Earnings release
Page 1
Registered Office: 945 Wellington St, West Perth, WA, 6005 Mailing Address: P .O. Box 415, West Perth WA 6872 Phone: +61 8 9463 0063 Email: info@galileomining.com.au Website: galileomining.com.au ASX Announcement 28 July 2026 ASX: GAL QUARTERLY ACTIVITIES REPORT Corporate • Company remains well funded to advance exploration programs with strong cash position of ~A$7.5 million at end of the June quarter with ongoing focus on capital discipline while progressing multiple high-impact exploration targets Norseman – 100% GAL • Diamond drilling beneath the Callisto PGM Resource intersected a new mineralised ultramafic sill, supporting the potential for multiple mineralised intrusive systems across the Norseman Project. Significant diamond drill intercepts included: • 109m @ 0.21g/t PGM 3E 1 from 426m, including 8m @ 0.50g/t PGM 3E (26NRDD525) • Metallurgical sampling through the existing Callisto Resource confirmed: 38m @ 1.57g/t PGM 3E, 0.24% Cu & 0.27% Ni Including 13m @ 2.37g/t PGM 3E, 0.38% Cu & 0.37% Ni • Geological interpretation now indicates both Callisto and Mission Sill comprise numerous intrusive sills, significantly enhancing the prospectivity for additional PGM discoveries across more than 20 kilometres of strike at Callisto and 12km of strike at Mission Sill. • Detailed gravity and induced polarisation (IP) surveys confirmed strong geophysical responses associated with recent sulphide discoveries at the Mission Sill prospect, refining drill targeting for follow-up exploration. • A 5,000 metre aircore drilling program commenced during the quarter targeting high -priority sulphide zones at Mission Sill together with first-pass drilling at the Callisto South prospect. • Exploration activities continue to support Galileo's strategy of discovering additional PGM resources beyond the existing Callisto Resource, with multiple high-priority targets defined across the Norseman Project. 1 PGM 3E = Pd + Pt + Au expressed in g/t
Page 2
2 | Page Corporate As of 3 0th June 2026, the Company remained very well-funded to continue exploration with cash of approximately A$7.5 million. Please refer to the accompanying Appendix 5B Quarterly Cash Flow Report for further details. The Company’s capital structure as at the date of this Report is as follows: ASX Code Security Number Quoted GAL Fully Paid Ordinary Shares 197,624,927 Unquoted GALAO Options exercisable at $0.30 7,100,000 Commenting on the quarterly activities, Galileo Managing Director Brad Underwood said: "The June quarter marked another step forward for Galileo as we continued advancing the Norseman Project through multiple exploration programs, improved geological understanding and the commencement of another major drilling campaign. Diamond drilling beneath the Callisto Resource delivered one of the quarter's most significant outcomes with the identification of a new mineralised intrusive sill beneath the existing resource. This result provides further evidence that Callisto forms part of a much larger magmatic intrusive complex and significantly increases the potential for additional Platinum Group Metal discoveries across the Norseman Project. During the quarter we also undertook detailed interpretation of gravity and induced polarisation survey data that has strengthened our geological model and significantly enhanced drill targeting at the Mission Sill prospect. These datasets, together with encouraging sulphide intersections from previous drilling, provide increasing confidence that Mission Sill represents another highly prospective mineralised system. Importantly, we transitioned rapidly from target generation to drill testing, commencing a 5,000 metre aircore drilling campaign targeting Mission Sill and the newly identified Callisto South prospect. Combined with the encouraging geological results beneath Callisto, Galileo enters the second half of 2026 with multiple opportunities to expand our understanding of what we believe is an emerging PGM province. We look forward to reporting results from our current drilling programs as we continue executing our strategy of delivering new discoveries capable of adding meaningful value beyond the existing Callisto Resource."
Page 3
3 | Page Exploration Norseman – 100% GAL Exploration activities during the June quarter focused on advancing Galileo's understanding of the Norseman Platinum Group Metal (PGM) Project through diamond drilling, geophysical survey data interpretation and the commencement of a new aircore drilling campaign. Work completed during the period significantly enhanced the Company's geological model for the Callisto and Mission Sill prospects and strengthened confidence in the potential for multiple mineralised intrusive systems across the broader project area.2 The quarter was highlighted by the identification of a previously unrecognised mineralised ultramafic sill beneath the existing 17.5Mt Callisto Resource, confirmation of extensive prospective geological trends through gravity and induced polarisation (IP) survey data, and the commencement of a 5,000 metre aircore drilling program targeting multiple high-priority PGM targets at Mission Sill and Callisto South. 3 Figure 1 – Norseman Project outline (blue line) with PG M prospective area (black dashed line), Callisto Deposit (red star), and prospects (grey stars). 2 ASX announcements 5th and 13th May 2026 3 ASX announcements13 th May and 9th June 2026
Page 4
4 | Page Callisto – Diamond Drilling Confirms Potential for Multiple Intrusive Systems Diamond drilling completed beneath the existing Callisto Resource delivered one of the most significant exploration outcomes of the quarter, intersecting a previously unrecognised mineralised ultramafic sill beneath the resource. Drill hole 26NRDD525 returned a broad intercept of: • 109m @ 0.21g/t PGM 3E from 426m, including: o 8m @ 0.50g/t PGM 3E from 486m.4 Importantly, the same drill hole also intersected the existing Callisto Resource, with metallurgical sampling confirming the high-grade and consistent nature of the mineralisation, returning: • 38m @ 1.57g/t PGM 3E, 0.24% Cu and 0.27% Ni from 124m, including: o 13m @ 2.37g/t PGM 3E, 0.38% Cu and 0.37% Ni from 146m. 4 The discovery of a new mineralised intrusive rock unit beneath the Callisto Resource represents a significant advancement in Galileo's understanding of the Norseman layered intrusive system. Geological interpretation now indicates that both the Callisto and Mission Sill prospects comprise numerous intrusive sills that form large complexes emplaced along major structural corridors, substantially increasing the potential for additional PGM-bearing intrusions across the project area. 4 Figure 2 – Callisto resource section 6,448,030N with diamond drill hole 26NRDD525. 4 ASX announcement dated 13th May 2026.
Page 5
5 | Page Mission Sill – Geophysical Data Refines High-Priority Drill Targets Interpretation of gravity and IP survey data was completed during the quarter over the Mission Sill prospect area where recent RC drill results showed sulphide mineralisation at shallow levels (Figure 5 ).5 Figure 3 shows the strong gravity response in the left image with the magnetic image of the equivalent area on the right. The strong gravity response matches the location of the contact between the mafic and ultramafic rock units (serpentinisation and weathering has reduced the relative density of the ultramafic rock units at this location). This contact zone will be the target of infill aircore drilling to determine the location of the strongest near surface mineralisation as a guide to potentially economic sulphide mineralisation along this structure. Figure 3 – Mission Sill Prospect sulphide intercepts, PGE target horizons (dashed lines), infill drilling targets (ellipses), with detailed 1VD gravity image (left) and TMI magnetic image (right). 5 ASX announcement dated 5th May 2026
Page 6
6 | Page Figure 4 – Mission Sill IP line 6,437,760N resistivity (upper) and chargeability (lower) images with sulphide intercepts from 6,437,800 (Figure 5) and sulphide target zones. Figure 5 – Mission Sill section 6,437,800N with sulphide target zones at depth.
Page 7
7 | Page Figures 4 and 5 show the results of IP surveying and drilling intersections respectively. The geological section is 40 metres north of the IP section with the sulphide intercepts and interpreted contact projected onto the IP section. The IP results show a particularly strong chargeable feature (lower image in Figure 4) which may be related to serpentinisation effects or possibly to sulphide mineralisation. Further drilling is required on this section to test for economic mineralisation. Figure 6 shows the residual gravity image from detailed gravity surveying undertaken over the prospective areas of the Norseman project area. Interpretation of results highlights the impressive strik e potential around the existing Callisto resource and at the Mission Sill prospect. The prospective geological contact on which the 17.5Mt Callisto resource occurs can be traced along 20km of strike around Callisto, and over 10km of strike at the Mission Sill prospect. Figure 6 – Norseman Project residual gravity image with PGM prospective geological contacts, existing Callisto resource, and recent sulphide intercepts5 at the Mission Sill prospect.
Page 8
8 | Page Exploration Drilling Commences Building on the encouraging geological and geophysical results generated during the quarter, Galileo commenced a 5,000 metre aircore drilling program at the Norseman Project focussed on high-priority PGM targets at the Mission Sill and Callisto South prospects. 6 The drilling program is designed to test shallow sulphide mineralisation identified by previous drilling together with newly defined geophysical targets and prospective geological contacts. In addition to infill drilling at Mission Sill, first-pass drilling commenced at the Callisto South prospect to evaluate the potential for additional mineralised intrusive systems beyond the existing Callisto Resource. The Company believes the extensive strike length of prospective geological contacts and the discovery of multiple intrusive units significantly enhance the opportunity for further PGM discoveries across its 100%-owned Norseman Project. Figure 7: Commencement of AC drilling at the Norseman Platinum Group Metal (PGM) project. 6 ASX announcement dated 9 June 2026
Page 9
9 | Page Outlook Key work programs planned for the September 2026 quarter include: • Receipt and interpretation of assay results from the 5,000 metre aircore drilling program at the Mission Sill and Callisto South prospects. • Ongoing evaluation of priority PGM targets generated through recent drilling and geophysical surveys. • Progression of metallurgical test work on drill core from the Callisto Resource. • Planning of follow-up exploration programs based on drilling and assay results. Fraser Range (67% GAL / 33% Creasy Group JV) While the priority for Galileo during the quarter was exploration at Norseman, the Company is in the process of reviewing and interpreting all available data from its Fraser Range prospects to determine the type and scale of any future work programs. Tenement E28/2949 was relinquished during the quarter due to lack of prospectivity. Figure 8 - Galileo Fraser Range Project area – Galileo prospects are along strike of the Nova Mine Site, Silver Knight Deposit and the Mawson Deposit.
Page 10
10 | Page ASX Additional Information 1. ASX Listing Rule 5.3.1: Exploration and Evaluation expenditure during the June 2026 Quarter was $730,000. Details of exploration activity during the June 2026 Quarter are set out in this Report. 2. ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the Quarter. 3. ASX Listing Rule 5.3.3: Please refer to Appendix 1 for Galileo’s Tenement Schedule at 30 June 2026. 4. Rule 5.3.5: – Payments to related parties of the Company and their associates during the June Quarter (as detailed in Section 6 of the Company’s Appendix 5B Quarterly Cash Flow Report) totalling $190,000 were paid to Directors and Associates for salaries, superannuation, and director and consulting fees. Please see the Remuneration Report in the 2025 Annual Financial Report for further details on Directors’ remuneration.
Page 11
11 | Page About Galileo Mining: Galileo Mining Ltd (ASX: GAL) is focussed on the exploration and development of PGE (palladium- platinum), nickel, copper, and cobalt resources in Western Australia. GAL’s tenements near Norseman are highly prospective for new discoveries as shown by the Callisto deposit. GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are prospective for nickel -copper sulphide deposits similar to the operating Nova mine. Norseman (100% GAL) The wholly owned Norseman project contains the Callisto Discovery and adjacent regional prospects Jimberlana and Mission Sill with potential for palladium, platinum, nickel, copper, cobalt, and rhodium mineralisation. Galileo’s tenure at Norseman comprises mining, exploration, and prospecting licenses covering a total area of 255 km 2. The Callisto deposit was discovered in 2022 and is the first deposit of its type identified in Australia, analogous in mineralisation style to the Platreef deposits found in South Africa. An initial Mineral Resource Estimate was reported in 2023 with 17.5 Mt @ 1.04g/t 4E 7, 0.20% Ni, 0.16% Cu (2.3g/t PdEq 8 or 0.52% NiEq9). Table 3 - Callisto Deposit Maiden Mineral Resource Estimate (JORC 2012) (see ASX announcement: 2 October 2023) Metal equivalent price assumptions of Callisto Resource released on 2nd October 2023 Based on metallurgical test work completed to date, the Company believes that Callisto’s mineralisation is amenable to concentration using a conventional crushing, milling and flotation process and has Reasonable Prospects for Eventual Economic Extraction. Metallurgical recovery assumptions used for metal equivalent value calculations were: Pd – 82%, Pt – 78%, Au – 79%, Rh – 63%, Ni – 77%, Cu – 94% Metal price assumptions, based on 12 month calculated averages to 11 th September 2023, were used for metal equivalent values: Pd – US$1,600/oz, Pt – US$975/oz, Au – US$1,870/oz, Rh – US$9,420/oz, Ni - US23,800/t, Cu – US$8,420/t. Based on metallurgical test work completed to date, the Company believes that all metals include d in the metal equivalent calculation have a reasonable potential to be recovered and sold. Fraser Range (67% GAL / 33% Creasy Group JV) Galileo is actively exploring for magmatic massive sulphide- nickel-copper deposits across its Fraser Range tenements covering over 670km 2 of highly prospective ground in the Albany -Fraser Orogen. The 74E = Palladium (Pd) + Platinum (Pt) + Gold (Au) + Rhodium (Rh) expressed in g/t 8 PdEq (Palladium Equivalent) = Pd (g/t) + 0.580 x Pt (g/t) + 1.13 x Au (g/t) + 4.52 x Rh (g/t) + 4.34 x Ni (%) + 1.88 x Cu (%) 9 NiEq (Nickel equivalent) = Ni % + 0.230 x Pd (g/t) + 0.133 x Pt (g/t) + 0.259 x Au (g/t) + 1.04 x Rh (g/t) + 0.432 x Cu (%)
Page 12
12 | Page project is well positioned within the nickel -copper bearing Fraser Range Zone, with the Nova- Bollinger mine located between 30km and 90km from Galileo tenure. 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. The information in this report that relates to Galileo’s Mineral Resource for the Callisto Deposit is from a previous report released to the ASX by Galileo Mining (2 nd October 2023) based on information complied by Paul Hetherington, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hetherington 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 Hetherington consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Hetherington has advised that this consent remains in place for subsequent releases by Galileo of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. 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 6285 5622 or email info@galmining.com.au Media: David Tasker Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936
Page 13
13 | Page Appendix 1: Galileo Mining Tenement Schedule as at 30 June 2026 (1) MinRes have a right to acquire a 30% interest in the Lithium Rights over these tenements pursuant to the Farm-in and Joint Venture Agreement dated 30/5/2024 (as varied). (Refer ASX Announcements 3/6/2024,30/05/2025 & 28/11/2025) (2) 67% Joint Venture owned by NSZ Resources Pty Ltd a wholly owned subsidiary of Galileo Mining, 33% Great Southern Nickel Pty Ltd (a Creasy Group Company). (3) 67% Joint Venture owned by FSZ Resources Pty Ltd a wholly owned subsidiary of Galileo Mining, 33% Dunstan Holdings Pty Ltd (a Creasy Group Company Project Tenement reference & Location Interest at beginning of Quarter Interest at end of Quarter Nature of Interest As at end of Quarter NORSEMAN PROJECT All tenements are in Western Australia E63/1041 100% 100%(1) Active E63/1764 100% 100%(1) Active P63/2105 100% 100% Active P63/2106 100% 100% Active P63/2107 100% 100% Active P63/2108 100% 100% Active P63/2109 100% 100% Active P63/2110 100% 100% Active P63/2111 100% 100% Active P63/2112 100% 100% Active P63/2113 100% 100% Active P63/2114 100% 100% Active P63/2115 100% 100% Active P63/2116 100% 100% Active P63/2117 100% 100% Active P63/2118 100% 100% Active P63/2123 100% 100% Active P63/2136 100% 100% Active P63/2137 100% 100% Active P63/2259 100% 100% Active E63/2101 100% 100%(1) Active E63/2498 100% 100% Active M63/671 100% 100% Active M63/533 100% 100% Active L63/83 100% 100% Active L63/85 100% 100% Active L63/86 100% 100% Active L63/87 100% 100% Active L63/88 100% 100% Active FRASER RANGE PROJECT All tenements are in Western Australia E28/2064 67% 67% NSZ(2) Active E28/2949 100% 0% Relinquished E28/2797 100% 100% Active E63/1539 67% 67% FSZ(3) Active E63/1623 67% 67% FSZ(3 Active E63/1624 67% 67% FSZ(3 Active