GALILEO MINING LTD — Share Issue/Capital Change 2022

Jul 13, 2022

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

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Announcement Summary

Entity name

GALILEO MINING LTD

Date of this announcement

Thursday July 14, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unquoted OPTIONS EXPIRING 14-JULY-2024	974,615	14/07/2022
to be confirmed	EX$2.40

Refer to next page for full details of the announcement

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

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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

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New announcement

1.5 Date of this announcement

14/7/2022

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

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

As announced in Appendix 3B 6/7/2022, Issue of Unquoted OPTIONS EXPIRING 14-JULY-2024 EX$2.40

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

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does not have an existing ASX security code ("new class")

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

New +securities ASX +security code +Security description New class - code to be confirmed Unquoted OPTIONS EXPIRING 14-JULY-2024 EX$2.40 +Security type ISIN code Options Date the +securities the subject of this notification were issued 14/7/2022 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://www.galileomining.com.au/wp-content/uploads/2022/07/July-06-2022-1.pdf Note: 100% of Unquoted Options in the New class were issued to Inyati Capital Pty Ltd Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 2.40000000 14/7/2024 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description Unquoted Options Expiring 14-JULY-2024 and Exercisable at $2.40 per Option

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

As announced in Appendix 3B 6/7/2022, Lead Manager to Placement Inyati Capitial Pty Ltd were today issued 974,615 Unquoted Options EXPIRING 14-JULY-2024 EX$2.40 per Option Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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

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the market in an Appendix 3B

Options were previously announced in Appendix 3B dated 6/7/2022

Issue details

Number of +securities

974,615

Were the +securities issued for a cash consideration?

Yes In what currency was the cash consideration being What was the issue price per +security? paid? AUD - Australian Dollar AUD 0.00001000

Purpose of the issue

To pay for services rendered

Additional Details

N/A

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

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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	178,808,260
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
GALAD : PERFORMANCE RIGHTS	1,600,000
GALAN : OPTION EXPIRING 15-SEP-2023 EX $0.52	2,500,000
New class - code to be confirmed : Unquoted OPTIONS EXPIRING 14-JULY-2024 EX$2.40	974,615

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

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

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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?

974,615

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)? No

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