Galileo Mining (GAL) H2 2024 earnings summary

Executive summary

• Achieved significant progress in exploration, including a maiden mineral resource estimate for the Callisto deposit and a major lithium joint venture with Mineral Resources Limited.

• Maintained a strong financial position with $13.6 million in cash at year-end, fully funding planned exploration activities.

• Focused on advancing the Norseman and Fraser Range projects, targeting nickel, palladium, platinum, cobalt, lithium, and gold.

Financial highlights

• Net profit of $3,374,077 for FY2024, compared to a loss of $1,533,057 in FY2023.

• Cash on hand at 30 June 2024 was $13,617,755, down from $14,456,650 at prior year-end.

• Net assets increased to $47,396,767 from $43,276,571 year-over-year.

• Other income rose to $5,493,780, mainly from the $5 million received for the lithium JV.

• No dividends declared or paid during the year.

Outlook and guidance

• Fully funded for all planned exploration programs, with no immediate need for capital raising.

• Ongoing aggressive exploration at Norseman, including further drilling and geophysical surveys.

• Fraser Range drilling to proceed post-approval, targeting Nova mine style nickel-copper-cobalt deposits.