Galileo Mining (GAL) H2 2024 earnings summary

Executive summary

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

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

• Focused on aggressive exploration at the Norseman and Fraser Range projects, targeting nickel, palladium, platinum, cobalt, lithium, and copper.

Financial highlights

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

• Cash on hand at 30 June 2024 was $13,617,755, down slightly from $14,456,650 in 2023.

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

• Revenue included a $5 million payment from the lithium JV, with total other income of $5,493,780.

• 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 and Fraser Range, with further drilling and geophysical surveys planned.

• Anticipates further resource delineation and potential new discoveries, especially in lithium and PGE-nickel domains.