29 September 2025

Galileo Resources Plc

("Galileo" or the "Company" or the "Group")

Audited Results for the year ended 31 March 2025

Galileo (AIM: GLR), the exploration and development mining company, announces its audited results for the year ended 31 March 2025.

Highlights for the period under review

·      At Luansobe, significant advances were made towards near-term copper production, supported by the award of two 10-year small-scale mining licences, that together cover both the open-pit, underground and deeper exploration target areas. The two licences encompass the Luansobe JORC (2012) Inferred Mineral Resource, estimated at 5.8 million tonnes gross grading 1% total copper, suitable for open-pit mining, and an additional 6.3 million tonnes at 1.2% copper, suitable for underground extraction. Combined, this represents around 153,000 tonnes of contained copper. There is further upside potential to extend the mineral resource, including the incorporation of shallow underground mineralisation grading between 1 to 1.5% Cu which was previously excluded from the resource due to drill density, and the addition of deeper, higher-grade copper zones to the south.

·      The priority for the reporting period included the completion of open-pit sensitivity analysis, which has facilitated advanced discussions with third parties who are interested in developing a multi-faceted mining approach at Luansobe, which presents significant optionality in future mining and processing scenarios. The company intends to rapidly advance the near-term open-pit mining potential at Luansobe, while preserving scope for the longer-term underground potential.

·      At the Shinganda copper-gold project, third and fourth phases of drilling were completed, enabling a full geological reinterpretation of the licence. Results indicate strong potential to host a large Iron Oxide Copper Gold (IOCG) mineralised system. Phase three drilling focussed on defining near-term open-pit copper potential at the Shinganda outcrop zone and along the Shinganda Splay Fault, expanding shallow oxide copper-gold mineralisation to a 150m x 350m area. Phase four drilling targeted a broader IOCG system, with intersections confirming wide zones of prospective hydrothermal breccia and intrusive rocks.

·      Continued exploration at Shinganda will incorporate IOCG discovery and involve the identification of suitable mineral trap sites capable of hosting copper-gold mineralisation, testing the theory that the splay fault may act as a feeder to a much larger mineralised system at depth.

·      Preliminary exploratory drilling was completed at the Western Foreland project in Northwest Zambia, confirming the presence of prospective lithologies capable of hosting redox fronts and potentially high-grade Kamoa-Kakula-style copper mineralisation. A partner company working alongside Galileo in joint venture with leading local explorer First Quantum Minerals (FQM) recently reported early indications of copper mineralisation on a neighbouring licence, which together with FQM's recent discovery of copper mineralisation in previously unknown stratigraphic horizons significantly broadens the prospectivity of the whole region. Ongoing exploration will involve detailed ground geochemical and geophysical surveys to refine drill targets.

·      A small-scale mining licence was granted at the Kashitu project in Zambia. This allows the company to engage with local artisanal miners and interested third parties regarding the potential development of a near-term, high-grade zinc willemite operation. Additional opportunities exist for assessing near-surface supergene-enriched ore and deeper, higher-grade ore shoots.  

·      A second phase of targeted reverse circulation drilling commenced on Kalahari Copperbelt licence PL253 post year-end. This campaign was designed to test previously identified geochemical and structural targets situated along-strike from Cobre's Tlou target and consistent with the prospective D'Kar/Ngwako Pan contact, which were further highlighted during the recent Induced Polarisation geophysical survey. The drilling returned a 61m interval of visible copper oxide mineralisation from 75m depth in drillhole QTRC014, which is co-incident with a 55m return of elevated copper in handheld pXRF readings intersected in a previous drillhole. Samples have been submitted to the laboratory and the company are awaiting results.

·      At the Ferber project in the USA Galileo entered a royalty agreement with local Nevada based exploration company Bronco Creek Exploration. The agreement will see Galileo fund an initial two-stage exploration programme with technical oversight provided by Bronco Creek, in return for up to a 1% net smelter return (NSR) royalty interest in the property. Preliminary results of the venture were reported post-year end which have identified a complex multi-phase system with structural control extending over a 10km E-W strike extent. Geological mapping and soil sampling have identified areas of intense sericitic alteration with associated visible copper mineralisation, and results are expected in the following reporting period.

·      At the Kamativi Li-Sn-W-Cu-REE project and Bulawayo Au-Ni projects in Zimbabwe several new targets are drill ready and new mining licence applications are awaiting approval with the Department for Mines.

·      The Glenover sale was settled in full, completed by the receipt of the second and final tranche payments, amounting to approximately ZR 54.4 million (approx. GBP2.35M).

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

You can also follow Galileo on Twitter: @GalileoResource.

Damon Heath                                                                  Tel +44 (0) 20 7186 9952

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Chairman's report

Dear Shareholder,

During the period under review, Galileo has made significant progress across its project portfolio. A major focus has been on the Luansobe Project, where we have advanced our technical and financial understanding significantly. This project now has all the licences and permissions necessary to go into production.

What's more, whilst preparing our operational plans, we have also entertained visits from a number of mining concerns who have expressed interest in participating either through joint venture, via off-take agreements or even through direct purchase. Accordingly, at Luansobe, we continue to plan and design the potential mine, whilst entertaining alternative proposals and hosting site visits.

At Shinganda, meanwhile, we have been able to undertake significant field work and a drilling programme to investigate the potential for gold and copper occurrences at various targets. This work programme produced positive results, and we now have a number of follow-up targets. The potential for an iron-oxide-copper-gold (IOCG) system remains uppermost in our thinking, although in the more immediate term a number of near surface targets present themselves, which could be advanced into shallow short term mining potential.

Elsewhere, we have re-evaluated our licences in the Kalahari in Botswana. This work, much of it post balance-sheet, has showed that licences 253, 39 and 40 in particular have potential not identified during the first round of drilling.

The re-evaluation was motivated by the results of third party work which questioned previous theories, and the application of new geochemical techniques. We recently announced results from one hole of the reconnaissance programme ongoing on licence 253. Our work has shown the presence of various forms of mineralisation over a 61 metre intersection of reverse circulation drilling. The chips have yet to be assayed prior to further evaluation.

Accordingly, though, it is likely that we will increase our efforts in the Kalahari, extending into licences 39 and 40. The Kalahari Copperbelt has attracted and continues to attract more companies taking up licences for exploration. The result of this activity is a changing understanding of the disposition of the mineralisation and a better understanding of its occurrence. Traditional thinking about the geology here is thus undergoing significant revision.

Our work in Zimbabwe, on the lithium and gold has been minimal, since we are awaiting renewals of licences and claims. However, we remain confident that we will receive these in the near-term. The Kamativi lithium project is particularly significant, since we hold some 520 square kilometres of exploration area surrounding the former Kamativi mine. The dumps from this mine have been sold to a group that aims to recover lithium from previous mined tin stockpiles, although some primary mining will also take place. The lithium price remains weakened, and there is an imbalance between supply and demand, working against supply. It is forecast that equilibrium will be reached towards the end of 2026, thus making our lithium exploration project attractive to the next generation of lithium suppliers.

Strategically, we have reached the conclusion that a number of opportunities exist in Zambia and elsewhere in Southern Africa for small mining activity, producing in the range of between 3,000 and 8,000 tonnes of copper per annum. In Zambia such properties are held by local miners, discarded by majors because of their small potential or held by companies similar to Galileo. Your board has elected to pursue copper production opportunities by offering services of exploration and mine design in exchange for equity. The operational and financial input will be determined as appropriate in each particular venture that we undertake, and will, of course, define the equity ownership.

In Northwest Zambia, we hold the rights to licence 28001 in conjunction with CooperLemon, our Zambian partner. This licence is large, at 52,083 hectares, and is well located on major trends known as the Western Foreland and Thrust and Fold Belt. Western Foreland is the host to the Kamoa mine in the Democratic Republic of the Congo, some 90 kilometres northeast of our licence. Both these trends are thought to have high potential for further discoveries and again are the focus of interest for Zambian-based, or intended to be based, large mining companies.

In the USA we have a project close to the border between Nevada and Utah, which we hold as a result of our St Vincent's acquisition some years ago, in 2014. One of the key projects in the St Vincent portfolio was the Gabbs project, which we sold for US$2.5 million in 2016. Since then, we have relinquished the bulk of the St Vincent portfolio, whilst retaining the Ferber project on the Nevada/Utah border. Ferber has the benefit of historic gold and copper drilling with significant results. We maintained this project on a relatively lowkey basis, given that the company was only able to allocate limited resources to the continuation of work here. Nevertheless, we always felt that the project did warrant a serious exploration programme.

In May of this year, we announced a royalty arrangement with EMX Royalties, under the terms of which they provide local expertise and supervision and Galileo funds field work and other forms of exploration. This collaboration will continue, with EMX likely to supervise and manage a drill programme, should we elect to drill. Results from the current work programme have been extremely encouraging, and it is likely that we will be generating drilling targets by year end. This arrangement is a win-win, in that Ferber is now benefitting from significant attention, financially from Galileo and technically from EMX. EMX has long experience of Nevada's regional and district geology.

The board of Galileo are positive about prospects for the copper price and the demand for near to middle term copper projects. The standard current requirement for a viable project is for it to contain 1.5 million tonnes of copper. Projects of this size are scarce, and the gestation period from discovery to production can be up to 15 years. It is our view that smaller projects with exploration potential will thus start to command attention and premiums not previously experienced in our sector of the industry. Currently, the majors seem reluctant to become involved in copper exploration, even though their annual reports and media comments recognise the likelihood of supply shortage. This misalignment of comment and real action surprises us somewhat, but our long experience in the industry suggests that this means that the tide will turn into a tsunami unless addressed in the short-term.

Whilst the year under review has been challenging and frustrating, the board feels we have made significant progress with our stated mission, and I thank my fellow board members, management and employees for their dedication and services during the period under review.

Yours sincerely,

Colin Bird

Chairman

26 September 2025

CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2025

These financial statements were approved by the directors and authorised for issue on 26 September 2025 and are signed on their behalf by:

Colin Bird                                                                                                                              Joel Silberstein    

Company number: 05679987

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 March 2025

All operating expenses and operating losses relate to continuing activities.