Galileo Mining (GAL) Q4 2024 TU earnings summary

Executive summary

• Completed a farm-in and joint venture with Mineral Resources (MinRes) for a 30% interest in lithium rights on Norseman JVA, with MinRes able to increase to 55% by funding $15m over four years.

• Received $5m Tranche 1 payment from MinRes, with $2.5m Tranche 2 due by May 2025, boosting cash to $13.6m as of 30 June 2024.

• 2,700m RC drilling campaign at North Callisto targeted nickel and palladium, yielding new mineralised zones.

• Ongoing geophysical IP surveying and follow-up drilling planned for August 2024 at Norseman.

Financial highlights

• Cash position of approximately $13.6m at 30 June 2024, ensuring full funding for planned exploration.

• $7.5m cash consideration from MinRes JV, with $5m received and $2.5m due by May 2025.

• Exploration and evaluation expenditure for the quarter was $1.445m.

Outlook and guidance

• Well-funded to accelerate exploration at Norseman and Fraser Range projects.

• Next round of drilling at North Callisto scheduled for August 2024, focusing on new and follow-up IP targets.

• MinRes may increase JV stake to 55% by sole funding $15m over four years, and potentially to 70% by funding through to a Decision to Mine.