Activities Report For Quarter Ended 30 June 2022

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ending 30 June 2022 (the “Quarter”), primarily focused on construction of its 60%-owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

HIGHLIGHTS:

• Abra Project 73% complete at end of the June Quarter (15% of Abra construction works were completed during the June Quarter). Project focus remains on underground access to the Abra orebody and completion of the processing plant and power station.
• Underground development achieved 565m advance during the Quarter remaining on schedule with the decline reaching 1,357mRL. The decline is 44m above the orebody and 193m below the surface.
• Overall processing plant construction has reached 79% complete. Plant engineering and drafting work is 99% complete and site construction work is 72% complete.
• Key overseas supplied equipment being the remaining mill equipment, secondary and tertiary cone crushers, and LNG tanks have arrived on site.
• US$20M additional debt drawdown was completed under the Taurus Debt Facilities, leaving US$25M remaining undrawn.
• Cash balance at Quarter-end A$48.2M.
• After Quarter-end, binding commitments received for an oversubscribed placement to raise A$17M.

ABRA BASE METALS MINE (60%-OWNED)

Abra comprises a granted Mining Lease, M52/0776 and surrounding Exploration Licence E52/1455, together with several co-located General Purpose and Miscellaneous Leases. The Project is 100% owned by Abra Mining Pty Limited (“AMPL” the Abra Project joint-venture entity), which in turn is 60% owned by Galena, with the remainder owned by Toho Zinc Co., Ltd. (“Toho”) of Japan.

Abra is fully permitted and under construction. First production of its high-value, high-grade lead- silver concentrate is currently scheduled for the first quarter of 2023 calendar-year.

During the Quarter Abra Project construction works continued, reaching the 73% completion mark at the end of the Quarter.

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