Member Info for CHRI5P

This will not take many more buys for the SP to move up. Maybe we will see 1p by the end of the week.

A few more large buys like the last one and this will move up today. I think we will be back above 0.9p soon.

Prem does not have anything to sell! Hence, a placing. GLR is cashed up with licenses to sell and idiots complain about CB. CB is do nothing wrong accept the issue of things are taking longer than impatient investors are unwilling to stand for.

Data PREM is down more than 90% since Iky recommended it 3 years ago. It has a huge following compared to GLR. Once GLR starts to multiply it will then get the recognition it deserves. The last time I looked into PREM I thought it is likely to go bankrupt. WW is completely right to say it raised money to live another day.

The buy price back up to 0.9p - some common sense coming back

With all the licences we have anyone with a brain should realise that there is a risk that some drilling campaigns will be inconclusive. It is called exploration.

I agree with you Cyber that Shinganda was built up due to the October drilling update saying the 3rd drilling looked good and so a fourth was immediately commencing and the half year results saying that they were drilling in effect to demonstrate the potential OP. So the RNS today in some ways was destined to lower the tone.

I have always felt the OP was only a possibility and still could be. Even if the drilling was conclusive it would be at least 3 years before an open pit could be in motion. Therefore I have always said that Shinganda could be the big IOCG deposit which would need a lot of proving up but could be massive.

In summing up I am disappointed more with the SP reaction. If you have taken the worst point of view from the RNS that the OP is dead in the water then that one opportunity is such a tiny part of the total of GLR potential assets and that not all of our drilling in all of our licenses would be statistically possible and by the way Shinganda is still a potential IOCG.

A few nice buys going through I am waiting until the new ISA year to be to buy more.

Ana on your last point I think it is all about proving up costs. If the deposit is 50 KT then GLR would not bother doing the work to receive 65% and would require 85% at least to make a good profit. Additionally, if there is over 1 mt I suspect Garbo would struggle to fund the mine construction and would take the 2% royalty. However, we are talking about the future and 5 years away IMO.

We have not paid Garbo anything for the 51% stake it is about funding the project and that continues up until the feasibility study is complete.

Spending $500K gave us the 51% and now we are in control and we are on no time limits or specific spending targets.

The 55% I mentioned earlier if we sell was wrong and for another asset.

I am actually a bit more positive on the RNS having read previous RNS's

The Shinganda Fault Splay from drilling campaign 2 of over 4 km has increased to 20 km

7/12/21 RNS

Summary of Option Terms

An Option and Joint Venture Agreement has been signed with Garbo on the following summary terms:

i. Galileo may earn an initial 51% interest in the Project by spending US$500,000 on exploration, including drilling and evaluation studies, over a two-year period, subject to any necessary Zambian regulatory approval.

ii. Galileo may withdraw without penalty at any stage during the Option period

iii. At any time during the Option period Galileo may elect to move forward to a Joint Venture to more fully evaluate and, if warranted, develop the Project.

iv. Should the parties decide to advance the Project to feasibility study, then Galileo will pay the cost of such a study.

v. Galileo's share of profits from a mining operation will vary, depending on the projected size of the deposit, ranging from 85% if the project has the potential of greater than 50,000 but up to 200,000 tonnes of contained copper equivalent, to 65% if the project has the potential for more than 1,000,000 tonnes of contained copper equivalent.

vi. On decision to mine, each party will be responsible for funding of the development pro-rata to its equity holding in the Joint Venture

vii. Should Garbo fail to finance its share in the development of the Project, 100% ownership of the Project will revert to Galileo and Garbo will be granted a 2% net smelter royalty on commercial production

RNS 7/12/21

Highlights

· Option agreement gives Galileo the right to earn an initial 51% interest in the Shinganda copper-gold project in central Zambia, subject to any necessary Zambian regulatory approval, by spending US$0.5m on exploration and evaluation over two years

· The Company can subsequently increase its interest through entering into a Joint Venture to develop a mining operation, ranging from 65% interest for a large deposit of greater than 1Mt of contained copper equivalent, up to an 85% interest in a smaller deposit of less than 200,000 tonnes of contained copper equivalent

That was the initial Shinganda deal but maybe we received an update

Yes, we have 51% and we get to 65% if we can pass the test.

If we sell after we pass the test we will receive 55% of the proceeds

The cost of the 51% was to spend $500k on the project.

A good assessment Ana.

For me I had not put much value on an OP at Shinganda until we had the drilling data to go for a JORC. It's always been about the potential IOCG. This is still intact and to get this proved up would always need a huge amount of investment and a JV. So for me no major news.

I also don't want to sell any other of our assets in a fire sale.

Yes, this not a good RNS and investors don't like updating RNS's even though moaners will keep asking for them. Additionally, I have always said I don't want unnecessary drilling. However, it was always blatantly obvious we would be doing more drilling on Shinganda. Shinganda was originally the asset of tomorrow not today.

Additionally, I am always positive on an investment I own until I sell and then I move on and have no opinion.

Iky I just can't understand why people invest/speculate in a share and don't understand the risks.

HD you sound like a desperate man.

Just an update. The IOCG is still intact but more drilling required which is not news it is what we already knew.