REG - Galileo Resources - Final Results
21/09/2022 12:15
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RNS Number : 1701A Galileo Resources PLC 21 September 2022
21 September 2022
Galileo Resources Plc
("Galileo" or the "Company" or the "Group")
Audited Results for the year ended 31 March 2022 and Notice of Annual General
Meeting
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 company that owns the Luansobe Project comprising small- 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).
· The 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 website
www.galileoresources.com (http://www.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
Beaumont Cornish Limited - Nomad
Roland Cornish / James Biddle Tel +44 (0) 20 7628 3396
Novum Securities Limited - Broker
Colin Rowbury/Jon Belliss Tel +44 (0) 20 7399 9400
Shard Capital Partners LLP -Joint Broker
Damon Heath
Tel +44 (0) 20 7186 9952
Chairman's report
Dear Shareholder,
The year under review has been exceptional from many points of view and the
Company now has a suite of assets, which we consider to be above average with
a number of them being individual company makers in their own right.
Kalahari Copperbelt: Botswana
We reported during May 2021 that we have completed our processing,
interpretation and drill target selection of the helicopter geophysical
fly-over of the Kalahari licences and that a number of the concessions have
favourable results, producing the typical signature that warrants further
investigation.
We announced in September 2021 that we completed the conditional sale of
approximately 50% of our licences to Sandfire Resources Limited ("Sandfire"),
with a deferred payment of up to US$80 million should any of the projects
produce certain levels of contained copper. On completion of this agreement,
Sandfire agreed to pay Galileo US$1.5 million of cash and issue 370,477
Sandfire ordinary shares, which at the time were worth approximately US$1.8
million. Sandfire agreed to an aggressive two-year exploration budget of US$4
million, and these work programmes are currently underway. Sandfire has had
considerable success with its own exploration activities and is well advanced
in constructing its' first mine in the vicinity of licences that Galileo sold
to Sandfire.
We undertook exploration on our own retained licences, and although we did not
intercept mineralisation in all cases, we intercepted the typical lithology
that hosts copper and silver mineralisation. We intend to follow up with these
results in the 4th quarter of this year.
Glenover Project: South Africa
In February 2022, we announced that we had completed the partial sale of the
Glenover assets to Afrimat Limited ("Afrimat") for ZAR 50.7 million
(approximately £2.4 million), with the remainder of the sale to be completed
or abandoned before mid-November 2022. A further interim payment of ZAR 10
million (approximately £0.5 million) was paid to the company in March 2022
for the sale of vermiculite mining rights. Should Afrimat complete the entire
transaction, Galileo will be due another ZAR 102 million (approximately £5.2
million) on completion.
Luansobe & Shinganda projects: Zambia
December 2021 was a very acquisitive month for the Company in that we acquired
the exploration rights to two major exploration projects in Zambia namely
Luansobe and Shinganda. During the post review period, both of these projects
have been subjected to desk re-evaluation, legacy core examination and
reinterpretation. I am pleased to say at the time of writing this report both
projects are showing extremely good potential of certainly achieving small
mine status and equally the prospects for a large discovery of copper and
possibly gold in the case of Shinganda.
Lithium & Gold projects: Zimbabwe
In March 2022, we announced that we entered into a joint venture relationship
with B.C. Ventures Limited ("BC Ventures") for the rights to acquire a 51%
interest against an expenditure of US$1.5 million for lithium and gold
exploration properties in Zimbabwe. The agreement also allows for BC Ventures
to sell up to 29% at a negotiated value in exchange for Galileo ordinary
shares. In August 2022, we announced that the Company acquired 29% of BC
Ventures for 50 million Galileo ordinary shares.
The Zimbabwean assets are very high in potential and wide-ranging exploration
programmes have already commenced at both sites. The lithium asset is located
around the area of the old Kamativi tin mine where the mine dumps are known to
contain 0.58% lithium oxide. The lithium oxide is hosted by pegmatites, often
in association with tin and the presence of the same prospective geology
extending from the Kamativi mine onto our licence is good reason for optimism
for a new lithium discovery. Post balance sheet we have carried out desk
research and fieldwork exploration. We have taken a suite of samples over a
number of target areas and await the assay results.
An airborne geophysical survey has already been conducted over the area
covered by the gold asset, located in the vicinity of Bulawayo. Interpreted
results are strongly suggestive of greenstone gold terrane and potentially
base metal lithology. We intend to generate drill targets and hope to drill
during the 4th quarter of 2022.
These two exploration projects are a very exciting addition to the Company's
portfolio, with high potential and we will update the market as the results
begin to emerge.
Zimbabwe has expressed its welcome to foreign mining companies to explore and
develop and we look forward to establishing a solid exploration capability in
the country.
Kashitu Project: Zambia
The Kashitu zinc project in Zambia has been subject to a further review,
resulting in a continued commitment to add value and hopefully bring a small
initial deposit into production during early 2023.
Star Zinc Project: Zambia
In March 2021 we announced the ceding of ownership and operation of the Star
Zinc project close to Lusaka, as it was proving difficult due to its close
proximity to municipality housing and industry, even though we had attempted a
small mining approach with a local group. The possibility of blasting and the
use of large trucks appears to be a limitation on the project, since housing
and population density has increased further since project initiation.
Ferber Project: Nevada USA
The Ferber project in the US, remains in good standing and we hope to commence
a limited drill programme, before the calendar year end. This programme will
essentially test the prognosis that a large gold-copper skarn deposit may
occur in the project area.
Prospects
The small cap sector of the natural resource stock markets has been the worst
I have experienced in my career and there remains little sign of recovery.
This is caused generally by the war in the Ukraine, rampant inflation, and
other global geopolitical uncertainty.
At the time of writing all commodities have come off their price highs,
although there are already signs of recovery, suggesting that the drop off was
short lived and unlikely to be maintained.
Many influential commentators in the commodity sector are strongly predicting
scarcity and thus strong metal prices for those companies engaged in the
electric vehicle manufacturing. Recently there have been a number of examples
of manufacturers making arrangements and contracts with producers, thereby
eliminating the trader. This is unique and strongly suggests that both the EV
and associated industries have real concern over sustainable and stable supply
of critical metals.
Against this background we are convinced that our portfolio is very well
placed with quality projects in the right arena. The investor "stand-off"
cannot be maintained since history says that the smaller cap explorers are the
call option for tomorrow's metals. That being so, Galileo is extremely well
placed.
I would like to thank my fellow directors and management of Galileo for their
excellent efforts in what has been a unique year, producing an enviable
portfolio, whilst - like all small companies - experiencing considerable head
winds against progress.
Colin Bird
Chairman
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2022
Figures in pound sterling 31 March 31 March
2022 2021
Assets
Non-current assets
Intangible assets 3,875,570 2,114,817
Investment in joint ventures 2,936,125 1,979,640
Loans to joint ventures, associates, and subsidiaries 792,259 345,684
Other financial assets 1,994,617 373,521
9,598,571 4,813,662
Current assets
Non-current assets held for sale - 3,952,786
Trade and other receivables 119,856 1,359
Cash and cash equivalents 4,648,995 1,392,955
4,768,851 5,347,100
Total assets 14,367,421 10,160,763
Equity and liabilities
Equity
Share capital 31,996,730 29,705,244
Reserves 1,223,801 837,700
Accumulated loss (19,351,353) (21,134,916)
13,869,178 9,408,028
Non-controlling interest 117,754 -
13,986,932 9,408,028
Liabilities
Non-current liabilities
Other financial liabilities 6 5
Deferred tax - 425,813
6 425,819
Current liabilities
Trade and other payables 106,232 326,916
Taxation payable 274,250 -
380,482 326,916
Total liabilities 380,488 752,735
Total equity and liabilities 14,367,421 10,160,763
These financial statements were approved by the directors and authorised for
issue on 20 September 2022 and are signed on their behalf by:
Colin Bird Joel Silberstein
Company number: 05679987
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 March
2022
Figures in pound sterling 31 March 31 March
2022 2021
Operating expenses (753,321) (1,472,816)
Operating loss (753,321) (1,472,816)
Investment revenue 332,904 -
Fair value adjustments 141,205 -
Loss on sale of assets (1,266,967) -
Provision for impairments (495,842) -
Gain on bargain purchase through business combinations - 1,569,776
Profit/(loss) from equity accounted investments 3,433,034 (9,088)
Profit/(loss) for the year before taxation 1,391,013 87,872
Taxation 151,563 -
Profit/(loss) for the year 1,542,576 87,872
Other comprehensive income/(loss):
Items which may subsequently be reclassified
To profit or loss:
Exchange differences on translating foreign operations 483,319 (66,549)
Total comprehensive income/(loss) for the year 2,025,895 21,323
Earnings per share in pence (basic) 0.15 0.01
All operating expenses and operating losses relate to continuing activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 March 2022
Foreign currency translation reserve(1)
Figures in Pound Sterling Share based payment reserve(3)
Share capital Share premium Total share capital Shares to Merger reserve(2) Total reserves Accumulated loss Total equity
be issued
reserve
Group
Balance at 1 April 2020 6,168,446 20,300,873 26,469,319 (709,946) - 1,047,821 283,292 621,167 (21,222,788) 5,867,698
Loss for the year - - - - - - - - 87,872 87,872
Other comprehensive income - - - (66,549) - - - (66,549) - (66,549)
Total comprehensive loss for the year - - - (66,549) - - - (66,549) 87,872 21,324
Issue of shares net of issue costs 354,163 2,894,249 3,248,412 - - - - - - 3,248,412
Options issued - - - - - - 270,595 270,595 - 270,595
Warrants issued - (150,544) (150,544) - - - 150,544 150,544 - -
Warrants exercised - 138,057 138,057 - - - (138,057) (138,057) - -
Total contributions by and distributions to owners of Company recognised
directly in equity 354,163 2,881,762 3,235,925 - - - 283,082 283,082 - 3,519,007
Balance at 1 April 2021 6,522,609 23,182,635 29,705,244 (776,495) - 1,047,821 566,374 837,700 (21,134,916) 9,408,029
Profit for the year - - - - - - - - 1,542,576 1,542,576
Other comprehensive income - - - 483,319 - - - 483,319 - 483,319
Total comprehensive profit for the year - - - 483,319 - - - 483,319 1,542,576 2,025,895
Issue of shares net of issue costs 184,559 2,100,696 2,285,255 - - - - - - 2,285,255
Shares to be issued - - - - 150,000 - - 150,000 - 150,000
Options issued - - - - - - (91,194) (91,194) 91,194 -
Options lapsed - - - - - - (149,793) (149,793) 149,793 -
Warrants lapsed - - - - - - - - - -
Warrants issued - (27,560) (27,560) - - - 27,560 27,560 - -
Warrants exercised - 33,791 33,791 - - - (33,791) (33,791) - -
Total contributions by and distributions to owners of Company recognised
directly in equity 184,559 2,106,927 2,291,486 - 150,000 - (247,218) (97,218) 240,987 2,435,255
Balance at 31 March 2022 6,707,168 25,289,562 31,996,730 (293,176) 150,000 1,047,821 319,156 1,223,801 (19,351,353) 13,869,178
(1) Foreign currency translation reserve
comprises all foreign currency differences arising from the translation of the
financial statements of foreign operations.
(2) Shares to be issued reserve comprises
shares to be issued post year end arising out a contractual obligation that
existed at year end.
(3) Merger reserve comprises the difference
between the fair value of an acquisition and the nominal value of the shares
allotted in a share exchange.
(4) Share based payment reserve comprises
the fair value of an equity-settled share based payment.
(5) On 4 March Galileo entered into a Deed
of Assignment with Cordoba and BC Ventures (the "Deed of Assignment") under
which Cordoba has assigned all its rights and obligations under the Principal
Agreement to Galileo for £150,000 which is being settled by the issue of 13
741 609 new ordinary Galileo Resources plc shares which will rank pari passu
with existing Galileo Resources plc shares.
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 March 2022
Figures in Pound Sterling 31 March 31 March
2022 2021
Cash flows from operating activities
Cash generated from/(used in) operations (901,221) (1,186,567)
Net cash from operating activities (901,221) (1,186,567)
Cash flows from investing activities
Additions to intangible assets (1,559,823) (453,724)
Dividends received from Joint Venture 238,827 -
Distributions from Joint Venture (incl subs, JVs & Assoc) 2,417,977 -
Movement in investments (incl subs, JVs and Assoc) - -
Loan movement - (84,239)
Purchase of financial assets (132,644) -
Proceeds on sale of non-current assets held for sale 1,132,394 -
Net cash flows from investing activities 2,096,529 (537,963)
Cash flows from financing activities
Net proceeds from share issues 2,060,529 2,761,000
Total cash movement for the year 3,256,041 1,036,471
Cash at the beginning of the year 1,392,955 356,485
Total cash at end of the year 4,648,995 1,392,955
Statement of Directors' Responsibilities for the year ended 31 March 2022
· The directors are required in terms of the Companies
Act 2006 to maintain adequate accounting records and are responsible for the
content and integrity of the consolidated annual financial statements and
related financial information included in this report. It is their
responsibility to ensure that the consolidated annual financial statements
fairly present the state of affairs of the Group as at the end of the
financial year and the results of its operations and cash flows for the period
then ended, in conformity with the applicable UK laws.
· The consolidated annual financial statements are
prepared in accordance with UK adopted international accounting standards and
are based upon appropriate accounting policies consistently applied and
supported by reasonable and prudent judgments and estimates. The directors
acknowledge that they are ultimately responsible for the system of internal
financial control established by the Group and place considerable importance
on maintaining a strong control environment. To enable the directors to meet
these responsibilities, the board sets standards for internal control aimed at
reducing the risk of error or loss in a cost-effective manner. The standards
include the proper delegation of responsibilities within a clearly defined
framework, effective accounting procedures and adequate segregation of duties
to ensure an acceptable level of risk. These controls are monitored throughout
the Group and all employees are required to maintain the highest ethical
standards in ensuring the Group's business is conducted in a manner that in
all reasonable circumstances is above reproach. The focus of risk management
in the Group is on identifying, assessing, managing and monitoring all known
forms of risk across the Group. While operating risk cannot be fully
eliminated, the Group endeavours to minimise it by ensuring that appropriate
infrastructure, controls, systems and ethical behavior are applied and managed
within predetermined procedures and constraints.
· The directors are of the opinion, based on the
information and explanations given by management that the system of internal
control provides reasonable assurance that the financial records may be relied
on for the preparation of the consolidated annual financial statements.
However, any system of internal financial control can provide only reasonable,
and not absolute, assurance against material misstatement or loss.
· The going concern basis has been adopted in preparing
the consolidated annual financial statements. The directors have no reason to
believe that the Group will not be a going concern in the foreseeable future,
based on forecasts and available cash resources. These consolidated annual
financial statements support the viability of the company. the directors have
reviewed the Group's financial position at the balance sheet date and for the
period ending on the anniversary of the date of approval of these financial
statements and they are satisfied that the Group has, or has access to,
adequate resources to continue in operational existence for the foreseeable
future.
Colin Bird
Chairman
Joel Silberstein
Finance director
Ed
Slowey
Technical director
J Richard Wollenberg Non-Executive director
Christopher Molefe Non-Executive Director
NOTES TO THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated annual financial statements have been prepared in accordance
with UK-adopted International Accounting Standard and the Companies Act 2006.
The consolidated annual financial statements have been prepared on the
historical cost basis, except for certain financial instruments at fair value,
and incorporate the principal accounting policies set out below. Cost is based
on the fair values of the consideration given in exchange for assets and they
are presented in Pound Sterling. The accounting policies applied are
consistent with those of the previous period.
2. Basis of consolidation
The consolidated annual financial statements incorporate the annual financial
statements of the Company and all entities, including special purpose
entities, which are controlled by the Company.
Control exists when the Company has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries are included in the consolidated annual financial
statements from the effective date of acquisition to the effective date of
disposal.
Adjustments are made when necessary to the annual financial statements of
subsidiaries to bring their accounting policies in line with those of the
Group.
All intra-group transactions, balances, income and expenses are eliminated in
full on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are
identified and recognised separately from the Group's interest therein and are
recognised within equity. Losses of subsidiaries attributable to
non-controlling interests are allocated to the non-controlling interest even
if this results in a debit balance being recognised for non- controlling
interest.
Transactions, which result in changes in ownership levels, where the Group has
control of the subsidiary both before and after the transaction, are regarded
as equity transactions and are recognised directly in the statement of changes
in equity.
The difference between the fair value of consideration paid or received and
the movement in non-controlling interest for such transactions is recognised
in equity attributable to the owners of the parent.
Where a subsidiary is disposed of and a non-controlling shareholding is
retained, the remaining investment is measured to fair value with the
adjustment to fair value recognised in profit or loss as part of the gain or
loss on disposal of the controlling interest.
3. Financial review
The Group reported earnings of £1,542,576 (2021: earnings of £87,872).
4. Segmental analysis
Business unit
The Company's investments in subsidiaries and associates, that were
operational at year-end, operate in four geographical locations being South
Africa, Botswana, Zambia, Zimbabwe and USA, and are organised into one
business unit, namely Mineral Assets, from which the Group's expenses are
incurred and future revenues are expected to be earned. This being the
exploration for and extraction of its mineral assets through direct and
indirect holdings. The reporting on these investments to the board focuses on
the use of funds towards the respective projects and the forecasted profit
earnings potential of the projects.
The Company's investment in Zambia and Zimbabwe did not contribute to the
operating profit or losses and is excluded from the segmental analysis.
Geographical segments
An analysis of the profit/(loss) on ordinary activities before taxation is
given below:
31 March 31 March
2022 2021
Rare earths, aggregates and iron ore and
manganese 3,433,034 (9,088)
South
Africa
Copper 117,599 1,569,776
Botswana
Gold 8,170 -
USA
Corporate (2,167,790) (1,472,821)
costs
United Kingdom
Total 1,391,013 87,877
5. Taxation
As announced on 16 September 2021, Galileo concluded the sale of 9 of its
Company's Kalahari Copper Belt Licences to Sandfire Resources. As part of the
transaction, during the previous financial year when the transaction was still
subject to certain conditions precedent the Galileo recognised a deferred tax
liability in the amount of £425,813. The transaction was completed during the
period under review and the corresponding tax charge recognised in profit or
loss.
The applicable tax rate is calculated with reference to the weighted average
tax rate across the reporting jurisdictions for the period under review. The
weighted average tax rate for the year under review was 17.79% (2021: 19.60%).
No provision has been made for 2022 tax as the Group has no taxable income.
The estimated Group tax losses available for set off against future taxable
income is £10,618,703 (2021: £6,868,214). The Group did not recognise a
deferred tax asset in respect of the losses carried forward as the Group is
not expected to generate taxable profits in the foreseeable future.
6. Auditors' Report
The figures for the financial year ended 31 March 2022 are not the Company's
statutory accounts for that financial year but are derived from those
accounts.
The accounts for the financial year ended 31 March 2022, have been reported on
by the Company's auditors and are to be delivered to the registrar of
companies on or before the 30 September 2022. The report of the auditors is
(i) unqualified, (ii) does not give any reference to any matters to which the
auditors draw attention by way of emphasis without qualifying their report,
and (iii) does not contain a statement under sections 498 (2) or (3) of the
Companies Act 2006, relating to the accounting records of the company.
The comparative figures for the financial year ended 31 March 2021 are not the
Company's statutory accounts for that financial year but are derived from
those accounts. Those accounts have been reported on by the Company's auditors
and delivered to the registrar of companies. The report of the auditors was
(i) unqualified, (ii) did not give any reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under sections 498 (2) or (3) of the
Companies Act 2006, relating to the accounting records of the company.
7. Availability of the Annual Report
This information has been extracted from the Company's Audited Annual Report
for the year ended 31 March 2022, copies of which were mailed to shareholders
on 20 September 2022 and a copy will also be available to shareholders and
members of the public in hard copy and free of charge, from the Company's
London office at 1st Floor, 7/8 Kendrick Mews, London, SW7 3HD.
Alternatively, a downloadable version will be available from 21 September
2022 from Company's website: www.galileoresources.com
(http://www.galileoresources.com) .
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