REG - Galileo Resources - Audited Results for the year ended 31 March 2025
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RNS Number : 1959B Galileo Resources PLC 29 September 2025
29 September 2025
Galileo Resources Plc
("Galileo" or the "Company" or the "Group")
Audited Results for the year ended 31 March 2025
Galileo (AIM: GLR), the exploration and development mining company, announces
its audited results for the year ended 31 March 2025.
Highlights for the period under review
· At Luansobe, significant advances were made towards near-term
copper production, supported by the award of two 10-year small-scale mining
licences, that together cover both the open-pit, underground and deeper
exploration target areas. The two licences encompass the Luansobe JORC (2012)
Inferred Mineral Resource, estimated at 5.8 million tonnes gross grading 1%
total copper, suitable for open-pit mining, and an additional 6.3 million
tonnes at 1.2% copper, suitable for underground extraction. Combined, this
represents around 153,000 tonnes of contained copper. There is further upside
potential to extend the mineral resource, including the incorporation of
shallow underground mineralisation grading between 1 to 1.5% Cu which was
previously excluded from the resource due to drill density, and the addition
of deeper, higher-grade copper zones to the south.
· The priority for the reporting period included the completion of
open-pit sensitivity analysis, which has facilitated advanced discussions with
third parties who are interested in developing a multi-faceted mining approach
at Luansobe, which presents significant optionality in future mining and
processing scenarios. The company intends to rapidly advance the near-term
open-pit mining potential at Luansobe, while preserving scope for the
longer-term underground potential.
· At the Shinganda copper-gold project, third and fourth phases of
drilling were completed, enabling a full geological reinterpretation of the
licence. Results indicate strong potential to host a large Iron Oxide Copper
Gold (IOCG) mineralised system. Phase three drilling focussed on defining
near-term open-pit copper potential at the Shinganda outcrop zone and along
the Shinganda Splay Fault, expanding shallow oxide copper-gold mineralisation
to a 150m x 350m area. Phase four drilling targeted a broader IOCG system,
with intersections confirming wide zones of prospective hydrothermal breccia
and intrusive rocks.
· Continued exploration at Shinganda will incorporate IOCG
discovery and involve the identification of suitable mineral trap sites
capable of hosting copper-gold mineralisation, testing the theory that the
splay fault may act as a feeder to a much larger mineralised system at depth.
· Preliminary exploratory drilling was completed at the Western
Foreland project in Northwest Zambia, confirming the presence of prospective
lithologies capable of hosting redox fronts and potentially high-grade
Kamoa-Kakula-style copper mineralisation. A partner company working alongside
Galileo in joint venture with leading local explorer First Quantum Minerals
(FQM) recently reported early indications of copper mineralisation on a
neighbouring licence, which together with FQM's recent discovery of copper
mineralisation in previously unknown stratigraphic horizons significantly
broadens the prospectivity of the whole region. Ongoing exploration will
involve detailed ground geochemical and geophysical surveys to refine drill
targets.
· A small-scale mining licence was granted at the Kashitu project
in Zambia. This allows the company to engage with local artisanal miners and
interested third parties regarding the potential development of a near-term,
high-grade zinc willemite operation. Additional opportunities exist for
assessing near-surface supergene-enriched ore and deeper, higher-grade ore
shoots.
· A second phase of targeted reverse circulation drilling commenced
on Kalahari Copperbelt licence PL253 post year-end. This campaign was designed
to test previously identified geochemical and structural targets situated
along-strike from Cobre's Tlou target and consistent with the prospective
D'Kar/Ngwako Pan contact, which were further highlighted during the recent
Induced Polarisation geophysical survey. The drilling returned a 61m interval
of visible copper oxide mineralisation from 75m depth in drillhole QTRC014,
which is co-incident with a 55m return of elevated copper in handheld pXRF
readings intersected in a previous drillhole. Samples have been submitted to
the laboratory and the company are awaiting results.
· At the Ferber project in the USA Galileo entered a royalty
agreement with local Nevada based exploration company Bronco Creek
Exploration. The agreement will see Galileo fund an initial two-stage
exploration programme with technical oversight provided by Bronco Creek, in
return for up to a 1% net smelter return (NSR) royalty interest in the
property. Preliminary results of the venture were reported post-year end which
have identified a complex multi-phase system with structural control extending
over a 10km E-W strike extent. Geological mapping and soil sampling have
identified areas of intense sericitic alteration with associated visible
copper mineralisation, and results are expected in the following reporting
period.
· At the Kamativi Li-Sn-W-Cu-REE project and Bulawayo Au-Ni
projects in Zimbabwe several new targets are drill ready and new mining
licence applications are awaiting approval with the Department for Mines.
· The Glenover sale was settled in full, completed by the receipt
of the second and final tranche payments, amounting to approximately ZR 54.4
million (approx. GBP2.35M).
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,
During the period under review, Galileo has made significant progress across
its project portfolio. A major focus has been on the Luansobe Project, where
we have advanced our technical and financial understanding significantly. This
project now has all the licences and permissions necessary to go into
production.
What's more, whilst preparing our operational plans, we have also entertained
visits from a number of mining concerns who have expressed interest in
participating either through joint venture, via off-take agreements or even
through direct purchase. Accordingly, at Luansobe, we continue to plan and
design the potential mine, whilst entertaining alternative proposals and
hosting site visits.
At Shinganda, meanwhile, we have been able to undertake significant field work
and a drilling programme to investigate the potential for gold and copper
occurrences at various targets. This work programme produced positive results,
and we now have a number of follow-up targets. The potential for an
iron-oxide-copper-gold (IOCG) system remains uppermost in our thinking,
although in the more immediate term a number of near surface targets present
themselves, which could be advanced into shallow short term mining potential.
Elsewhere, we have re-evaluated our licences in the Kalahari in Botswana. This
work, much of it post balance-sheet, has showed that licences 253, 39 and 40
in particular have potential not identified during the first round of
drilling.
The re-evaluation was motivated by the results of third party work which
questioned previous theories, and the application of new geochemical
techniques. We recently announced results from one hole of the reconnaissance
programme ongoing on licence 253. Our work has shown the presence of various
forms of mineralisation over a 61 metre intersection of reverse circulation
drilling. The chips have yet to be assayed prior to further evaluation.
Accordingly, though, it is likely that we will increase our efforts in the
Kalahari, extending into licences 39 and 40. The Kalahari Copperbelt has
attracted and continues to attract more companies taking up licences for
exploration. The result of this activity is a changing understanding of the
disposition of the mineralisation and a better understanding of its
occurrence. Traditional thinking about the geology here is thus undergoing
significant revision.
Our work in Zimbabwe, on the lithium and gold has been minimal, since we are
awaiting renewals of licences and claims. However, we remain confident that we
will receive these in the near-term. The Kamativi lithium project is
particularly significant, since we hold some 520 square kilometres of
exploration area surrounding the former Kamativi mine. The dumps from this
mine have been sold to a group that aims to recover lithium from previous
mined tin stockpiles, although some primary mining will also take place. The
lithium price remains weakened, and there is an imbalance between supply and
demand, working against supply. It is forecast that equilibrium will be
reached towards the end of 2026, thus making our lithium exploration project
attractive to the next generation of lithium suppliers.
Strategically, we have reached the conclusion that a number of opportunities
exist in Zambia and elsewhere in Southern Africa for small mining activity,
producing in the range of between 3,000 and 8,000 tonnes of copper per annum.
In Zambia such properties are held by local miners, discarded by majors
because of their small potential or held by companies similar to Galileo. Your
board has elected to pursue copper production opportunities by offering
services of exploration and mine design in exchange for equity. The
operational and financial input will be determined as appropriate in each
particular venture that we undertake, and will, of course, define the equity
ownership.
In Northwest Zambia, we hold the rights to licence 28001 in conjunction with
CooperLemon, our Zambian partner. This licence is large, at 52,083 hectares,
and is well located on major trends known as the Western Foreland and Thrust
and Fold Belt. Western Foreland is the host to the Kamoa mine in the
Democratic Republic of the Congo, some 90 kilometres northeast of our licence.
Both these trends are thought to have high potential for further discoveries
and again are the focus of interest for Zambian-based, or intended to be
based, large mining companies.
In the USA we have a project close to the border between Nevada and Utah,
which we hold as a result of our St Vincent's acquisition some years ago, in
2014. One of the key projects in the St Vincent portfolio was the Gabbs
project, which we sold for US$2.5 million in 2016. Since then, we have
relinquished the bulk of the St Vincent portfolio, whilst retaining the Ferber
project on the Nevada/Utah border. Ferber has the benefit of historic gold and
copper drilling with significant results. We maintained this project on a
relatively lowkey basis, given that the company was only able to allocate
limited resources to the continuation of work here. Nevertheless, we always
felt that the project did warrant a serious exploration programme.
In May of this year, we announced a royalty arrangement with EMX Royalties,
under the terms of which they provide local expertise and supervision and
Galileo funds field work and other forms of exploration. This collaboration
will continue, with EMX likely to supervise and manage a drill programme,
should we elect to drill. Results from the current work programme have been
extremely encouraging, and it is likely that we will be generating drilling
targets by year end. This arrangement is a win-win, in that Ferber is now
benefitting from significant attention, financially from Galileo and
technically from EMX. EMX has long experience of Nevada's regional and
district geology.
The board of Galileo are positive about prospects for the copper price and the
demand for near to middle term copper projects. The standard current
requirement for a viable project is for it to contain 1.5 million tonnes of
copper. Projects of this size are scarce, and the gestation period from
discovery to production can be up to 15 years. It is our view that smaller
projects with exploration potential will thus start to command attention and
premiums not previously experienced in our sector of the industry. Currently,
the majors seem reluctant to become involved in copper exploration, even
though their annual reports and media comments recognise the likelihood of
supply shortage. This misalignment of comment and real action surprises us
somewhat, but our long experience in the industry suggests that this means
that the tide will turn into a tsunami unless addressed in the short-term.
Whilst the year under review has been challenging and frustrating, the board
feels we have made significant progress with our stated mission, and I thank
my fellow board members, management and employees for their dedication and
services during the period under review.
Yours sincerely,
Colin Bird
Chairman
26 September 2025
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2025
Figures in pound sterling 31 March 31 March
2025 2024
Assets
Non-current assets
Intangible assets 10,663,002 8,484,868
Investment in subsidiaries - -
Loans to joint ventures, associates, and subsidiaries 8,850 8,831
Other financial assets 586,317 2,870,313
11,258,169 11,364,012
Current assets
Trade and other receivables 309,027 303,807
Other financial assets 15,790 9,296
Cash and cash equivalents 1,720,095 42,860
2,044,912 355,963
Non-current assets held for sale and assets of disposal groups - 2,149,353
Total assets 13,303,081 13,869,328
Equity and liabilities
Equity
Share capital 32,782,905 32,782,905
Reserves (55,532) 18,072
Accumulated loss (20,318,780)) (21,848,750)
12,408,593 10,952,227
Non-controlling interest 671,991 474,153
13,080,584 11,426,380
Liabilities
Non-current liabilities
Loans from subsidiaries - -
- -
Current liabilities
Trade and other payables 222,497 158,356
222,497 158,356
Liabilities of disposal groups - 2,284,59222
Total liabilities 222,497 2,442,94888
Total equity and liabilities 13,303,081 13,869,328
These financial statements were approved by the directors and authorised for
issue on 26 September 2025 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
2025
Figures in pound sterling 31 March 31 March
2025 2024
Other income 226,554 130,611
Operating expenses (1,387,741) (1,094,144)
Operating loss (1,161,187) (963,533)
Investment revenue 384,968 15,803
Fair value adjustments - (18,385)
Profit/(loss) for the year before taxation 2,454,817
Profit/(loss) for the year before taxation 1,678,598 (966,115)
Taxation (148,625) (85,786)
Profit/(loss) for the year 1,529,973 (1,051,901)
Profit attributable to:
Owners of the parent 1,529,973 (1,051,901)
Non-Controlling Interest - -
1,529,973 (1,051,901)
Other comprehensive income/(loss):
Items which may subsequently be reclassified
To profit or loss:
Exchange differences on translating foreign operations (73,604) (383,978)
Other adjustments (3) (9)
Total comprehensive income/(loss) for the year 1,456,366 (1,435,888)
Total Comprehensive Income attributable to:
Owners of the parent 1,456,366 (1,435,888)
Non-Controlling Interest - -
1,456,366 (1,435,888)
Earnings per share in pence (basic) 0.13 (0.09)
All operating expenses and operating losses relate to continuing activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 March 2025
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 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 - - - - - - - - (1,051,910) (1,051,901)
Other comprehensive income - - - (383,978) - - - (383,978) (9) (383,987)
Total comprehensive profit for the year - - - (383,978) - - - (383,978) (1,051,901) (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
Loss for the year - - - - - - - - 1,529,973 1,529,973
Other comprehensive income - - - (73,604) - - - (73,604) (3) (73,607)
93)
Total comprehensive profit for the year - - - (73,604) - - - (73,604) 1,529,970 1,456,366
Issue of shares net of issue costs - - - - - - - - - -
Options issued - - - - - - - - - -
Options lapsed - - - - - - - - - -
Warrants lapsed - - - - - - - - - -
Warrants issued - - - - - - - - - -
Warrants exercised - - - - - - - - - -
Total contributions by and distributions to owners of Company recognised
directly in equity - - - - - - - - - -
Balance at 31 March 2025 6,773,410 26,009,495 32,782,905 (1,588,671) - 1,047,821 485,309 (55,532) (20,318,780) 12,408,593
(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 2025
Figures in Pound Sterling 31 March 31 March
2025 2024
Cash flows from operating activities
Cash generated from/(used in) operations (1,199,430) (1,049,720)
Dividends received from trading - -
Interest Income - -
Net cash from operating activities (1,199,430) (1,049,720)
Cash flows from investing activities
Additions to intangible assets (479,545) (402,210)
Sale of intangible - -
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 - -
Purchase of financial assets (756,913) (1,021,468)
Sale of financial assets 1,793,545 1,917,224
Proceeds on sale of non-current assets held for sale 2,319,578 -
Net cash flows from investing activities 2,876,664 (342,930)
Cash flows from financing activities
Net proceeds from share issues - -
Repayment of loans from group companies - -
- -
Total cash movement for the year 1,677,234 (1,392,651)
Cash at the beginning of the year 42,860 1,435,511
Total cash at end of the year 1,720,095 42,860
Statement of Directors' Responsibilities for the year ended 31 March 2025
· 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 profit of £1,529,973 (2024: loss of £1,051,901) after
taxation. Basic profit are 0.13 pence (2024: loss of 0.09 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 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:
31 March 31 March
2025 2024
Rare earths, aggregates and iron ore and manganese South Africa (3,011,244) (174,840)
Copper Botswana 86,126 69,485
Gold United States 4,472 9,434
Copper and corporate costs United Kingdom 1,390,673 1,062,036
Gold/Lithium Zimbabwe - -
Total 1,529,973 (966,115)
Geographical segments
An analysis of Total liabilities:
31 March 31 March
2025 2024
Rare earths, aggregates and iron ore and manganese South Africa 218 (2,284,598)
Copper Botswana - (2,115)
Gold United States - -
Copper Zambia - (156,235)
Corporate United Kingdom (222,715) -
Gold/Lithium Zimbabwe - -
Total (222,497) (2,442,948)
Geographical segments
An analysis of Total assets:
31 March 31 March
2025 2024
Rare earths, aggregates and iron ore and manganese South Africa 48,397 3,748,043
Copper Botswana 1,594,851 1,537,892
Gold United States 1,792,704 1,711,675
Copper Zambia 4,663,923 3,525,134
Corporate United Kingdom 2,004,666 299,686
Gold/Lithium Zimbabwe 3,198,546 3,046,898
Total 13,303,088 13,869,328
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 2025 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 2025, 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 2025. 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 2024 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 2025, copies of which will be mailed to
shareholders on 29 September 2025 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 29 September
2025 from Company's website: www.galileoresources.com
(http://www.galileoresources.com) .
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