REG - Galileo Resources - Final Results
29/09/2023 10:45
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RNS Number : 1838O Galileo Resources PLC 29 September 2023
29 September 2023
Galileo Resources Plc
("Galileo" or the "Company" or the "Group")
Audited Results for the year ended 31 March 2023 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 2023.
Highlights for the period under review
· In April 2022, the company announced the commencement of exploration
on the newly acquired Kamativi lithium and Bulawayo gold projects in Zimbabwe,
which are the subject of a $1.5 million earn-in agreement with BC Ventures,
announced on the 7 March 2022.
· On 4 August 2022 the company announced their intention to start a
3,000m drilling programme at the Luansobe project.
· In August 2022, the company reported that several gold and nickel
targets had been identified based on interpretation of the recent high quality
Xcalibur Airborne Geophysics (Pty)Ltd aeromagnetic and radiometric survey
flown over the Bulawayo gold project.
· In October 2022 the company announced that it has satisfied
conditions to acquire an initial 29% shareholding in BC Ventures Limited, with
the option to increase to 51% interest through the company spending $1.5
million on exploration expenditure by the 21 January 2024.
· On 20 October 2022 the company announced that Afrimat Limited had
given notice to Glenover Phosphate Proprietary Limited, in which Galileo has a
30.7% direct and 4.99% indirect investment held via Galagen Proprietary
Limited, to acquire 100% of the shares in Glenover for consideration ZAR300
million (the "Glenover Acquisition").
· On 23 November 2022 the company reported the completion of drilling
at the Luansobe project. A total of 28 vertical diamond holes were drilled for
3,564 of drilling. Best results included a 23.7m intercept at 2.63% Cu from
85.3m in hole LUDD013, and the company announced their intention to engage
external independent consultants Addison Mining Services to complete a JORC
(2012) compliant resource.
· Issuance of 1,000,000 options were reported in November 2022 to a
consultant of the company at an exercise price of 2.25 pence per share,
vesting immediately.
· In November 2022 a number of new gold and nickel targets were
reported on the Bulawayo project following a period of intense surface
exploration.
· In December 2022 the company reported that surface exploration work
on the Kamativi lithium project in southwest Zimbabwe had defined four target
zones with potential for pegmatite-hosted lithium, tin and tantalum.
· In January 2023, the company announced the full assay results for the
nine diamond drill holes completed on the Shinganda project. A total of 1,227
meters were drilled, confirming a supergene copper-gold mineralised gossan
zone containing malachite, chalcocite, native copper and associated gold
mineralisation. Best intercepts included;
o 50.3 at 1.54% Cu and 0.30 g/t Au from 21m in hole SHDD002
o 43.7m at 1.01% Cu and 0.18 g/t Au from 7.3m in hole SHDD004
· In early February 2023, further potential was announced at Shinganda
with the company reporting on encouraging surface grab and soil sampling, with
target zones returning up to 33.9 g/t Au in grab sampling
· On 9 February 2023 the company announced an initial JORC (2012)
Inferred Mineral Resource Estimate for the Luansobe copper project in Zambia,
including;
o approximately 5.8 million tonnes gross at 1% Cu above a cut-off grade of
0.25% total Cu for 56,000 tonnes of contained Cu, potentially amenable to open
pit mining
o approximately 6.3 million tonnes gross at 1.5% total Cu above a cut-off
grade of 1% total Cu for 97,000 tonnes of contained Cu, potentially amenable
to underground mining
· On the 9 February 2023, the company announced additional potential at
the Luansobe project, including a 3 to 7 million tonne gross exploration
target with grades in the region of 1% to 1.5% total Cu, at depths between
100m and 300m, in an underexplored area of the licence.
· In March 2023, the company reported on the Bulawayo Gold project,
that wide-spaced soil traverses along the Bembeshi Trend had delineated a
1.5km long gold anomaly, with individual soil samples returning analytical
values of up to 1,458ppb Au. At the Queen's West target, a ground magnetic
survey identified seven priority targets, with a number under-going continued
ground exploration works.
· 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.
Highlights post the period under review
· In May 2023, the company announced plans to commence low detection
mobile-metal-ion (Terra-LeachTM) soil sampling over critical contact zones
across its three licences at the Kalahari Copper Belt project in Botswana.
Additionally, it was announced that at no cost, the company will acquire the
results of an airborne gravity survey jointly commissioned by Cobre Limited
and Sandfire Resources, who hold neighbouring licences, on part of its licence
PL253/2018.
· In mid-June 2023, the company announced that drilling had commenced
at the Kamativi lithium project, following the discovery of a substantial
lithium-in-soil anomaly, which peaks at 1,000ppm Li and extends over a strike
length of 3km.
· In June 2023, the company provided an update and revised timetable
regarding The Glenover Acquisition to Afrimat Limited. The amendment removes
the requirement for the previous suspensive conditions to be met before the
first two tranches of consideration are paid, setting a revised timetable,
with the final payment made on 30 April 2024.
· In June 2023, the company announced that they had exercised the
option to enter into a joint venture agreement, and be a issued a 51% interest
over the Shinganda Copper-Gold Project, following the expenditure of more than
US$500,000 in direct exploration costs. This enabls Galileo the ability to
increase its equity in the project to a percentage ranging from 65 to 85 per
cent depending on the size of any future discovery.
· At the end of June 2023, the company announced the delineation of a
number of elevated gold-in-soil targets at the Bulawayo gold project in
Zimbabwe. The targets follow structural trends surrounding the historic
Queen's Gold Mine, peaking at 2.1 g/t Au with associated elements.
· In August 2023, the company reported that their first hole drilled at
Kamativi had been successful in intersecting significant lengths of lithium
mineralisation in pegmatite rocks, with peak values including a 4m
intersection of 1% Li(2)O from 35m downhole depth in drill hole KSDD001.
Numerous additional pegmatite zones were intersected and await assay results.
· In September 2023, the company announced that it had entered in to an
earn-in agreement with Cooperlemon Consultancy Limited for the exploration of
copper on its licence 28001-HQ-LEL in Northwest Zambia. After the initial cash
payment of US$230,000, Galileo will have the opportunity to earn a 65%
interest in the joint venture via the commitment of a Phase One exploration
expenditure of not less than US$750,000 over an initial 18-month period, and,
issuance of 2,500,000 Galileo Resources plc shares at a price of 1.175 pence
per share.
· In September 2023, the company reported several immediate drill
targets had been delineated at Shinganda after a review and combination of
historical geophysical surveys with its own had unlocked the structural
framework of the property, highlighting a cluster of IP (Induced Polarisation)
anomalies and a new splay fault close to the Shinganda prospect. Both target
areas display elevated copper in soils.
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 08 November 2023
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
I am pleased to report that the Company has enjoyed a very progressive and
successful year with its projects across Zimbabwe, Zambia, and Botswana and a
successful exit from our Glenover project in South Africa.
In Zimbabwe the Agreement with BC Ventures, we acquired a 29% share of the
company which we announced on the 10(th) of August 2022 and at the time of the
report, we have expended in excess of the expenditure of USD1.5million
required to acquire 51% interest in two Zimbabwean projects, thus entitling us
to become an 80% shareholder in the BC Ventures company. We have made
particularly good progress with the Zimbabwean based assets, in that we have
identified a significant gold target nearby the Queen's Mine, close to
Bulawayo.
In following up our airborne geophysical programme, we also identified a new
nickel target and large tracts of ground with potential for gold
mineralisation. We intend to follow up by test drilling the gold anomalies in
2023 and undertaking further ground geophysics to get a better understanding
of the nickel prospect.
The Kamativi Lithium/Tin project of some 520km2 has presented us with the most
exciting target in the BC Ventures acquisition portfolio. During the year
under review, we carried out significant fieldwork and identified multiple
anomalies which warranted a reconnaissance drilling programme.
Post balance sheet, we commenced drilling and are currently on the 10(th)
hole, with the first hole reporting viable grade lithium, with a short
drilling interval reporting over 2% lithium oxide, which was a very pleasing
result. We have elected to continue with this programme but have upgraded
its status from reconnaissance to resource definition status i.e., we are
looking for depth and strike extensions to build up a tonnes/grade profile for
that particular area in the Kamativi concession.
In Zambia during the period, we carried out further drilling to establish the
near-surface potential of the Luansobe Project, with particular emphasis on
filling gaps in the data and establishing the amount of pre-strip required to
commence an operation. We have established a minable resource, together with
all the parameters necessary to commence an open pit operation with a mine
life of 4-5 years, thereafter, progressing to an underground operation.
Also, in Zambia our Shinganda Joint Venture Project is proving to be very
exciting, since field work has found numerous indications of shallow
copper/gold mineralisation. The area is also beginning to show all the
indications of an IOCG deposit (Iron-Oxide-Copper-Gold), which academia has
talked about in Zambia, without real solid evidence. We have built up
significant potential strike as well as question marks against what lies below
the intrusives. We intend to test both of these targets in the fourth quarter
of this year, continuing into next year. We have completed our initial
option period with Garbo Resource Solutions Ltd and are now agreeing our
formal final joint venture relationship.
In Zambia we are currently working on developing a local arrangement with
artisan labour in the Kashitu area. Initially stripping high grade willemite
(+/- 30% Zn). Thereafter, if the project is sustainable, we will look
towards upgrade processing techniques to treat the +/-5% Zn material, if the
quantity and zinc price support the decision.
In Botswana our Sandfire joint venture is progressing well, and the year under
review has seen Sandfire bring in their T3 mining operation with current
information suggesting that they are having a painless production ramp-up with
their anticipated result. This is a credit to Sandfire's exploration and
engineering prowess.
Sandfire is exploring a number of former Galileo licences in the Kalahari
Belt, for which the Company has financial exit formulas in place, whilst we
also have our own licences which we are actively working on.
In South Africa the proceeds from the Afrimat deal were, post the period,
renegotiated and we received half the consideration in shares during July
2023, with the balance to be received in cash before the end of April 2024.
The international copper price remains rangebound between USD7,500-USD8,500
per tonne, whilst the general forecast for 2024/2025 is USD9,000-USD11,000 per
tonne, which is based as much on supply fundamentals as demand. The demand
features are very easy to understand, but as yet the supply features are
not. Simplistically, there are not enough projects in development and not
too many large discoveries. In any event, the development of a large
discovery, will take some 8-12 years to bring into production. It is my firm
belief, often quoted, that copper is moving from being an important metal to a
critical strategic metal and global major mining companies and governments are
adjusting their mines to this fact.
Again, my opinion is that the Majors will have to lower the bar and seek
discoveries or potential discoveries of 500,000 tonnes of contained copper
instead of the current 2 million tonnes of contained copper.
To this end, we are very pleased with our recent joint venture agreement, in
Zambia in respect of a large exploration licence adjacent to the Angolan
border, which we believe has the potential to host the Western Foreland
terrain and Kamoa style mineralisation. The licence is extremely well
positioned in this regard, and we look forward to commencing early exploration
to test our and other third-party companies' postulations.
I would like to thank my fellow directors, management team and dedicated
consultants for their support and excellent work for the period under
review. I look forward to the coming year, realising one of our projects,
any one of which could be transformational for the company and its
shareholders.
Colin Bird
Chairman
CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2023
Figures in pound sterling 31 March 31 March
2023 2022
Assets
Non-current assets
Intangible assets 5,161,591 3,875,570
Investment in joint ventures 835,149 2,936,125
Loans to joint ventures, associates, and subsidiaries 9,547 792,259
Other financial assets 2,556,034 1,994,617
8,562,321 9,598,571
Current assets
Trade and other receivables 284,923 119,856
Other financial assets 47,351 -
Cash and cash equivalents 1,435,511 4,648,995
1,767,785 4,768,851
Non-current assets held for sale 2,323,807 -
Total assets 12,653,913 14,367,422
Equity and liabilities
Equity
Share capital 32,753,530 31,996,730
Reserves 421,097 1,223,801
Accumulated loss (20,815,887) (19,351,353)
12,358,740 13,869,178
Non-controlling interest 117,754 117,754
12,476,494 13,986,932
Liabilities
Non-current liabilities
Other financial liabilities 5 6
Deferred tax - -
5 6
Current liabilities
Trade and other payables 177,414 106,234
Taxation payable - 274,250
177,414 380,484
Total liabilities 177,419 380,490
Total equity and liabilities 12,653,913 14,367,422
These financial statements were approved by the directors and authorised for
issue on 28 September 2023 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
2023
Figures in pound sterling 31 March 31 March
2023 2022
Other income 289,040 -
Operating expenses (1,257,877) (753,321)
Operating loss (968,837) (753,321)
Investment revenue 90,096 332,904
Fair value adjustments 71,074 141,205
Profit/(loss) on sale of assets 291,758 (1,266,967)
Provision for impairments (274,314) (495,842)
Profit/(loss) from equity accounted investments (765,172) 3,433,034
Profit/(loss) for the year before taxation (1,555,395) 1,391,013
Taxation 88,865 151,563
Profit/(loss) for the year (1,466,530) 1,542,576
Other comprehensive income/(loss):
Items which may subsequently be reclassified
To profit or loss:
Exchange differences on translating foreign operations (837,904) 483,319
Other adjustments 1,996 -
Total comprehensive income/(loss) for the year (2,302,438) 2,025,895
Earnings per share in pence (basic) (0.13) 0.15
All operating expenses and operating losses relate to continuing activities.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 March 2023
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 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 loss 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
Warrants lapsed - - - - - - (91,194) (91,194) 91,194 -
Options lapsed - - - - - - (149,793) (149,793) 149,793 -
Warrants issued - 33,791 33,791 - - - 27,560 27,560 - -
Warrants exercised - (27,560) (27,560) - - - (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 1 April 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
Profit for the year - - - - - - - - (1,466,530) (1,466,530)
Other comprehensive income - - - (837,904) - - - (837,904) - (835,908)
Total comprehensive profit for the year - - - (837,904) - - - (837,904) (1,464,534) (2,302,438)
Issue of shares net of issue costs 63,742 693,058 756,800 - (150,000) - - (150,000) - 606,800
Options issued - - - - - - 185,200 185,200 - 185,200
Options lapsed - - - - - - - - - -
Warrants lapsed - - - - - - - - - -
Warrants issued - - - - - - - - - -
Warrants exercised - - - - - - - - - -
Total contributions by and distributions to owners of Company recognised
directly in equity 63,742 693,058 756,800 - (150,000) - 185,200 35,200 - 792,000
Balance at 31 March 2023 6,770,910 25,982,620 32,753,530 (1,131,080) - 1,047,821 504,356 421,097 (20,815,887) 12,358,740
(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 2023
Figures in Pound Sterling 31 March 31 March
2023 2022
Cash flows from operating activities
Cash generated from/(used in) operations (1,495,390) (901,221)
Dividends received from trading - -
Interest Income - -
Net cash from operating activities (1,495,390) (901,221)
Cash flows from investing activities
Additions to intangible assets (1,229,886) (1,559,823)
Sale of intangible 291,759 -
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 369,579 -
Purchase of financial assets (1,149,545) (132,644)
Proceeds on sale of non-current assets held for sale - 1,132,394
Net cash flows from investing activities (1,718,092) 2,096,731
Cash flows from financing activities
Net proceeds from share issues - 2,060,529
Repayment of loans from group companies (1) -
(1) 2,060,529
Total cash movement for the year (3,213,483) 3,256,039
Cash at the beginning of the year 4,648,994 1,392,955
Total cash at end of the year 1,435,511 4,648,994
Statement of Directors' Responsibilities for the year ended 31 March 2023
· 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 a loss of £1,466,530 (2022: earnings of £1,542,576) after
taxation. Basic losses are 0.13 pence (2022: earnings of 0.15pence) per share.
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
2023 2022
Rare earths, aggregates and iron ore and
manganese (717,323) 3,433,034
South
Africa
Copper 110,901 117,599
Botswana
Gold (9,892) 8,170
USA
Copper and corporate (939,082) (2,167,790)
costs
United Kingdom
Gold and - -
lithium
Zimbabwe
Total (1,555,396) 1,391,013
Geographical segments
An analysis of total liabilities:
31 March 31 March
2023 2022
Rare earths, aggregates and iron ore and
manganese (64,542) -
South
Africa
Copper (4,794) (274,250)
Botswana
Gold - -
USA
Corporate - (106,232)
costs
United Kingdom
Gold and (108,074) -
lithium
Zimbabwe
Total (177,410) (380,482)
Geographical segments
An analysis of total assets:
31 March 31 March
2023 2022
Rare earths, aggregates and iron ore and
manganese 3,459,946 6,601,178
South
Africa
Copper 1,481,683 1,629,307
Botswana
Gold 1,613,873 1,396,831
USA
Copper 2,508,201 1,059,311
Zambia
Copper and Corporate 2,743,833 3,445,545
costs
United Kingdom
Gold and 846,377 235,249
lithium
Zimbabwe
Total 12,653,913 14,367,421
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 Company recognised a deferred tax
liability in the amount of £425,813. The transaction was completed during
2022 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 19% (2022: 17.79%). No
provision has been made for 2023 tax as the Group has no taxable income. The
estimated Group tax losses available for set off against future taxable income
is in excess of £5,000,000. The Group has not reflected 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 2023 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 2023, 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 2023. 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 2022 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 2023, copies of which were mailed to shareholders
on 29 September 2023 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 30 September
2023 from Company's website: www.galileoresources.com
(http://www.galileoresources.com) .
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