Share Name Share Symbol Market Type Share ISIN Share Description
Galileo Resources Plc LSE:GLR London Ordinary Share GB00B115T142 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.47 850,000 08:00:03
Bid Price Offer Price High Price Low Price Open Price
0.45 0.49 0.47 0.47 0.47
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.42 -0.14 2
Last Trade Time Trade Type Trade Size Trade Price Currency
11:48:24 O 100,000 0.4675 GBX

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Date Time Title Posts
05/12/201916:59Galileo Resources PLC 2019193
20/11/201922:36Galileo Resources at UK Investor Show156
13/6/201917:58Galileo Resources1,085
04/6/201909:55A 10 bagger from here651
04/11/201414:45Galileo Resources - Phosphate & REE in Southern Africa69

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Galileo Resources Daily Update: Galileo Resources Plc is listed in the Mining sector of the London Stock Exchange with ticker GLR. The last closing price for Galileo Resources was 0.47p.
Galileo Resources Plc has a 4 week average price of 0.47p and a 12 week average price of 0.42p.
The 1 year high share price is 0.91p while the 1 year low share price is currently 0.41p.
There are currently 404,596,562 shares in issue and the average daily traded volume is 2,166,265 shares. The market capitalisation of Galileo Resources Plc is £1,901,603.84.
homebrewruss: Tim from the RNS on 21/8 and the podcast (post 181) CB talks of revenues of around $15m per annum: hTTp:// 'The MRE will allow for a 6-year life-of-mine small scale operation to produce rock mass of only 5,500t/month containing 12,000 t zinc metal per year to Kabwe. While in-house attributable revenues are projected at about USD15 million annually at current price, the annual all in cost is projected not to exceed to USD2 million' So in this case does that assume less annual output from STAR than you posted (12,000 tpa) but with a higher percentage revenue share of the zinc to give them $15m per annum revenue - or am I missing something? Also in the RNS re offtake agreement it mentions 'Ore supply for up to 60 000t tonnes (t) ore per annum ' which fits more closely with the 21st August RNS where it said '5,500t/month containing 12,000 t zinc metal per year to Kabwe': hTTp://
tim000: The Bull asked above what value GLR's 34% stake in the Glenover JV might attract. I've now researched the history of the company more thoroughly, which provides an answer. Fer-Min-Ore, the South African JV partner, offered GLR $4 mn for its stake in Glenover in January 2015, but the prospective sale was terminated by mutual agreement in August 2016. It is not known why the transaction didn't proceed, nor whether FMO would still be a willing bidder for GLR's JV share today (the minority share will be much more attractive to FMO than anyone else, unless the prospective purchaser also buys out FMO at the same time). But imo it seems likely that any bid would still be of the order of $4 mn, as the project doesn't seem to have progressed significantly since then, and the carrying value of the project in GLR's accounts hasn't changed significantly either. $4 mn should more than fund the company to the point at which it is earning substantial cashflow from Star Zinc next year. The award of a mining permit, the sign-off of an offtake agreement with JLP, and a sale of Glenover for circa $4 mn, all in a short time period, would truly be transformative for GLR, and its share price.
tim000: I know this is obvious, but the company can't sign off and announce an offtake agreement until after all the necessary permits are received. GLR and JLP have had plenty of time to agree a standard industry contract for the supply of ore, and GLR has had plenty of time to sign up a contractor to mine and transport the ore. Governments are notoriously slow in granting mining permits, but once that is received it is reasonable to assume that an offtake agreement, followed by a contractor agreement, will follow fairly soon after. And there is the possibility of a sale of GLR's stake in Glenover too. So the newsflow should be thick and fast once the permit is received, especially as JLP's zinc circuit should be up and running within six months. Finally, good news tends to be squashed as far as the share price is concerned, whenever finance is an issue - see UJO for a very good example. So reassuring investors about working capital is the final piece in the jigsaw that would see the share price rerate substantially.
the bull: Nice holding tim, slightly behind you. Agree on selling but guess he's trying to achieve the most he can for it but not at the expense of holding up progress elsewhere or savaging the share price with more share issues. What sort of sale value would he get for such an asset do you think. Anything meaty would set the share price alight wouldn't it, making your next purchase very much more expensive.
tim000: The company has placed 330 mn new shares since August 2017, increasing the share capital (now 558 mn shares) by 140%. Obviously, Colin should be trying to avoid further dilution at all costs. Some additional capital will most likely be needed to permit and develop Star Zinc, prior to it generating substantial cashflows. So an imminent trade sale of Glenover would be sensible in my view. Also worth noting that there are 181 mn warrants outstanding, of which 50 mn are exercisable at 2p (potentially raising £1 mn) but expire on 17 April 2020. I know it's a tall order, but if the company could persuade shareholders that no further placings are needed, and that it can get the necessary mining permits and offtake agreement signed within the next few months, then a share price of over 2p may be feasible by next April. That brings the prospect of raising a total of £1.8mn via the issue of warrants (including £800k from warrants exercisable at 0.6-0.75p). Total share capital might then be limited to about 750 mn shares, with no further dilution required. And given the assets of the company, a share price of over 10p looks perfectly achievable in the medium term.
plat hunter: Wait for the placing to be submitted, the buying here looks like it's people who don't understand the difference between the share price and Market Capitilsation. Pump and dump occurring at the moment to rinse out the uninitiated. If you actually account for the new issuance, the share price is actually nearer 0.42 atm
bookwormrobert: Hi PlatHunter! Thanks for the clueless contribution. I'd suggest you re-read the RNS: 1. The directors didn't take up the placing in its entirety. They took a decent number of shares, but no more. 2. The warrant sweetener to the broker is only a tiny number - 3 million. 3. The issued shares seem to be remarkably sticky so far. GLR is trading at 0.45 currently, well over the placing rate, and it is hard to buy shares (NT for any volume). 4. There may well be some kind of warrant "ceiling" for a while - but nearer 0.7p to allow for a decent 15% incentive for warrant conversion and sale. That's 50% above the current share price! So almost everything in your post was wrong. As per the usual with you. But the big story you've missed is that Galileo are now effectively financed to production.
bookwormrobert: Hi Plat Hunter! Good to see you here as well. There will be two big costs to the Star Zinc operation - the contract mining and the contract trucking. Both don't required any capital investment, but they do require working capital to sustain them until the first revenue comes in. I'm assuming this will be six months from the start up of operations. Colin Bird estimates $2m per year for the contract mining and trucking, so I'm assuming $1m is required for initial working capital. It may help to remember: 1. The contract mining is more like quarrying than conventional mining. It has a very low strip ratio (1:1), and will require only limited use of explosives. Since Star Zinc has been mined previously, there is already a pit entrance, etc. 2. As regards the trucking, the ore will have an average zinc content of around 10% - that's really high. The distance from Star Zinc to Kabwe is 125km, mostly up a decent road. If you allow for two drivers per truck working daylight hours, that should equal two round trips per day. All in all, I think the share price will move well ahead of any placing, and in the end we'll be looking at a dilution of about 20% to get Star Zinc into production. (I.e. I'm basing my calculations on GLR ending up with 500m shares in issue (before warrants at 2p etc.), rather than the 404m currently. Colin Bird owns around 13% of the company, so he won't want to dilute himself more than can be helped!
bookwormrobert: Hi Bull! Good to see you here as well as in JLP! I don't think there will need to be that much dilution to get Star Zinc into production. The company raised 500K back in April, and it can't have spent all that much since then. So I think they have enough cash to keep going for now. They will need working capital for the contract mining operation - I estimate about six months' worth, which should equal about $1m (taking CB's own estimate). There are various ways they could get this money - Glenover or Ferber sale, Jubilee pre-finance arrangement, bank loan etc. However, that said, I think an equity raise is the most likely way. That equals a maximum dilution of about 33%. BUT, Galileo won't really need to raise money until after the offtake has been signed and the small scale mining licence issued. Surely the share price will be much higher by then? That would imply a much smaller dilution. My fundamental position here is still that this share is currently completely mispriced. AIM can do this sometimes, and we should all take advantage as much as we can!
cautoussid: glr share price now 10% up today
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