Galena Mining : Abra Construction over 30% Complete

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ASX ANNOUNCEMENT

20 December 2021

ASX: G1A

ABRA CONSTRUCTION OVER 30% COMPLETE

GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine ("Abra" or the "Project") has reached 32% complete on the 30th of November. Remaining Project development expenditure currently stands at $156M as of 30th November 2021 (comprising $122M remaining pre-development capital expenditure and $34M in owners' costs and contingencies), which is funded by approximately $174M cash and undrawn facilities (30 November 2021 figures). Award of all major contracts associated with the Project currently stands at 95%.

Key equipment orders and supply from overseas vendors has been confirmed with ball mill, concentrate filter and flotation cells expected to arrive on site in May, July and August 2022 respectively. These orders and follow-up form part of the GR Engineering Services Limited ("GRES") contract and they have been very active in locking in this equipment for the Abra Project early.

Managing Director, Tony James commented, "Construction progress at Abra has reached a milestone at 32% complete. Civil works associated with key infrastructure including the new airstrip and the underground decline development have made excellent progress. We expect the airstrip and associated infrastructure to be completed in December and the underground development has reached 291m from the portal against a plan of 246m. The decline has progressed through the transitional ground into fresh rock. Timing of key equipment supply from overseas has also been confirmed.

The Abra team and all the contractors who have enabled us to reach this milestone should all be very proud of what we have achieved over the last 3 months. We are set up really well to have a strong construction year in 2022 and we look forward to continuing the excellent progress we are making".

GALENA MINING LTD.

CORPORATE OFFICE: GF, 1 CENTRO AVE, SUBIACO WA 6008 (TEL [phone])

WEBSITE: www.galenamining.com.au/ TWITTER: @GalenaMiningASX

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Update on Abra Project progress

Figure 1 - Shows the progress of the various Abra construction packages.

Table 1 - Key equipment order and delivery schedule from overseas suppliers.

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Figure 2 - Civil construction progress with crushing/screening plant foundations.

Completed raw and freshwater dams in the foreground.

Figure 3 - Construction offices and mine administration buildings in place. Completed plant site

earthworks in the foreground and storm water event pond in the background.

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Figure 4 - Construction of Abra airstrip and associated infrastructure scheduled for completion

in December 2021.

Figure 5 - Underground decline has progressed 291m project to date against a plan of 246m.

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Figure 6 - Abra concentrate filter frame assembly (Ishigaki, Japan).

Figure 7 - Abra ball mill head end inspection (CITIC-Heavy Industries Co. Ltd., China).

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