GALILEO MINING LTD — Share Issue/Capital Change 2021

Aug 5, 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 August 06, 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	100,000	05/08/2021

Refer to next page for full details of the announcement

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

1 / 6

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

6/8/2021

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

2 / 6

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 / 6

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

5/8/2021

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

Were any of the +securities issued to +key management personnel (KMP) or an +associate? No

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

Each right is an entitlement to receive one (1) fully paid ordinary share in the Company, subject to the satisfaction of applicable vesting conditions. Please refer to page 45 of the Company's 2020 Annual Report for further information )accessible at http://www.galileomining.com.au/wp-content/uploads/2020/09/September-24-2020.pdf )

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

The rights are issued in accordance with the terms and conditions of the Galileo Mining Ltd Employee Incentive Plan as part of the Company's employee equity incentive arrangements.

The notification of cessation of unquoted securities lodged on 6 August 2021 (Appendix 3H) reported an updated number of GALAD Performance Rights as 1,000,000. This notification of Issue of Unquoted Securities (Appendix 3G) reports the issue of 100,000 Performance Rights leaving a total of 1,100,000 GALAD Performance Rights on issue.

Issue details

Number of +securities

100,000

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

4 / 6

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	143,101,205
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	1,200,000
GALAC : OPTION EXPIRING 31-JAN-2023 RESTRICTED	12,500,000

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

5 / 6

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? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

100,000 rights are issued using the Company 15% placement capacity.

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? N/A

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

6 / 6