Galileo Resources interim results: loss posted, cash steady, and a new copper tie-up in Zambia
Galileo Resources has released unaudited interim results for the six months to 30 September 2025. The story this half is straightforward: a small operating loss as the business advances a broad project pipeline, a modest equity raise to keep the drills turning, and a potentially meaningful collaboration with Jubilee Metals at the Molefe Copper Mine in Zambia.
Last year’s numbers were flattered by a one-off gain from the Glenover sale. With that out of the base, these results are back to the usual rhythm of an exploration-led company: spend first, monetise later.
Key financials at a glance
| Metric | H1 FY2026 (to 30 Sep 2025) | H1 FY2025 (to 30 Sep 2024) |
|---|---|---|
| Profit/(loss) after tax | £(644,766) | £2,172,112 |
| Basic EPS | (0.05) pence | 0.19 pence |
| Cash and cash equivalents | £1,703,897 | £2,779,802 |
| Total assets | £14,278,879 | £13,561,915 |
| Total liabilities | £303,150 | £191,925 |
| Intangible assets (exploration) | £11,115,248 | £8,557,017 |
| Weighted average shares | 1,179,904,300 | 1,163,188,453 |
Two context points:
- The prior period profit was driven by the sale of Glenover. No equivalent disposal this time.
- Operating expenses edged down to £611,788 from £679,905, a welcome sign of discipline.
Balance sheet and funding: low liabilities, fresh equity, large warrant overhang
Cash ended the period at £1.70 million, broadly flat over the half after £1.61 million of net placing proceeds in September. Total liabilities are low at £303,150, which gives Galileo breathing room while it advances multiple workstreams.
Share count increased to 1,381,688,453 after issuing 212,500,000 shares for £1.7 million (before expenses) and 6,000,000 shares in lieu of £0.048 million of fees. Warrants of 221,875,000 are outstanding at 1.60 pence for two years. That is meaningful potential dilution but also a source of future cash if the shares trade above the strike.
Why the Jubilee collaboration at Molefe matters
Post period, on 27 November 2025, Galileo struck a conditional co-operation and project development agreement with Jubilee Metals for the Molefe Copper Mine in Zambia. Galileo will fund a US$700,000 exploration and resource programme to earn a 23.75% interest; Jubilee retains 71.25%, with 5% held locally.
Why this is interesting:
- Near-term tonnes: the plan is to lift run-of-mine production to 4-5,000 tonnes per month initially, targeting 8,500 tpm by Q3 FY2026.
- Established processing: >2% Cu ore is already being processed at Jubilee’s Sable plant, and there is a 2.2 million tonne stockpile of ~0.7% Cu on site that could benefit from an on-site processing facility envisaged in the agreement.
- Geological upside: early drilling has confirmed copper sulphides beneath oxides, supporting longer-term mine life potential.
c. US$0.7 million is a modest ticket for exposure to a producing copper system with a capable operator. The caveat is that Jubilee’s historical spend sits as an interest-bearing capital loan with a preferential earnings allocation until repaid, so early cash flows will be prioritised to settle that. Still, for Galileo shareholders, this looks like a sensible, leveraged route to potential cash generation.
Luansobe Copper Project (75%): licences secured, partners still in discussion
Luansobe sits on the same mineralised horizon as the giant Mufulira mine, 15 km along strike. Two adjoining small-scale mining licences (34543-HQ-SML and 34545-HQ-SML) covering 738 hectares were granted in 2024. Resources on the licences include:
- Open-pittable Inferred: 5.8 Mt at 1% Cu
- Deeper underground Inferred: 6.3 Mt at 1.5% Cu
Optimisation work suggests a staged approach is viable – open pit plus shallow underground, while advancing a larger deep resource. There’s optionality to use contractor mining and either in-house processing or toll treatment. The Southern target offers a conceptual 3-7 Mt at 1-1.5% Cu between 100-300 m depth based on previous drilling, but it needs further drilling to move into resources.
The Company reports multiple interested parties, but no definitive production, JV or sale agreement yet. That’s the near-term swing factor – a commercial path would be a clear catalyst.
Kalahari Copperbelt, Botswana: new target and visible copper oxides
Re-assaying 2022 drill samples from PLs 039 and 040 with portable XRF picked up copper traces near the key D’Kar/Ngwako Pan horizon, aligned with surface soil anomalies. More importantly, a new target on PL253 along strike from BHP’s Tlou prospect has returned a 61 m interval of intermittent visible copper oxides from 75 m depth in drillhole QTRC014. Assays are pending.
Early days, but visible mineralisation over that width is the sort of signal investors want to see on the Kalahari belt. If the lab grades support it, that could justify more aggressive follow-up drilling.
Ferber Cu-Au, Nevada: Phase 1 complete, more ground staked, drilling H1 2026
Galileo completed Phase 1 target generation with partner Bronco Creek Exploration (Elemental Royalty) – mapping over ~70 km², 109 rock grabs, soils and gravity. The team staked 89 additional claims after identifying mineralised workings and alteration west of the original ground. A final integrated targeting report will trigger a 0.33% NSR to BCE, and Phase 2 reconnaissance drilling is planned for H1 2026, subject to permitting and availability.
Ferber’s grab samples have returned up to 10.8 g/t Au and 4.19% Cu historically, with drilling intercepts up to 4.6 m at 2.37 g/t Au and 12 m at 0.83% Cu. It’s a classic Nevada porphyry/skarn hunt with district analogues. The next set of drill data will be key.
Other Zambian projects: Shinganda, Western Foreland and Kashitu
Shinganda Copper-Gold (51%)
Work continues on evaluating small-scale mining potential at the Shinganda outcrop zone with shallow supergene copper, while testing a larger Iron Oxide Copper Gold (IOCG) concept. Soil sampling is ongoing and follow-up drilling is planned. The splay fault is being assessed as a possible feeder into larger magnetic anomalies identified in 2022.
Western Foreland Copper (65%)
Early-stage work focused on identifying REDOX fronts – the chemical boundaries often associated with sediment-hosted copper, akin to the nearby Kamoa-Kakula system across the border. Comparative analysis with neighbour datasets is ongoing.
Kashitu Zinc
With a small-scale mining licence in hand, Galileo is planning shallow, close-spaced drilling to define supergene zinc to 1-3 m depth and target extraction of high-grade willemite ore. This project’s challenge is operational – waterlogged ground and stakeholder coordination – but the geological grades cited historically (including 30-50% Zn willemite veins) are compelling for a small-scale start if the plan comes together.
Zimbabwe: Kamativi lithium and Bulawayo gold – EPO renewals pending
Follow-up drilling is planned at Kamativi after intersecting an 18 m lithium-bearing pegmatite previously, including individual 1 m assays over 2% Li2O. At Bulawayo the focus is undercover gold targets that avoided historic artisanal workings. EPO renewals are still pending with the Ministry; Galileo will update once awarded. Until then, timelines remain conditional.
My take: a broad pipeline, sensible partnering, and catalysts ahead
- Positives: very low liabilities, cost control evident, and a smart Molefe earn-in that could bring earlier copper tonnes with a proven operator. Botswana’s visible copper interval is a genuine near-term curiosity.
- Watch-outs: no definitive commercial arrangement at Luansobe yet; warrant overhang at 1.60 pence; cash is adequate but not abundant for a multi-jurisdiction portfolio; several projects are waiting on assays or permits.
Overall, this is a steady interim set for an explorer-developer. The investment case now hinges on three things: converting Molefe into sustained copper throughput, landing a commercial structure at Luansobe, and delivering assays that justify bigger budgets in Botswana and Nevada. Deliver two of the three, and the market should start to lean in.
