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% 0.265 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
0.25 0.28 0.265 0.265 0.265
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.42 -0.14 1
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.265 GBX

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Date Time Title Posts
26/3/202010:57Galileo Resources PLC 2019305
22/2/202017:27Galileo Resources at UK Investor Show160
20/2/202011:45Galileo Resources1,087
20/2/202010:09Galileo Resources - Phosphate & REE in Southern Africa78
04/6/201910:55A 10 bagger from here651

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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 0.27p.
Galileo Resources Plc has a 4 week average price of 0.26p and a 12 week average price of 0.26p.
The 1 year high share price is 0.73p while the 1 year low share price is currently 0.26p.
There are currently 557,811,947 shares in issue and the average daily traded volume is 598,490 shares. The market capitalisation of Galileo Resources Plc is £1,478,201.66.
the bull: Even if there was a placing, best it comes after a decent rise in the share price. I was worried they would do it and sink the price sub 0.4p. I had been looking to add but serves my right for dithering
tim000: I suspect someone knows something that we don't. If the share price rises further the company might be forced to make an RNS either confirming or denying news.
bookwormrobert: Here's my best guess for 2020... From the outside it looks like we are waiting for several developments with regard to Star Zinc in Zambia - the receipt of the small scale mining licence, the appointment of a mining contractor, the formal signing of the pre-negotiated offtake agreement with Jubilee Metals, and the raising of enough finance to see this project through to production in Q2 2020. I think what we will see is that these developments are all linked together, and that we are in fact waiting for one very big piece of news - that is, the announcement of an approximately 50/50 joint venture with a Zambian mining partner for Star Zinc. The Zambian JV partner (perhaps the very well-connected XTR partner KPZ International?) will be responsible for both the start-up finance required and the actual mining, whilst GLR will commit the Star Zinc resource. The mining licence will be issued in the name of the JV. Likewise, the offtake will be signed with Jubilee in the name of the JV. So, all being well, there will be one monster transformative RNS sometime in the next couple of months, not a series of discrete developments. The price for this? Giving away around 50% of Star Zinc, but no further share dilution. I'd expect the share price to rocket on the announcement of such a deal - given GLR's current tiny mcap it should at least triple. Galileo will also still hold all of Kash'itu for the future. And, of course, their share of Glenover.
tim000: I would imagine the deal with JLP will only be announced once GLR has announced a mining permit. The permit is thought to be a given, but only once it's received will it unlock GLR's future cashflow, and hence the rerating of the share price. Note the zinc price is currently firming somewhat.
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
cautoussid: glr share price now 10% up today
Galileo Resources share price data is direct from the London Stock Exchange
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