Final Results

30 September 2026

Galileo Resources Plc

(“Galileo” or the “Company” or the “Group”)

Audited Results for the year ended 31 March 2026

Galileo (AIM: GLR), the exploration and development mining company, announces its audited results for the year ended 31 March 2026. Extracts of the audited results are set out below.

Highlights for the period under review

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Dear Shareholder,

The year under review has been a very active one, reflecting the strength and quality of the portfolio that Galileo has assembled. Our primary focus on copper and gold has placed a number of our assets firmly into the spotlight at a time when both commodities are attracting considerable strategic and investor interest.

As has often been the case in the mining industry, strong commodity prices and increasingly strategic mineral positions can bring with them competing interests and, on occasion, claims from parties asserting historic or other rights. Galileo is not entirely immune from such circumstances. The Board remains vigilant in protecting the Company’s interests and, where questions arise, seeks to resolve them constructively while continuing to progress the considerable opportunities across the wider portfolio.

The Luansobe copper asset in Zambia, situated close to the Mufulira Mine complex, has been the subject of various claims by third parties, which have been duly contested by the Company. At the time of writing, the Company continues to maintain and protect its legal rights while actively engaging with relevant parties with a view to achieving an amicable resolution regarding the future of the project.

The potential of the Shinganda Project in Zambia is now becoming increasingly well defined and it is our opinion that this project has the potential to support a small mining operation, with an initial focus on oxide and mixed copper-gold mineralisation. We continue to examine a number of alternatives with the objective of determining the optimum route to maximise shareholder value from this project.

In Zimbabwe, our gold and lithium claims remain intact while we await advice regarding the successful renewal of our exploration licences. We remain confident that the EPOs will be renewed and that meaningful exploration can recommence on these three important licences.

Importantly, sentiment towards lithium has improved following the significant correction experienced by the sector in previous periods. Lithium prices have shown signs of recovery from their lows and the longer‑term fundamentals continue to be supported by growth in battery storage, electric vehicles and the broader electrification of the global economy. Against this improving backdrop, we believe our Zimbabwe lithium interests retain considerable strategic relevance and warrant further exploration once the necessary licence renewals are received.

Towards the end of the period, we entered into an agreement with Sandfire Resources, the Australian copper and gold producer, whereby its wholly owned subsidiary agreed to acquire the interests containing Botswana licences PL39 and PL40 for an upfront consideration of US$3 million, payable on completion.

Following satisfactory due diligence and the satisfaction of the principal conditions precedent, the transaction has now completed.

Importantly, the transaction does not end Galileo’s economic exposure to exploration success on these licences. The agreement incorporates future investment obligations together with a potential success payment to Galileo of between US$20 million and US$80 million, dependent upon the scale of any qualifying copper ore reserve ultimately established. This provides Galileo with the prospect of substantial additional value should Sandfire achieve exploration success, without Galileo being required to fund that future exploration programme itself.

Our remaining Botswana licence, PL253, is well positioned within the Kalahari Copper Belt and displays clear indications of copper prospectivity. We intend to pursue this opportunity actively during the current reporting year.

During the year and subsequent to the balance sheet date, we have undertaken a considerable amount of exploration on our Ferber licences in the United States, with highly encouraging results. We have identified evidence of both skarn and porphyry‑style mineralisation, which we intend to assess further as soon as reasonably practicable.

We are working with Bronco Creek, an experienced American group whose business model is based on generating future royalty streams from successful project development. Bronco Creek has agreed to provide local on‑site management of the exploration programme in exchange for royalty participation which would become effective should exploration ultimately result in an operating mine.

We are particularly excited by the prospects at Ferber and intend to commence drilling as soon as reasonably possible, subject to drill‑rig availability, and in any event our present intention is to drill before the end of the first quarter of 2027. The project is situated close to the Nevada-Utah border in a region where a number of significant discoveries have historically been made.

The increasing strategic imperative for the United States to identify and develop domestic sources of copper and other critical minerals has also created a considerably more supportive environment for exploration and mine development. Regulatory initiatives designed to shorten permitting lead times and encourage domestic mineral development provide a particularly favourable backdrop against which to advance Ferber.

In Zambia, we have undertaken desktop studies and limited exploration at Licence 28001 in the Northwest and intend to commence a drilling programme following the 2027 rainy season. Drill targets have been identified from geochemical surveys together with coincident regional‑scale structures of the type known to host gold mineralisation elsewhere in the region.

At Molefe, we have fulfilled our obligations regarding the Joint Venture and Phase 1, while accelerated mine development is well underway with the objective of supporting future on‑site processing. We look forward to updating shareholders as mine development advances and the joint venture moves into its next phase.

The Kashitu licence in Zambia is likely to result in a participation arrangement with local groups whose objective is to recover zinc from residues generated by previous mining activity. Discussions in this regard are progressing.

The environment for the junior mining industry has improved considerably during the period under review and we believe this more positive backdrop can continue, particularly for copper.

The Board remains encouraged by the fundamentals of the copper market. Demand continues to be supported by electrification, renewable energy, electricity grids, data centres and the wider development of artificial intelligence infrastructure. At the same time, insufficient new mine capacity is being developed worldwide and bringing major new copper mines into production remains increasingly difficult, expensive and time‑consuming.

Western governments are recognising the strategic importance of securing domestic supplies of copper and other critical metals and are responding with initiatives intended to encourage exploration, permitting and mine development. China, however, has spent many years establishing positions throughout the copper supply chain, including mining, processing and refining. In many respects, the West is now attempting to catch a train that has already left the station.

Although short‑term commodity price volatility is inevitable, the Board believes that the underlying supply and demand fundamentals for copper remain compelling. This is precisely the environment for which Galileo has been positioning itself.

Our portfolio provides exposure to copper across several jurisdictions and at different stages of development, from opportunities in Zambia and Botswana to the emerging skarn and porphyry potential at Ferber in the United States. The Sandfire transaction further demonstrates the interest that established copper producers are showing in prospective ground generated and advanced by Galileo.

The growing Western demand for critical metals extends beyond mine supply to processing and refining capacity, an area which has been comparatively neglected and which we believe will become increasingly strategically important.

For Galileo, this changing environment represents opportunity. We have spent considerable time assembling and advancing our portfolio. Some projects will progress through our own activities, others through joint ventures or partnerships and, where appropriate, we will seek to crystallise value through transactions while retaining exposure to future success.

Whilst this has been a very progressive year, the Company continues to face challenges, some of which are an inevitable consequence of holding assets of increasing strategic and commercial interest. Nevertheless, the Board believes the quality and breadth of our portfolio leaves Galileo well positioned to advance its principal projects and work towards delivering shareholder value.

I would like to thank my fellow directors, our employees, consultants and advisers for their considerable effort and guidance during what has been an exceptionally active year.

We enter the new financial year with a strong portfolio, an improving environment for the commodities to which we are exposed and, most importantly, a significant position in copper at a time when the world is increasingly recognising that new copper supply is not optional — it is essential.

We look forward to advancing our existing projects and, where suitable opportunities arise, adding further assets in the increasingly sought‑after field of copper and critical metals.

Yours sincerely,

Colin Bird

Chairman

29 September 2026

CONSOLIDATED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 March 2026

These financial statements were approved by the directors and authorised for issue on 29 September 2026 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 2026

All operating expenses and operating losses relate to continuing activities.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 March 2026

(1) Foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

(2) Shares to be issued reserve comprises shares to be issued post year end arising out a contractual obligation that existed at year end.

(3) Merger reserve comprises the difference between the fair value of an acquisition and the nominal value of the shares allotted in a share exchange.

(4) Share based payment reserve comprises the fair value of an equity-settled share-based payment.

CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 March 2026

Statement of Directors’ Responsibilities for the year ended 31 March 2026

Colin Bird    Chairman

Joel Silberstein   Finance director

J Richard Wollenberg   Non-Executive director

Christopher Molefe Non-Executive Director

Alastair Ford    Non-Executive Director

NOTES TO THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS

 1. Basis of preparation

The consolidated annual financial statements have been prepared in accordance with UK-adopted International Accounting Standard and the Companies Act 2006. The consolidated annual financial statements have been prepared on the historical cost basis, except for certain financial instruments at fair value, and incorporate the principal accounting policies set out below. Cost is based on the fair values of the consideration given in exchange for assets and they are presented in Pound Sterling. The accounting policies applied are consistent with those of the previous period.

2. Basis of consolidation

The consolidated annual financial statements incorporate the annual financial statements of the Company and all entities, including special purpose entities, which are controlled by the Company.

Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries are included in the consolidated annual financial statements from the effective date of acquisition to the effective date of disposal.

Adjustments are made when necessary to the annual financial statements of subsidiaries to bring their accounting policies in line with those of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group’s interest therein and are recognised within equity. Losses of subsidiaries attributable to non-controlling interests are allocated to the non-controlling interest even if this results in a debit balance being recognised for non- controlling interest.

Transactions, which result in changes in ownership levels, where the Group has control of the subsidiary both before and after the transaction, are regarded as equity transactions and are recognised directly in the statement of changes in equity.

The difference between the fair value of consideration paid or received and the movement in non-controlling interest for such transactions is recognised in equity attributable to the owners of the parent.

Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in profit or loss as part of the gain or loss on disposal of the controlling interest.

Going concern

A going concern basis has been adopted in preparing the consolidated annual financial statements. The directors have no reason to believe that the Group will not be a going concern in the foreseeable future, based on forecasts and available cash resources which include funds received from the sale of its subsidiary in Botswana. These consolidated annual financial statements support the viability of the Company.

The directors have reviewed the Group’s financial position at the balance sheet date and for the period ending on the anniversary of the date of approval of these financial statements, they are satisfied that the Group has or has access to adequate resources to continue in operational existence for the foreseeable future.

The Group reported a Loss of £1,758,015 (2025: Profit of £1,529,973) after taxation. Basic loss are 0.14 pence (2025: profit of 0.13 pence) per share.  

Business unit

The Company’s investments in subsidiaries and associates, that were operational at year-end, operate in four geographical locations being Zambia, USA, Botswana and South Africa and are organised into one business unit, namely Mineral Assets, from which the Group’s expenses are incurred, and future revenues are expected to be earned. This being the exploration for and extraction of its mineral assets through direct and indirect holdings. The reporting on these investments to the board focuses on the use of funds towards the respective projects and the forecasted profit earnings potential of the projects.

The Company’s investment in Zambia did not contribute to the operating profit or losses and is excluded from the segmental analysis.

Geographical segments

An analysis of the profit/(loss) on ordinary activities before taxation is given below:

Geographical segments

An analysis of Total liabilities:

Geographical segments

An analysis of Total assets:

The applicable tax rate is calculated with reference to the weighted average tax rate across the reporting jurisdictions for the period under review. The UK corporation tax rate is currently 25% for groups with taxable profits of over £250,000. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The estimated Group tax losses available for set off against future taxable income is in excess of £5,000,000. The Group has not reflected a deferred tax asset in respect of the losses carried forward as the Group is not expected to generate taxable profits in the foreseeable future.

6. Auditors’ Report

The figures for the financial year ended 31 March 2026 are not the Company's statutory accounts for that financial year but are derived from those accounts.

The accounts for the financial year ended 31 March 2026, have been reported on by the Company's auditors and are to be delivered to the registrar of companies on or before the 30 September 2026. The report of the auditors is (i) unqualified, (ii) does not give any reference to any matters to which the auditors draw attention by way of emphasis without qualifying their report, and (iii) does not contain a statement under sections 498 (2) or (3) of the Companies Act 2006, relating to the accounting records of the company.

The comparative figures for the financial year ended 31 March 2025 are not the Company's statutory accounts for that financial year but are derived from those accounts. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not give any reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006, relating to the accounting records of the company.

7. Availability of the Annual Report

This information has been extracted from the Company’s Audited Annual Report for the year ended 31 March 2026, copies of which have been mailed to shareholders on 29 September 2026 and a copy will also be available to shareholders and members of the public in hard copy and free of charge, from the Company's London office at 1st Floor, 24 Ives Street, London, SW3 2ND.  Alternatively, a downloadable version will be available from 29 September 2026 from Company’s website: www.galileoresources.com.