Update on Drill Targeting at Ferber Property

Galileo Resources Plc ("Galileo" or "the Company") Phase 1 exploration and data integration programme has generated a number of priority drill targets at its' 100% owned Ferber Property ("the Property") under the terms of a Royalty and Exploration Agreement ("the Agreement") with Bronco Creek Exploration Inc. ("BCE"), a wholly-owned subsidiary of Elemental Royalty Corporation (TSX-V: ELE, NASDAQ: ELE).

Highlights

• The BCE team has compiled a Targeting Report setting out a series of priority drill targets at the Ferber project as envisaged under the terms of the Agreement with Galileo and in return Galileo will grant a 0.33% perpetual NSR Royalty.
• The targets were generated through new mapping, geochemical and geophysical programmes on the ground integrated with an extensive historic database, leveraging BCE's wide experience over mineral deposits in the Nevada-Utah region.
• Mapping and rock dating at Ferber has identified Eocene igneous rocks associated with the mineralising hydrothermal system, analogous in age to the large historic Battle Mountain deposit complex and the Carlin gold trend deposits in Nevada.
• Four target areas have been selected focussed on skarn-hosted and porphyry-type mineralisation over a 20 square kilometre area, divided into two priority categories.
• The proposed Reconnaissance Drilling programme incorporates over 3,000m of core drilling in up to eight holes testing high and medium priority targets.
• Historic drill intercepts included 12.2m @ 0.83% Cu and 10.7m @ 0.53g/t Au, while periodic mining included the Martha Washington mine where production was reported to average 6% Cu, 16% Pb and 14 oz/ton Ag.
• The Company will now initiate the process of permitting, logistical preparation and obtaining quotes from suitable contractors with the aim of commencing drilling in the first half of 2026.

Colin Bird Chairman & CEO said: "The results or our recently completed exploration programme, assisted by BCE, has been very encouraging, generating a number of strong drill targets. We intend to pursue these targets in the coming months on a reconnaissance basis. We will keep the market informed as work progresses."

Galileo/BCE Royalty and Exploration Agreement Summary

Please refer to RNS dated 13 May 2025

Ferber Project Background

The Property, located 40 kilometres south of Wendover in Elko County, Nevada, comprises a series of patented and unpatented claims covering an area of about 30 square kilometres.

The Ferber District consists of a multi-phase Eocene igneous complex intruding Pennsylvania-Permian age carbonates. The limestone units are domed around the intrusive. Marble and skarn are developed at the margin of the intrusive complex. The sedimentary and intrusive rock is cut by faults of various orientations. Polymetallic mineralisation occurs as contact skarn and replacement in limestone and the intrusive. Possible structurally controlled sediment hosted gold deposits are present, as well as a porphyry base metals/gold target.

Copper-lead-silver-gold deposits were discovered in the area in the 1880s. Ore was shipped from the Martha Washington, Big Chief, Regent and other small mines intermittently over the years. Limited production figures for the mines list 97,878 pounds copper, 192,613 pounds lead, 11,851 ounces silver. Cordex Exploration, Royal Gold and FMC Corporation have conducted exploration in the area since 1980s-1990s.

Numerous surface samples have been collected during historic exploration along with limited, mostly shallow, drilling. Reported drill intercepts include 2.37g/t Au over 4.6m and 0.53g/t Au over 10.7m as well as 0.83% Cu over 12.2m. Individual grab samples collected by Galileo from old workings and dumps have ranged up to 10.8g/t Au, 674g/t Ag, 4.19% Cu, 8.71% Pb and 7.62% Zn. In addition, assaying for a limited range of other elements has shown anomalous levels of bismuth and arsenic which are on the US list of critical minerals.

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