New Risk • Mar 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m (UK£23k revenue, or US$31k). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£12.1m market cap, or US$16.2m). Announcement • Mar 03
Galileo Resources Plc Provides Update on Drill Targeting at Ferber Property, Nevada Galileo Resources Plc Phase 1 exploration and data integration programme has generated a number of priority drill targets at its' 100% owned Ferber 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. 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, dividend 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. 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.ble 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 c ontact 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 gold 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. Technical Sign-Off Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr. Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr. Slowey has reviewed and approved this announcement. Slowey has reviewed and approve this announcement. New Risk • Jan 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£23k revenue, or US$32k). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£13.1m market cap, or US$18.0m). Announcement • Dec 07
Galileo Resources plc Reports Commencement of Drilling At the Molefe Project Galileo Resources Plc reported completion of the planned Phase 1 exploration programme aimed at delineating priority drill targets at its' 100% owned Ferber Property under the terms of a Royalty and Exploration Agreement with Bronco Creek Exploration Inc., a wholly-owned subsidiary of Elemental Royalty Corporation. Work completed as part of the Phase 1 Target Generation programme include mapping over a total area of approximately 70km, with collection of 109 rock grab samples for assay. Following discovery of mineralised workings and bedrock alteration west of the existing claim holding, a further 89 claims were staked to extend the property. A soil sampling programme was carried out traversing the property and analytical results are to be collated. Completion of a ground gravity survey highlighted major structures and potential drill targets. Further historic data was obtained, including full airborne and ground magnetic coverage, IP survey results and additional drill data. New data generated by the Phase 1 Galileo/BCE work will be integrated with the historic exploration information and modelled to develop Phase 2 priority Reconnaissance Drilling targets in line with the agreement between the companies. Once Phase 1 data integration is completed BCE will provide Galileo with a final data compilation and a Targeting Report and in return Galileo will grant a 0.33% perpetual NSR Royalty. The Phase 2 Reconnaissance Drilling program is anticipated in the first half of 2026, as soon as weather, permitting, and drill availability allow. Announcement • Oct 06
Galileo Resources Plc, Annual General Meeting, Oct 28, 2025 Galileo Resources Plc, Annual General Meeting, Oct 28, 2025. Location: druces llp, sixth floor, 99 gresham street, ec2v 7ng, london United Kingdom New Risk • Sep 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (UK£301k revenue, or US$410k). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£12.0m market cap, or US$16.3m). Announcement • Sep 18
Galileo Resources Plc has completed a Follow-on Equity Offering in the amount of £1.7 million. Galileo Resources Plc has completed a Follow-on Equity Offering in the amount of £1.7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 212,500,000
Price\Range: £0.008
Transaction Features: Subsequent Direct Listing New Risk • Sep 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (UK£301k revenue, or US$404k). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (UK£11.6m market cap, or US$15.6m). Announcement • Sep 01
Galileo Resources plc Announces Kalahari Copperbelt Drilling - Second Hole of Programme Hits Copper Mineralisation Galileo Resources Plc reported that the second hole of its' reverse circulation ("RC") drilling on its 100% owned prospecting licence PL253 in the Kalahari Copperbelt ("KCB") of Botswana has intersected a wide interval containing intermittent visible copper mineralisation. Two of the four RC holes planned to test geochemical and geological/structural features on PL253 in the northwestern part of the KCB were completed to date on a previously undrilled target. The second vertical hole of the programme, QTRC014, intersected a 61m-wide zone of intermittent, visible copper oxides in rock chips in the form of malachite and chrysocolla from 75m to 136m depth. The mineralisation appears to be primarily associated with quartz veining within the D'Kar Formation - further study is required to identify the presence of primary copper sulphides. Drill samples will now be prepared for initial geochemical testing by hand-held pXRF, to be followed by full laboratory assay. Two further holes on a separate target are expected to be completed shortly. The Galileo target zone lies in the vicinity of the prospective D'Kar/Ngwako Pan contact with an accompanying soil anomaly and an interpreted thrust fault along strike from the BHP/Cobre Tlou prospect on an adjoining licence. Announcement • Aug 26
Galileo Resources plc Announces Kalahari Copperbelt - RC Drilling Programme Commences Galileo Resources Plc reported that reverse circulation ("RC") drilling has commenced on geochemical and geological targets on 100% owned prospecting licence PL253 in the Kalahari Copperbelt ("KCB"). A programme of four RC holes has commenced to test two geochemical and geological/structural targets on PL253 in the northwestern part of the KCB. The BHP Group Ltd. ("BHP"), under a recent transaction with Cobre, is investing up to USD 25 million for exploration expenditure on Cobre's Kitlanya Copper Projects, including Kitlanya West, contiguous with PL253. The transaction underscores Cobre's and BHP's confidence in the potential for these projects to host Tier 1 copper-silver deposits on this part of the KCB. Announcement • Aug 13
Galileo Resources plc Announces Kalahari Copperbelt - Re-Logging & Testing Confirms Copper in Drillholes Galileo Resources Plc made the decision to review again past exploration work undertaken over certain of its prospecting licences in the KCB. Re-logging and geochemical testing by the Company of earlier drill core and reverse circulation drill chips from its' three priority 100% owned prospecting licences in the K CB has confirmed the presence of copper mineralisation and anomalism in several holes, not previously identified, coincident with soil anomalies in the vicinity of the main stratigraphic target horizon. Re-logging of drill core from the 2022 Galileo exploration programme on PL039 and PL040 provisionally identified traces of chalcopyrite, bornite and chalcocite copper mineralisation in veins from the vicinity of the D'Kar/Ngwako Pan Formation contact, host to much of the economic mineralisation in the Belt. Indicative geochemical analysis by hand-held pXRF instrument confirmed visual mineral observations in six holes, with spot values generally in the range of 0.1 to 0.7% Cu, up to a maximum of 0.96% Cu. The mineralisation identified is further supported by soil anomalies and is partially coincident with IP geophysical targets, both of which were reported previously. As much of the drilling is widely spaced with potential for significant mineral deposits in the intervening ground the results will be integrated to identify follow-up targets for infill/extension drilling. On PL253 pXRF analysis on rock chips from the earlier RC drilling programme has highlighted a zone of consistent downhole copper enhancement in hole QTRC006 over a 55m interval to the bottom of the hole at 211m depth. This zone lies proximal to the known D'Kar/NgWako Pan contact in the vicinity of a soil anomaly and an interpreted thrust fault along strike from the Tlou prospect currently being drilled by BHP/Cobre on the adjoining property. A new RC drill programme is being planned for PL253 to further test this recently identified target. New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (UK£301k revenue, or US$399k). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (UK£9.89m market cap, or US$13.1m). New Risk • Jul 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (UK£301k revenue, or US$404k). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (UK£11.2m market cap, or US$15.0m). Announcement • Apr 11
Galileo Resources plc Appoints Alastair Ford as Non-Executive Director Galileo Resources Plc announced appointment of Mr. Alastair Ford as Non-Executive Director with immediate effect. Alastair Ford has been involved in the mining sector for more than two decades. For many years he was the mining correspondent at The Investors' Chronicle, the UK's number one investment magazine. He also played a key role at Minesite.com, the mining investment portal that was prominent during the last mining boom and in the aftermath. Alastair was subsequently Chief Investment Officer and Chief Executive of Mineral & Financial Investments, an Aim-traded mining and commodities investment vehicle, and is currently a non-executive director of Great Western Mining and Xtract Resources Plc. Mr. Alastair John Ford, aged 53, has held the following directorships and/or partnerships in the past five years: Current directorships and/or partnerships: Sofabar Consulting Limited, Great Western Mining Corporation Plc, Xtract Resources Plc, Xtract International Limited and
Xtract Energy Holdings Limited. Past directorships and/or partnerships: Mineral and Financial Investments Limited. Announcement • Mar 25
Galileo Resources plc Announces Phase 3 Drilling Results At Shinganda Project and Phase 4 Exploration, Zambia Galileo Resources Plc has completed logging and initial assaying of rock chips and core from its most recent reverse circulation ("RC") and diamond drilling programmes completed on the Shinganda Licence. Sufficient work has been completed to warrant the implementation of a Phase 4 programme focusing on the Main Fault target. Galileo has a 75% interest in the Project. Highlights: Phase 3 Drilling: Recent drilling potentially extends the shallow oxide copper-gold mineralisation reported previously at the Shinganda outcrop zone to an area of 350m x 150m within the large Shinganda Splay Fault zone that is intermittently mineralised over more than 20km. Assay results were inconclusive in some areas due to poor diamond drill core and RC chip recoveries owing to unfavourable ground conditions. Results included 22m @ 0.34% Cu from 18m depth in RC hole SHRC010, as well as several one metre sample intervals assaying up to 1.13% Cu and 0.16% Co in separate holes. A total of 30 holes and 2,213 metres of RC drilling was completed in the recent programme, with six fences of angled short holes drilled to an end of hole length of up to 80 metres, along with 3 diamond drill holes totalling 310m along the Shinganda Splay Fault and Main Fault zones. More than half of the known and projected Shinganda Splay structure remains untested by drilling. Phase 4 Exploration: A RC drilling profile across the Main Fault at Shinganda intersected intrusive rocks as well as strongly hydrothermal iron-mineralised breccias coincident with magnetic anomalies. These are associated high permeability and fluid flow that provide many of the conditions required for significant accumulations of copper-gold mineralisation. The Company will focus further drilling on the identification of structural mineral trap sites related to pressure shadows surrounding the magnetic highs in this extensive IOCG setting. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (UK£301k revenue, or US$389k). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (UK£11.9m market cap, or US$15.4m). Announcement • Mar 06
Galileo Resources plc Provides an Update on Exploration and Drilling on Licence 28001 - HQ - LEL in Northwest Zambia Galileo Resources Plc provided an update on exploration and drilling on Licence 28001 - HQ - LEL in Northwest Zambia. The Licence located within the Western Foreland geological domain is targeting combinations of lithology typically associated with redox fronts analogous to Kamoa-Kakula-type copper mineralisation. Drilling of two holes totaling 706.4m successfully established the stratigraphy of the wider licence area and have informed future exploration with regard to hole location and priority stratigraphic sequences most likely to generate redox fronts and therefore potential copper mineralisation. Detailed ground geophysics, interpretation of historical geophysical data, mapping and stream sediment sampling has established that portion of the Licence most likely to host the geological and architectural features required for Kamoa - Kakula-type mineralisation. Priority areas within the Licence have been identified and planning for follow-up work is underway to ensure exploration can commence at the end of the current rainy season with the aim of identifying focussed targets for drill testing. The Licence overlays the Western Foreland geological domain. The known extent of the Western Foreland overlies Northwestern Zambia, neighbouring DRC and Angola. Recent discoveries by Ivanhoe, within the DRC's extension of the Western Foreland, reaffirmed the stratabound nature of mineralisation, governed by redox fronts associated with particular combinations of overlying strata. Mapping, geophysical interpretation and focused ground magnetic surveying was undertaken to inferred stratigraphy and determine the best locations for diamond drilling. Two diamond core holes, totaling 706.4m were drilled. The holes established the stratigraphy of The targeted area and will help direct future drilling. The 2025 exploration programme will focus on the potential redox boundaries inferred from the defined stratigraphy. A focused soil and stream sediment survey, followed by ground electro -magnetic (EM) surveying is planned. Positive results will be followed up with diamond core drilling. Technical Sign-Off Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr. Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr. Slowey has reviewed and approved this announcement. Announcement • Mar 05
Galileo Resources plc Provides an Update on Further Exploration Work Under Certain of Its 100% Owned Retained Licences in the Kalahari Copperbelt Galileo Resources Plc provided an update on further exploration work undertaken over certain of its 100% owned Retained Licences in the Kalahari Copperbelt ("KCB"). As referenced in the Interim Results announced on 30 December 2024, drill targets have now been defined following a recently completed Induced Polarisation ("IP") geophysical survey on five profiles across two of its KCB prospecting licences PL039/2018 and PL040/2018 in Botswana where it is searching for sediment-hosted copper-silver deposits in a region with several new operating mines and recent discoveries. Chargeability/resistivity anomalies were observed on all five IP lines surveyed across both licences, most of which are supported by anomalous soil geochemistry in the vicinity of the target D'Kar-Ngwako Pan contact. The chargeability/resistivity anomaly on PL039, Line 1 in particular emerges as a compelling drill target, based on: Location on the crest of the 'Galileo' Fold, analogous to the adjacent Mowana Fold which has been shown to be copper mineralised in drilling carried out by Khoemacau and Arc Minerals. Strong IP chargeability/resistivity anomaly apparently coincident with and down-dip of the target D'Kar -Ngwako Pan contact with possible structural controls. Coincident Terraleach copper soil anomaly lying directly over the up-dip part of the chargeability anomaly. Previous Galileo drilling in the area where re-logging has provisionally identified traces of copper mineralisation in several of the holes at the target horizon level. It is now planned to undertake pXRF geochemical analysis of the previous drill core on both prospecting licences to confirm the presence of copper mineralisation and its quantity, where present. A follow-up drill programme will be prepared which will test both the PL039/2018 Line 1 target and other geophysical targets supported by the planned pXRF analytical work on earlier drill core with reported copper traces. Five Insight Gradient Array IP profiles totaling 12.725km were completed by 3D Earth Exploration contractors on PL039/2018 (3 lines) and PL040/2018 (2 lines). The profiles were chosen based on geological interpretation, aeromagnetic data and Terraleach soil sample results and were designed to test the effectiveness of the methodology to penetrate the sand/soil cover and provide meaningful information on geology, structure and potential mineral occurrences of interest. It is clear from the results received that penetration to bedrock was achieved on all lines surveyed through 60m+ overburden cover. The raw field data was then processed by a Senior Geophysical Consultant to produce inversion plots to assist with target delineation. PL039/2018 Profile of Line 1 Target - IP Inversion of a Stacked Schlumberger Section with Chargeability (top) and Resistivity (below). Mobile Metal Ion (TerraLeach -TL1) soil sampling line with coherent soil and IP anomaly located above the D'Kar/Ngwako Pan Formations contact interpreted from regional airborne magnetic, airborne electromagnetic and gradient array IP data. Thick black line shows the interpreted contact while the thinner black lines demarcate changes in lithology in the D'Kar Formation. Technical Sign-Off Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Director of Director of Director of Directors of the Company. Announcement • Oct 15
Galileo Resources Plc, Annual General Meeting, Nov 06, 2024 Galileo Resources Plc, Annual General Meeting, Nov 06, 2024. Location: fladgate llp, 16 great queen street, wc2b 5dg, london United Kingdom Announcement • Oct 14
Galileo Resources plc Announces Commencement of IP Geophysical Surveying in Botswana Copperbelt Galileo Resources Plc planned to follow-up previously identified soil geochemical targets on licences PL039/2018 and PL040/2018 located towards the south-eastern basin margin of the Kalahari Copperbelt by undertaking an IP geophysical survey over selected geochemical anomalies to assist in defining drilling targets. Highlights: Galileo will shortly commence a contract with a geophysical survey provider to undertake a series of IP/resisitivity geophysical profiles across previously identified soil geochemical targets with preparatory groundwork already completed. The system has the capability to penetrate to 400m depth and can help in defining the geological and structural framework as well as directly detecting sulphide mineralisation. The Galileo geochemical targets occupy a similar geological setting ('the Galileo Fold') to that drilled historically by Khoemacau Copper Mining ('Khoemacau' - now owned by MMG) coincident with the Mowana Fold axis and Zones 5 and 9 mineralisation together with recently announced drill intercepts by Arc Minerals ('Arc') on the adjoining Virgo Project. At Mowana, which is located approximately 15km from the Galileo Fold, Khoemacau reported drill intercepts of 4.3m @ 1.65% Cu and 6.1m @ 2.56% Cu. Arc also recently drilled scout holes on the same structure on an adjacent licence to Mowana and reported 1m intervals assaying up to 3.65% Cu. Announcement • Oct 03
Galileo Resources plc Provides Drilling Update on Shinganda Licence Galileo Resources Plc advised on 21 August 2024 at the commencement of drilling of the Phase 3 Reverse Circulation ("RC") drilling programme on the Shinganda Licence that it would update shareholders with any material updates. Holes along each fence were drilled at an angle to intersect anticipated mineralisation within the previously identified prospective fracture systems dominated by hematitic alteration. Fences were drilled to cover targets on both the Shinganda Splay and the Main Fault. The cumulative strike length tested by fences on the Splay totalled 4,000m and on the Main Fault 2,000m. Several of the drillholes SHRC001 to SHRC022 testing extensions of the Splay intersected significant package widths of sulphide and oxide alteration/mineralisation identified during previous drill programmes to contain copper and gold. RC holes SHRC023 to SHRC030 testing extensions of the Main Fault intersected notable widths of sulphide alteration with the potential to host copper and gold mineralisation. Samples for the RC programme have already been prepared for dispatch to a recognised independent assay laboratory in Zambia for copper analysis. Of the three holes completed to date, it appears all holes intersected sulphide mineralisation and/or supergene enrichment of sulphide mineralisation. An estimated 135 metres of drilling in one hole remain to be completed on the diamond programme before samples are prepared for dispatch for independent copper analysis. Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr. Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr. Slowey has reviewed and approved this announcement. New Risk • Oct 02
New major risk - Revenue and earnings growth Earnings have declined by 3.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.5m free cash flow). Earnings have declined by 3.1% per year over the past 5 years. Revenue is less than US$1m (UK£131k revenue, or US$173k). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (UK£13.1m market cap, or US$17.4m). Announcement • Sep 06
Galileo Resources plc Provides Update on the Luansobe Copper Project, Zambia Galileo Resources plc provided an update on the proposed development of the Luansobe copper project in Zambia where a small-scale mining licence has been granted and Galileo holds a 75% interest in the Project. The Company intends to complete the work set out as follows before committing to a date for the commencement of operations at Luansobe and will keep Shareholders updated as this evolves. Production remains dependant on a number of factors as announced previously but including permitting and the availability of funding. Highlights include: The initial optimisation study has identified the following opportunities: Remodelling of the geological block model resulted in the inclusion of low-grade (below cut-off) ore that will improve dilution Potential inclusion of ore within the overburden. Inclusion of a possible free dig portion of the overburden. Sensitivity analysis highlighted a number of optimisation scenarios for the open pit only: Extending pit depth to 220m using a 0.25% Cu cut-off resulted in an estimated run of mine tonnage of 9.12 million tonnes and projected total copper production for the open pit of approximately 70,000t Cu. Reducing pit depth to 160m using a 0.5% Cu cut-off resulted in an estimated run of mine tonnage of 4.41Mt and projected total copper production for the shallower open pit of approximately 40,000t Cu.
In order to provide contractors and other interested parties with the best possible information upon which to base offers and/or tenders, the Board has instructed the external consultant to complete mine design to complement the strategic scheduling already completed. This will provide interested parties with detailed mine design, pushback design, life of mine scheduling and for internal use, trade-off studies. Potential exists outside of the Mineral Resource defined by the block model which has the scope to add significantly to the global resource. More specifically, this includes shallow underground mineralisation excluded from previous resource estimation work due to limited drill density. Deeper mineralisation has also come under the spotlight where some excellent in-house studies has identified geological factors that may have a profound bearing on interpretation of the distribution of mineralisation and the Company's planned deep level drilling strategy. The Luansobe area is situated some 15km to the northwest of the Mufulira Mine in the Zambian Copperbelt which produced well over 9Mt of copper metal during its operation. It forms part of the northwestern limb of the northwest - southeast trending Mufulira syncline and is essentially a strike continuation of Mufulira, with copper mineralisation hosted in the same stratigraphic horizons. At the Luansobe prospect mineralisation occurs over two contiguous zones, dipping at 20-30 degrees to the northeast, over a strike length of about 3km and to a vertical depth of at least 1,250m. Galileo entered into a Joint Venture agreement with Statunga, a private Zambian company which held the Project comprising small-scale exploration licence No. 28340-HQ-SEL in the Zambian Copperbelt prior to its conversion to two mining licences. Announcement • Aug 21
Galileo Resources plc Announces Commencement of Phase 3 Rc Drilling on the Shinganda Licence, Central Western Zambia Galileo Resources Plc confirmed that Phase 3 RC drilling on the Shinganda Licence has commenced. Exploration including drilling to date has established the potential for a large IOCG-type target and the current programme is focusing on an approximate10km strike length of Cu - Au mineral-bearing fault/shear targets along the Shinganda Main Fault and Splay structures broadly defined by the Company to date. These structures exposed at surface are proven to host copper - gold mineralisation within shears associated with the Shinganda Splay Fault. The extent of the mineralisation will be tested during this programme. Announcement • Jul 31
Galileo Resources plc Announces Commencement of Drilling in the Western Foreland The Board of Galileo Resources Plc announced that the Company has engaged a Zambian contractor to commence a drill programme amounting to approximately 700 metres of drilling in the initial phase on Licence 28001-HQ-LEL located in NW Zambia within the Western Foreland domain, with rig mobilisation scheduled for later this week. Licence 28001-HQ-LEL is located within the Western Foreland domain, the district potentially hosting Kamoa - Kakula style copper deposits in NW Zambia. The Licence is ideally located along strike of the Kamoa - Kakula mining complex in the DRC and adjacent to a substantial exploration licence area across the border in Angola acquired by Ivanhoe Mines which is targeting further extensions of the Western Foreland. The Company will be testing potential redox front targets where suitable combinations of adjoining lithology have created the correct environment for copper deposition. The decision to drill has been preceded by an extensive programme of reconnaissance and the reparation of roads and bridges to provide safe access for drilling equipment. Collation of all necessary permits and approvals and establishment of contacts with local chiefdoms has been facilitated by Cooperlemon Consultancy, the Company's partner in the Project. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£289k revenue, or US$372k). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (UK£12.5m market cap, or US$16.1m). New Risk • Jul 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£289k revenue, or US$376k). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (UK£12.2m market cap, or US$15.9m). Announcement • Jun 24
Galileo Resources plc Announces Shinganda Update Galileo Resources plc announced a decision to commence a Phase III drill programme to validate the Board's current view that near-surface copper - gold mineralization occurs along the Shinganda Fault Splay over a strike length of potentially more than 4km offering scope for the development of a preliminary Mineral Resource at the Shinganda Project Copper-Gold Project, Zambia (Project). Phase I and the recently completed Phase II drill programmes have confirmed the presence of copper - gold mineralization associated with major regional and more localized structures. Mineralization is found in vein and alteration assemblages. Higher copper and gold grades were found at shallow depths, where primary (hypogene) mineralization was subjected to supergene enrichment. Highlights: Evidence from two phases of drilling indicate mineralization at grades of between 1.0 and 1.5% CuEq at shallow depths over notable package widths; Phase III drilling will target a projected supergene high-grade, broadly drill-defined zone extending for approximately 4km with an anticipated package width of mineralization of approximately 30m extending to a vertical depth of approximately 70m; Supergene enrichment is broadly associated with a coincident magnetic anomaly. However, historic drilling of the same supergene feature where a weak magnetic signature is present also intersected notable copper values; A further 4km or more of Shinganda Fault Splay will also be tested where there is weak to no underlying magnetic signature potentially extending the strike length of the Project to more than 8km in total; Phase I drilling primarily targeted the prospective near surface hematite-rich zone that will form the focus of the Phase III programme; Phase II drilling that comprised a total of 2,379.1m and 13 drill holes was focused on testing deeper targets including breccias and magnetic and IP anomalies on the Shinganda Fault Splay and the Shinganda Main Fault; Phase II drilling intersected impressive wide zones (300m) of hydrothermal alteration and brecciation with lower grade sulphide copper - gold mineralization; The final 2 holes, SHDD021 and SHDD022, targeted strong magnetic/IP geophysical anomalies along the Main Shinganda Fault and discovered up to 200m of intensive Fe alteration in a diamictite conglomerate/breccia zone - a structural and stratigraphic setting that could be analogous to the high grade Kamoa copper deposit in DRC and the Fishtie deposit in SE Zambia Copperbelt (55Mt at 1.04% Cu). Announcement • Mar 20
Galileo Resources plc Informs Shareholders Regarding Full Phase 1 Drill Assay Results Received for the 80% Owned Kamativi Lithium-Tin Project in Zimbabwe Galileo Resources Plc informed shareholders regarding full Phase 1 drill assay results received for the Company's 80% owned Kamativi Lithium-Tin Project in Zimbabwe. Highlights: Full assay results now received from ALS Chemex for the 10-hole Phase 1 angled drilling programme at Kamativi over an area of about 1km x 0.5km show extensive lithium enhancement focussed on cross-cutting pegmatites/aplites and within mica-schist host rock. Initial in-country assays in the first hole, KSDD001 were confirmed by definitive assays at the accredited ALS Global Laboratories, including a zone of 4m @ 1.03% Li2O from 35m depth in a discordant pegmatite within a wide 63.94m zone assaying 0.26% Li2O across both pegmatites and mica-schist host rock. While tin was not specifically targeted in this drill phase, anomalous values were encountered ranging up to 0.19% Sn over 1.3m from 95.2m depth in hole KSDD005. Thin section and XRD mineralogical examination have confirmed the presence of spodumene mineralisation in the KSDD001 intercept, while further work is required to identify the nature of more widespread lithium mineralisation within the host rock. The Company believes that the drilling and mapping results indicate an extensive hydrothermal event at Kamativi which introduced lithium to the rock package over a substantial area. Geological mapping and prospecting have identified mineralisation/alteration in pegmatites over at least 1.5km strike length which has only been partially drill tested to date. Further exploration will focus specifically on cross-cutting pegmatite/aplite dykes as well as the source of the widespread lithium occurrences both within the current Target 1 and at four other identified target zones on the property. Announcement • Feb 01
Galileo Resources Plc Announces New Kalahari Copper Belt Targets Defined on PL039/ 2018 and PL040/ 2018 Galileo Resources Plc announced two further new targets derived from a recent Terraleach soil geochemical survey on licences PL039/2018 and PL040/2018 located towards the south-eastern basin margin of the Kalahari Copper Belt. Previous scout drilling by Galileo revealed the correct prospective lithological sequence most typically associated with mineralisation in the region leading the external consultant to advise that the orientation and wide separation of these scout drill holes would readily allow for the development of an economic style deposit to sit between them. Galileo followed up with ionic leach soil sampling resulting in the discovery of the current anomalous targets. Highlights: The new Galileo geochemical targets occupy a similar geological setting ('the Galileo Fold') to that drilled by Khoemacau Copper Mining ('Khoemacau') coincident with the Mowana Fold axis and Zones 5 and 9 mineralisation together with the recently announced drill intercepts by Arc Minerals ('Arc') on the adjoining Virgo Project. At Mowana, Khoemacau reported drill intercepts of 4.3m @ 1.65% Cu and 6.1m @ 2.56% Cu. Arc also recently drilled scout holes on the same structure on an adjacent licence and reported 1m intervals assaying up to 3.65% Cu. Independent external assessment reported that " the geological and structural setting of the Galileo Fold is almost identical to that of the Mowana Fold and is believed to share the same level of prospectivity." On PL 039/2018, anomalous soil results are associated with the plunge nose of the Galileo Fold structure. On PL40/2018, three geochemical targets have been identified with the southern target extending over 2.8km. Survey lines were widely spaced, and the Company is assessing available geophysical data ahead of a drill programme over priority targets. Announcement • Jan 30
Galileo Resources plc Announces Three Copper Targets Discovered on Licence PL253/2018 in Kalahari Copper Belt Galileo Resources Plc announced the results of its recently completed Terraleach soil survey over its wholly owned licence PL253/2018 in the Kalahari Copper Belt in Botswana. A recent geochemical survey has revealed three strong copper targets that are located both along structures proven to host copper mineralisation and in close proximity to announced copper mineralisation on neighbouring licences. The integrity of the results is underpinned by available information in the public domain relating to nearby deposits and also reflects Galileo's highly successful survey using metal-ion geochemistry (TerraleachTM). The results combined with proximal discoveries by third parties demonstrates the emerging potential for new discoveries in this under-explored portion of the Kalahari Copper Belt. Announcement • Oct 18
Galileo Resources plc Informs Shareholders Regarding Progress on Drilling and Further Exploration on the Kamativi Project in Zimbabwe Galileo Resources plc informed shareholders regarding progress on drilling and further exploration on the Kamativi Project in Zimbabwe. Highlights: The Phase 1 drilling programme at Kamativi for lithium and associated elements over a pegmatite-rich area of about 1km x 0.5km has been completed, for 1,428.4m in 10 holes. Mineralization and alteration similar to that reported in the first hole, KSDD001 (refer to RNS's dated 10 and 21 August 2023), has been observed in several of the subsequent holes. Geological mapping and prospecting has previously identified similar mineralization/alteration in pegmatite over at least 1.5km strike length which has only been partially drill tested to date. Core logging and sampling is underway, preparing samples for export to the ALS Laboratory in Johannesburg for lithium and associated element analysis. Mineralogical examination of samples from KSDD001 carried out at the University of Zimbabwe has identified spodumene mineralization in thin sections - further samples will be subjected to full XRD mineralogical examination in South Africa. The Company is also undertaking infill soil sampling over a strong Rare Earth Elements ("REE") soil anomaly in the north-eastern sector of the licence (previous sampling reported up to almost 0.5% REEs in soils) and testing for copper in the southern part of the licence for VMS-type mineralization. Technical Sign-Off: Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr. Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr. Slowey has reviewed and approved this announcement. Announcement • Oct 11
Galileo Resources plc Provides Shareholders with an Update on the Kalahari Copper Belt Project in Botswana, Shinganda Copper-Gold Project and the Star Zinc Project, Zambia Galileo Resources plc provided shareholders with an update on the Kalahari Copper Belt Project in Botswana, Shinganda copper-gold project and the Star Zinc Project, Zambia. Kalahari Copper Belt - Sandfire JV & Retained Licences. Galileo has completed a soil sampling programme for low detection TerraLeach mobile metal-ion geochemistry over critical contact zones across three Galileo retained licences, PLs 253, 39 and 40, which was first announced on 15 May 2023. In total, 3,373 samples (excluding QAQC inserts) were collected in two phases after some delay in obtaining farm access permissions, and the samples have been dispatched to the Intertek analytical laboratory in Perth, Australia via a laboratory sample preparation facility in South Africa. Sampling coverage includes ground adjacent to the licence hosting Cobre Limited's recent drill discoveries at Ngami and Kitlanya where that company has been undertaking extensive similar soil programmes as part of its drill target identification. In relation to the regional Airborne Gravity Gradient (AGG) being jointly funded by Sandfire Resources and Cobre Limited, Galileo has now been informed by Sandfire that, due to technical issues, they hope the survey will be completed and data available before the end of the year. The AGG survey includes part of Galileo licence PL253/2018 for which the Company will receive the data at no cost. Shinganda Drilling proposed in an announcement of 20 September 2023 has commenced on schedule. The bulk of drilling for the current programme is expected to be concluded prior to the commencement of the rainy season later in Fourth Quarter 2023. Star Zinc. Galileo has received unsubstantiated reports that mining is taking place at Star Zinc and is making enquiries from Siege Mining, the purchaser of the Project, for clarification of the situation. Zopco, the official marketing agent for the Project reports that it has recently received no zinc concentrate and therefore no income from Siege Mining. Kalahari Copper Belt (Retained Licences) PL253/2018 The Licence is located in the north-western portion of the Kalahari Copper Belt with part of the Licence sandwiched between Cobre/KML licences. Cobre/KML have recently issued a series of press releases that demonstrate the emergence of a potential new discovery in this under-explored portion of the Belt. In this area the D'Kar/Ngwako Pan contact is interpreted to be tightly folded and thrust repeated. Detailed TerraLeach soil geochemistry has been carried out by Galileo over this area. PL039/2018: The north-eastern section of the Licence is dominated by a prominent NNW-SSE trending conductor, the geometry of which suggests this area is situated at the southwest end of a conductive dome. If the interpretation is correct, the potential exists for the discovery of the highly prospective D'Kar Formation/Ngwako Pan Formation contact. The setting of a conductive dome with major faulting within the Licence suggests that a A4/T3 style dome drill target with possible mineralisation at the stratigraphic boundary between the Ngwako Pan/D'Kar and remobilized upwards via low-angle thrusts is the most likely exploration model for this area. Soil sampling has been carried out over this target. PL040/2018: The interpreted strike length of the prospective D'Kar formation contact extends over 30km within the Licence. Historic wide-spaced drilling reportedly intersected D'Kar /Ngwako contact but did not intercept mineralisation. Historic soil sampling identified the D'Kar Formation/Ngwako Pan Formation contact further to the southwest of the licence. The Company has selected priority zones for soil sampling along the interpreted 30km strike of the contact with a view to identifying potential higher-grade zones along strike of and in between the current widely spaced drill holes. Shinganda Reference announcement 20 September 2023. A study commissioned by the Company of historic airborne and ground geophysical survey data, combined with Galileo's own geophysical surveys, soil sampling and prospecting has unlocked the structural framework of the property and highlighted potential targets for immediate drill testing. Among the conclusions of the geophysical study were: High resolution aeromagnetics reveal a prospective structural setting with three large clusters of intense iron alteration towards the west. Historic drilling within and close to iron alteration clusters has returned ample evidence of wide-spread and, in parts, intense iron-alteration in the form of hematite, magnetite and lesser pyrite. These boreholes were never assayed. At the Shinganda copper-gold prospect a higher order splay fault coming off the Main Fault Zone can be clearly identified in the aeromagnetic data and probably acts as the primary control to the copper-gold mineralisation. Soil anomalies >285 ppm Cu occur both along the Shinganda Splay Fault and over iron alteration Cluster A which are prospective mineralisation targets for copper-gold in the light of an IOCG setting and a new structural understanding, and warrant follow-up drilling. Several strong, historic IP chargeability anomalies over the iron alteration clusters have been insufficiently drill tested to date. Up to 2,000m of diamond drilling is planned to test multiple shallow copper-gold targets along, and parallel to, the Shinganda Splay Fault and to test the IOCG deposit potential related to the iron alteration clusters and IP targets highlighted by the geophysical study. Previous drilling at Shinganda has achieved some highly encouraging drill results from a limited programme that included drill intercepts peaking at 50.3m @ 1.54% Cu from 21m downhole depth in hole SHDD002 and prospecting/exploration pitting that returned gold grades up to 33.90g/t Au from composite grab samples at one of the planned drill sites. As reported in the accounts for the year ended 31 March 2022 the Company made a full provision for the balance consideration of USD 700k and royalties due from Siege Mining Limited in relation to the Star Zinc project as the amounts due had not been paid and similarly the Company notes that royalties expected from Siege Mining as announced on 11 February 2022 were not received. For clarification, the Company continues to provide 100% against all amounts due from the purchaser of the Project and doesn't foresee this situation changing. Announcement • Sep 30
Galileo Resources Plc, Annual General Meeting, Nov 08, 2023 Galileo Resources Plc, Annual General Meeting, Nov 08, 2023, at 11:00 Coordinated Universal Time. Location: Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG London United Kingdom Announcement • Sep 20
Galileo Resources plc Provides Exploration Update At Shinganda, Zambia Galileo Resources plc informed shareholders of the results of a licence-wide geophysical review and planning for a Phase 2 drilling programme to test multiple targets over the Shinganda ProjectCopper-Gold Project, Zambia. This follows the Company's decision to exercise its option to acquire an initial 51% interest in the Project as announced on 27 June 2023. Highlights: A study commissioned by the Company of historic airborne and ground geophysical survey data, combined with Galileo's own geophysical surveys, soil sampling and prospecting has unlocked the structural framework of the property and highlighted potential targets for immediate drill testing. Among the conclusions of the geophysical study were: High resolution aeromagnetics reveal a prospective structural setting with three large clusters of intense iron alteration towards the west. Historic drilling within and close to iron alteration clusters has returned ample evidence of wide-spread and, in parts, intense iron-alteration in the form of hematite, magnetite and lesser pyrite. These boreholes were never assayed. At the Shinganda copper-gold prospect a higher order splay fault coming off the Main Fault Zone can be clearly identified in the aeromagnetic data and probably acts as the primary control to the copper-gold mineralisation. Soil anomalies >285 ppm Cu occur both along the Shinganda Splay Fault and over iron alteration Cluster A which are prospective mineralisation targets for copper-gold in the light of an IOCG setting and a new structural understanding, and warrant follow-up drilling. Several strong, historic IP chargeability anomalies over the iron alteration clusters have been insufficiently drill tested to date. Up to 2,000m of diamond drilling is planned to commence shortly to test multiple shallow copper-gold targets along, and parallel to, the Shinganda Splay Fault and to test the IOCG deposit potential related to the iron alteration clusters and IP targets highlighted by the geophysical study. Previous drilling at Shinganda has achieved some highly encouraging drill results from a limited programme that included drill intercepts peaking at 50.3m @ 1.54% Cu from 21m downhole depth in hole SHDD002 and prospecting/exploration pitting that returned gold grades up to 33.90g/t Au from composite grab samples at one of the planned drill sites. Announcement • Aug 22
Galileo Resources plc Provides Update on Lithium Discovery - Kamativi Project Galileo Resources Plc announced update on Lithium Discovery - Kamativi Project. Following the recent announcement concerning the lithium discovery on Galileo's Kamativi licence in Zimbabwe, the Company considers it prudent to detail the history, work completed to date and rationale for drilling together with a licence-wide technical review for the benefit of shareholders. This announcement incorporates the drilling results announced on 10 August 2023. Background and Basis for Exploration Strategy: The Kamativi district is well-known for tin and latterly the ongoing development of a substantial lithium mining and processing operation at the former Kamativi tin mine. Late-stage pegmatites mined on the neighbouring Kamativi mine are found in the Kamativi Formation hosted in a granitic terrane, mostly steeply dipping. This same highly prospective pegmatite-bearing formation extends along strike to the southwest and northeast into Galileo's exploration licence from the Kamativi mine licence. Exploration is guided by a wealth of external research underpinned by current work completed by CSA Global consultants ('CSA') on behalf of the Company looking specifically at the results of pXRF analyses for lithium indicator minerals (lithium analysis requires follow-up laboratory testing) on stream sediment, rock chip and soil samples collected by Galileo and the corresponding independent external certified analyses undertaken by ALS Laboratories. Such fractionated lithium - tin-rich pegmatites are found on the Galileo Licence and extend through to the neighboring Kamativi mine licence where they were selectively mined for tin generating a large tailings resource rich in lithium with a reported average grade of 0.58% Li2O. The lithium minerals identified at the Kamativi mine include spodumene, petalite and amblygonite. late-stage pegmatites in the Kamativi formation hosting this mineralisation pass through the western and eastern parts of the Galileo licence and the discovery of extensive lithium soil anomalies based on accredited independent assays may indicate the presence of some or all of these lithium minerals in pegmatites delineated within the Galileo licence. CSA Global during their independent assessment of all available data collected by Galileo over the Licence note that low K/Rb ratios coincide with areas of highest lithium anomalism which are associated with the most fractionated rocks - "rendering these areas most prospective". This is aligned with independent research that also identifies the significance of low K/Rb ratios as an indicator of lithium potential. Galileo exploration has identified the western part of the Licence as being characterised by low K/Rb ratios (acknow acknowledged by CSA) and anomalous in Li and Sn whilst the eastern part of the Licence is richer in rare earth elements ('REE') and Ta - Sn anomalies, although some Li potential also exists. Within the western anomalous area CSA note that individual soil samples above/in vicinity of mapped pegmatites show very high concentrations of several of the key pathfinder elements, and some of those coincide with rock-chip samples characterised by low K/Rb and/or high Sn. The eastern part of the Licence hosts soils that are somewhat less enriched in late-stage pegmatite pathfinder elements but there are areas strongly enhanced in REEs, including heavy REEs as determined by laboratory analyses. Current Drill Programme: To date 6 holes have been drilled for over 700m of diamond drilling. Core recoveries are good, and drilling is producing high quality core that can be logged, split and sampled. All core is initially tested by pXRF specifically for measurement of K/Rb ratios to guide further exploration drilling. A quarter core sample is collected and sent to an accredited Zimbabwean laboratory for lithium analysis. A further half core sample will be sent to a separate accredited ALS Global assay laboratory in South Africa for multi-element analysis including lithium assay laboratory for multi- element analysis including lithium assay. To date in the first six holes have intersected approximately 111 metres downhole width of pegmatites with an appropriately low K/Rb ratio with the potential to host lithium mineralisation. The assay summary for the lithium intercept in hole BSDD001 (drilled at -50 degrees towards north). Announcement • Aug 11
Galileo Resources plc Announces New Lithium Discovery in Kamativi Initial Drilling Galileo Resources plc informed shareholders that initial lithium analyses by an independent accredited laboratory has confirmed the presence of lithium mineralisation over a significant width in the first hole completed at the Kamativi Project in Zimbabwe. Drilling continues to intersect multiple pegmatite dykes, some over notable widths in the same environment. Strongly positive lithium results from assays of core generated from the first angled drillhole KSDD001 completed at Kamativi. Peak values include 4m @ 1% Li2O from 35m downhole depth including an intercept of 1m at 2.04% Li2O within an 18m-wide pegmatite. Additional pegmatites with similar mineral characteristics to that returning lithium values in hole KSDD001 have been identified elsewhere in the same hole and in subsequently completed holes - further sampling is currently being undertaken. Sampling in hole KSDD001 ended in mineralisation and recent results from soil sampling and visual analysis indicate an extension of the original anomaly over a considerable distance. Completion of detailed mapping coupled with the results from KSDD001 show a large target area never previously evaluated that will require additional drilling and an extension of the planned drill programme. pXRF analysis has also indicated the presence of anomalous quantities of tin in some pegmatites intersected during drilling. Announcement • Jul 25
Galileo Resources plc Announces Wide Pegmatite Intercepts in Initial Kamativi Lithium Drilling Programme Galileo Resources plc announced that the first two holes of the recently commenced drill programme over the Kamativi lithium - tin target in Zimbabwe have intersected multiple pegmatite dykes, some over substantial widths. The first two angled holes (KSDD001 & 2) completed to date at Kamativi from a planned 11-hole programme have intersected multiple pegmatites up to 18m in downhole width, the longest running from 28.3m to 46.3m in hole KSDD001. Pegmatites are variable in composition, including feldspars, mica, quartz, accessory black tourmaline and brown garnet, with green alteration in places. Handheld pXRF analysers cannot detect lithium directly, however preliminary core analysis by pXRF shows low K/Rb ratios in many of the pegmatites, including the widest one, which can be indicative of lithium-bearing LCT pegmatites. Anomalous tin up to 0.13% associated with low K/Rb pegmatites. Galileo plans to send split drill core for quick indicative lithium analysis to a Zimbabwe laboratory, followed by full multielement analysis at the ALS laboratory in Johannesburg. Kamativi Lithium Project: The Kamativi licence EPO 1782 covers an area of 520 sq km in western Zimbabwe. Galileo has an option to earn an 80% interest through spending a combined total of $1.5 million on exploration and evaluation in the Project area and over the Bulawayo gold-nickel property by 21 July 2024. New Risk • Jul 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (58% accrual ratio). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Market cap is less than US$100m (UK£11.0m market cap, or US$14.0m). Announcement • Jun 15
Galileo Resources plc Announces for A Drill Programme Have Commenced over the Kamativi Lithium - Tin Galileo Resources Plc informed shareholders that preparations for a drill programme have commenced over the Kamativi lithium - tin target where the Company announced the discovery of a previously unknown lithium anomaly in soils and streams. Highlights; A contract has been signed by the Company for a diamond drilling programme following on quickly from the discovery of a substantial lithium anomaly in soils on the Kamativi licence EPO 1782 adjoining the historic Kamativi tin-tantalum mine (in which Galileo does not have an interest) which contains a significant lithium tailings resource. Galileo's Kamativi soil anomaly, which peaks at 1,000ppm Li, extends over a strike length of almost 3km, comparable to the footprint of the Arcadia Lithium Project near Harare, considered to be one of the world's biggest hard rock lithium resources. A swarm of coincident pegmatite dykes has been mapped within the anomaly area which will be targeted in the first phase of drilling, with approximately 1,000m of drilling planned in at least 10 holes. Other anomalies will be evaluated and drill-tested in due course. This will include one area particularly anomalous in rare earth elements. The Kamativi licence EPO 1782 covers an area of 520 sq km in western Zimbabwe. Galileo has an option to earn an 80% interest through spending a combined total of $1.5million on exploration and evaluation in the Project area and over the Bulawayo gold-nickel property by 21 July 2024. Announcement • May 17
Galileo Resources plc Announces Exploration Developments over 100% Held Kalahari Copper Belt Licences Galileo Resources plc provided an update on Airborne Gravity and Advanced Soil Geochemistry surveys commencing over the Company's 100% held licences PL253/2018, PL039/2018 and PL040/2018 in the Kalahari Copper Belt (KCB) in western Botswana. The Airborne Gravity Survey has been jointly commissioned by Cobre Limited ('Cobre') and Sandfire Resources ('Sandfire') with coverage to include part of Galileo licence PL253/2018 whilst Galileo itself is planning to undertake a soil sampling programme over the three licence areas. Highlights: Galileo has been informed that data collection on Cobre and Sandfire joint Airborne Gravity Gradient (AGG) survey has now commenced, with coverage to include part ofGalileo licence PL253/2018 for which the Company will receive the data at no cost; results are expected in third quarter 2023. The survey covers a large portion of the KCB, including Cobre's new Ngami, Kitlanya West and Kitlanya East copper discoveries on a licence adjacent to PL253/2018, where Cobre has recently reported downhole drill intercepts up to 12.2m @ 2.7% CuEq. AGG results are expected to provide valuable information on KCB basin architecture and the location of copper-silver bearing trap-sites analogous to Sandfire's neighbouring T3 and A4 deposits, providing new targets for drill testing. Galileo has also commenced preparations for a soil sampling programme for low detection mobile metal-ion geochemistry (TerraleachTM) over critical contact zones across the three Galileo licences - more than 3,000 samples are planned, with sampling to be completed in second quarter 2023, and results expected in third quarter. Sampling coverage includes ground adjacent to the licence hosting Cobre's recent drill discoveries at Ngami and Kitlanya where that company has been undertaking extensive similar soil programmes as part of its drill target identification. Galileo will utilise the soil geochemical results, in conjunction with the results of the AGG survey, to develop new target. Announcement • Feb 03
Galileo Resources plc Announces Initial Exploration Results from Wider Area at Shinganda Project, Zambia: High Gold Grades Encountered Galileo Resources plc reported work progress on a number of new prospects, including discovery of high-grade gold and associated copper mineralisation, at the Shinganda Copper-Gold (Cu-Au) Project, Zambia (the 'Project") where the Companyhas the right to earn an initial 51% interest.Follow-up exploration over additional ground to that focused on to date has revealed highly anomalous surface gold and associated copper results on three of eight selected targets several kilometres distant from the Shinganda outcrop zone where lengthy drill intervals of copper-gold mineralisation were recently reported. Target 1 bedrock grab samples returned the highest grade gold assays for the Shinganda project to date peaking at 33.90g/t Au, 20.16g/t Au and 8.54g/t Au. This target is also anomalous in copper, returning grades of 0.28%, 0.46% and 0.24% Cu respectively for the high-grade gold results. Target 1 which shows an east-west anomalous gold trend over a minimum area of 120m by 25m remains open to the east, west and south and is a priority candidate for further testing of the strike extensions prior to drilling. Target 7, a 25m-wide pit located 8km from Target 1 returned peak gold and copper values of 3.44g/t Au and 0.53% Cu from a chip/channel sampling programme. This zone remains open in several directions. Soil sampling over Target 9, returned two separate soil anomalies, 500m apart with pXRF values of up to 409ppm Cu (approximately 10 times background levels). These results are consistent with previous Galileo grab sampling that returnedvalues of 1.10% Cu, 0.63g/t Au at the same location. The high-grade gold results often with complementary copper values warrant a commitment to a significant programme of exploration in 2023. Work planned will include testing of strike extensions of the three targets highlighted by means of pitting and possibly soil surveys followed by drilling to test depth extent. The targets that have been tested were selected largely based on exposure of bedrock. Whilst cover is shallow, often less than 1.0m to 2.0m, the strike rate in terms of anomalous gold and copper values discovered is considered by the Company to be very significant. The Company has commissioned a re-interpretation of ground magnetic geophysical data to better define possible additional targets and, based on recent success, may also expand soil geochemical surveys to test for other blind targets. Announcement • Jan 19
Galileo Resources plc Announces Further Drilling Extends Shinganda Copper-Gold Project, Zambia Galileo Resources plc provided an update on the diamond drilling programme carried out on its Option and Joint Venture project covering the Shinganda Copper-Gold (Cu-Au) Project, Zambia where the Company has the right to earn an initial 51% interest.Full assay results have been received for all nine holes completed at its Shinganda drilling programme. Copper assay results for the first four holes were previously reported and are reported here again for completeness. Highlights: Nine angled diamond drill holes completed at the Shinganda outcrop prospect totalling 1,227.2mconfirm a supergene copper-gold mineralised gossan zone containing malachite, chalcocite, native copper and associated gold mineralisation; Among the assay intersections recorded were: 50.3m @ 1.54% Cu, 0.30g/t Au from 21.0m in hole SHDD002 Including 7.0m @ 4.36% Cu, 1.51g/t Au from 47.0m, 43.7m @ 1.01% Cu, 0.18g/t Au from 7.3m in hole SHDD004, 11.0m @ 1.03% Cu, 0.55g/t Au from 102.0m in hole SHDD005 Including 3.4m @ 2.89% Cu, 1.61g/t Au from 102.0m, 16.0m @ 0.72% Cu, 0.04g/t Au from 11.0m in hole SHDD006; The zone as defined so far extends for about 200m x 100m in plan, and to about 70-80m vertical depth, with a higher-grade core and lower grade margins; drilling towards the west-northwest and the east shows that mineralisation is not closed off in these directions; Strong hydrothermal alteration and brecciation is suggestive of a significant hydrothermal and supergene system at Shinganda, possibly controlled by regional and local faulting; Primary chalcopyrite copper mineralisation encountered deeper in hole SHDD005 may represent the original sulphide source of the remobilised supergene mineralisation; 3D modelling of the deposit is proposed to assist in planning additional drilling, while further evaluation is continuing on other prospects within the exploration licence showing similar characteristics. Galileo's drilling has confirmed and extended the Shinganda hematite breccia gossan zone copper-gold occurrence, containing supergene malachite, chalcocite and native copper mineralisation. The core zone on the main profile drilled is about 35m wide and extends from surface to at least 70m vertical depth. The overall mineralised zone covers an area of about 200m x 100m in plan and it has not yet been closed off in several directions, particularly to the east, the west-northwest. A 25cm interval of semi-massive native copper was noted at approximately 103m downhole depth in hole SHDD005 within the hematite zone. Chalcopyrite mineralisation also occurs deeper in hole SHDD005 in bands and associated with quartz-carbonate veining around 133m-143m downhole depth, which may represent the original sulphide source of the remobilised supergene mineralisation. Strong bedrock alteration and brecciation, including quartz-carbonate, silica and potassic alteration types are seen flooding through intervals of core in several holes, particularly SHDD003, SHDD005 and SHDD006, suggestive of a significant hydrothermal and supergene system at Shinganda. 3D modelling of the deposit is now proposed to assist in planning additional drilling, while further evaluation is continuing on other prospects within the exploration licence showing similar characteristics. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Finance Director & Director Joel Silberstein was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Finance Director & Director Joel Silberstein was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.