Galileo Resources PLC - copper, gold and lithium mine development in Zambia, Zimbabwe and Botswana - Swings to pretax profit of £2.3 million in the six months that ended September 30 from a £471,761 loss a year before. Galileo has no operating income. The swing to profit is thanks to £2.5 million profit on sale of asset, compared to no such gain a year before. This is from Galileo’s 35.7% total interest in Glenover Phosphate (Pty) Ltd, which back at the end of 2021 agreed to sell the Glenover phosphate project in South Africa to Johannesburg-listed Afrimat Ltd for R 250 million, about £11.6 million. Then in 2023, Galileo also agreed to sell its stake in the Glenover subsidiary to Afrimat. It received the second tranche payment for this in May.
Current stock price: 0.88 pence for £10.1 million market capitalisation
12-month change: down 24%
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