REG - Galileo Resources - Half-year Financial Report
24/12/2025 12:00
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RNS Number : 8649M Galileo Resources PLC 24 December 2025
24 December 2025
Galileo Resources PLC
("Galileo" or "the Company" or "the Group")
Unaudited interim results for the six months ended 30 September 2025
Galileo (AIM: GLR), the exploration and development mining company, announces
its unaudited interim results for the six-month period ended 30 September
2025. A copy of the interim results is available on the Company's website,
www.galileoresources.com (http://www.galileoresources.com) .
Financial Highlights
The Group reported a loss of £644,766 (2024: profit of £2,172,112) after
taxation. The profit reported during the prior period was generated by the
sale of the Company's interest in Glenover. Loss per share reported is 0.05
pence (2024: profit of 0.19 pence) per share. Profit/(Loss) per share is based
on a weighted average number of ordinary shares in issue of 1,179,904,300
(2024: 1,163,188,453).
Operational Highlights
Luansobe Copper Project, Zambia
Galileo holds a 75% interest in the Luansobe Project with JV partner Statunga
Investments Limited, a private Zambian company. The project is situated in the
Zambian Copperbelt just 15km along strike to the northwest from the historic
Mufulira Mine, which produced well over 9Mt of copper metal during its
operation. The mineralisation at Luansobe is essentially a continuation of
that present at Mufulira and is hosted within the same stratigraphic horizon,
concentrated in the northwestern limb of the northwest-southeast trending
Mufulira syncline. At Luansobe the mineralisation occurs over a strike length
of 3km in at least two semi-contiguous zones that dip 20-30 degrees to the
northeast to a vertical depth of at least 1,250m.
Adjoining small scale mining licences 34543-HQ-SML and 34545-HQ-SML were
awarded for a period of ten years from the 24 April and 4 August 2024
respectively and cover a combined area of 738 Ha. The licences encompass a
shallow open-pittable Inferred Mineral Resource of 5.8Mt at 1% Cu and a deeper
underground Inferred Mineral Resource of 6.3Mt at 1.5% Cu, as well as a
southern exploration target.
Open pit sensitivity and mine optimisation analysis completed in the previous
reporting period by independent consultants provided the technical
understanding required to develop the most optimal mine plan at Luansobe that
will deliver the strongest returns for shareholders. Scope exists for the
development of a multi-faceted operation that extracts ore via open pit and
shallow underground methods, whilst developing a much larger deeper
underground resource. There is further optionality for contractor mining,
followed by in-house processing or external toll treatment of ore, and mining
and toll treatment delivered by a single provider.
Previous drilling at the Southern exploration target identified approximately
3 to 7Mt of ore in the region of 1% to 1.5% Cu between the depths of 100 to
300m and further drilling is required to realise this potential resource.
Period Under Review
· Following the award of adjoining small scale mining licences, the
Company has continued to progress discussions with interested third parties
· Further plans are underway to progress the Southern target
towards active exploration and resource definition.
Several parties have expressed interest in working with the Company and its
partners with various options being presented and discussed. At the time of
writing this, report the Company has no definitive arrangement with any 3rd
party regarding production, Joint Venture arrangement or a sale. The Company
will keep the market informed on Luansobe as matters progress.
Jubilee Collaboration Agreement, Molefe Copper Project, Zambia
Post year-end, on the 27 November 2025, Galileo entered a conditional
co-operation and project development agreement with Jubilee Metals Group PLC
relating to the Molefe Copper Mine project in Zambia. Under the terms of the
agreement, Galileo will fund a US$700,000 exploration and resource development
program in exchange for a 23.75% interest in the project. Jubilee will retain
a 71.25% interest, and a further 5% will be held by a local Zambian company.
The collaboration agreement combines Galileo's geological and exploration
expertise with Jubilee's established in-country operational and processing
expertise and it is the intention that additional short to medium term
advanced exploration and mining opportunities will be sought in addition to
the development of the Molefe Mine.
At Molefe the plan is to advance the project through an accelerated
development schedule, including an immediate objective to increase production
to 4-5,000 tonnes per month (tpm) run-of-mine (ROM), and ultimately achieve a
longer-term target of 8,500 tpm by the third quarter of financial year 2026.
High-grade copper ore averaging more than 2% Cu is currently transported
off-site and refined at Jubilee's Sable processing plant in Zambia. An
additional 2.2 million tonnes of lower-grade ore (approximately 0.7% Cu) has
been stock-piled on site. It is anticipated that the establishment of an
on-site processing facility, as envisaged in the agreement, will unlock
additional value from the project.
Further project re-evaluation will focus on resource expansion and mine plan
optimisation, supported by progressive exploration drilling, to sustain
near-term production and extend the overall mine life. Early drilling results
have been encouraging, confirming the presence of copper sulphide material
beneath existing copper oxides.
Ferber Cu-Au project, Nevada, USA
The Ferber project is 100% owned by Galileo and located 40km south of Wendover
in Elko County, Nevada. The Project comprises a series of patented and
unpatented claims covering an area of about 20km(2). Ferber is a polymetallic
contact skarn and porphyry intrusive exploration target with significant
potential for copper, gold and associated mineral discovery.
The region has a rich mining history dating back to the 1880's when
copper-lead-silver-gold deposits were discovered in the adjacent area, and ore
has been shipped from the neighbouring Martha Washington, Big Chief, Regent
and other small mines over the years. Individual grab samples collected by
Galileo from old workings and dumps have ranged up to 10.8 g/t Au, 674 g/t Ag,
4.19% Cu, 8.71% Pb and 7.62% Zn and historic drilling has returned intercepts
up to 4.6m at 2.37g/t Au and 12m at 0.83% Cu.
Ferber shares many similarities with the Battle Mountain Trend deposits in
Nevada (>100Mt Au in production and reserves, plus substantial copper and
silver) which include multiphase Eocene intrusive skarns.
Period under review
· With the aim to rapidly advance exploration at the project, on 13(th)
May 2025 Galileo entered a royalty agreement with local exploration company
Bronco Creek Exploration Inc (BCE), a wholly owned subsidiary of EMX Royalty
Corporation (now Elemental Royalty Corporation).
· Under terms of the agreement Galileo will fund a two-stage
exploration programme and BCE will provide technical input and oversight, in
return for up to a 1% Net Smelter Return (NSR) royalty interest in the
property. BCE will have the option to purchase a further 0.5% NSR interest for
US$1m at any time prior to the completion of a feasibility study.
Post period under review
· The Phase 1 target generation programme was completed post year-end
and included mapping over a total area of approximately 70km(2), the
collection of 109 rock grab samples, property wide soil sampling and a ground
gravity survey.
· The mapping further identified mineralised workings and bedrock
alteration west of the existing claim holding, and a further 89 claims were
staked to extend the property.
· The next stage will integrate the newly generated Phase 1 exploration
data with all sourced historical exploration data. Once data integration is
complete, BCE will provide Galileo with a final data compilation and targeting
report and in return Galileo will grant a 0.33% perpetual NSR royalty.
· The Phase 2 reconnaissance drilling programme is anticipated to
commence in the first half of 2026, subject to weather, permitting and drill
availability.
· Anomalous levels of several metals on the US critical minerals list
have also been identified during historical data evaluation, including zinc,
bismuth and arsenic, which could add additional value to the property.
Appropriate follow-up ground analysis will be completed during assessment of
the property.
Kalahari Copperbelt Cu-Au Project, Botswana
The Kalahari Copperbelt is a rapidly emerging copper-silver mining region,
known for its high-grade, sediment-hosted copper deposits that is gaining
global attention and increased investment amid a rising demand for copper.
Galileo holds 100% interest in three high priority licences that are central
to major developments within the Kalahari Copperbelt. Advanced and producing
projects already underway in the area include Sandfire's Motheo Mine, which
has a resource estimate of over 64 Mt of ore graded at 1.0% Cu and 13.8 g/t
Ag, and the high-grade Khoemacau Copper-Silver Mine, which boasts over 110 Mt
of ore at 1.7% Cu and 18 g/t Ag. Khoemacau was acquired by China's MMG in 2024
for US$1.9 billion and is expected to produce between 43,000 and 53,000 tonnes
of copper in copper concentrate per annum.
Emerging developments include Cobre's Ngami project, where a maiden economic
mineral resource was recently announced, and Cobre's Kitlanya West & East
joint-venture which in 2025 attracted a US$25 million investment from global
giant BHP. Galileo's holdings are proximal to all these discoveries and are
proven to include similar stratigraphic and structural settings.
Period Under Review
· Galileo undertook a full re-evaluation of its' 2022 drill samples
from PLs 039 and 040 using a portable XRF analyser. The analysis confirmed
traces of copper mineralisation in several drill holes in the vicinity of the
main D'Kar / Ngwako Pan target horizon that are further co-incident with
surface soil anomalism. Samples are being prepared for full laboratory
analysis.
· A new target was identified on licence PL253 along strike from BHPs
Tlou prospect. The target is coincident with the prospective D'Kar/Ngwako Pan
contact and the extension of the interpreted Tlou thrust fault, which is
associated with mineralisation at Tlou.
· Ground exploration by Galileo and a programme of 4 RC drillholes
commenced at the new target during the reporting period. Preliminary results
include a return of a 61m-wide interval of intermittent visible copper-oxides
from 75m depth in drillhole QTRC014. Samples from this programme are also
being prepared for laboratory analysis.
Shinganda Copper-Gold Project, Zambia
Galileo holds a 51% interest in the Shinganda project located in Western
Zambia which is considered highly prospective for deposits of copper and gold
associated with the Iron Oxide Copper Gold (IOCG) model. A complex structural
history dominates the licence, with intermittent copper and gold
mineralisation identified across two adjoining structures, known as the
Shinganda Main Fault and the Shinganda Splay Fault, the latter is associated
with 2 small historic open pits that are located just off the licence. Much of
the copper-gold mineralisation so far identified at Shinganda is located at
the Shinganda outcrop zone, which sits on the splay fault and Galileo has made
several advances towards evaluating its near-term copper production potential.
Further wide spaced drilling and exploration work across the wider licence has
identified many geological characteristics that may indicate the presence of a
much larger IOCG mineral system on the licence and forms a focus for continued
exploration.
Period Under Review
· Following completion of a third and fourth phase of drilling in the
previous reporting period work has continued to evaluate the potential for
small scale mining associated with shallow supergene enriched copper
mineralisation at the main Shinganda zone, as well as discerning the wider
potential for a much larger Iron-Oxide-Copper-Gold mineralised system.
· The Company is actively testing the hypothesis that the splay fault
may act as a feeder structure and several large magnetic anomalies identified
in the 2022 geophysical survey may represent mineral trap sites and remain
untested. Continued surface exploration including soil sampling is underway
and follow-up drilling is planned.
Western Foreland Copper Project, Zambia
Galileo holds a 65% interest in the Western Foreland Project which comprises
large scale exploration licence 28001-HQ-LEL. The licence covers a total area
of 52,083 hectares and is situated in Northwestern Zambia, along the
Angolan-Zambian border. The project is adjacent to the Central African Copper
Belt, where significant potential exists for the discovery of sediment hosted
copper deposits akin to the nearby Kamoa-Kakula complex, which is situated
just over the border in the DRC. Limited exploration has been completed on the
licence to date and the region is under international spotlight due to
discoveries made in the region by the world's top tier mining companies.
Period Under Review
· Following the identification of prospective underlying stratigraphy
exploration efforts continue to outline the potential for the licence to host
REDOX fronts that are associated with much of the copper mineralisation in the
region, including at the neighbouring Kamoa-Kakula mine complex.
· Work completed includes a full evaluation of all available surface
data and comparison to new data continually made available in the region by
neighbouring explorers, including Galileo's partner African Pioneer, which
holds an active joint venture agreement with First Quantum Minerals.
Kashitu Zinc Project, Zambia
The Kashitu zinc project is located 140km north of Lusaka and immediately
adjacent to the town of Kabwe in central Zambia, just 7km to the southeast of
the historic Kabwe Pb-Zn mine and processing plant.
The licence was historically explored by BHP targeting large, Kabwe-style
massive sulphide deposits. BHP defined a sub-economic zinc resource at the
project inclusive of several mineralisation styles, including high-grade, N-S
oriented, structurally controlled massive willemite veins returning 30-50% Zn,
wide intervals of low to medium grade disseminated willemite averaging 1-3%
Zn, and surficial accumulations of supergene enriched zinc mineralisation at
the karstic interface returning up to 7.7% Zn.
Historical mining exploited a 30x3m elongate zinc willemite structure from a
small, shallow open pit, and limited shallow historical diamond drilling
suggests possible continuity of the structure at depth.
Challenging surface conditions associated with the natural dambo and very
high-water table have historically inhibited historical mining efforts and
exploration in the area.
Period Under Review
· Following the earlier award of small-scale mining licence No.
39893-HQ-SML the Company has continued to progress plans to co-operatively
develop a small-scale mining operation capable of extracting shallow supergene
enriched zinc to depths of 1-3m. Plans are underway for shallow drilling on a
close-spaced grid to fully evaluate the surface accumulations of zinc and
direct preliminary mining.
· Plans to extract surface accumulations of high-grade massive
zinc-willemite ore are also underway.
Stakeholder engagement and communication with residents and artisanal miners
has continued throughout the reporting period to achieve a viable operation
that benefits all parties. Navigating the expectations of the various parties
is challenging and the company's representatives continue to build a business
plan and ultimately look at entering into a Collaboration agreement with a
local small-scale contractor.
Kamativi Lithium and Bulawayo Gold, Sinamatella Licences, Zimbabwe
Galileo holds an 80% interest in the Kamativi Li-Ta-Sn-REE-Cu project and the
Bulawayo Au-Ni Project, collectively known as the Sinamatella Licences,
located in northwestern and western Zimbabwe respectively.
Zimbabwe has long been a significant gold producer, primarily from Greenstone
Belt quartz 'reef' deposits that are host to many small to mid-size gold mines
and deposits. The Bulawayo project covers an area of 1,300km(2) across
prospective ground centralised in the heart of the Greenstone district.
Associated with its rich tin mining history, Zimbabwe is recognised as one of
the most prospective countries in Africa for pegmatite-hosted lithium. The
historic Kamativi tin-tantalum mine sits adjacent to the Sinamatella Kamativi
licence and in 2018 Chimata Gold Corp (Zimbabwe Lithium Company) announced a
JORC (2012) compliant Indicated Mineral Resource of 26Mt @ 0.58% Li(2)O within
the mine tailings, confirming that the mine contained significant quantities
of lithium. Further developments include the Arcadia open pit, stacked
pegmatite, lithium deposit, situated in eastern Zimbabwe, which contains JORC-
compliant proven and probable ore reserves of 37.4Mt at 1.22% Li(2)O and was
sold to China's Zhejiang Huayou Cobalt for US$422m in 2022.
The Sinamatella licences have received little modern exploration and several
high-priority Li-Sn-REE-Au-Ni-Cu targets have been identified across all three
exploration licences. Work completed has concentrated on surface sampling,
airborne geophysics and targeted drilling. Preliminary drilling at Kamativi
intersected an 18m wide lithium bearing pegmatite returning individual 1m
assays of over 2% Li(2)O, target pegmatites remain open and continue for over
10km of strike.
Period Under Review
· Evaluation of work completed to date has informed follow-up drill
targeting at Kamativi and Bulawayo. At Bulawayo the focus is identifying
concentrations of potential gold mineralisation in areas along strike, or
under cover, and not accessible by historical or artisanal miners.
· At Kamativi further surface mapping and a second phase of
drilling is planned to further evaluate the lithium bearing pegmatite
potential of the licence.
The EPO renewals, referred to as an EPL in the RNS of 17 September 2025, are
still pending and discussions with the Zimbabwean authorities are progressing
and is subject to the Ministry of Mines and Mining Development completing
their usual renewal review. The Company will announce receipt of the EPO
renewal once awarded.
For further information, please contact:
Colin Bird, Chairman and CEO Tel +44 (0) 20 7581 4477
Edward Slowey, Executive Director Tel +353 (1) 601 4466
www.galileoresources.com (http://www.galileoresources.com)
Beaumont Cornish Limited
Nominated Advisor
Roland Cornish/James Biddle Tel +44 (0)20 7628 3396
AlbR Capital Limited - Joint Broker
Colin Rowbury/ Jon Belliss Tel +44 (0)20 7469 0930
Shard Capital Partners LLP - Joint Broker Tel +44 (0) 20 7186 9952
Damon Heath
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
Statement of Responsibility for the six months ended 30 September 2025
The directors are responsible for preparing the consolidated interim financial
statements for the six months ended 30 September 2025 and they acknowledge, to
the best of their knowledge and belief, that:
· the consolidated interim financial statements for the six months ended
30 September 2025 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
24 December 2025
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£s (Restated) £s £s
ASSETS
Intangible 6 11,115,248 8,557,017 10,663,002
assets
Loans to joint ventures, associates and subsidiaries 9,050 9,134 8,850
Other financial 8 781,907 1,893,842 586,317
assets
Non-current assets 11,906,205 10,459,993 11,258,169
Trade and other receivables 649,535 310,651 309,027
Cash and cash equivalents 1,703,897 2,779,802 1,720,095
Other financial assets 19,242 11,469 15,790
Current assets 2,372,674 3,101,922 2,044,912
Total Assets 14,278,879 13,561,915 13,303,081
EQUITY AND LIABILITIES
Share capital 34,423,999 32,782,905 32,782,905
Reserves (319,944) (210,439) (55,532)
Accumulated loss (20,800,317) (19,676,629) (20,318,780)
13,303,738 12,895,837 12,408,593
Non-controlling interest 671,991 474,153 671,991
Equity 13,975,729 13,369,990 13,080,584
Liabilities
Other financial liabilities - - -
Non-current liabilities - - -
Trade and other payables 303,150 191,925 222,497
Taxation payable - - -
303,150 191,925 222,497
Liabilities of disposal group - - -
Total liabilities 303,150 191,925 222,497
Total Equity and liabilities 14,278,879 13,561,915 13,303,081
Joel Silberstein
24 December 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£s (Restated)£s £s
Other operating gains/(losses) (33,005) 170,499 226,554
Operating expenses (611,788) (679,905) (1,387,741)
Operating loss (644,793) (509,406) (1,161,187)
Investment revenue 27 384,870 384,968
Profit on sale of Non Current Assets held for sale 9 - 2,454,817 2,454,817
Profit/(loss) for the period before taxation (644,766) 2,330,281 1,678,598
Taxation - (158,169) (148,625)
Profit/(loss) for the period after taxation (644,766) 2,172,112 1,529,973
Other comprehensive income/(loss):
Exchange differences on translating foreign operations (118,093) (228,502) (73,604)
Other adjustments - - (3)
Total comprehensive income/(loss) (762,859) 1,943,610 1,456,366
Total comprehensive income/(loss) attributable to:
Owners of the parent (762,859) 1,943,610 1,456,366
Weighted average number of ordinary shares in issue 1,179,904,300 1,163,188,453 1,163,188,453
Basic earnings/(loss) per share - pence (0.05) 0.19 0.13
STATEMENTS OF CHANGES IN EQUITY as at 30 September 2025
Total capital Foreign currency translation reserve Merger Shares to be issued reserve Share based payment reserve Total reserves Accumulated Total equity
Share Share
reserve loss
Capital premium
Figures in Pound Sterling
reserve
Balance at 1 April 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
Profit for the year - - - - - - - - 1,529,973 1,529,973
Other comprehensive income - - - (73,604) - - - (73,604) (3) (73,605)
Total comprehensive income for the year - - - (73,604) - - - (73,604) 1,529,970 1,456,375
Issue of shares net of issue costs - - - - - - - - - -
Warrants lapsed - - - - - - - - - -
Total contributions by and distributions to owners of company recognised - - - - - - -
directly in equity
- - -
Balance at 1 April 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
Loss for the 6 months - - - - - - - - (644,766) (644,766)
Other comprehensive income - - - (118,093) - - - (118,093) - (118,093)
Total comprehensive income for the 6 months - - - (118,093) - - - (118,093) (644,766) (762,859)
Issue of shares net of issue costs 243,500 1,414,500 1,658,000 - - - - - - 1,685,000
Issue of warrants - (16,906) (16,906) - - - 16,906 16,906 - -
Options lapsed - - - - - - (163,215) (163,215) 163,215 -
Total contributions by and distributions to owners of company recognised 243,500 1,397,594 1,641,094 - - - (146,309) (146,309) 163,215 1,685,000
directly in equity
Balance at 30 September 2025 7,016,910 27,407,089 34,423,999 (1,706,765) 1,047,821 - 339,000 (319,944) (20,800,317) 13,303,738
CONSOLIDATED STATEMENTS OF CASH FLOW Six months Six months Year
ended ended ended
30 September 30 September 31 March
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£s £s £s
Cash used in operations (875,392) (653,625) (1,199,430)
Interest income - - -
Net cash from operating activities (875,392) (653,625) (1,199,430)
Additions to intangible assets (551,763) (207,663) (479,545)
Sale of intangible - - -
Proceeds on sale of non-current assets held for sale - 2,319,578 2,319,578
Net movement in loans - - -
Purchase of financial assets (199,042) (559,364) (756,913)
Sale of financial assets - 1,838,016 1,793,545
Net cash flows from investing activities (750,805) 3,390,567 2,876,665
Net Proceeds on share issue 1,610,000 - -
Repayment of loans from group companies - - -
Net cash flows from financing activities 1,610,000 - -
Total cash movement for the period (16,197) 2,736,942 1,677,235
Cash at the beginning of the period 1,720,094 42,860 42,860
Total cash at end of the period 1,703,897 2,779,802 1,720,095
Notes to the Financial Statements
1. Status of interim report
The Group unaudited condensed interim results for the six months ended 30
September 2025 have been prepared using the accounting policies applied by the
Company in its 31 March 2025
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 2025 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 2025 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 2025,
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. The consolidated financial statements have been prepared
on the basis of accounting policies applicable to going concern.
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 Zambia,
Zimbabwe, Botswana, 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 ended 30 Six months ended 30 Year
September September ended
2025 2024 31 March
(Unaudited) (Unaudited) 2025
(Audited)
£s £s £s
Profit/(loss) on ordinary activities before taxation:
Rare earths, aggregates and iron ore and manganese - South Africa 12,936 (3,037,310) (3,011,244)
Gold - USA 3,716 - 4,472
Copper - Botswana 33,861 35,812 86,126
Copper and Corporate costs - United Kingdom
594,252 829,387 1,390,673
Gold and lithium - Zimbabwe - - -
644,765 (2,172,111) (1,529,973)
Geographical segments
An analysis of total liabilities:
Six months ended 30 Six months ended 30 Year
September September ended
2025 2024 31 March
(Unaudited) (Unaudited) 2025
(Audited)
£s £s £s
Rare earths, aggregates and iron ore and manganese - South Africa 226 (11,087) 218
Gold - USA - - -
Copper - Zambia - - -
Copper - Botswana - (1,839) -
Copper and Corporate costs - United Kingdom
(303,374) (178,995) (222,715)
Gold and lithium - Zimbabwe - - -
(303,148) (191,921) (222,497)
Geographical segments
An analysis of total assets:
Six months ended 30 Six months ended 30 Year
September September ended
2025 2024 31 March
(Unaudited) (Unaudited) 2025
(Audited)
£s £s £s
Rare earths, aggregates and iron ore and manganese - South Africa 43,826 104,864 48,397
Gold - USA 1,900,813 1,617,136 1,792,704
Copper -Zambia 5,055,052 4,142,057 4,663,923
Copper - Botswana 1,696,597 1,576,760 1,594,851
Copper and Corporate costs - United Kingdom
2,337,430 2,996,900 2,004,666
Gold and lithium - Zimbabwe 3,245,160 3,124,198 3,198,546
14,278,878 13,561,915 13,303,087
4. Financial review
The Group reported loss of £644,766 (2024: profit of £2,172,112) after
taxation. Loss per share reported is 0.05 pence (2024: profit of 0.19 pence)
per share. Profit/(Loss) per share is based on a weighted average number of
ordinary shares in issue of 1,179,904,300 (2024: 1,163,188,453).
5. Share Capital
During the period under review, the Company issued a total of 218,500,000
bringing the total number of shares in issue at the period end to
1,381,688,453 ordinary shares. During the period under review the Company
issued 212,500,000 ordinary shares for cash to raise £1.7 million before
expenses and 6,000,000 ordinary shares to settle £0.048 million of fees due
to consultants.
Post the period under review the Company issued no ordinary shares.
During the period under review, the Company issued new ordinary shares as
follows:
Number of
Date ordinary shares
Opening balance 1,163,188,453
Placing for cash 187,500,000
Share subscription 25,000,000
Consultant shares 6,000,000
Closing balance 1,381,688,453
Warrants
During the period Company issued 212,500,000 warrants exercisable at 1.60
pence per ordinary share for two years. The Company also issued a further
9,375,000 warrants to Shard Capital Partners LLP exercisable at 1.60 pence for
a period of two years.
The Company had the following warrants outstanding at the period end:
Issue date Number of warrants Issue price (pence) Expiry date
24/09/2025 212,500,000 1.60 24/09/2027
24/09/2025 9,375,000 1.60 24/09/2027
221,875,000
30 September 2025 30 September 31 March
Share Options 2024 2025
Outstanding at the beginning of the year 98,700,000 98,700,000 98,700,000
Options lapsed during the year (35,100,000) - -
63,600,000 98,700,000 98,700,000
6. Intangible assets
Reconciliation of Intangible assets:
Group as at 30 September 2025
Asset currency Opening Additions Foreign exchange movements Total
Exploration and evaluation asset - Botswana BWP 1,598,652 114,996 (13,013) 1,700,635
Exploration and evaluation asset - U.S.A. US$ 2,296,891 175,625 (86,504) 2,386,012
Exploration and evaluation asset - Zambia ZMW 1,870,323 161,717 - 2,032,040
Exploration and evaluation asset - Zimbabwe ZMW 1,698,590 52,810 - 1,751,400
Exploration and evaluation asset - Zimbabwe ZWD 3,198,546 46,615 - 3,245,161
10,663,002 551,763 (99,517) 11,115,248
Group as at 30 September 2024
Asset currency Opening balance Additions Foreign exchange movements Closing balance
Exploration and evaluation asset - Botswana BWP 1,542,419 37,121 (7,566) 1,571,974
Exploration and evaluation asset - U.S.A. US$ 2,228,501 3,735 (127,948) 2,104,288
Exploration and evaluation asset - Zambia ZMW 1,667,050 89,506 - 1,756,556
Exploration and evaluation asset - Zimbabwe ZWD 3,046,898 77,301 - 3,124,199
Total intangible assets 8,484,868 207,663 (135,514) 8,557,017
Group as at 31 March 2025
Asset currency Opening balance Additions Foreign exchange movements Closing balance
Exploration and evaluation asset - Botswana BWP 1,542,419 87,077 (30,844) 1,598,652
Exploration and evaluation asset - U.S.A. US$ 2,228,501 119,020 (50,630) 2,269,891
Exploration and evaluation asset - Zambia ZMW 1,667,050 203,273 - 1,870,323
Exploration and evaluation asset - Shinganda ZMW - 1,698,590 - 1,698,590
Exploration and evaluation asset - Zimbabwe ZWD 3,046,898 151,648 - 3,198,546
Total intangible assets 8,484,868 2,259,608 (81,474) 10,663,002
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 KCB
is prospective for sediment hosted copper deposits and the region currently
has new mine development and a rapid advance of exploration work.
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.
Kalahari Copper Belt Licences
PL253/2018 Located in the north-western portion of the Kalahari Copper Belt
with part of the Licence sandwiched between ASX-listed Cobre Limited
exploration licences, where that company has recently reported the emergence
of a potential new discovery in this under-explored portion of the Belt. In
this area the highly prospective D'Kar/Ngwako Pan contact horizon 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, offering potential for
the discovery of the target D'Kar Formation/Ngwako Pan Formation contact.
PL040/2018 The interpreted strike length of the prospective D'Kar formation
contact extends over 30km within this licence. Detailed ground investigation
has highlighted several targets for further analysis.
United States
Ferber Copper Gold Project ("FCG")
The FCG project is located 25 miles south of Wendover, NV, Ferber Hills, Elko
County, Nevada.
The Ferber District consists of a multi-phase Cretaceous-Tertiary igneous
complex intruding Pennsylvania-Permian age carbonates. The limestone units are
domed around the intrusive. Marble and skarn are developed at the margin of
the intrusive complex. The sedimentary and intrusive rock is cut by faults of
various orientations. Much of the area is covered by a shallow alluvium.
Copper-lead-silver-gold deposits were discovered in the area in the 1880s. Ore
was shipped from the Martha Washington, Big Chief, Regent and other small
mines intermittently over the years.
Zambia
Luansobe Copper Project
The Luansobe area is situated some 15km to the northwest of the Mufulira Mine
in the Zambian Copperbelt which produced well over 9Mt of copper metal during
its operation. It forms part of the northwestern limb of the northwest -
southeast trending Mufulira syncline and is essentially a strike continuation
of Mufulira, with copper mineralisation hosted in the same stratigraphic
horizons. At the Luansobe prospect mineralisation occurs over two
semi-contiguous zones, dipping at 20-30 degrees to the northeast, over a
strike length of about 3km and to a vertical depth of at least 1,250m.
The Shinganda Copper-Gold Project
The Shinganda Copper-Gold Project, comprises of Large Scale Exploration
Licence No. 22990-HQ-LEL. The licence is located in Western Zambia, just
outside the game management area of the Kafue National Park and is prospective
for deposits of copper and gold associated with IOCG (Iron Oxide Copper Gold)
deposits. Potential exists to transition to near-term production following
the identification of shallow mineralisation over notable widths at grades of
between 1.0 and 1.5% CuEq. The project is undergoing further licence wide
conceptualisation, with the aim of identifying a much larger IOCG mineralised
system.
The Western Foreland
The Western Foreland Project comprises large scale exploration licence
28001-HQ-LEL which has a total area of 52,000 hectares and is situated in
Northwestern Zambia, along the Angolan-Zambian border. The project is adjacent
to the Central African Copper Belt, where significant potential exists for the
discovery of sediment hosted copper deposits akin to the nearby Kamoa-Kakula
complex.
Kashitu
The Kashitu Zinc Project is situated 7km south-east from the historical Kabwe
Zn-Pb mine and processing plant, and immediately adjacent to and south of the
town of Kabwe, in Zambia which is 140km north of the capital Lusaka. Several
mineralisation styles of variable tenor exist on the licence, the current
priority is establishing a near-surface operation capable of extracting
surface accumulations of zinc.
7. Other Financial assets
Six months ended 30 Six months ended 30 Year
September September ended
2025 2024 31 March
(Unaudited) (Unaudited) 2025
(Audited)
£s £s £s
Shinganda Project - 1,377,461 -
Northwest Zambia project 596,757 516,381 586,317
Other Zambia 185,048 - -
781,805 1,893,842 586,317
8. Non-Current Held For Sale asset
Group as at 30 September 2025
Disposal of investment in Glenover Phosphate (Pty) Ltd
Six months ended 30 Six months ended 30 Year
September September ended
2025 2024 31 March
(Unaudited) (Unaudited) 2025
(Audited)
£s £s £s
Proceeds for loan accounts and shares - 2,309,581 2,309,581
Non-current assets held for sale March 2024
- 2,149,392 2,149,392
Liabilities held for sales March 2024 - (2,284,592) (2,284,592)
FX difference - 9,996 9,996
Profit on sale - 2,454,817 2,454,817
9. 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 from the placing and share subscription which the Company received in
September 2025. The Company has a very prospective portfolio of projects all
of which will be pursued during 2026.
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.
10. Post balance sheet events
Collaboration Agreement with Jubilee Metals Group
On 27 November 2025, the Company announced that it had signed a conditional
Co-Operation and Project development agreement (the "Collaboration Agreement")
with Jubilee Metals Group PLC (AIM:JLP, Altx:JBL) ("Jubilee") in relation to
the Molefe Project in Zambia (the "Molefe Mine" or "Project").
Key Terms of the Agreement
The Company holds the right to earn-in up to a 23.75% of the issued capital
("Sale Shares") of the Molefe Mine holding company through the funding of a
resource definition and exploration program for an investment of US$700,000.
The Company must complete the agreed scope of work within eight months of the
date of the Agreement to acquire the Sale Shares from Jubilee. Jubilee will
retain a 71.25% interest on completion of Company's earn-in with the remaining
5% held by a local Zambian firm.
An executive committee will be formed to oversee the Project with Jubilee
nominating two members, one of whom will be the chairperson, and the Company
nominating one member. The executive committee shall continue to operate until
the Company has fully acquired the Sale Shares. Upon the issue of the Sale
Shares, Jubilee shall nominate two directors to the board of the Molefe Mine
holding company and the Company shall nominate one director. The executive
committee and Board will be formed of persons with the appropriate skills and
expertise to develop the Molefe Mining project.
Jubilee's current investment into the Molefe Mine will be classed into an
interest-bearing capital loan and non-interest-bearing shareholder loan. The
capital loan will hold a preferential earnings allocation until fully settled
before the distribution of any earnings in accordance with the terms of the
Agreement.
END.
The Company also takes this opportunity to announce following the merger of
the capital markets businesses of Peterhouse Capital Limited and Novum
Securities Limited into AlbR Capital Limited, the Company is pleased to
announce that that the Company's Joint Brokers are now AlbR Capital Limited.
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.
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Galileo Resources
See all newsREG - Galileo Resources - Half-year Financial Report
AnnouncementREG - Galileo Resources - Exploration Update from Ferber Property, Nevada
AnnouncementREG - Galileo Resources - Molefe Project Drilling Update, Zambia
AnnouncementREG - Galileo Resources - Collaboration Agreement over Molefe Project
AnnouncementREG - Galileo Resources - Result of AGM
Announcement