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Message sent as below
"I am a shareholder in GLR and am writing in the hope that you can reassure me with regards to the status of Star Zinc. Investors had had the expectation that Star Zinc would be generating revenue by Q4 2020 but this has now been revised to Q1 2021.
The 14th April 2020 RNS detailed the expectation that GLR would assume the rights to EML and it's Zambian subsidiaries. I understand this hasn't occurred and EML and it's Zambian subsidiaries is now held under JLP. A marketing agreement with Zopco was announced on the 25th Nov. The half year report of the 29th Jan contains the following statement "Galileo has decided to cease seeking Ministry approval and therefore will no longer be assuming the rights from BMR."
There was no further clarification as to the intention as regards to Star Zinc progression.
The Zambian mining cadastre shows that Joackim Chelelwa has been approved for an Artisan mining right that appears to be for the area that GLRs zinc resource resides.
In addition, Siege Mining have an application in for a Small scale Exploration Licence that appears to cover part of the Enviro Processing LEL and the area of the JORC zinc resource. It is concerning that the applicants for the above licences are not obviously related to GLR.
Could you please provide some reassurance that Star Zinc is still on track for producing revenue this quarter and that it is still GLRs intention to progress Ka****u."
I did the same. Here is the email for Nomad.
corpfin@b-cornish.co.uk
Below is the content.
Dear staff
I’m one of the investors in Galileo Resources.
I would like to get some answers regarding certain info published by company via 2 RNSs.
One dated 24th Dec which is audited results for the year ending March 2020 mentioned below statement regarding Star Zinc operations in Zambia.
“ -- Galileo agreed an optimal arrangement ("Arrangement ") with BMR to assume the rights to BMR's Mauritian subsidiary, Enviro Mining Limited ("EML") and its wholly-owned Zambian subsidiaries, which latter, include, amongst other things the title to licences for Star Zinc and Ka****u (zinc willemite) projects. The Arrangement, which is subject to Zambian Ministry ("ZM") approval, is for nil consideration since the Company has earned-in 100% rights to the two projects”.
In another RNS released on 29th Jan 2021 which was annual report ended Sept 2020 below comments were mentioned about the same project.
“ Galileo has decided to cease seeking Ministry approval and therefore will no longer be assuming the rights from BMR”.
We investors are seeking some clarification about star zinc issue. Also in year 2020 £900000 were raised. According to fundraising some of the money was supposed to be used for advancing star zinc project. None of these RNSs have mentioned any progress being made fo Star Zinc.
Meanwhile many investors have noticed that licenses have been granted or accepted applications for the star zinc site by mining cadestrae Zambia which is neither BMR or Galileo. I am attaching pictures to illustrate the same. First pic is location of star zinc according to JORC report on Galileo website and 2 other pics are showing how other applications were made for the same site by 2 different entities.
I hope you can understand the confusion created by above mentioned RNSs and subsequently info available on Zambia mining website.
We would be grateful if this issue can be clarified as soon as possible as lot of publicity is being given on various social media platforms.
I have sent an email to Beaumont Cornish, Phoenix and will inform everyone as soon as a response is received.
Let’s hope Star Zinc is still on track!
Well said C7. I will contact them today and let you know guys.
Caterham,
Thanks for your excellent suggestion. I shall attempt to put together something to send to them. No guarantees of when.
Please can other folk do the same. I shall let folk know when I send something. I still think things must be ok but it's all a bit odd.
If SZ has changed ownership and materially impacted GLR business, then the Nomad would force CB to issue an RNS stating so. The fact that no such RNS has been issued may be perceived as a good thing, or possibly as Nomad not doing its job properly! If anyone here has the time, why not contact the Nomad (Beaumont Cornish Limited - details at end of all RNS), and outline what appears to have happened with SZ. If several people do the same, then the Nomad must take note.
If anyone does contact Nomad, please let this BB know, because if the Nomad then chooses to not force an RNS, then we know everything is OK.
CB needs to give some clarity about Star Zinc and quickly. Shareholders are getting nervous with the lack of information and rightly so when it appears that other parties have been issued permits on the Star Zinc licence area.
Very good post westlad, absolutely agree. IF SZ fails, especially after recently saying "monetize 1st quarter" then after the debacle of concordia, cb loses a lot of trust imo. The new investors won't fully understand that.
Kcb "could" be a game changer but personally would prefer sz to kickoff 1st, to show us he means business. GLA