Galileo Resources PLC (AIM:GLR) reported a reduced loss for the first half of the year while also progressing its various projects in Zambia, Zimbabwe, Botswana, South Africa, and the US state of Nevada.
A post-tax loss of £521,764 was recorded for the six months to 30 September 2023, versus £1,554,313 a year earlier, or 0.05p per share compared to 0.13p.
At the end of the period, cash stood at £88,719, down from £3.3 million a year earlier and £1.4 million at the end of March, while there is £300,308 in trade and other receivables on the balance sheet.
Directors said they are satisfied the group has, or has access to, adequate resources to continue in operational existence for the foreseeable future.
Operational highlights:
Zambia:
Shinganda copper-gold project: The company exercised its option to acquire a 51% interest in June 2023, following significant exploration expenditure. A comprehensive review and re-interpretation of geophysical data led to the identification of new drilling targets for copper and gold mineralization.
Since then, senior technical appointments have been made as more encouraging results emerged from the second phase of drilling at Shinganda.
Luansobe copper project (75% interest): In February 2023, the company announced a new Inferred Mineral Resource estimate for this project, showing potential for both open pit and underground mining. Development of a potential open pit mine plan continued. Kashitu: A new small-scale exploration license was issued in February 2022, covering the core project area. The company has been engaging with local communities and stakeholders to develop the resource, particularly focusing on high-grade willemite.
NW Zambia Joint Venture: In September 2023, Galileo entered into a joint venture agreement for copper exploration on a large-scale exploration license in Northwest Zambia. Initial exploration activities focused on data interpretation, with fieldwork planned post-rain season.
Zimbabwe:
Kamativi lithium project: Significant exploration activities, including a drilling program, were undertaken to test lithium-in-soil anomalies. The company reported encouraging assay results from the first drilled hole in August 2023.
Bulawayo gold-nickel-copper project: During the review period, the company focused on defining drill-ready targets for gold mineralization. The exploration included soil sampling and geophysical surveys to delineate new targets near the Queen's Mine Area.
Botswana:
Kalahari Copperbelt (retained licences): Galileo continued exploration on its retained licences in the Kalahari Copperbelt, with activities including an Airborne Gravity Gradient survey and a mobile metal-ion soil sampling program.
Sandfire Licences: Sandfire Resources conducted extensive exploration work on the licences sold to them by Galileo, including soil geochemical surveys and geophysical studies to identify copper-zinc mineralization.
Nevada:
Ferber gold-copper project: Galileo progressed with preparations for drilling, including environmental permit applications and engagement with drilling contractors, to test gold-copper occurrences.
South Africa:
Glenover Phosphate Project: In June, Galileo announced significant progress with Afrimat Limited's option to buy shares in Glenover Phosphate, including a revised timetable for the receipt of funds and an adjustment to the payment terms.
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