Activities Report for the Quarter Ended 31 December 2023

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 31 December 2023 (the “Quarter”), focused on the ongoing production ramp-up of both the underground mine and the processing plant to achieve steady-state production at its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

HIGHLIGHTS

• Ore mined of 279,744t at 5.6% lead and 20.3g/t silver, and new quarterly record for ore processed.
• 25,020t of lead concentrate produced.
• Lead concentrate sales of 20,936t generating revenue of ~A$43.2 million.
• After quarter-end Abra completed its ninth lead concentrate shipment of approximately 9,256wmt on 14 January 2024.
• Underground development achieved a new quarterly record of 2,444m advance with the decline reaching 1,193mRL (357m vertically below the surface). New quarter underground ore drive development record of 1,584m with stope production of 177,506t at 5.9% lead.
• Lead grade is expected to continue improvement as new work areas are established and the ratio of stoping ore to development ore increases towards steady state planned levels.
• Group cash balance at Quarter-end of A$3.8 million.
• March 2024 quarter mining plans set to match processing plans, mining and processing over 350,000t for the quarter (including 240,000t of stope ore). Over 2,400m of development is scheduled to be achieved. Lead concentrate shipments are expected to be between 25- 30kt which will generate increased operating cash flows.
• The Company is in suspension pending a strategic review of operations with an initial focus on better matching the capital structure of Abra to the operation’s expected performance.

The mining performance and grade is expected to continue to improve in 2024 as the mine expands with depth, providing additional work areas and higher stope production quantities. During the December quarter significant progress was made on the geological understanding of the ore body in relation to the core veins, which has generated a revision in the mine designs and schedules for 2024. This technical work is nearing completion, and it will form the basis of the 2024 production outlook which is an important part of the ongoing discussions with key stakeholders.”

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