21 July 2022

onlyASX: GAL Corporate Directory

Directors

Chairman & MD

Brad Underwood

useNon-Executive Director Noel O'Brien

Non-Executive Director

Cecilia Camarri

Non-Executive Director

Mathew Whyte

personalProjects

Fraser Range Project:

Nickel-Copper-Cobalt

Norseman Project:

Palladium-Nickel-Copper-

Rhodium-Platinum-Gold

For

Contact Details

T: +61 8 9463 0063

  1. info@galmining.com.au
  1. www.galileomining.com.au

13 Colin St, West Perth, WA

QUARTERLY ACTIVITIES REPORT

Norseman - 100% GAL

  • Significant exploration event during June Quarter 2022 with major palladium-platinum discovery at Norseman - the Callisto discovery
  • Discovery drillhole (NRC266) returned significant palladium-platinum-gold-copper-nickel-rhodium mineralisation over 33 metres;
    o 33 metres @ 2.05 g/t 4E (1) (1.64 g/t Pd, 0.28 g/t Pt, 0.09 g/t Au,
    0.05 g/t Rh), 0.32% Cu & 0.30% Ni from 144m (NRC266)
  • All six RC drill holes completed at Callisto contained significant zones of mineralisation and confirm initial results from the discovery drill hole NRC266.

Subsequent events

  • Second round of RC drilling at Callisto completed with 3,939m drilled over 16 drill holes and three pre-collars
  • First four holes returned significant palladium-platinum-gold-copper- nickel assays
  • Highest grade palladium and platinum assays recorded to date with 8.25 g/t Pd & 1.94 g/t Pt over one metre in NRC275
  • Samples from reported intersections are now being analysed for rhodium content.
  • 11 drill holes hit sulphide mineralisation with portable XRF analyses confirming the presence of nickel and copper sulphides. Assays expected in August
  • Mineralised sulphide zone extends over 300m across strike on the southern and central lines, and over 200m across strike on the northern line

Fraser Range - 67% GAL / 33% Creasy Group JV

  • EM surveying of recently acquired tenement along strike of sulphide mineralisation at the Lantern South prospect is continuing
  • Infill EM surveying of highly conductive Green Moon prospect is planned to refine targets for drill testing

Corporate

  • Highly experienced mining lawyer Cecilia Camarri joins the board as an Independent Non-Executive Director
  • Well-fundedto continue exploration programs with approximately $7.0 million in cash as at 30 June 2022

Subsequent event

  • Successful Placement raising $20.4 million (before costs) with cornerstone investments by major shareholders Mark Creasy and IGO
  • Funds to be used for RC and diamond drill programs at Callisto and drilling at the highly prospective Mission Sill and Jimberlana palladium and nickel targets at Norseman

Page 1 | 16

Commenting on the recent activities, Galileo Managing Director Brad Underwood said:

only"This has been a defining period in Galileo's short history with the discovery of the Callisto palladium-platinum-rhodium-gold-copper-nickel target at our wholly-owned Norseman project in Western Australia in May 2022.

Results of the first program at Callisto were remarkable, as all six RC drill holes contained significant zones of mineralisation with strong confirmation of the initial results from discovery drill hole NRC266.

We were quick to get back on site and start our second drill campaign to expand on the early results with drilling designed at a 50-metre spacing across strike and followed by drill lines along strike to the north.

Post quarter end, we reported assays from the first four RC drill holes of this second program at Callisto which demonstrated the extensive continuity of mineralisation intercepted with significant thicknesses over 20 metres

useat the 1.0 g/t 3E cut-off grade and over 30 metres at the lower 0.5 g/t 3E cut-off reported.

Most importantly, the mineralisation is open at the end of the 6,448,000-drill line where it starts to dip east, further onto our granted Mine Lease. NRC278 ended in mineralisation at this location and will be completed with a diamond drill rig, as will further step out holes to the east.

We plan to begin a third round of RC drilling in late July with diamond drilling scheduled to start in August.

With over five kilometres of strike length at the Callisto discovery, and highly prospective targets at the Jimberlana and Mission Sill prospects, the potential for additional mineralisation is very high.

personalOn the corporate front, we were very pleased with the strong market support for our $20.4 million placement with $8.7 million of the funds coming from our major shareholders, Mark Creasy and IGO. This funding now

llows us to aggressively explore this significant new palladium province within our Norseman Project area.

In addition, we welcomed highly experienced mining lawyer Cecilia Camarri to the board as an Independent Non-Executive Director. Cecilia's appointment will assist us with our aim to transition from exploration company to resource development company on the back of the Callisto discovery."

Galileo Mining Ltd (ASX: GAL, "Galileo" or the "Company") is pleased to provide a summary of activities for the quarter ending 30th June 2022 from its Norseman palladium-platinum-gold-copper-nickel-rhodium project and Fraser Range nickel project in Western Australia.

Norseman (100% GAL)

During the quarter, Galileo reported the discovery of significant palladium-platinum-copper-nickel-sulphide at the Callisto target.1

Six holes for 1,142 metres were drilled at Callisto2. The target is a mineralised sulphide unit developed at the base of an ultramafic sill where it intrudes into a package of sedimentary rocks.

ForDrill holes from the initial campaign were completed on two east-west lines spaced 50 metres apart with a 50- metre drill spacing along the lines.

Each of the six drill holes intersected palladium-platinum-gold-copper-nickel sulphide intersections. Of the six holes, drill hole NRC266 recorded the widest interval of sulphide mineralisation with sulphide abundance increasing to the east in the drilling.

Interpretation of results from Callisto have shown similarities with South Africa's Platreef deposits with disseminated sulphide mineralisation hosted in the lower unit of a layered ultramafic sill.

Drill assays from NRC266 were analysed to include the presence of rhodium in addition to palladium-platinum-gold-copper-nickel.3 These metals also occur in the Platreef deposits in a similar disseminated mineralisation

  1. Refer to ASX announcement dated 11th May 2022
  2. Refer to ASX announcement dated 4th May 2022
  3. Refer to ASX announcement dated 27th May 2022

Page 2 | 16

Figure 1: RC Drilling Underway at Galileo's Callisto Discovery near Norseman
NRC269
NRC268
NRC267
NRC265
NRC264
Hole ID
Table 2: Significant intersections for drill holes NRC264, NRC265, NRC267, NRC268, NRC269. Cut
off is 1 g/t 3E, maximum of 2m internal dilution
and
157
135
22
1.60
165
137
28
1.58
143
19
124
1.69
147
12
135
1.36
147
133
14
1.26
To
(m)
From
(m)
Interval
(m)
3E (Pd+ Pt+
Au; g/t)
177
176
1
3.21
165
6
2.69
159
177
144
33
NRC266
2.00
Hole ID
To
(m)
From
(m)
Interval
(m)
3E (Pd+ Pt+
Au; g/t)
Table 1: Significant intersections for drill hole NRC266
1.32
0.21
0.07
0.26
0.25
0.07
0.22
0.26
0.27
1.29
0.09
0.23
0.28
0.24
1.38
0.06
0.19
0.22
0.19
1.11
0.06
0.19
0.28
0.25
1.02
Nickel
(%)
Copper
(%)
Palladium
(g/t)
Gold (g/t)
Platinum
(g/t)
0.14
0.41
0.46
0.48
2.66
0.37
0.11
0.36
0.41
2.21
0.28
0.09
1.64
0.30
0.32
Copper Nickel
(%) (%)
Palladium
(g/t)
Platinum
(g/t)
Gold (g/t)

style and in a similar host rock. Petrographical examination of drill chips from NRC266 is ongoing with the onlyintention of describing the host rock in more detail.

including

usepersonalIn June, the Company commenced a second program of RC drilling at the Callisto discovery to expand on the arly results with drilling designed at a 50-metre spacing across strike to be followed by drill lines along strike to

the north.4 For

4 Refer to ASX announcement dated 6th June 2022

Page 3 | 16

Galileo reported each of the first four drill holes of the 20-hole program5 had intersected disseminated sulphide mineralisation geologically consistent with the first round of drilling. The first round of drilling showed that the sulphide layer at the base of the layered ultramafic sill was associated with palladium, platinum, gold, rhodium, nickel and copper.

only

Figure 2: RC chips with disseminated sulphides (1% - 5%) in NRC274. Depth labels in metres

Post quarter end, Galileo reported drill assays from the first four RC holes of the second RC drill program at

useCallisto and confirmed significant palladium-platinum-gold-copper-nickel results. 6

This included the highest-grade palladium and platinum assays recorded to date of 8.25 g/t Pd & 1.94 g/t Pt over one metre in NRC275 which add even more prospectivity to the Callisto area with the possibility of high- grade zones occurring within the mineralised system.

The Company reported significant thicknesses over 20 metres at the 1.0 g/t 3E cut-off grade and over 30 metres at the lower 0.5 g/t 3E cut-off.

Mineralisation is open in all directions and now extends over 300 metres across strike on section 6,448,000N.

Table 3: Significant intersections for drill holes NRC274, NRC275, NRC276, NRC277 with a 1.0 g/t 3E cut off, maximum of 1m internal dilution. Rounding may have slight effect on the calculation of 3E

personal

Hole ID

From

To

Interval

3E (Pd+ Pt+

Palladium

Platinum

Gold

Copper

Nickel

(m)

(m)

(m)

Au; g/t)

(g/t)

(g/t)

(g/t)

(%)

(%)

NRC274

144

167

23

2.12

1.74

0.30

0.09

0.35

0.35

and

172

174

2

1.79

1.43

0.26

0.10

0.29

0.28

NRC275

143

172

29

2.22

1.80

0.33

0.09

0.32

0.31

For

including

170

171

1

10.46

8.25

1.94

0.26

0.36

0.22

NRC276

150

170

20

1.79

1.47

0.25

0.07

0.27

0.30

and

174

176

2

1.28

1.07

0.18

0.03

0.92

0.20

and

180

181

1

1.00

0.83

0.13

0.04

0.23

0.17

NRC277

147

159

12

1.81

1.48

0.25

0.08

0.31

0.30

and

172

173

1

1.16

0.94

0.17

0.05

0.17

0.22

and

177

199

22

1.67

1.33

0.23

0.11

0.27

0.27

  1. Refer to ASX announcement dated 21st June 2022
  2. Refer to ASX announcement dated 11th July 2022

Page 4 | 16

Eleven additional drill holes have been completed with each drill hole intersecting disseminated sulphide mineralisation geologically consistent with the first round of drilling.7
The geometry of the sulphide mineralisation appears to be flat lying before it begins to dip to the east. Mineralisation is not yet closed off on the flat lying areas to the west with the possibility of extensions to the west at a relatively shallow depth below surface. Mineralisation is also open to the north, south and east.
0.09
0.19
0.22
1.40
1.11
200
169
31
NRC277
0.07
0.21
0.25
1.50
1.22
159
142
17
NRC277
0.05
0.18
0.25
1.26
1.04
183
146
37
NRC276
174
0.08
0.28
136
0.26
38
NRC275
1.84
1.49
174
0.07
0.23
138
0.27
36
NRC274
1.63
1.33
Hole ID
To
(m)
From
(m)
Copper
(%)
Interval
(m)
Palladium
(g/t)
Gold (g/t)
Platinum
(g/t)
3E (Pd+ Pt+
Au; g/t)
0.24
0.26
0.22
0.28
0.28
Nickel
(%)

Table 4: Significant intersections for drill holes NRC274, NRC275, NRC276, NRC277 with a 0.5 g/t 3E cut onlyoff, maximum of 3m internal dilution. Rounding may have slight effect on the calculation of 3E

use

Figure 3: Callisto preliminary geological drill section 6,448,000mN with major drill intercepts at 1.0 g/t

For personal

3E cut-off. NRC278 finished in mineralisation and NRC279/280 are pre-collars.

7 Refer to ASX announcement dated 13th July

Page 5 | 16

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Galileo Mining Ltd. published this content on 20 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2022 22:33:03 UTC.