Galileo Reports $9.74M Cash, 4.1g/t Palladium Assays, and JV Extension

Financial Strength Supports Exploration Ambitions

Galileo Mining Ltd (ASX – GAL) closed the June quarter with a solid cash balance of approximately $9.74 million, positioning the company well to continue its aggressive exploration programs across its Western Australian assets. This financial footing underpins ongoing work at the Norseman and Fraser Range projects, where the company is targeting precious metals and base metals mineralisation.

Encouraging PGE Results at Mission Sill Prospect

At Norseman, Galileo’s Mission Sill prospect has delivered compelling assay results from recent aircore drilling campaigns. Notably, peak assays recorded 4.1 grams per tonne (g/t) palladium and 2.5 g/t platinum over one metre, highlighting the prospect’s potential to expand the region’s known platinum group element (PGE) resources. The Mission Sill lies just 8 kilometres from the 17.5 million tonne Callisto deposit, which remains a cornerstone asset for the company.

Drilling has delineated anomalous PGE mineralisation along a 6-kilometre strike, particularly concentrated along the Eastern Contact Zone, where mineralisation has been traced for over four kilometres. These results reinforce the prospectivity of the ultramafic host rocks and set the stage for further targeted drilling later this year.

Fraser Range Drilling – Geological Promise but Awaiting Assays

Meanwhile, at the Fraser Range project, Galileo completed 1,446 metres of reverse circulation drilling across four high-priority electromagnetic sulphide targets. Although no significant assay results have emerged from this initial phase, geological logging confirms the presence of prospective mafic intrusive rocks and graphitic meta-sediments, which are encouraging indicators for nickel-copper sulphide mineralisation akin to nearby Nova and Silver Knight deposits.

Down-hole electromagnetic surveys are planned to refine targets and guide potential follow-up drilling, underscoring a methodical approach to exploration in this highly prospective region.

Lithium Joint Venture Extended, Enhancing Strategic Flexibility

In a strategic development, Galileo extended its Lithium Farm-In and Joint Venture Agreement with Mineral Resources Ltd (ASX – MIN). The extension pushes the earn-in period by two years to June 2030, allowing Mineral Resources additional time to meet expenditure requirements to increase its stake from 30% to 55%. Additionally, the payment schedule for tranche 2 cash consideration was extended by six months.

This extension reflects confidence in the lithium project’s potential and provides both parties with greater flexibility to advance exploration and development activities.

Government Funding to Unlock Deeper Mineralisation

Galileo also secured up to $180,000 in co-funding through Western Australia’s Exploration Incentive Scheme to drill test beneath the Callisto deposit. This funding will support deep reverse circulation and diamond drilling aimed at identifying additional mineralised ultramafic sills, potentially expanding the resource base and enhancing the project’s long-term value.

Managing Director Brad Underwood highlighted the company’s excitement about the multiple targets across its portfolio and the opportunities ahead, signaling a proactive exploration strategy backed by solid financial and technical foundations.