REG - Galileo Resources - Annual Results for the year ended 31 March 2024
27/09/2024 12:30
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RNS Number : 0603G Galileo Resources PLC 27 September 2024
27 September 2024
Galileo Resources Plc
("Galileo" or the "Company" or the "Group")
Audited Results for the year ended 31 March 2024
Galileo (AIM: GLR), the exploration and development mining company, announces
its audited results for the year ended 31 March 2024.
Highlights for the period under review
· Significant advancements were made towards near-term copper
production at the Luansobe project in Zambia. Post-year end, a small-scale
mining licence was granted, inclusive of the Luansobe copper mineral resource,
and external consultants were commissioned to generate a mining schedule,
prioritise contractor communication and quotations, and aid the development of
a profitable mining operation. It has been demonstrated, that with minor
attunement and remodelling of the geological block model, mine design
scenarios can be optimised to enable maximum return from a primary open pit
operation and secondary underground mine, enabling informed discussion with
contractors.
· The mining licence covers an area in which Galileo previously
reported JORC (2012) Inferred Mineral Resources of;
o 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.
o 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.
o Significant potential exists to extend the mineral resource, including the
inclusion of shallow underground mineralisation excluded due to drill density,
and by geological remodelling over the untested deeper mineralisation
· At Shinganda, the Phase Two drilling programme was completed, and
a third phase of drilling commenced post-year end. Phase Two drilling
consisted of 2,379m drilled in 13 drill holes and focussed on testing deeper
targets, including breccias and magnetic and IP anomalies on the Shinganda
Fault Splay and Main Fault. The drilling intersected impressive wide zones (up
to 300m) of hydrothermal alteration and brecciation with lower grade sulphide
copper-gold mineralisation. Two holes drilled, SHDD021 & SHDD022 targeted
strong magnetic/IP geophysical anomalies along the Main Shinganda Fault, and
intersected a 200m zone of intense diamictite-style conglomerate analogous to
the high-grade Kamoa copper deposit.
· Phase Three drilling has the objective of defining a substantial
resource of supergene mineralisation ranging up to 2% CuEq at shallower
depths, following on from previous Phase One drill intercepts, such as 50.3m @
1.77% CuEq from 21m depth in drill hole SHDD002. An initial programme of up to
30 holes for an estimated 2,400m of shallow RC drilling has been planned,
testing a combined strike length of roughly 10km of the Shinganda Main Fault
and Splay structures.
· The company has completed the requirements to enable it to enter
a joint venture agreement and be issued a 51% interest in the Shingnda
Copper-Gold Project, following the expenditure of more than US$500,000 in
direct exploration costs. This enables Galileo to increase its equity in the
project to a percentage ranging from 65 to 85 per cent depending on the size
of any future discovery.
· In September 2023, the company announced that it had entered an
earn-in agreement with Cooperlemon Consultancy Limited for the exploration of
copper on its licence 28001-HQ-LEL in Northwest Zambia. After the initial cash
payment of US$230,000, Galileo will have the opportunity to earn a 65%
interest in the joint venture via the commitment of a Phase One exploration
expenditure of not less than US$750,000 over an initial 18-month period, and
issuance of 2,500,000 Galileo Resources plc shares at a price of 1.175 pence
per share.
· Post-year end it was announced that drilling had commenced on
licence 28001, in the prospective Western Foreland district of NW Zambia,
drill hole targeting is focussed on the potential for the suitable
stratigraphic horizons to create REDOX fronts and enable the correct
environment for copper deposition in stratabound layers, akin to the
Kamoa-Kakula copper complex.
· At the Kamativi project in Zimbabwe, it was reported that results
of a Phase One drilling programme had been returned. Ten holes were drilled
for a total of 1,428.4m of drilling across a 1.5km x 0.5km Li-Cs-Sn-Ta-REE in
soil anomaly. An 18m zoned pegmatite was intersected in drill hole KSDD001,
inclusive of a high-grade mineralised core returning 4m @ 1.03% Li2O from 35m
depth, within a wider 64m zone assaying 0.26% Li2O across both pegmatites and
mica-schist host rock. Anomalous tin was also encountered, with 0.19% Sn
returned from 95.2m depth in drill hole KSDD005.
· Systematic Terraleach TM soil sampling was completed, for a total
of 3,373 samples collected across priority identified licences in the
companies Kalahari Copper Belt portfolio in Botswana, with multiple
high-priority copper targets delineated, which share many similarities with
the Khoemacau/Arc Mowana Fold prospect. Additionally, it was announced that
at no cost, the company will acquire the results of an airborne gravity survey
jointly commissioned by Cobre Limited and Sandfire Resources, who hold
neighbouring licences, on part of its licence PL253/2018.
· At the Bulawayo project, in Southeast Zimbabwe, licence wide
airborne magnetics was flown, leading to a geological and structural
re-interpretation, and identification of high-priority areas for the targeted
collection of soil samples. Several gold-in-soil targets were identified that
follow structural trends surrounding the historic Queen's Gold Mine and are
being prepared for follow-up work. In addition, three priority targets have
been delineated in the south of the licence, all exhibiting significant
prospectivity for gold and nickel mineralisation associated with mapped
greenstone and ultramafic lithology. In the west of the licence, potential
persists, associated with nickel and zinc anomalism occurring coincident with
previously identified Banded Iron Formation lithology.
· Post-year end, it was reported that the Glenover sale had been
settled in full, with the second tranche payment received on the 2 May 2024,
amounting to approximately ZR 48.8 million (approx. GBP2.1M), and the final
payment of ZAR5.7 million (approx. GBP 0.25M) due at the end of May 2024.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.
You can also follow Galileo on Twitter: @GalileoResource.
For further information, please contact: Colin Bird, Chairman
Tel +44 (0) 20 7581 4477
Beaumont Cornish Limited - Nomad
Roland Cornish / James Biddle Tel +44 (0) 20 7628 3396
Novum Securities Limited - Broker
Colin Rowbury/Jon Belliss Tel +44 (0) 20 7399 9400
Shard Capital Partners LLP -Joint Broker
Damon Heath
Tel +44 (0) 20 7186 9952
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Chairman's report
Dear Shareholder,
The Company has enjoyed an exciting year in terms of project advancement and
acquisition. The Company is focusing on new age metals, together with gold in
southern Zimbabwe.
Our key focus is our Zambian copper assets, all located in highly prospective
areas, with considerable promise for discovery.
The licence 28001 situated adjacent to Angola in the Western Foreland region
of NW Zambia, is a large licence where we recently commenced drilling. Our
initial sorties and detailed fieldwork have identified several targets with
the required architecture for copper mineralisation and these targets will be
drilled during the course of the drilling season, which may continue to
mid-December.
Our Shinganda Project is intriguing; several mineralisation styles are
displayed which will be investigated separately. Against the considerable
optionality, we have elected to pursue a drilling programme, which is aimed at
a reasonably identified haematite occurrence close to surface with a maximum
depth of approximately 80m. The strike length could range up to 10km and our
programme is aimed to define the strike limit and develop a resource to
maximum depth. We have selected this target, since it is near surface, of good
grade and potentially extensive in strike. We have commenced drilling and at
the time of writing we have completed 4 holes.
The Luansobe Project, situated some 9km from the Mufulira complex, is probably
one of the most advanced undeveloped projects in Zambia. We have completed
required scoping drilling and have increased confidence on the design of an
open pit. After resource modelling and early financial modelling, we engaged
Sound Engineering Solutions in South Africa to carry out detailed open pit
engineering, which has been extremely successful. The result of the various
studies has resulted in an opportunity to develop a significant open pit
operation from which potentially a decline system can be developed to extract
resources down to a moderate depth expected to be around 550m. Below 500m the
drilling density is more sparse, but there is significant optimism based on
those drill holes that intersected mineralisation could extend the resource to
deeper levels of up to 1,200m, representing the deepest hole on record.
Against the aforementioned, the Company is, subject to various conditions
being satisfied including permitting and funding, planning the Phase 1
operation for the open pit and assessing the potential for this intermediate
depth underground opportunity. The results of the planned deeper drilling will
influence whether the decline system increases in depth or in the event of a
significant resource addition, a deep shaft system is installed. The advanced
state of the project together with the significant resource potential makes
the project of high interest to the copper mining trade and as such we are
entertaining companies tabling a wide range of options for financial and
corporate involvement.
In Botswana, we have carried out soil sampling programmes and further
fieldwork and are convinced that licences 39 and 40 have significant potential
for mineralisation, as has licence 253, which is contiguous to the Cobre
discoveries. Our joint venture with Sandfire continues and all the suggestions
are that the T3 mine they have developed has rolled out very successfully,
with operational performance objectives being met. This augurs well for the
Botswana Copperbelt and in particular our licences, both those held by
Sandfire and those under our ownership and management.
In Zimbabwe, we identified spodumene mineralisation within an 18m wide zoned
pegmatite, intersected in the first hole drilled in our reconnaissance
drilling programme. Pervasive lithium mineralisation was also intersected in
the country rock, that is currently subject to detailed technical studies by
external parties with appropriate lithium expertise.
We are currently awaiting extension of our exploration permit and once granted
we will continue with detailed fieldwork in the pegmatites and undertake
drilling in the most prospective areas. Field mapping remains the most
effective and productive exploration tool that will be used to define future
drill targets. The exploration strategy we have adopted has been validated by
visiting experts, some of whom are involved in lithium production in Zimbabwe
and elsewhere in the world. We have some 520km² under licence surrounding the
former Kamativi mine, which is now being actively worked by a Chinese group,
that has reactivated primary operations and are contemplating reprocessing a
large dump arising from the former tin mining operations. The dump is known to
contain significant quantities of lithium and is considered a valuable
resource, since mining risk does not exist, and in-situ lithium grades are
high.
In May 2024, the Company received the final payments, which completed the
Afrimat acquisition of our Glenover phosphate asset. The net proceeds were
GBP2.1 million and the receipt of these funds will allow us to aggressively
pursue the technical and drilling programmes we have in place for the various
projects outlined in this report.
The copper market and indeed the nickel market, for different reasons, have
been extremely volatile with a high resistance against copper price movement,
based on the fear that a sustained increase will put pressure on raw material
supply in a number of industries, notwithstanding the global increase in
demand based upon improved access to disposable income. There appears to be
more global interest in keeping the copper price controlled at lower levels
than allowing it to respond to true market fundamentals. We as a company
believe that the tide driving copper will turn into a tsunami and will change
how many things are done in the operating and marketing of copper,
notwithstanding the real and fundamental problem of a lack of supply. Whilst
nickel is not affecting Galileo, we believe that the volatile performance is
based on the lack of sulphide producing mines, against high energy cost
laterite mines, which has led to many mine closures.
The Junior Mining Sector is facing unprecedented times in terms of its ability
to access funds to implement business plans in the best possible technical
manner. Secondary placings are difficult to achieve, often insufficient for
needs and hugely discounted.
Your board is familiar with this situation being part of the normal business
cycle, but this period in the doldrums has been much more prolonged than
historical norms. My recollection says that the dot-com boom is the last time
that we experienced such adverse financing conditions. We are advancing our
business on the premise that it is always darkest before dawn and the
fundamentals are almost certain to bring a new beginning.
I thank our shareholders for their patience, fellow directors and management
for all their hard work in what has been a very difficult but successful year.
Yours sincerely,
Colin Bird
Chairman
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2024
Figures in pound sterling 31 March 31 March
2024 2023
Assets
Non-current assets
Intangible assets 8,484,868 5,161,591
Investment in joint ventures - 835,149
Loans to joint ventures, associates, and subsidiaries 8,831 9,547
Other financial assets 2,870,313 2,556,034
11,364,012 8,562,321
Current assets
Trade and other receivables 303,807 284,923
Other financial assets 9,296 47,351
Cash and cash equivalents 42,860 1,435,511
355,963 1,767,785
Non-current assets held for sale and assets of disposal groups 2,149,353 2,323,807
Total assets 13,869,328 12,653,913
Equity and liabilities
Equity
Share capital 32,782,9050 32,753,530
Reserves 18,072 421,097
Accumulated loss (21,848,750) (20,815,887)
10,952,227 12,358,740
Non-controlling interest 474,153 117,754
11,426,380 12,476,494
Liabilities
Non-current liabilities
Other financial liabilities - 5
Deferred tax - -
- 5
Current liabilities
Trade and other payables 158,356 177,414
Taxation payable - -
158,356 177,414
Liabilities of disposal groups 2,284,592 -
Total liabilities 2,442,948 177,419
Total equity and liabilities 13,869,328 12,653,913
These financial statements were approved by the directors and authorised for
issue on 26 September 2024 and are signed on their behalf by:
Colin
Bird
Joel Silberstein
Company number: 05679987
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 March
2024
Figures in pound sterling 31 March 31 March
2024 2023
Other income 130,611 289,040
Operating expenses (1,094,144) (1,257,877)
Operating loss (963,533) (968,837)
Investment revenue 15,803 90,096
Fair value adjustments (18,385) 71,074
Profit/(loss) on sale of assets - 291,758
Provision for impairments - (274,314)
Profit/(loss) from equity accounted investments - (765,172)
Profit/(loss) for the year before taxation (966,115) (1,555,395)
Taxation (85,786) 88,865
Profit/(loss) for the year (1,051,901) (1,466,530)
Profit attributable to:
Owners of the parent (1,051,901) (1,466,530)
Non-Controlling Interest - -
(1,051,901) (1,466,530)
Other comprehensive income/(loss):
Items which may subsequently be reclassified
To profit or loss:
Exchange differences on translating foreign operations (383,978) (837,904)
Other adjustments (9) 1,996
Total comprehensive income/(loss) for the year (1,435,888) (2,302,438)
Total Comprehensive Income attributable to:
Owners of the parent (1,435,888) (2,302,438)
Non-Controlling Interest - -
(1,435,888) (2,302,438)
Earnings per share in pence (basic) (0.09) (0.13)
All operating expenses and operating losses relate to continuing activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 March 2024
Foreign currency translation reserve(1)
Figures in Pound Sterling Share based payment reserve(3)
Share capital Share premium Total share capital Shares to Merger reserve(2) Total reserves Accumulated loss Total equity
be issued
reserve
Group
Balance at 1 April 2022 6,707,168 25,289,562 31,996,730 (293,176) 150,000 1,047,821 319,156 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 loss 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 - (150,000) - - (150,000) - 606,800
Options issued - - - - - - 185,200 185,200 - 185,200
Options lapsed - - - - - - - - - -
Warrants lapsed - - - - - - - - - -
Warrants issued - - - - - - - - - -
Warrants exercised - - - - - - - - - -
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 31 March 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 year - - - - - - - - (1,051,901) (1,051,901)
Other comprehensive income - - - (383,978) - - - (383,978) (9) (383,987)
Total comprehensive profit for the year - - - (383,978) - - - (383,978) (1,051,910) (1,435,888)
Issue of shares net of issue costs 2,500 26,875 29,375 - - - - - - 29,375
Options issued - - - - - - - - - -
Options lapsed - - - - - - - - - -
Warrants lapsed - - - - - - (19,047) (19,047) 19,047 -
Warrants issued - - - - - - - - - -
Warrants exercised - - - - - - - - - -
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 31 March 2024 6,773,410 26,009,495 32,782,905 (1,515,067) - 1,047,821 485,309 18,072 (21,848,750) 10,952,227
(1) Foreign currency translation reserve
comprises all foreign currency differences arising from the translation of the
financial statements of foreign operations.
(2) Shares to be issued reserve comprises
shares to be issued post year end arising out a contractual obligation that
existed at year end.
(3) Merger reserve comprises the difference
between the fair value of an acquisition and the nominal value of the shares
allotted in a share exchange.
(4) Share based payment reserve comprises
the fair value of an equity-settled share-based payment.
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 March 2024
Figures in Pound Sterling 31 March 31 March
2024 2023
Cash flows from operating activities
Cash generated from/(used in) operations (1,049,720) (1,495,390)
Dividends received from trading - -
Interest Income - -
Net cash from operating activities (1,049,720) (1,495,390)
Cash flows from investing activities
Additions to intangible assets (402,210) (1,229,886)
Sale of intangible - 291,759
Dividends received from Joint Venture - -
Distributions from Joint Venture (incl subs, JVs & Assoc) (836,476) -
Movement in investments (incl subs, JVs and Assoc) - -
Net movement in loans - 369,579
Purchase of financial assets (1,021,468) (1,149,545)
Sale of financial assets 1,917,224 -
Proceeds on sale of non-current assets held for sale - -
Net cash flows from investing activities (342,930) (1,718,092)
Cash flows from financing activities
Net proceeds from share issues - -
Repayment of loans from group companies - (1)
- (1)
Total cash movement for the year (1,392,651) (3,213,483)
Cash at the beginning of the year 1,435,511 4,648,994
Total cash at end of the year 42,860 1,435,511
Statement of Directors' Responsibilities for the year ended 31 March 2024
· The directors are required in terms of the
Companies Act 2006 to maintain adequate accounting records and are responsible
for the content and integrity of the consolidated annual financial statements
and related financial information included in this report. It is their
responsibility to ensure that the consolidated annual financial statements
fairly present the state of affairs of the Group as at the end of the
financial year and the results of its operations and cash flows for the period
then ended, in conformity with the applicable UK laws.
· The consolidated annual financial statements
are prepared in accordance with UK adopted international accounting standards
and are based upon appropriate accounting policies consistently applied and
supported by reasonable and prudent judgments and estimates. The directors
acknowledge that they are ultimately responsible for the system of internal
financial control established by the Group and place considerable importance
on maintaining a strong control environment. To enable the directors to meet
these responsibilities, the board sets standards for internal control aimed at
reducing the risk of error or loss in a cost-effective manner. The standards
include the proper delegation of responsibilities within a clearly defined
framework, effective accounting procedures and adequate segregation of duties
to ensure an acceptable level of risk. These controls are monitored throughout
the Group and all employees are required to maintain the highest ethical
standards in ensuring the Group's business is conducted in a manner that in
all reasonable circumstances is above reproach. The focus of risk management
in the Group is on identifying, assessing, managing and monitoring all known
forms of risk across the Group. While operating risk cannot be fully
eliminated, the Group endeavours to minimise it by ensuring that appropriate
infrastructure, controls, systems and ethical behavior are applied and managed
within predetermined procedures and constraints.
· The directors are of the opinion, based on
the information and explanations given by management that the system of
internal control provides reasonable assurance that the financial records may
be relied on for the preparation of the consolidated annual 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 annual financial statements. The directors 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 annual financial statements support the viability of the company.
the directors have 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 and 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
Joel Silberstein
Finance director
Ed
Slowey
Technical director
J Richard Wollenberg Non-Executive
director
Christopher Molefe
Non-Executive Director
NOTES TO THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated annual financial statements have been prepared in accordance
with UK-adopted International Accounting Standard and the Companies Act 2006.
The consolidated annual financial statements have been prepared on the
historical cost basis, except for certain financial instruments at fair value,
and incorporate the principal accounting policies set out below. Cost is based
on the fair values of the consideration given in exchange for assets and they
are presented in Pound Sterling. The accounting policies applied are
consistent with those of the previous period.
2. Basis of consolidation
The consolidated annual financial statements incorporate the annual financial
statements of the Company and all entities, 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 so as 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.
Where a subsidiary is disposed of and a non-controlling shareholding is
retained, the remaining investment is measured to fair value with the
adjustment to fair value recognised in profit or loss as part of the gain or
loss on disposal of the controlling interest.
3. Financial review
The Group reported a loss of £1,051,901(2023: loss of £1,466,530) after
taxation. Basic losses are 0.09 pence (2023: loss of 0.13 pence) per share.
4. 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 and Zimbabwe 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:
31 March 31 March
2024 2023
Rare earths, aggregates and iron ore and
manganese (174,840) (717,323)
South
Africa
Copper 69,485 110,901
Botswana
Gold 9,434 (9,892)
USA
Copper and corporate 1,062,036 (939,082)
costs
United Kingdom
Gold and - -
lithium
Zimbabwe
Total (966,115) (1,555,396)
Geographical segments
An analysis of total liabilities:
31 March 31 March
2024 2023
Rare earths, aggregates and iron ore and
manganese (2,284,598) (64,542)
South
Africa
Copper (2,115) (4,794)
Botswana
Gold - -
USA
Copper (156,235) -
Zambia
Corporate costs - -
United
Kingdom
Gold and - (108,074)
lithium
Zimbabwe
Total (2,442,948) (177,410)
Geographical segments
An analysis of total assets:
31 March 31 March
2024 2023
Rare earths, aggregates and iron ore and
manganese 3,748,043 3,459,946
South
Africa
Copper 1,537,892 1,481,683
Botswana
Gold 1,711,675 1,613,873
USA
Copper 3,525,134 2,508,201
Zambia
Copper and Corporate 299,686 2,743,833
costs
United Kingdom
Gold and 3,046,898 846,377
lithium
Zimbabwe
Total 13,869,328 12,653,913
5. Taxation
The applicable tax rate is calculated with reference to the weighted average
tax rate across the reporting jurisdictions for the period under review. The
UK corporation tax rate was 19.00% until April 2023 when it increased to 25%
for groups with taxable profits of over £250,000. Taxation for other
jurisdictions is calculated at the rates prevailing in the respective
jurisdictions. The estimated Group tax losses available for set off against
future taxable income is in excess of £5,000,000. The Group has not reflected
a deferred tax asset in respect of the losses carried forward as the Group is
not expected to generate taxable profits in the foreseeable future.
6. Auditors' Report
The figures for the financial year ended 31 March 2024 are not the Company's
statutory accounts for that financial year but are derived from those
accounts.
The accounts for the financial year ended 31 March 2024, have been reported on
by the Company's auditors and are to be delivered to the registrar of
companies on or before the 30 September 2024. The report of the auditors is
(i) unqualified, (ii) does not give any reference to any matters to which the
auditors draw attention by way of emphasis without qualifying their report,
and (iii) does not contain a statement under sections 498 (2) or (3) of the
Companies Act 2006, relating to the accounting records of the company.
The comparative figures for the financial year ended 31 March 2023 are not the
Company's statutory accounts for that financial year but are derived from
those accounts. Those accounts have been reported on by the Company's auditors
and delivered to the registrar of companies. The report of the auditors was
(i) unqualified, (ii) did not give any reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under sections 498 (2) or (3) of the
Companies Act 2006, relating to the accounting records of the company.
7. Availability of the Annual Report
This information has been extracted from the Company's Audited Annual Report
for the year ended 31 March 2024, copies of which were mailed to shareholders
on 27 September 2024 and a copy will also be available to shareholders and
members of the public in hard copy and free of charge, from the Company's
London office at 1st Floor, 7/8 Kendrick Mews, London, SW7 3HD.
Alternatively, a downloadable version will be available from 27 September
2024 from Company's website: www.galileoresources.com
(http://www.galileoresources.com) .
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