Galileo (AIM: GLR), the exploration and development mining company, announces its audited results for the year ended 31 March 2022.
Highlights for the period under review
· In September 2021, the Company reported that all the conditions precedent had been met in relation to its conditional licence sale agreement of 9 of the Company’s Kalahari Copper Belt licenses with ASX listed Sandfire Resources Limited (“Sandfire”) which it had entered into in January 2021.
· In December 2021, the Company announced an Asset Sale Agreement entered into between Glenover and JSE Limited listed, Afrimat Limited (“Afrimat”). The Asset Sale Agreement related to the sale for ZAR 250M of certain deposits of phosphate rock located at the Glenover Mine and mining rights to mine the Vermiculite Deposit at the Glenover Mine.
· In December 2021, the Company announced that Glenover had entered into a conditional sale of shares agreement with Afrimat, Glenover and the shareholders of Glenover under which Glenover has the option (the “Afrimat Option”) to acquire the shares in and shareholders loans made to Glenover for ZAR300M (the “Sale of Shares Agreement”) which is expected to complete by 10 November 2022 if the option is exercised.
· In December 2021, the Company reported that it had entered into an Option and Joint Venture Agreement with Garbo Resource Solutions Limited, covering the Shinganda Copper-Gold Project, Zambia comprising Large Scale Exploration Licence No. 22990-HQ-LEL. The agreement allows the Company the right to earn an initial 51% interest in the Shinganda copper-gold project in central Zambia, subject to any necessary Zambian regulatory approval, by spending US$0.5m on exploration and evaluation over two years.
· In December 2021, the Company announced that it had entered into a Joint Venture Agreement (“JV Agreement”) with Statunga Investments, a private Zambian companythatownstheLuansobeProjectcomprisingsmall- scale exploration licence No. 28340- HQ-SEL. The JV Agreement provides the Company the right to earn an initial 75% interest in a special purpose joint venture company to be established under Zambian law to acquire the Licence, and the technical information and other information and assets related to the Luansobe Project by making an initial payment of US$200,000 and a second payment of US$200,000 by 20 February 2022 and issuing 5,000,000 Galileo shares to the Vendor. All of these conditions were met.
· In March 2022, the Company announced that it had entered into an agreement which assigned to the Company an option granted under an agreement dated 21 January 2022 between BC Ventures Limited (“BC Ventures”) and Cordoba Investments Limited to acquire a 51% interest in BC Ventures. BC Ventures is the owner of a highly prospective lithium project in western Zimbabwe and two gold licences close to Bulawayo through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited. Under the terms of the agreement the Company commits to spend US$1.5 million of exploration expenditure within two years.
· In March 2022, the Company received confirmation that all conditions for Afrimat Limited to acquire the Vermiculite Mining Right from Glenover had been met and that Glenover had elected for the Vermiculite Mining Right Consideration to be paid in cash, of which ZAR10M (approximately £0.5m) was due to the Company.
· In June 2021, the Company announced that it had agreed a placing of 133,666,664 new ordinary shares at a placing price of 1.5p per share to raise approximately £2,000,000 (before expenses).
· T he Group reported earnings of £1,542,576 (2021: earnings of £87,872).
· Basic earnings of 0.15 pence (2021: earnings of 0.01 pence) per share.
· In March 2021, the Company announced the ceding of ownership and operation of the Star Zinc project close to Lusaka to Siege Mining Limited, as it was proving difficult due to its close proximity to municipality housing and industry.
· In May 2021 the Company reported on the results of the interpretation work on the airborne geophysical survey data over prospecting licences PL40 and PL39 in Botswana. Several targets were identified for drill testing and a contract was signed with a local drilling company.
· In June 2021, Glenover received confirmation that Department of Water and Sanitation had approved their tailings facility design and waste management plan, and National Nuclear Regulator has approved its nuclear license.
· In November 2021, the Company announced results of its drilling campaign on the Kalahari Copper Belt licences. The Company drilled in two of its retained licences, with most holes intersecting the target D’kar/Ngwako Pan Fm. One hole intersected a 6.32m interval of 2-5% fine-grained disseminated pyrite at the target horizon level which it was considered might represent a hydrothermal mineral system lateral to a copper occurrence.
Highlights post the period under review
· In July 2022, the Company announced that options to subscribe for 39,000,000 new ordinary shares of the Company were granted to the directors of the Company and key officers and employees at an exercise price of 1.35 pence per share.
· In August 2022, the Company announced that it had acquired 29% of BC Ventures for 50 million Galileo ordinary shares.
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of Galileo will be held at Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG on 13 October 2022 at 11:00 a.m.
A copy of this announcement is available on the Company’s websitewww.galileoresources.com.Along with a copy of the Annual Report and Notice of AGM, both of which are being posted to shareholders.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
You can also follow Galileo on Twitter: @GalileoResource.
For further information, please contact:
Colin Bird, Chairman
Tel +44 (0) 20 7581 4477
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