Galileo Resources PLC (AIM:GLR) hailed progress across its copper portfolio as the mine developer secured a post-period collaboration with Jubilee Metals Group aimed at accelerating production at the Molefe copper asset.
In Zambia’s Copperbelt, Galileo continued to progress the Luansobe copper project, in which it holds a 75% interest alongside local partner Statunga Investments.
The project lies about 15km from the historic Mufulira mine and is considered a continuation of the same mineralised system. During the period, the company advanced discussions with third parties following the award of two adjoining small-scale mining licences covering 738 hectares.
Those licences include a shallow, open-pittable inferred mineral resource of 5.8 million tonnes grading 1% copper, as well as a deeper underground inferred resource of 6.3 million tonnes at 1.5% copper.
Earlier open-pit sensitivity and mine optimisation work has outlined options for a combined open-pit and shallow underground operation, with further optionality around contractor mining and toll treatment.
Additional drilling is planned to advance a southern exploration target identified by previous programmes.
After the period end, Galileo entered a conditional co-operation and project development agreement with Jubilee to tap the potential of the Molefe copper mine project in Zambia.
Under the agreement, Galileo will fund a $700,000 exploration and resource development programme in exchange for a 23.75% interest, with Jubilee retaining 71.25% and a local Zambian company holding the remaining 5%.
The partners intend to pursue an accelerated development schedule, with an immediate objective to increase production to 4,000–5,000 tonnes per month of run-of-mine ore and a longer-term target of 8,500 tonnes per month by the third quarter of the 2026 financial year.
In the US, Galileo advanced exploration at its 100%-owned Ferber copper-gold project in Nevada. During the period, the company entered a royalty agreement with Bronco Creek Exploration to fund a two-stage exploration programme.
Phase one work, completed after the period end, included extensive mapping, soil sampling and a gravity survey, leading to the staking of additional claims. Phase two reconnaissance drilling is expected to begin in the first half of 2026, subject to permitting, weather and drill availability.
In Botswana’s Kalahari Copperbelt, Galileo re-evaluated historic drill samples using portable XRF analysis and confirmed traces of copper mineralisation.
A new target was identified along strike from BHP’s Tlou prospect and a four-hole reverse-circulation drilling programme began during the reporting period, returning a 61m-wide interval of intermittent visible copper oxides from 75m depth in one hole.
Elsewhere in Zambia, the group continued work at the Shinganda copper-gold project, where it holds a 51% interest, focusing on the potential for small-scale mining of shallow supergene copper while assessing the wider Iron Oxide Copper Gold system.
At the Western Foreland copper project in north-western Zambia, work centred on identifying prospective stratigraphy associated with regional copper mineralisation.
At the Kashitu zinc project near Kabwe, Galileo progressed plans for a small-scale mining operation targeting shallow supergene-enriched zinc mineralisation, alongside continued engagement with local communities and artisanal miners.
In Zimbabwe, the company advanced planning for follow-up drilling at its Kamativi lithium project and Bulawayo gold project, known collectively as the Sinamatella licences, while licence renewal discussions with the authorities continued.
Against this operational backdrop, Galileo reported an unaudited loss of £644,766 for the six months to 30 September, compared with a profit of £2.17 million a year earlier, when results were boosted by the sale of its interest in the Glenover project.
At the end of the reporting period, it was sitting on cash of around £1.7 million.