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Galileo Resources PLC on Wednesday said it swung to an interim loss, as the company lacked last year’s disposal gains which had boosted its bottom line amid exploration advancement. The copper, gold and lithium mine developer in Zambia, Zimbabwe and Botswana said it swung to a pretax loss of £644,766 for the six months ended September 30, from a profit of £2.3 million a year ago. This was largely due to the disposal of Glenover in 2024, which had significantly boosted the bottom line. Profit on sale of non-current assets held for sale was zero, compared to £2.5 million. Investment revenue also fell to £27,000 from £384,870, widening the loss. Looking ahead, Galileo Resources said additional plans are underway to advance the Southern target towards active exploration and resource definition at its Luansobe copper project in Zambia. The company also aims to ‘rapidly expand’ the Ferber project in Nevada, US and expects to kick off the phase two drilling programme in the first half of 2026. Gaileo Resources signed a conditional co-operation and project development agreement with Jubilee Metals Group PLC at the end of November, and said early drilling results at Molefe copper mine have been ‘encouraging’. Shares in Galileo Resources fell 3.2% on Wednesday in London, closing at 0.92 pence. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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