Galileo Resources PLC (AIM:GLR), in its annual results statement, highlighted "significant progress" across its project portfolio - in particular, its Luansobe project in Zambia.
"This project now has all the licences and permissions necessary to go into production," chair Colin Bird commented.
At Luansobe, the firm has secured two 10-year small-scale mining licences. The JORC Inferred Mineral Resource includes 5.8 million tonnes at 1% copper for open-pit extraction and 6 million tonnes at 1.2% copper for underground mining.
Bird noted, meanwhile, interest from a number of mining concerns over potential joint ventures, offtakes, and/or purchase deals.
"We continue to plan and design the potential mine, whilst entertaining alternative proposals and hosting site visits," Bird added.
Elsewhere, at the Shinganda project, drilling expanded near-surface oxide mineralisation and confirmed potential for a larger Iron Oxide Copper Gold system. Initial exploration at the Western Foreland project confirmed the presence of lithologies associated with high-grade copper systems.
Galileo also received a small-scale mining licence at the Kashitu zinc project and reported encouraging post-period drilling results at Kalahari licence PL253 in Botswana.
The company signed a royalty agreement with Bronco Creek at the Ferber copper-gold project in the US, where mapping and sampling continue.
In Zimbabwe, new targets were identified at the Kamativi and Bulawayo projects. Final payment of ZAR 54.40 million (£2.35 million) for the Glenover sale was received.
As far as the financials are concerned, Galileo reported a £1.53 million profit for the year, and it ended its financial year with £1.72 million of cash.