite-ironstone with prospective zones (as identified by magnetic interpretation) obscured by cover material.

Target MS3: Northern prospective contact zone between Mission Sill ultramafic and overlying gabbro. Ultramafic rock outcrops however the prospective contact position is mostly under shallow cover. Maximum palladium value in soil sampling from this area was 0.16 g/t Pd. Maximum nickel value was 0.19% Ni.

RC and/or diamond drilling will be undertaken after the completion of aircore drilling to follow up any anomalies resulting from the aircore programs. RC/diamond drilling will also test down dip and along strike of Galileo’s existing mineralised drill results within the Norseman Project area including palladium intersections such as:

• [2]

• o 27 metres @ 0.58 g/t Pd, 0.12 g/t Pt, 0.13 % Cu & 0.18% Ni (MTRC096) including 3 metres @ 1.1 g/t Pd, 0.19 g/t Pt, 0.23% Cu & 0.26% Ni; and

• 24 metres @ 0.51 g/t Pd, 0.08 g/t Pt, 0.10 % Cu & 0.15% Ni (MTRC086)[ 2]

The grade within the sulphide zone at the Mt Thirsty prospect (Figure 3 cross section) increases towards the east supporting the interpretation that increased mineralisation occurs within the target zone (see ASX announcement dated 17[th] May 2021 for additional information).

Figure 3 – Drill Section with Palladium Mineralisation and Target Zone at the Mt Thirsty Prospect

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Figure 4 – Norseman Project Location Map with a Selection of Regional Mines and Infrastructure

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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 Figure 5 below).

Figure 5: 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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