(Alliance News) - Galileo Resources PLC on Friday reported a wider loss, while still not generating revenue as it continued work across its projects.
Shares in Galileo were down 8.8% at 0.98 pence on Friday morning in London. The stock is down 41% in 2021.
For the six months that ended September 30, Galileo said its total comprehensive loss widened to GBP511,402 from GBP486,591.
The London-based mining company with projects focused in Zambia, Botswana, South Africa and the US does not yet generate revenue.
More positively, the company's total assets increased in value by 63% to GBP11.8 million from GBP7.2 million.
Galileo had GBP3.5 million in cash, having raised GBP2 million before expenses through the issue of 133.7 million shares during the period.
At its Kalahari Copperbelt project, the company said it had two variation agreements with Sandfire Resources Ltd over the course of the half-year. The agreements related to licence sale agreements that served to facilitate the continuity of exploration expenditure.
Galileo added that it had since progressed a drilling campaign at the project with more than 5,000 metres of mixed core and reverse circulation drilling completed on five of the project's exploration licenses.
At its Kashitu zinc project in Zambia, Galileo said it was continuing to make drilling plans and that a number of site visits had been undertaken to establish its sustainability.
Galileo said it had received USD50,000 from Siege Mining Ltd in relation to the ceding of ownership and operation of the Star Zinc Project in Zambia.
Also in Zambia, Galileo said it had entered an option and joint venture agreement with Garbo Resource Solutions to hold the Shinganda copper-gold project. The option agreement gives Galileo the right to earn an initial 51% interest in the project.
The company can also subsequently increase its interest through entering into a joint venture to develop a mining operation, ranging from 65% interest for a large deposit and up to an 85% interest in a smaller deposit.
At the Luansobe copper project in Zambia, Galileo said it had entered a join venture agreement on Wednesday with Statunga Investments Ltd. The agreement provides Galileo the right to earn an initial 75% interest to acquire the licence, technical information and other information and assets related to the Luansobe project.
At the Glenover phosphate project in South Africa, Galileo said it had continued to support the project's application for a mining license.
Galileo added it had entered into an asset sale agreement with Afrimat Ltd for ZAR250 million - approximately GBP11.6 million - of deposits of phosphate rock and mining rights to mine the Vermiculite deposit at the Glenover mine.
Finally, in the US state of Nevada, at the company's Ferber gold-copper project, Galileo said it had initiated a project aimed at identifying drill targets. Drill testing is now planned for early 2022.
By Heather Rydings; heatherrydings@alliancenews.com
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