Galileo Mining (ASX:GAL) has released its annual financial report for the year ended 30 June 2026, disclosing a net loss after income tax of $4,667,069, compared with $1,160,880 in the prior year, as the company continued mineral exploration activities across its 100%-owned Norseman Project in Western Australia.
Key Points
- Net loss after income tax of $4,667,069 for the year ended 30 June 2026, compared with $1,160,880 in FY2025
- Cash position of approximately A$7.5 million at the end of the financial year
- A$1.0 million progress payment received during the year from Mineral Resources Limited under the Norseman Lithium Farm-In and Joint Venture arrangement
- Approximately 4,300 metres of aircore drilling across 149 holes completed at Mission Sill, defining PGE anomalism along approximately 10 kilometres of the Eastern Contact Zone
- Total acquisition costs and deferred expenditure on tenements capitalised during the year amounted to $2,786,023, compared with $3,131,694 in FY2025
Norseman Project Exploration Activity at Mission Sill
According to the filing, approximately 4,300 metres of aircore drilling across 149 holes was completed at the Mission Sill prospect during FY2026, defining PGE anomalism along approximately 10 kilometres of the Eastern Contact Zone. Follow-up one-metre sampling returned high-grade gold and PGE results, while subsequent RC drilling confirmed disseminated PGE-nickel-copper sulphide mineralisation in fresh rock. The filing states that the geological characteristics and distribution of sulphides identified at Mission Sill show similarities to those observed at the Callisto deposit. In August, assay results from June-quarter aircore drilling at Mission Sill defined two priority PGM target zones.
Callisto Mineral Resource and Geophysical Surveying
The filing discloses that deep diamond drilling at Callisto intersected a previously unrecognised mineralised ultramafic sill beneath the existing 17.5 million tonne Callisto Mineral Resource. A large-scale gravity survey comprising more than 3,000 stations, together with subsequent detailed gravity and induced polarisation surveying, was completed during the year. First-pass drilling at Callisto South identified a new gold prospect. New samples were also obtained for metallurgical testwork designed to build on previous flotation results and further the company’s understanding of potential metal recoveries.
Board Composition and Financial Position
The filing confirms that Brad Underwood served as Managing Director and Chairman throughout the year, alongside non-executive directors Noel O’Brien and Mathew Whyte. Non-executive director Cecilia Camarri resigned effective 31 July 2025. Galileo Mining’s principal activity during the financial year was mineral exploration. The company disclosed a cash position of approximately A$7.5 million at financial year end, supported by the receipt of a A$1.0 million progress payment from Mineral Resources Limited under the Norseman Lithium Farm-In and Joint Venture arrangement during the year.
