Galileo Resources PLC Regulatory News (GLR)

For immediate release

Dissemination of a Regulatory Announcement that contains

inside information according to REGULATION (EU) No 596/2014 (MAR).

4 September 2020

Galileo Resources Plc

("Galileo" or "the Company") 

Board changes, AGM, Change of Auditor & Publication of Results

Galileo Resources plc ("Galileo "or the "Company"), confirms the following update in relation to its board, its AGM, change of auditor and the publication of its results for the year ended 31 March 2020.

Board Changes: Andrew Sarosi has, as a result of his retirement, resigned as a director of the Company and its subsidiaries and Edward (Ed) Slowey has joined the Board as Technical Director both with immediate effect. The Company is in the process of finalising the appointment of a new Finance Director which is subject only to the usual regulatory checks relating to the appointment.

Ed Slowey holds a BSc degree in Geology from the National University of Ireland and is a founder member of The Institute of Geology of Ireland. Ed has more than 40 years' experience in mineral exploration, mining and project management including working as a mine geologist at Europe's largest zinc mine in Navan, Ireland and was exploration manager for Rio Tinto in Ireland for more than a decade, which led to the discovery of the Cavanacaw gold deposit. Ed is an experienced exploration geologist, having worked in Africa, Europe, America and the FSU and his experience includes joint venture negotiation, exploration programme planning and management through to feasibility study implementation for a variety of commodities. As a professional consultant, Ed's work has included completion of CPR's and 43-101 technical reports for international stock exchange listings and fundraising, while also undertaking assignments for the World Bank and European Union bodies. Ed has also served as director of several private and public companies, including the role of CEO and Technical Director at AIM-listed Orogen Gold Plc which discovered the Mutsk gold deposit in Armenia.

Colin Bird the Chairman of Galileo commented:

" I was saddened to learn of Andrew's intended retirement since we have worked together for many years in many different countries on many different projects. Andrew's all-round expertise and willingness to tackle any eventuality is unique in our space and his contribution will be sorely missed both as a friend and a colleague. Andrew has kindly agreed to give ongoing assistance and advice where appropriate, and I am sure we will be calling on this generous offer. Last but not least I and the Board wish Andrew all the best for a well-deserved, long and happy retirement. I welcome Ed to the Board as Technical Director of the Company and look forward to his contribution to what is an exciting portfolio of developing assets. Ed has very broad experience and brings high-quality geological assessment and experience to our team.

Annual General Meeting: In light of current restrictions on public gatherings and to ensure shareholders can comply with the Government measures, the Company has concluded that it will call a procedural Annual General Meeting ("AGM") to be held at 7/8 Kendrick Mews, South Kensington, SW7 3HG at 10:00 a.m. UK time on 28 September 2020 at which shareholders will not be permitted to attend in person, it is currently intended that the AGM will be held with only the appointed chair of the meeting and two other nominated shareholders. The Company intends, government measures in relation to COVID-19 permitting, to call a general meeting later in the year at which the audited accounts for the year ended 31st March 2020 will be presented and shareholders invited to attend. The Notice of AGM is being posted to Shareholders today and is available on the Company's website.

Change of auditor: The Board has approved the appointment of PKF Littlejohn LLP as the Company's auditor for the financial year ending 31 March 2020. The appointment of PKF Littlejohn LLP for the financial year ending 31March 2021 will be subject to approval by shareholders at the Annual General Meeting of the Company to be held on or around 28 September 2020.

In accordance with Section 519 of the Companies Act 2006, the Company's previous auditor, Chapman Davis LLP, has deposited with the Company a statement confirming that there are no matters to be brought to the attention of the Company's members or creditors as a result of their resignation as auditors of the Company.

Publication of Results: As a result of the impact of COVID-19 in the countries where the Company has companies namely, United Kingdom, South Africa, Zambia and the USA the Company has applied for and been granted permission by AIM to delay the publication of its audited accounts for the year ended 31st March 2020 by three months that is to 31 December 2020. Companies House in England has also granted the Company an extension to file is 31 March 2020 accounts by 31 December 2020. The Company has agreed an audit completion timetable with PKF Littlejohn's which will enable it to meet this extended deadline.

Trading Update in relation to YE 31 March 2020: By the standard reporting deadline of 30 September 2020 in relation to the year ended 31 March 2020 the Company will release an announcement providing an update on the Company's operations which being a junior mining exploration company with no mining operations will relate to its an update on its areas of operation, net cash position, fundraisings and transactional activity.

Additional Information required pursuant to Schedule 2(g) of the AIM Rules in relation to the appointment of Edward (Ed) Slowey

Edward (Ed) Patrick Slowey (age 69)

Ed has held the following current and past directorships and/or partnerships in the past five years:

Ed does not hold any interest in the Company's ordinary shares.

The Company's website details the Company's project portfolio as well as a copy of this announcement: www.galileoresources.com

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC