Galileo Mining (GAL) H2 2026 earnings summary

Executive summary

• Significant exploration progress at the Norseman Project, with systematic drilling and geophysical surveys advancing understanding of the mineralised system and identifying new PGM and gold targets at Mission Sill and Callisto South.

• Deep diamond drilling at Callisto intersected a previously unrecognised mineralised ultramafic sill, supporting the interpretation of a larger intrusive complex and providing new exploration targets.

• The company maintained a strong financial position with A$7.5 million in cash at year-end, supported by a A$1.0 million progress payment from a lithium joint venture.

Financial highlights

• Net loss for the year ended 30 June 2026 was $4,667,069, compared to a loss of $1,160,880 in the prior year.

• Cash on hand at year-end was $7,476,298, down from $9,736,051 the previous year.

• Net assets stood at $43,099,498, compared to $46,993,637 a year earlier.

• Impairment of capitalised exploration and evaluation expenses and acquisition costs totaled $4,552,772 for surrendered tenements.

• No dividends were declared or paid during the year.

Outlook and guidance

• Priority for FY2027 is continued discovery, with follow-up drilling planned at Mission Sill and Callisto South, and ongoing metallurgical testwork at Callisto.

• Substantial pipeline of targets remains to be tested, leveraging new geological and geophysical data.