Galileo Resources (LON: GLR), the AIM-quoted explorer, made a loss of £1,758,015 in the year to 31 March 2026, against a profit of £1,529,973 a year earlier. The prior-year profit included a £2,454,817 gain on an asset sale.
The company has exploration projects in Zambia, Zimbabwe and the US. It published its audited results at 7am today, before the London open.
| Measure |
Year to 31 March 2026 |
Year to 31 March 2025 |
| Profit/(loss) |
(£1,758,015) |
£1,529,973 |
| Cash at year end |
£185,482 |
£1,720,095 |
Exploration spending rose. The group put £1,751,181 into exploration assets, up from £479,545, and used £1,423,889 in operations. Net proceeds from share issues were £1,610,000.
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After the year end, the sale of two Botswana licences to a Sandfire subsidiary completed for US$3m upfront. The going-concern statement cites funds received from the sale of its subsidiary in Botswana. A further success payment of between US$20m and US$80m could be payable if a qualifying copper ore reserve is defined, depending on its size.
Chairman Colin Bird said the deal keeps Galileo exposed to what the licences yield:
Importantly, the transaction does not end Galileo’s economic exposure to exploration success on these licences.
Colin Bird, Chairman
Not everything is settled. Galileo’s Luansobe licences in Zambia were removed from the country’s Mining Cadastre and revoked, according to announcements on the 14th of July and the 21st of August. The company is in legal proceedings and supports its local partner.
In Zimbabwe, the Sinamatella licences await renewal, which the chairman is confident of. At Ferber, near the Nevada-Utah border, the company has four priority porphyry and skarn drill targets, and intends to drill before the end of the first quarter of 2027, subject to rig availability.
