Galileo Resources PLC (LON:GLR), the exploration and development mining company, has said it is better placed after an “operationally difficult but extremely positive” year.
In the group's results statement covering the year to the end of March 2020, Galileo executive chairman Colin Bird reassured shareholders that none of the company’s assets were adversely affected by the coronavirus (COVID-19) outbreak, which picked up pace after the end of the reporting period.
“Whilst director and senior management visits were very restricted, the company managed to progress all of its obligations and maintain its rights during the period and up to the time of writing this report,” Bird said.
He noted that Galileo’s Glenover Project has attracted some interest for both its rare-earth and phosphate potential, and one company, in particular, has shown interest in the project but requires comprehensive test work to be completed to determine what development plan, if any, it wants to progress.
Test work is likely to continue for the remainder of this year and into early next year at Glenover.
The Star Zinc Project in Zambia has been fully evaluated and is now ready to commence production as a small mining operation, Bird told investors.
As a pre-revenue company, the profit & loss figures are not especially relevant; the company said the loss for the year to March 31, 2020, was £642,188 versus a loss of £416,784 the year before.