TIDMGLR
RNS Number : 1089Y
Galileo Resources PLC
28 December 2023
28 December 2023
Galileo Resources PLC
("Galileo" or "the Company" or "the Group")
Unaudited interim results for the six months ended 30 September
2023
Galileo (AIM: GLR) , the exploration and development mining
company, announces its unaudited interim results for the six-month
period ended 30 September 2023. A copy of the interim results is
available on the Company's website, www.galileoresources.com .
Operational Highlights
ZAMBIA
Luansobe Copper Project
The Company holds a 75% interest in the Luansobe project.
The Luansobe area is situated some 15km to the northwest of
Mufulira Mine in the Zambian Copperbelt which produced well over
9Mt of copper metal during its operation. It forms part of the
north-western 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 in at least two
horizons, 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.
Period Under Review
On the 9(th of) February 2023 the Company announced a new
Inferred Mineral Resource for the project estimated by external
consultants Addison Mining Services and inclusive of:
- Approximately 5.8 million tonnes gross at 1% total Cu above a
cut-off grade of 0.25% total Cu for 56,000 tonnes of contained Cu,
potentially amenable to open pit mining.
- Approximately 6.3 million tonnes gross at 1.5% total Cu above
a cut-off grade of 1% total Cu for 97,000 tonnes of contained Cu,
potentially amenable to underground mining.
Since then, work has continued towards development of a
potential open pit mine plan and associated works.
Shinganda Copper-Gold Project
On the 27 June 2023 the Company exercised its option to enter a
joint venture and acquire an initial 51% interest in the Shinganda
Copper-Gold project, Zambia, following the expenditure of over
US$500,000 in direct exploration costs.
The project area covers part of a major 10km structural trend
with two previously developed small-scale open pit copper-gold
mines. Very limited historic drilling on the property is reported
to have intersected 1.07% Cu over a true width of 28.3m at shallow
depth within supergene copper oxides. Drilling on the structure
within the Shinganda property further to the west by Vale S.A.
recorded a 2m interval @ 3.93% Cu, 1.72g/t Au.
Period Under Review
A licence-wide review and re-interpretation of previously
available geophysical data, combined with the company's own
geophysical surveys, soil sampling and prospecting unlocked a new
structural framework for the licence and delineated new targets for
immediate follow-up drill testing, a number of which are
prospective for deposits of copper and gold mineralisation
associated with Iron Oxide Copper Gold (IOCG) deposits.
Conclusions of the study included;
- Three large clusters of intense iron alteration towards the
West, identified in the high-resolution aeromagnetics, where
historical drilling returned hematite, magnetite and lesser pyrite
mineralisation that was not assayed. The clusters also host several
coincident historical IP-chargeability anomalies, which have been
insufficiently drill-tested.
- Identification of a high-order splay fault at the Shinganda
Copper-Gold prospect in the aeromagnetic data that is the probable
primary control of the copper-gold mineralisation
- Co-incident copper-in-soil anomalies with >285ppm Cu
occurring both along the Shinganda Splay Fault and at Iron
Alteration Cluster A, which are prospective for IOCG
mineralisation.
- Limited historical drilling and sampling at Shinganda returned
best intercepts of up to 50.3m @ 1.54% Cu from 21m downhole depth
in drill hole SHDD002, and a peak of 33.90g/t Au was returned from
a composite grab sample in an exploration pit.
Post Period Under Review
A follow-up drill programme with up to 2,000m of planned
drilling commenced in late 2023 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.
As announced on the 7 November 2023 seven holes had so far been
completed for a total of 890m of drilling, including positive
intersections received in the most recent drill hole SHDD017. The
drill hole, SHDD017, which is located less than 1km along strike
from the Shinganda copper-gold prospect drilled in the previous
reporting period, intersected an extensive interval of alteration
and brecciation with associated copper mineralisation over a 264.5m
interval from a downhole depth of 65.5m within the Shinganda Splay
Fault system. Mineralisation generally occurs as clusters and
disseminations associated with brecciation and quartz-carbonate
veining and has been confirmed by pXRF analysis, with follow-up
laboratory assay results awaited.
Several follow-up holes are planned through the wide mineralised
zone, as well as further drilling to test the iron alteration
clusters and IP targets highlighted by a previous geophysical
study.
Anomalous copper has been detected via pXRF analysis in shallow
oxide mineralisation intersected in a number of shallow holes
designed to test outcropping supergene gossan occurrences. Split
core samples have been submitted for multi-element laboratory
analysis, including copper and gold.
Kashitu
Period under review
A new small-scale exploration licence was issued on 23 February
2022 covering the core of the Kashitu project area. The licence
will run for four years from the issue date.
The Company has held meetings with the majority of interested
and affected parties associated with the deposit including
small-scale and artisanal miners, nearby residents, and potential
providers of third-party processing capacity specifically to find
the most appropriate way to develop the resource and more
specifically mine and process the balance of the open pittable
high-grade willemite. The Company recognises that wholesale removal
of access to parts of the Kashitu licence for small-scale and
artisanal miners could have a profound impact on livelihoods hence
the proposal to enter into an arrangement that benefits all
parties. Navigating the expectations of the various parties is
challenging and the Company's representatives will continue to
build a business plan. Once priority locations have been
identified, further shallow drilling on a close-spaced grid for
grade control purposes will take place.
NW Zambia Joint Venture
On 05 September 2023 the Company announced that it had entered
into a joint venture agreement with Cooperlemon Consultancy Limited
in relation to the exploration for copper at large scale
exploration license 28001-HQ-LEL in Northwest Zambia.
The exploration licence covering 52,000 hectares runs along the
Angolan-Zambian border and is closely associated with the perceived
Western Foreland geological district boundary that potentially
hosts Kamoa - Kakula deposits in Northwest Zambia. Historically
there has been limited exploration over the licence area and
initial work by Galileo has focused on interpretation of available
data including information generated by other explorers and
available in the public domain. Licence acquisition coincided with
the start of the Rain Season and as a result, mobilisation on the
ground and detailed fieldwork will commence once the weather
improves and easy access is possible.
.
Under the joint venture agreement ("JV Agreement"), Galileo
agreed the following key terms:
Earn-in and Phase 1 exploration budget: Galileo will earn a 65%
interest in the joint venture by:
i) An immediate cash payment of US$230,000 to Cooperlemon;
ii) Funding exploration expenditure over an initial
eighteen-month period ("Phase 1") on the Licence of not less than
US$750,000. Exploration is expected to commence in September /
October 2023, and will comprise both physical activity within the
Licence boundaries (including but not limited to mapping, soil
geochemistry, geophysics and drilling), and desktop studies,
laboratory analysis and interpretation of data and results. Galileo
anticipates funding this exploration expenditure from existing
resources; and
iii) For the issue of 2,500,000 Galileo Resources plc shares
(the "Consideration Shares") at a price of 1.175 pence per share
being the closing Galileo share price on 4 September 2023
(totalling GBP29,375). The Consideration Shares are subject to a
three month lock up arrangement and thereafter a further three
months orderly market arrangement. Under the orderly market
arrangement, the Consideration Shares can be sold via the Company's
broker at a price determined by the vendor (the "Nominated Sale
Price") which shall not be less than the lower of i) the 10 day
VWAP and ii) the closing bid price on the day before the fixing of
the Nominated Sale Price and the Company's broker will have 10
business days to sell the shares at the Nominated Sale Price.
If the Phase 1 exploration results are successful and prove the
continuity of mineralisation at grades suggesting the potential for
the future development of a Mineral Resource of not less than
500,000 tonnes of contained copper, consistent with economic
recovery at the depth of discovery with a minimum internal rate of
return of not less than 25% and a payback period not exceeding 42
months (including the recovery of capital expenditure), then there
will be a second two year exploration period ("Phase 2").
ZIMBABWE
Galileo announced an agreement entered into on 04 March 2022
which assigned to Galileo an option granted under an agreement
dated 21 January 2022 between BC Ventures and Cordoba Investments
Limited to acquire a 51% interest in BC Ventures. BC Ventures is
the owner of a highly prospective lithium project in western
Zimbabwe (the Kamativi Lithium Project) and two gold licences (the
Bulawayo Gold Project) close to Bulawayo through its wholly owned
Zimbabwe subsidiary Sinamatella Investments (Private) Limited.
Under the terms of the agreement the Company committed to spend
US$1.5 million on exploration expenditure by 21 January 2024.
On 10 August 2022, the Company further announced an agreement to
acquire a further 29% shareholding in the Sinamatella projects and
an extension on the commitment to spend US$1.5 million on
exploration expenditure by 6 months to 21 July 2024. Post the
financial period under review the Company announced that all
conditions had been met in relation to the agreement to acquire a
29% shareholding in BC Ventures Limited (the "Share Acquisition")
accordingly, the Company issued 50,000,000 Galileo ordinary shares
at a price of 1.2 pence per share being the consideration shares
due in relation to the Share Acquisition. As a result, Galileo now
has an interest of 29% in BC Ventures alongside an option to
acquire a further 51% interest through the Company spending
$1.5million on exploration and evaluation of the Projects by 21
July 2024.
Zimbabwe is recognised as one of the most potentially
prospective countries in Africa for pegmatite-hosted lithium. Among
other explorers, Prospect Resources Ltd (ASX: PSC) estimates that
its Arcadia open pit lithium deposit, hosted within a stacked
series of pegmatite dykes, contains JORC- compliant proven and
probable ore reserves of 37.4Mt, grading at 1.22% Li2O. China's
Zhejiang Huayou Cobalt previously agreed a deal to purchase 100% of
the Arcadia hard-rock lithium project for US$422m. Zimbabwe has
also long been a significant gold producer, primarily from
Greenstone Belt quartz 'reef' deposits that are host to many small
to mid-size quartz reef gold mines and deposits.
Kamativi Lithium Project
The Kamativi Lithium Project comprises EPO 1782, covering
520km2, and lies on the Kamativi Belt directly adjacent to, and
along strike from the historic Kamativi tin- tantalum mine which
operated from 1936 to 1994. The Kamativi Mine produced 37,000
tonnes of tin and 3,000 tonnes of tantalum ore from pegmatites, and
in 2018 Chimata Gold Corp (Zimbabwe Lithium Company) announced a
new JORC (2012) compliant Indicated Mineral Resource of 26Mt @
0.58% Li2O within the Kamativi mine tailings, confirming that the
mine contained significant quantities of lithium. The mine has
recently been brought back into production for hardrock lithium by
its current Chinese owners.
The Sinamatella licence area encloses extensions and splays of
the Kamativi Tin Mine host unit, including mapped pegmatites, and
it has been reported that there are old tin-fluorite workings
within the Sinamatella property. The licence area also contains a
large extent of the pre-Cambrian Malaputese Formation which is
considered to be strongly prospective for VMS hosted copper,
surrounding the old Gwaii River Copper Mine and including numerous
other copper prospects and occurrences.
Little exploration has been carried out on the licence area in
the past 25+ years, however there is very good historical data
available to advance exploration for lithium prospects.
Period Under Review
On 15 June 2023 the company announced that a contract had been
signed with a drilling contractor in order to commence drill
testing of a substantial lithium-in-soil anomaly 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.
The Kamativi soil anomaly peaks at over 1,000ppm Li and 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 largest hard rock lithium resources. A swarm of
coincident pegmatite dykes was mapped within the soil anomaly area
covering about 1km x 0.5km which was targeted by the Company in the
first phase of drilling, with approximately 1,000m of drilling
planned in at least 10 holes.
Phase One drilling advanced promptly at Kamativi during the
reporting period and on the 10 August 2023 the company reported the
return of strongly encouraging assay results from the first hole
drilled. The drill hole, KSDD001, returned peak values of 4m @1%
Li2O from 35m downhole depth, including an intercept of 1m at 2.04%
Li2O within an 18m wide pegmatite.
Analysis of newly received soil sampling data revealed an
extension to the original anomaly over considerable distance, and
with the addition of detailed mapping, a much larger target area
than previously realised was delineated which allowed for the
extension of the drilling programme.
Post Period Under Review
The Company reported the completion of Phase One drilling at
Kamativi for lithium and associated elements on the 17 October
2023, with a total of 1,428.4m drilled in ten drill holes.
Initial results from the remainder of the Phase One drilling
programme were promising, with mineralisation and alteration
similar to that reported in the first drill hole, KSDD001 observed
in several subsequent holes. Core logging and sampling was
underway, preparing samples for export to 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 prospective spodumene
mineralisation in thin sections - further samples will be subjected
to full XRD mineralogical examination in South Africa.
The Company is also testing the southern part of the licence for
VMS-type copper mineralisation.
A site visit by external recognised lithium exploration experts
resulted in a recommendation for a greater emphasis on detailed
geological mapping with follow up trenching over prospective
targets and significantly more emphasis on petrological studies to
identify specific lithium-bearing minerals. This work has continued
and successfully highlighted new areas of interest. To date only a
small portion of the licence has been covered by detailed
geological mapping offering further potential for additional
discoveries.
Bulawayo Gold-Nickel-Copper Project
The Bulawayo Project comprises EPO 1783 and EPO 1784, covering a
large 1,300km2 licence area near Bulawayo with extensive Greenstone
Belt rock formations in Zimbabwe. No systematic exploration has
been carried out in the area for more than 25 years due to the
previously unfavourable investment climate in Zimbabwe. Prospective
areas with thin sand/alluvial/Karoo basalt cover have never been
explored and preliminary grab sampling on the property reported
assays ranging from 3.9-16g/t Au, confirming the prospectivity of
the ground.
The aim is to explore for resources to support the development
of a large scale mine. The licences adjoin and enclose a number of
small-scale gold mines on pre-existing mining permits which
provides the opportunity to integrate the production from these
operations which have a total historic production reported as more
than 1Moz Au.
Period Under Review
Work during the period focussed on defining drill ready targets
at the Queen's Mine Area prospective for gold mineralisation
associated with greenstone belt terranes. Follow-up soil sampling
of a number of geophysical targets delineated by Galileo's
previously reported ground geophysical (magnetic and resistivity)
surveys have defined a number of new targets marginal to the
Queen's Gold Mine area (not part of Galileo's licence area), where
historical gold production >44,000 ounces was reported up to
1984, when reliable record keeping ceased.
The results include definition of a number of new targets
adjacent to and along-strike from the Queen's Mine area, the
majority of the new discoveries are under shallow alluvial and
Karoo sandstone cover, made visible by the previous airborne
magnetic survey flown by Galileo in June 2022.
A total of 2,455 soil samples were sent for laboratory analysis,
with results peaking at 2.1g/t Au. An anomalous 5km2 area with
gold-in-soil values up to 680ppb Au has been highlighted over a
number of structures delineated by the aeromagnetic survey to the
southeast of the Queen's Mine area, with further anomalous zones
indicated along-strike from the Queen's Mine area mineralisation
within consistent and prospective greenstone lithology.
New targets represent extensions of known gold-bearing
structures that typically host both commercial and small-scale gold
mining operations in the Queen's Mine region, and pXRF analyses
indicate coincident anomalies of associated elements. Zimbabwean
gold mineralisation is typically associated with narrow high-grade
structures that can be mined from underground. The Company is
targeting areas where the confluence of structures and other
factors potentially create a much larger bulk target for follow
up.
BOTSWANA
Kalahari Copperbelt
Galileo's exploration project currently encompasses a total of
19 exploration licences, 8 of which were included in the final sale
agreement completed in September 2021 with Sandfire Resources,
which was required to spend US$4 million on the licences in the
first two years of the agreement. The remaining KCB licences were
retained 100% by Galileo.
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 Limited ("Cobre") exploration licences. Cobre has 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.
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.
PL040/2018
The interpreted strike length of the prospective D'Kar formation
contact extends over 30km within this licence. Historic wide-spaced
drilling reportedly intersected D'Kar/Ngwako Pan 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.
Period under review
Exploration has continued apace on the Kalahari Copperbelt
licences sold to Sandfire Resources in 2021, and those retained by
Galileo. The Kalahari Copperbelt region is currently receiving
global attention with new mine development and a rapid advance of
exploration work from new entrants and previous players providing
new thinking on the controls of mineralisation.
Sandfire Licences
Considerable work has been completed by Sandfire Resources in
the region within the period to date, a summary of which
includes:
PL250/2020 - approximately 7.24km of prospective Lower D'Kar
contact has been identified warranting a TerraleachTM* soil
geochemical survey. Area will also be covered by regional airborne
gravity survey ('AGG')
PL367/2018 - Four multi-element soil anomalies identified as
priority targets with infill TerraleachTM* soil surveys
planned.
PL251/2020 - Scheduled TerraleachTM* soil survey over an area
described by Sandfire as a T3/A4-type target. AGG survey also to be
flown.
PL366/2018 - Soil anomaly identified warranting additional soil
geochemistry in conjunction with Sandfire's announced AGG regional
survey.
PL044/2018 & PL045/2018 - Airborne magnetic and radiometric
geophysics and follow up drilling confirmed the presence of
magnetite and disseminated copper-zinc mineralisation in
intermediate to acid volcanic rocks - follow up under review.
PL122/2020 & PL154/2020 - Considered low order priorities
with no additional work planned in the short to medium-term subject
to results of the pending AGG survey.
Galileo (Retained) Licences
An Airborne Gravity Gradient (AGG) survey jointly commissioned
by Cobre Limited and Sandfire Resources was undertaken during the
reporting period to include part of Galileo's licence PL253/2018,
with results of the survey to be released to Galileo, free of
charge, later in the year. The results of the survey are expected
to provide valuable information on basin architecture and identify
the potential location of copper-silver bearing trap-sites
analogous to Sandfire's neighbouring T3 and A4 deposits.
A low detection mobile metal-ion (TerraleachTM*) soil sampling
programme was commenced by the Company in the reporting period,
with more than 3,000 samples planned ranging over critical contact
zones in three of the retained licences, PLs 253, 39 and 40.
Sampling was planned to include ground adjacent to the licence
hosting Cobre's recent drill discoveries at Ngami and Kitlanya,
where similar soil programmes led to drill target identification.
Galileo will utilise the soil geochemical results, in conjunction
with the results of the AGG survey, to develop new targets for
drilling.
Post Period Under Review
On the 11 October 2023 it was announced that the soil sampling
survey had completed, with a total of 3,373 (excluding QAQC
inserts) samples collected over critical contact zones across the
retained licences. The samples are now being processed via a sample
preparation laboratory in South Africa for dispatch to Intertek
laboratory in Perth for analysis.
NEVADA
Ferber gold-copper project
Period Under Review
An earlier Galileo project review identified several drill
targets at Ferber to test both skarn-type gold-copper occurrences
and Carlin-type gold occurrences on the 100% held property. Due to
strong demand for drill machines in Nevada, it proved difficult to
find a contractor to undertake diamond core drilling at Ferber in
2022. However, the Company has proceeded with an application for an
environmental permit for the planned programme and has engaged
Rangefront Mining Services, based in Elko, Nevada, to assist in
seeking quotes from drilling contractors for Reverse Circulation
(RC) drilling with the aim of completing the planned programme
during 2024.
SOUTH AFRICA
Glenover Phosphate Project (" Glenover")
Period Under Review
On the 21 June 2023 Galileo announced progress in relation to
JSE Listed Afrimat Limited's option to buy for ZAR300 million
(approx. GBP12.8 million) shares in and shareholder loans made to
Glenover Phosphate Proprietary Limited, in which Galileo has a
30.8% direct and 4.99% indirect investment held via Galagen
Proprietary Limited.
An addendum to the conditional sale agreement was signed by the
parties on the 21 June 2023 giving rise to Afrimat's Option (the
"Addendum") that removed the requirement for the previous
suspensive conditions to be met before the first two tranches of
consideration are paid and set a revised timetable for the receipt
of funds, as well as amending the second tranche to be paid in
cash.
Revised timetable detailed as follows:
First tranche payment of ZAR150 million (approx. GBP6.4 million)
in respect of Sales Claims was settled in July 2023, by the issue
of Afrimat shares calculated on a 30-day volume weighted average
price ("VWAP") on the payment date. Galileo's portion was ZAR52.6
million (approx. GBP2.1 million).
30 April 2024 : Second tranche payment of ZAR147 million
(approx. GBP6.3 million) in respect of Sales Claims to be settled
in cash. Galileo's estimated portion will be approximately ZAR49
million (approx. GBP2.1 million).
30 April 2024: Cash consideration of ZAR3 million (approx.
GBP0.13 million) in respect of the Glenover shares subject to the
fulfilment of the suspensive conditions (Note 1). Galileo's
estimated portion will be approximately ZAR1 million (approx.
GBP0.04 million).
Note 1: The suspensive conditions applicable to the sale of
Glenover shares are:
i) the Approval in terms of section 11 of the Mineral and
Petroleum Resources Development Act No. 28 of 2002 ("MPRDA");
and
ii) the completion of the 30 June 2023 audited financial
statements and collation of all company documentation on or before
30 April 2024.
Financial Highlights
The Group reported loss of GBP521,764 (2022: loss of
GBP1,554,313) after taxation. Loss reported is 0.05 pence (2022:
loss of 0.13 pence) per share. Loss per share is based on a
weighted average number of ordinary shares in issue of
1,160,943,355 (2022: 1,115,819,649).
For further information, please contact:
Colin Bird, Chairman and Tel +44 (0) 20 7581 4477
CEO
Edward Slowey, Executive Tel +353 (1) 601 4466
Director
www.galileoresources.com
Beaumont Cornish Limited
Nominated Advisor
Roland Cornish/James Biddle Tel +44 (0)20 7628 3396
Novum Securities Limited
- Broker Tel +44 (0)20 7382 8416
Colin Rowbury/ Jon Belliss
Statement of Responsibility for the six months ended 30
September 2023
The directors are responsible for preparing the consolidated
interim financial statements for the six months ended 30 September
2023 and they acknowledge, to the best of their knowledge and
belief, that:
-- the consolidated interim financial statements for the six
months ended 30 September 2023 have been prepared in accordance
with UK adopted IAS 34 - Interim Financial Reporting;
-- based on the information and explanations given by
management, the system of internal control provides reasonable
assurance that the financial records may be relied on for the
preparation of the consolidated interim financial statements.
However, any system of internal financial control can provide only
reasonable, and not absolute, assurance against material
misstatement or loss;
-- the going concern basis has been adopted in preparing the
consolidated interim financial statements and the directors of
Galileo have no reason to believe that the Group will not be a
going concern in the foreseeable future, based on forecasts and
available cash resources;
-- these consolidated interim financial statements support the viability of the Company; and
-- having reviewed the Group's financial position at the balance
sheet date and for the period ending on the anniversary of the date
of approval of these financial statements they are satisfied that
the Group has, or has access to, adequate resources to continue in
operational existence for the foreseeable future.
Colin Bird
Chairman and Chief Executive Officer
28 December 2023
CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
GBPs (Restated) GBPs
GBPs
ASSETS
Intangible assets 6 5,370,610 4,382,659 5,161,591
Investment in joint ventures
7 835,149 - 835,149
Loans to joint ventures,
associates and subsidiaries 9,103 284,792 9,547
Other financial assets 8 5,074,564 2,318,549 2,556,034
---------------- --------------- --------------
Non-current assets 11,289,426 6,986,000 8,562,321
---------------- --------------- --------------
Trade and other receivables 300,308 387,734 284,923
Cash and cash equivalents 88,719 3,309,842 1,435,511
Other financial assets 51,136 - 47,351
--------------- --------------
Current assets 440,163 3,697,576 1,767,785
---------------- --------------- --------------
Non-current assets held for
sale 9 160,883 2,411,269 2,323,807
---------------- --------------- --------------
Total Assets 11,890,472 13,094,845 12,653,913
---------------- --------------- --------------
EQUITY AND LIABILITIES
Share capital 32,782,905 32,146,730 32,753,530
Reserves 198,676 1,388,743 421,097
Accumulated loss (21,318,604) (20,905,667) (20,815,887)
---------------- --------------- --------------
11,662,977 12,629,806 12,358,740
Non-controlling interest 117,754 117,754 117,754
---------------- --------------- --------------
Equity 11,780,731 12,747,560 12,476,494
---------------- --------------- --------------
Liabilities
Other financial liabilities - 6 5
Non-current liabilities - 6 5
---------------- --------------- --------------
Trade and other payables 109,741 141,628 177,414
Taxation payable - 205,651 -
---------------- --------------- --------------
109,741 347,279 177,414
---------------- --------------- --------------
Total liabilities 109,741 347,285 177,419
---------------- --------------- --------------
Total Equity and liabilities 11,890,472 13,094,845 12,653,913
---------------- --------------- --------------
Joel Silberstein
28 December 2023
Company number: 05679987
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
GBPs (Restated)GBPs GBPs
Other Income 435 - 289,040
Operating expenses (585,411) (599,130) (1,257,877)
---------------- --------------- --------------
Operating loss (584,976) (599,130) (968,837)
Investment revenue 295,433 218,012 90,096
Fair value adjustments (162,802) (401,274) 71,074
Profit/(loss) on sale of
investments (19,416) - 291,758
Provision for impairment - - (274,314)
Share of (loss)/profit from
equity accounted investments - (771,921) (765,172)
---------------- --------------- --------------
Profit/(loss) for the period
before taxation (471,761) (1,554,313) (1,555,395)
Taxation (50,003) - 88,865
---------------- --------------- --------------
Profit/(loss) for the period
after taxation (521,764) (1,554,313) (1,466,530)
---------------- --------------- --------------
Other comprehensive loss:
Exchange differences on translating
foreign operations (203,374) 127,741 (837,904)
---------------- --------------- --------------
Other adjustments - - 1,996
---------------- --------------- --------------
Total comprehensive income/(loss) (725,138) (1,426,572) (2,302,438)
---------------- --------------- --------------
Total comprehensive loss
attributable to:
Owners of the parent (725,138) (1,426,572) (2,302,438)
Weighted average number of
ordinary shares in issue 1,160,943,355 1,115,819,649 1,130,693,464
Basic earnings/(loss) per
share - pence (0.05) (0.13) (0.13)
STATEMENTS OF CHANGES IN EQUITY as at 30 September 2023
Share Share Total Foreign Merger Shares Share based Total Accumulated Total equity
Capital capital currency reserve to be issued payment reserves loss
premium translation reserve reserve
reserve
----------
Figures in Pound Sterling
reserve
---------------------------------------------------------------------------------------------------- --------------- ---------------- ----------------------------- ----------------- ------------ --- ----- -------------- ----------------------
Balance at 1 April 2022 6,707,168 25,289,562 31,996,730 (293,176) 1,047,821 150,000 319,156 1,223,801 (19,351,353) 13,869,178
Loss for the year - - - - - - - - (1,466,530) (1,466,530)
Other comprehensive income - - - (837,904) - - - (837,904) 1,996 (835,908)
------------------- -------------------- ----------------------------------- -------------- --------------------- --------------------------- ----------- ---------------- -------------- --------------------
Total comprehensive income
for the year - - - (837,904) - - - (837,904) (1,464,534) (2,302,438)
Issue of shares net of
issue costs 63,742 693,058 756,800 - - (150,00) - (150,000) - 606,800
Options issued - - - - - - 185,200 185,200 - 185,200
Options lapsed - - - - - - - - - -
Warrants lapsed - - - - - - - - - -
Warrants issued - - - - - - - - - -
Warrants exercised - - - - - - - - - -
Shares to be issued - - - - - - - - - -
Total contributions by
and distributions to owners
of company recognised
directly in equity 63,742 693,058 756,800 - - (150,000) 185,200 35,200 - 792,000
Balance at 1 April 2023 6,770,910 25,982,620 32,753,530 (1,131,080) 1,047,821 - 504,356 421,097 (20,815,887) 12,358,740
------------------- -------------------- ----------------------------------- -------------- --------------------- --------------------------- ----------- ---------------- -------------- --------------------
Loss for the 6 months - - - - - - - - (521,764) (521,764)
Other comprehensive income - - - (203,374) - - - (203,374) - (203,374)
------------------- -------------------- ----------------------------------- -------------- --------------------- --------------------------- ----------- ---------------- -------------- --------------------
Total comprehensive income
for the 6 months - - - (203,374) - - - (203,374) (521,764) (725,138)
------------------- -------------------- ----------------------------------- -------------- --------------------- --------------------------- ----------- ---------------- -------------- --------------------
Warrants lapsed - - - - - - (19,047) (19,047) 19,047 -
Issue of shares 2,500 26,875 29,375 - - - - - - 29,375
Total contributions by
and distributions to owners
of company recognised
directly in equity 2,500 26,875 29,375 - - - (19,047) (19,047) 19,047 29,375
Balance at 30 September
2023 6,773,410 26,009,495 32,782,905 (1,334,454) 1,047,821 - 485,309 198,676 (21,318,604) 11,662,977
------------------- -------------------- ----------------------------------- -------------- --------------------- --------------------------- ----------- ---------------- -------------- --------------------
CONSOLIDATED STATEMENTS OF Six months Six months Year
CASH FLOW ended ended ended
30 September 30 September 31 March
2023 2022 2023
(Unaudited) (Unaudited) (Audited)
GBPs (Restated)GBPs GBPs
Cash used in operations (714,898) (595,708) (1,495,390)
Interest income - - -
Net cash from operating activities (714,898) (592,708) (1,495,390)
-------------- --------------- ------------
Additions to intangible assets (236,652) (154,106) (1,229,886)
Sale of intangible - - 291,760
Distributions from Joint Ventures - - -
(incl subs, JVs & Assoc)
Proceeds on sale of non-current - - -
assets held for sale
Net movement in loans 444 509,567 369,579
Purchase of financial assets (965,385) (1,101,906) (1,149,545)
Sale of financial assets 569,704 - -
Net cash flows from investing
activities (631,889) (746,445) (1,718,092)
-------------- --------------- ------------
Net Proceeds on share issue - - -
Repayment of loans from group
companies (5) - (1)
Net cash flows from financing
activities (5) - (1)
Total cash movement for the
period (1,346,792) (1,339,153) (3,213,483)
Cash at the beginning of the
period 1,435,511 4,648,995 4,648,994
-------------- --------------- ------------
Total cash at end of the period 88,719 3,309,842 1,435,511
-------------- --------------- ------------
Notes to the Financial Statements
1. Status of interim report
The Group unaudited condensed interim results for the six months
ended 30 September 2023 have been prepared using the accounting
policies applied by the Company in its 31 March 2023
annual report, which are in accordance with UK adopted
international Accounting Standard, the AIM rules of the London
Stock Exchange and the Companies Act 2006 (UK). This condensed
consolidated interim financial report does not include all notes of
the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 31 March 2023 and any public
announcements by Galileo Resources Plc. All monetary information is
presented in the presentation currency of the Company being Great
British Pound. The Group's principal accounting policies and
assumptions have been applied consistently over the current and
prior comparative financial period. The financial information for
the year ended 31 March 2023 contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was unqualified and did not contain a
statement under section 498(2)-(3) of the Companies Act 2006.
2. Basis of preparation
The consolidated financial statements incorporate the financial
statements of the Company and all entities for the six months ended
30 September 2023, including special purpose entities, which are
controlled by the Company. Control exists when the Company has the
power to govern the financial and operating policies of an entity
to obtain benefits from its activities. The results of subsidiaries
are included in the consolidated annual financial statements from
the effective date of acquisition to the effective date of
disposal. Adjustments are made when necessary to the annual
financial statements of subsidiaries to bring their accounting
policies in line with those of the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation. Non-controlling interests in
the net assets of consolidated subsidiaries are identified and
recognised separately from the Group's interest therein and are
recognised within equity. Losses of subsidiaries attributable to
non-controlling interests are allocated to the non-controlling
interest even if this results in a debit balance being recognised
for non-controlling interest. Transactions which result in changes
in ownership levels, where the Group has control of the subsidiary
both before and after the transaction, are regarded as equity
transactions and are recognised directly in the statement of
changes in equity. The difference between the fair value of
consideration paid or received and the movement in non-controlling
interest for such transactions is recognised in equity attributable
to the owners of the parent.
3. Segmental analysis
Business unit
The Company's investments in subsidiaries and associates, that
were operational at year-end, operate in four geographical
locations being South Africa, Botswana, Zambia, Zimbabwe and USA,
and are organised into one business unit, namely Mineral Assets,
from which the Group's expenses are incurred and future revenues
are expected to be earned. This being the exploration for and
extraction of its mineral assets through direct and indirect
holdings. The reporting on these investments to the board focuses
on the use of funds towards the respective projects and the
forecasted profit earnings potential of the projects.
The Company's investment in Zambia did not contribute to the
operating profit or losses and is excluded from the segmental
analysis.
Geographical segments
An analysis of the profit/(loss) on ordinary activities before
taxation is given below:
Six months Six months Year
ended 30 ended 30
September September ended
2023 2022 31 March
(Unaudited) (Unaudited) 2023
(Audited)
GBPs GBPs GBPs
Profit/(loss) on ordinary
activities before taxation:
Rare earths, aggregates
and iron ore and manganese
- South Africa 90,469 (572,195) (717,323)
Gold - USA (1,155) (4,214) (9,892)
Copper - Botswana (47,696) (22,664) 110,901
Copper and Corporate costs
- United Kingdom (563,382) (955,240) (939,081)
Gold and lithium - Zimbabwe - - -
(521,764) (1,554,313) (1,555,395)
-------------- ------------- ------------
Geographical segments
An analysis of total liabilities:
Six months Six months Year
ended 30 ended 30
September September ended
2023 2022 31 March
(Unaudited) (Unaudited) 2023
(Audited)
GBPs GBPs GBPs
Rare earths, aggregates
and iron ore and manganese
- South Africa (1,915) (95) (64,546)
Gold - USA - - -
Copper - Botswana (4,759) (205,651) (4,794)
Copper and Corporate costs
- United Kingdom (103,067) (141,539) (108,074)
Gold and lithium - Zimbabwe - - -
(109,741) (347,285) (177,414)
-------------- ------------- ------------
Geographical segments
An analysis of total assets:
Six months Six months Year
ended 30 ended 30
September September ended
2023 2022 31 March
(Unaudited) (Unaudited) 2023
(Audited)
GBPs GBPs GBPs
Rare earths, aggregates
and iron ore and manganese
- South Africa 2,288,091 5,726,276 3,459,946
Gold - USA 1,750,566 1,769,023 1,613,873
Copper -Zambia 2,964,971 2,338,362 2,508,201
Copper - Botswana 1,478,873 1,653,284 1,481,683
Copper and Corporate costs
- United Kingdom 1,138,263 897,360 2,743,833
Gold and lithium - Zimbabwe 2,269,708 710,540 846,377
11,890,472 13,094,845 12,653,913
-------------- ------------- ------------
4. Financial review
The Group reported loss of GBP521,764 (2022: loss of
GBP1,554,313) after taxation. Loss reported is 0.05 pence (2022:
loss of 0.13 pence) per share. Loss per share is based on a
weighted average number of ordinary shares of 1,160,943,355 (2022:
1,115,819,649).
5. Share Capital
During the period under review the Company issued new ordinary
shares as follows:
Number of
Date ordinary shares
================ ================
Opening balance 1 160 688 453
Acquisition 2 500 000
================ ================
Closing balance 1 163 188 453
================ ================
No new ordinary shares were issued by the Company post the
period under review.
Warrants
The Company had the no warrants outstanding at the period
end.
Share Options 30 September 30 September 31 March
2023 2022 2023
Outstanding at the beginning
of the year 98,700,000 58,700,000 58,700,000
Options granted during the
year - 39,000,000 40,000,000
98,700,000 97,700,000 98,700,000
--------------- --------------- -----------
6. Intangible assets
Reconciliation of Intangible assets:
Group as at 30 September 2023
Asset Opening Additions Foreign Closing
currency balance exchange balance
movements
Exploration
and evaluation
asset - Botswana BWP 1,470,267 50,810 (43,070) 1,478,007
----------- ------------- ----------- ----------- ----------
Exploration
and evaluation
asset - U.S.A. US$ 2,154,613 114,881 15,437 2,284,931
----------- ------------- ----------- ----------- ----------
Exploration
and evaluation
asset - Zambia ZMW 1,536,711 70,961 - 1,607,672
----------- ------------- ----------- ----------- ----------
Total intangible
assets 5,161,591 236,652 (27,633) 5,370,610
------------- ----------- ----------- ----------
Group as at 30 September 2022
Asset Opening Additions Foreign Closing
currency balance exchange balance
movements
Exploration
and evaluation
asset - Botswana BWP 1,467,320 32,692 12,976 1,512,988
------------ -------------- ----------- ------------ ------------
Exploration
and evaluation
asset - U.S.A. US$ 1,893,024 121,414 340,007 2,354,445
------------ -------------- ----------- ------------ ------------
Exploration
and evaluation
asset - Zambia ZMW 515,226 - - 515,226
------------ -------------- ----------- ------------ ------------
Total intangible
assets 3,875,570 154,106 352,983 4,382,659
-------------- ----------- ------------ ------------
Group as at 31 March 2023
Asset Opening Additions Foreign Total
currency exchange
movements
Exploration
and evaluation
asset - Botswana BWP 1,467,320 77,614 (74,667) 1,470,267
----------- ---------- ---------- ------------------ -----------
Exploration
and evaluation
asset - U.S.A. US$ 1,893,024 130,788 130,801 2,154,613
----------- ---------- ---------- ------------------ -----------
Exploration
and evaluation
asset - Zambia ZMW 515,226 1,021,485 - 1,536,711
----------- ---------- ---------- ------------------ -----------
3,875,570 1,229,887 56,134 5,161,591
------------------------------- ---------- ---------- ------------------ -----------
Botswana
The Company currently holds copper licenses in the highly
prospective Kalahari Copper Belt ("KCB"), The KCB is approximately
800km long by up to 250km wide, is a northeast-trending Meso- to
Neoproterozoic belt that occurs discontinuously from western
Namibia and stretches into northern Botswana along the northwestern
edge of the Paleoproterozoic Kalahari Craton. The belt contains
copper-silver mineralisation, which is generally stratabound and
hosted in metasedimentary rocks of the D'Kar Formation near the
contact with the underlying Ngwako Pan Formation. The hanging
wall-footwall redox contact is a distinctive target horizon that
consistently hosts copper-silver mineralization in fold-hinge
settings. The geological setting is similar to that of the major
Central African Copper Belt and Kupferschiefer in Poland.
7. Investment in joint ventures
Six months Six months Year
ended 30 ended 30
September September ended
2023 2022 31 March
(Unaudited) (Unaudited) 2023
(Audited)
GBPs GBPs GBPs
Cordoba -BC Ventures 835,149 - 835,149
835,149 - 835,149
-------------- ------------- ------------
On 21 January 2022, Cordoba and BC Ventures entered into an
option agreement (the "Principal Agreement") which provided Cordoba
with an option to acquire 51% of BC Ventures by funding
US$1,500,000 of exploration expenditure within 2 years for BC
Venture's 100% owned Zimbabwean subsidiary Sinamatella Investments
(Private) Limited ('Sinamatella') holds three Exclusive Prospecting
Orders ('EPOs') No's 1782, 1783 and 1784 in the Kamativi Regional,
'Bulawayo North' and 'Bulawayo South' areas in the Republic of
Zimbabwe. EPO 1782 is primarily prospective for lithium (tantalum,
niobium, tin, tungsten, REE's and copper) whilst EPO5 1783 and 1784
are primarily prospective for gold. The three EPOs were issued on
12 March 2021 and have a term of 3 years.
On 4 March 2022 Galileo entered into a Deed of Assignment with
Cordoba and BC Ventures (the "Deed of Assignment") under which
Cordoba has assigned all its rights and obligations under the
Principal Agreement to Galileo for GBP150,000 which was settled by
the issue of 13,741,609 new ordinary Galileo Resources plc shares
in relation to the Consideration Shares.
On 9 August 2022, Galileo signed an addendum (the "Addendum") to
an agreement dated 21 January 2022. Under the Addendum, Galileo
acquired a 29% shareholding in BC Ventures (the "Share
Acquisition") for the issue of 50,000,000 Galileo Resources plc
shares (the "Consideration Shares").
The period for the expenditure of US$1.5M to be incurred by the
Company under the Principal Agreement to acquire 51% of BC Ventures
was extended by 6 months to 21 July 2024.
As 31 March 2022, all amounts in relation to BC Ventures were
accounted for as Other Financial Assets.
8. Other Financial assets
Six months Six months Year
ended 30 ended 30
September September ended
2023 2022 31 March
(Unaudited) (Unaudited) 2023
(Audited)
GBPs GBPs GBPs
Cordoba -BC Ventures 1,434,559 710,540 836,107
Sandfire listed investment 702,228 799,129 1,271,476
Afrimat listed investment 2,096,802 - -
Kashitu project - 39,050 -
Luansobe project - 498,801 -
Shinganda Project 611,190 249,651 430,523
Star Zinc 18,162 21,378 17,928
Northwest Zambia project 211,623 - -
5,074,564 2,318,549 2,556,034
-------------- ------------- ------------
Sandfire listed investment
As announced on 16 September 2021, Galileo sold 9 of its
Company's Kalahari Copper Belt Licences to Sandfire Resources. As
part of the consideration Sandfire issued 370,477 Sandfire ordinary
shares to the Company. As the 30 September 2032, the Company held
216,000 Sandfire ordinary shares.
Sandfire Resources is an Australian listed company and have an
enviable track record of copper/gold discovery, development
execution and operation.
Afrimat Limited listed investment
As announced on 23 June 2023, the Company received the first
tranche payment of was ZAR52.6 million (approx. GBP2.1 million) in
respect of Sales Claims which was settled by the issue of 903,994
Afrimat shares calculated on a 30-day volume weighted average price
("VWAP") of ZAR55.91.
Afrimat is a leading mid-tier mining and materials company. The
Group listed on the JSEMain Board in 2006 and is currently listed
in the Basic Materials: General Mining sector.
The group supplies a broad range of products ranging from
Construction Materials (aggregates, bricks, blocks, pavers and
readymix concrete), Industrial Minerals (lime and lime products),
and Bulk Commodities (iron ore, anthracite and manganese).
9. Non-Current Held For Sale asset
Group as at 30 September 2023
Glenover Phosphate (Pty) Ltd
The Company currently holds a 30.70% direct investment in
Glenover and also has an indirect investment of 4.99% in Glenover
through its shareholding in Galagen Proprietary Limited, a special
purpose vehicle incorporated to hold the BEE shareholding in the
Glenover project, resulting in a total interest in Glenover of
35.69%.
As announced on 9 December 2021, Glenover entered into a
conditional sale of shares agreement with JSE Limited listed
Afrimat Limited (JSE: AFT) ("Afrimat") Glenover also between
Afrimat, Glenover and the shareholders of Glenover including
Galileo Resources SA (Pty) Ltd the Company's wholly owned South
African subsidiary under which Afrimat has the option to acquire
the shares in and shareholders loans made to Glenover for ZAR300
million (approximately GBP14 .3 million).
On 26 October 2022 , the Company announced that Afrimat had
given notice to Glenover of its intention to conditionally acquire
100% of the shares in Glenover from the current shareholders of
Glenover for consideration of ZAR300 million (approximately GBP14.3
million) with the Company to receive ZAR107 million (approximately
GBP5.1 million).
On the 21 June 2023 Galileo announced progress in relation to
JSE Listed Afrimat Limited's option to buy for ZAR300 million
(approx. GBP12.8 million) shares in and shareholder loans made to
Glenover Phosphate Proprietary Limited, in which Galileo has a
30.8% direct and 4.99% indirect investment held via Galagen
Proprietary Limited.
An addendum to the conditional sale agreement was signed by the
parties on the 21 June 2023 giving rise to Afrimat's Option (the
"Addendum") that removed the requirement for the previous
suspensive conditions to be met before the first two tranches of
consideration are paid and set a revised timetable for the receipt
of funds, as well as amending the second tranche to be paid in
cash.
Revised timetable detailed as follows:
First tranche payment of ZAR150 million (approx. GBP6.4 million)
in respect of Sales Claims was settled in July 2023, by the issue
of Afrimat shares calculated on a 30-day volume weighted average
price ("VWAP") on the payment date. Galileo's portion was ZAR52.6
million (approx. GBP2.1 million).
30 April 2024 : Second tranche payment of ZAR147 million
(approx. GBP6.3 million) in respect of Sales Claims to be settled
in cash. Galileo's estimated portion will be approximately ZAR49
million (approx. GBP2.1 million).
30 April 2024: Cash consideration of ZAR3 million (approx.
GBP0.13 million) in respect of the Glenover shares subject to the
fulfilment of the suspensive conditions. Galileo's estimated
portion will be approximately ZAR1 million (approx. GBP0.04
million).
10. Going concern
The Company has sufficient financial resources to enable it to
continue in operational existence for the foreseeable future and
meet its liabilities as they fall due.
The directors have further reviewed the financial position of
the Company at the date of this report and Company's cash flow
forecast which includes the receipt of GBP2.1 million from the
proceeds of the sale of shares in Glenover which the Company
anticipates will be received by the April 2024. The Company has a
very prospective portfolio of projects all of which will be pursued
during 2024. The progress of certain projects beyond the second
half of 2024 will depend on receipt of the funds from the Glenover
sale proceeds as referred to above. Should the receipt of funds be
delayed, then certain low priority projects may be deferred until
receipt of the funds or alternative funding is secured.
Accordingly, the directors consider it appropriate to continue
to adopt the going-concern basis in preparing these financial
statements. This basis presumes that funds will be available to
finance future operations and that the realisation of assets and
settlement of liabilities and commitments will occur in the
ordinary course of business.
11. Prior Period Adjustment
CONSOLIDATED STATEMENTS OF 30 September Adjustment Restated
COMPREHENSIVE INCOME 2022 30 September
2022
Fair value on Non-Current
asset held for sale (2,763,857) 2,763,857 -
------------- ----------- --------------
Other comprehensive income 91,182 36,559 127,741
------------- ----------- --------------
CONSOLIDATED STATEMENTS 30 Adjustment Restated
OF FINANCIAL POSITION September 30 September
2022 2022
Non-Current asset held for
sale 5,138,367 (2,727,068) 2,411,269
----------- ------------ --------------
Accumulated Loss 18,142,010 2,763,657 20,905,667
----------- ------------ --------------
Foreign currency translation
reserve 201,994 (36,559) 165,435
----------- ------------ --------------
The 30 September 2022 unaudited balances have been restated in
the 30 September 2023 unaudited financial statements. The balances
have been restated due to the Non-Current asset held for sale being
measured at the fair value instead of the carrying amount. The held
for sale assets are measured at the lower of their carrying amount
and fair value less costs to sell.
12 . Post balance sheet events
There were no significant events.
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END
IR FEIFIAEDSEFE
(END) Dow Jones Newswires
December 28, 2023 10:18 ET (15:18 GMT)
Galileo Resources (AQSE:GLR.GB)
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