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All heading in the right direction. I think they are well on with the next steps given the long delay since the drilling complete.

A comment from the AGM in November 24 was "we have blown a few myths" and nothing more was given.

i imagine thats a good thing and hope to hear more in the next interview.

Zambia will be "waking up" shortly with the Wet Season coming to an end. I tihnk we will be in for a steady news flow and underpinning needs to be a strong copper price.

box ticked for that part

I agree Analytical, we will likely sell 39 and 40 so at least need to keep them in a state of readiness to be sold. proving further work allows you to keep the exploration licenses. If you don't work then you lose them.

O Previous Galileo drilling in the area where re-logging has provisionally identified traces of copper mineralisation in several of the holes at the target horizon level.

This is the most interesting part. Seeing copper mineralisation after re logging drill cores. COBRE multi bagged after producing copper from drill cores.

I don't mine some more drilling, it's long shot, but if we produce copper in those cores just once it's big time for us

Well reminded Aeris thankyou

Another piece of news around the corner to look forward to.

Well done Legendary, you called it about as good as you can get on that peak

below is our group structure

we could see a sale in camel valley and st vincent minerals fairly readily

then maybe bc ventures

camel valley - kcb licences

enviro zambia - ka****u/whats left of the sz contract with siege

galileo mining zambia - luansobe (likley shinganda and western foreland soon)

bc ventures - kamativi/bulwayo

st vincent minerals - ferber

https://galileoresources.com/about-us/group-structure/

shinganda i think will be updated once we review our majority stake in statunga (likely under galileo mining (zambia)

That could be a possibility BS. I know we have slightly different opinions, but I think if we get notification of further drilling I'd be happy with that, even happier of the further drilling comes with news of "Major" involvement.

I strongly believe a JV or sale of the shallow pit could come on an almighty RNS anytime. The big time sale of the whole lot I think it would be likely a major comes in part way through (even though we are at the end). CB has done this twice with FQ.

1 - Kiwara PLC at $34m macap, hand eventually selling for $260m

2 - AFP, although they were ag the very beginning of their exploration journey

We need a third time lucky

I also think if we monetise another asset or our SP builds on the likelihood of a sale to a major (like kiwara, reached $105m) then we are less likely to have a major, including the chinese take the p*ss to put it technically

I imagine some miners have to get rid in the cheap as they only have one option of go bust. This won't be us, as we have so many other assets

Sandfire ups it's exploration budget in 2025 (according to latest reports 30th Jan this Yr.

Targets getting very close to the sold license Pl251/2018. A2 and Selepe just in the boarder. Sandfires goal to have 15 years of mine life resource at the ready, currently it has 8.

Our retainer may pay out sooner rather than later. If I was Sandfire I'd offer us an early buy out

https://x.com/Sharedata12/status/1893788958456205640?t=jO8rlHASyY_CC4M4S1NMDg&s=19

https://www.lse.co.uk/rns/GLR/sale-of-9-licences-for-us3m-subscription-cu8dy1vk7bje4e1.html

My post BS was purely my opinion and neither did it suggest we only have only one option of continued drilling. The option still exists to "...monetise the shallow pit fairly readily..."

However imo there are more options to drill further and package the asset into a oner for Mopani. There has been 84000m of drilling on Luansobe, we need a further 5000 to twin hole and re prove previous drilling (according to Addison in the JORC). That could be done in 6 months.

Also, again imo, the sp will multi bag if we get news of IRH (Mopani) being involved with us and officially taking notice of Luansobe. We dont necessarily have to monetise the shallow pit to cause the SP to increase. We know the ore is there at any depth, it isn't a case of discovering it, it is a case of proving it officially.

that's right chri5p

i think the varying options of luansobe are a blessing but a curse to us investors. we have the insurance policy of being able to monetise the shallow pit fairly readily. i'm going to make a prediction that zambia is not short of small scale assets of copper trying to sell or jv.

what stands luansobe out from the rest is that it has a mining license and access road and is close to a major processing plant at mopani

however (just my prediction)

for a major to be interested they are wanting ready mad packages to extend their mines by years or increase their capacity by a large % for years. the general trend seems to be majors throwing cash at expansion first, to then thrown cash at an expansion purchase it would be for the above parameters and little further work by them for exploration.

see diagram

https://x.com/sharedata12/status/1892700001454739719?t=bcwk-fexikdizlqaxhvzha&s=19

to that end, i think we will be hanging on for as long as possible and drilling the medium and deep to at least firm up the mre. sell off as you say 253 or other non key assets to fund ourselves. then maybe collab with a major for the final throws to jorc and sell part of the company to the major

i'm looking forward to it though. so many options still. ka****u monetised could fund our key projects. i'd want alot more, but even $500k/m would go a long way. i estimate that would be only 8000 tons of ore moved to sable per month

I agree Cyber

https://znbc.co.zm/news/mopani-copper-mine-starts-exploration-around-mufulira-mine/

This news article 16th Nov 24 says clearly Mopani are starting to explore the nearby area for extending the mine which will whose life will end in 2034 if it doesn't find more ore

This coincides with CBs statement at the AGM 10 days earlier "IRH are ready to talk to us now"

Luansobe was always billed to be the mufulira extension, they surely must be considering the "oven ready" Project just 5km down the road

That being said This makes me believe there will be a big push on the Medium to Deep this year by us to sell as a big project to mopani. Maybe a joint funded project would be nice

Shinganda exploration pits on google maps if anyone is interested

-14.079065,25.133000

https://x.com/Sharedata12/status/1893251273345937673?t=_sF85CmJ-_ufHE1K0AwdlA&s=19

Right next to a road "D301"

Access, no local houses or municipal council (issue in the past), no high water table (issue in the past).

Plans to open pit and the next set of drilling will produce a Mineral Resource Estimate (MRE)

Peer comparison "Prospect Resources Ltd" on ASK. Have just 3 assets in Africa. 1 being a copper asset that is similar in size to Shinganda (at MRE stage) 2 other lithium assets 0.7-1.3% lithium in zambabwe neither at JORC and % owned (1 just 20%)

Mcap $53m Australian.

Very similar companies if not GLR either better assets. The only difference is they have access to funding

We certainly have the assets to boots us to that, but this company will be won and lost over a desk now, not in the field. CB and Co need to do their thing and part deals and discussions can't be updated via RNS

https://prospectresources.com.au/

when they have finished counting every molecule of rock in our shinganda drill cores and we get the assays back, that will be 3 assets we can monetise

luanosbe - copper

shinganda - copper/gold

ka****u- zinc/lead/silver

3 metals with prices increasing to new highs. the market must recognise this value soon and reflect in the sp

I'd say I was being reserved with my previous post

Tough one FS. So many ways to value it

In situe value ($2800/t)

Open pit 7% 300x250x3m = $44m

Medium 5mt @ 25% = $3.5bn

Large 50mt @ 3.5% = $4.9bn

My prediction

Small pit is mined via JV at peak rate 20k tons a month and trucked 5km to Sable refinery. 20k at 7% and £2800/t is approx $4m a month. With 25% net profit going to GLR. $1m month for 2 years

Medium and large asset explored further for JORC. Once JORC achieved and assuming the numbers are correct we will for 0.5 -1% of in situe value $24-48m

leopard resources ltd who own the large scale mining license over kabwe is in the final stages of takeover for $5.1m by shuka minerals ltd. kabwe zinc mine has been closed over 30yrs and the area is about to go through the process of drilling to achieve jorc. a competent person report stated 5mt at 10% was present with an in situe value of $2billion.

this is very similar if not the same as ka****u, so it wouldn't be too far outside the box to value ka****u the same, especiallyonce the mining license is granted . of course the real value relies on monetisation.

i agree with the roast guys statement today that glr among other companies has a market cap lower than the value of some of its assets

another roast with colin today and no mention or glr. an update surely must come this week.

i posted the ka****u mining license app in the glr telegram group which phil and kevin set up on friday. they will have seen it but were not able to speak to colin about it.

chri5p, does this shed any light in the matter?

https://x.com/sharedata12/status/1462055409263460353?t=zdwebeaexq7yiwoouy3urw&s=19

standard process in zambia (and other countries) is that after a period of time a ln exploration license has to have 50% handed back if not turned to a mining license. in 2021 siege temporarily held our larger license before it halved and became what it is today as the small scale exploration license.

i'm not sure i recall getting a diffrent license than expected (although my memory isn't great). there does appear to be a small scale mining license in amongst all the confusion on the pictures of the cadastre over ka****u. maybe we assumed at the time it was for us? and it actually ended up being over the half we didn't keep

Exactly that Analytical, same process as the other Licenses we have seen GLR apply for and researched the process

BS - I have a post on my twitter account that shows the process of mining license application. Exploration license does not require as much up front information, neither does Artisanal. However o do get your point, we had several Artisanal licenses which were withdrawn due to what we were told as access and municipal council issues. It is highly likely this has been rectified as a small scale mining license is not allowed to be applied for without certain boxes ticked.......as Analaytical has said. Mining plan which involves the full life cycle from first break ground to "return to green"

GLR have never notified us of an application in the 5 years iv been here. only a license granted