Galileo Resources — Molefe Project Drilling Update, Zambia

Galileo’s Molefe drilling confirms copper continuity and extends strike, but no resource yet.

What the company is saying

Galileo Resources Plc (AIM:GLR) reports completion of a multi-faceted drill programme at the Molefe Project in Zambia, conducted under a Collaboration Agreement with Jubilee Metals Group PLC (AIM:JLP). The company highlights 9 holes totalling 552.6m targeting mineralisation continuity and 14 holes totalling 1,298.9m for condemnation purposes. Peak intercepts include 2.97% TCu over 3.10m (MNKDD021), 1.24% TCu over 10.5m (MNKDD027), and 1.51% TCu over 12.5m (MNKDD029). Drilling is said to have increased the mineralised strike length by 380m, from 930m to 1,310m. Galileo frames the results as supporting a mine development plan and schedule submitted to Jubilee, targeting an oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, with 240,000 tonnes at 1.45% TCu in pits 2 and 3. The announcement explicitly states these results do not constitute a resource estimate under any standard. Chairman Colin Bird, C. Eng, FIMMM, is the named technical sign-off, emphasizing the potential for additional tonnes and the role of drilling in enabling infrastructure planning.

What the data suggests

The programme drilled 23 holes: 9 for mineralisation continuity (552.6m) and 14 for condemnation (1,298.9m). Highlighted intercepts include MNKDD021 (2.97% TCu over 3.10m), MNKDD027 (1.24% TCu over 10.5m), MNKDD029 (1.51% TCu over 12.5m), MNKDD024 (0.87% TCu over 13.0m), MNKDD025 (0.57% TCu over 7.00m), MNKDD026 (0.45% TCu over 7.70m), MNKDD030 (0.42% TCu over 5.00m), and MNKDD033 (0.84% TCu over 11.10m), all above a 0.4% TCu cut-off. The strike length of mineralisation is now estimated at 1,310m, up from 930m. The mine schedule provided to Jubilee targets an oxide copper reef of ~1 million tonnes at ≥1.30% TCu, including 240,000 tonnes at 1.45% TCu in the most immediate pits. No resource estimate or economic study is presented, and the eastern extension is excluded from current planning. The technical disclosure is detailed and credible for an exploration-stage update, but there is no evidence of economic viability or near-term production.

Analysis

The announcement provides detailed and credible technical results from the completed drill programme, including specific intercepts, metres drilled, and an increase in strike length. These are realised, measurable achievements. However, the narrative shifts to forward-looking statements regarding mine development plans, targeted tonnages, and future infrastructure, none of which are supported by resource estimates or economic studies. The language around 'additional potential tonnes', 'recommendations for subsequent development', and 'detailed planning for future infrastructural development' inflates the perceived progress, as no binding commitments or timelines are disclosed. The capital intensity flag is triggered by references to future waste dumps, processing plants, and infrastructure, but there is no indication of imminent construction or funding. The gap between the technical evidence and the aspirational tone is moderate: the technical work is real, but the path to value creation remains long-term and uncertain.

Risk flags

• ●There is no compliant resource estimate or economic study, so the scale and viability of the project remain unproven; investors cannot assess the likelihood of mine development or returns based on current data.
• ●The mine schedule and planning targets are not binding and depend on Jubilee’s evaluation and future decisions, introducing counterparty and execution risk.
• ●The forward plan requires significant capital for waste dumps, tailings, and a processing plant, but there is no disclosure of funding, permitting, or construction readiness, making the pathway to value highly uncertain.

Bottom line

Galileo’s Molefe Project drilling has extended the known copper strike length to 1,310m and delivered several strong intercepts, with headline grades up to 2.97% TCu over 3.10m. The company has submitted a mine development plan to Jubilee Metals targeting an oxide copper reef of 1 million tonnes at 1.30% TCu, but this is a planning scenario, not a compliant resource or reserve. No economic analysis, funding, or construction timeline is disclosed, and the eastern extension remains outside current mine plans. The update demonstrates technical progress but leaves all value contingent on future decisions by Jubilee and further project de-risking. Investors should treat the narrative as early-stage and speculative until resource, economic, and funding milestones are met.

Announcement summary

(AIM:GLR) Galileo Resources Plc provided an update on its multi-faceted drill programme at the Molefe Project in Zambia, completed under the Collaboration Agreement with Jubilee Metals Group PLC (AIM:JLP, Altx:JBL) on 27 November 2025. The programme included 9 holes totalling 552.6m to test continuity and mineralisation tenor, and 14 holes totalling 1,298.9m for condemnation purposes. Peak intercepts included MNKDD021 with 2.97% TCu over 3.10m, MNKDD027 with 1.24% TCu over 10.5m, and MNKDD029 with 1.51% TCu over 12.5m. Drilling confirmed continuity and increased the strike length of mineralisation by approximately 380m, from 930m to 1,310m. A mine development plan and schedule have been provided to Jubilee, supported by condemnation drilling that identified areas within the licence suitable for waste rock disposal, tailings, and a processing plant. The mine schedule provided to Jubilee targets an oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, including approximately 240,000 tonnes at 1.45% TCu in the targeted pits 2 and 3. The drilling results and in-pit sampling are focused on supporting the mining schedule and do not represent a resource estimate under any standard. The eastern extension has not been included in the mine schedule. Colin Bird, chairman of Galileo, stated that the increased strike length provides additional potential tonnes for mining and processing, and that the data has been included in a mine development plan and schedule with recommendations for subsequent development provided to Jubilee. Detailed planning for future infrastructural development has also been enabled by the drilling. Table 1 details highlighted mineralised intercepts, including MNKDD024 with 13.00m at 0.87% TCu, MNKDD025 with 7.00m at 0.57% TCu, MNKDD026 with 7.70m at 0.45% TCu, MNKDD030 with 5.00m at 0.42% TCu, and MNKDD033 with 11.10m at 0.84% TCu. The minimum mineralised width for estimation purposes is 3.0m, and the cut-off grade is 0.4% TCu. Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager, reviewed, verified, and approved the technical information in the announcement. Beaumont Cornish Limited is the Company's Nominated Adviser. The announcement was notified via a Regulatory Information Service and is not authorised for distribution into North America or any other jurisdiction where prohibited.

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