Business
Conditional Sale of 2 Copper Belt Licences for $3m
Galileo Resources Plc has entered into a conditional agreement to sell its subsidiary Virgo Business Solutions, which holds two Kalahari Copper Belt prospecting licences, to Metal Capital Exploration Limited, a subsidiary of Sandfire Resources Limited, for an upfront consideration of US$3 million. This sale includes a potential one-off success payment of US$20 million to US$80 million, contingent on the declaration of a First Qualifying Ore Reserve containing at least 400,000 tonnes of contained copper. Metal Capital has committed to an exploration expenditure of US$4.5 million over three years, including US$2.7 million for drilling and assaying, with at least 4,000 metres of drilling planned by December 31, 2026. The company intends to use the proceeds to invest in its principal projects in Zambia and Zimbabwe. Disclaimer*
About this update from Galileo Resources Plc
16 June 2026 Galileo Resources Plc ("Galileo" or the "Company") Conditional Sale of 2 Kalahari Copper Belt Licences for US$3 million to Sandfire Resources Limited group Galileo Resources plc ("Galileo" or the "Company") is pleased to announce that on 15 June 2026 it entered into a conditional share purchase agreement with Metal Capital Exploration Limited ("Metal Capital"), a wholly owned subsidiary of ASX-listed Sandfire Resources Limited (Sandfire), with Sandfire acting as purchaser guarantor. The agreement relates to the conditional sale of its wholly owned subsidiary Virgo Business Solutions (Pty) Ltd ("Virgo"), which owns Botswana prospecting licences PL039/2018 and PL040/2018 (the, "Prospecting Licences") (the "Agreement"). The Agreement provides for an aggregate upfront consideration of US$3 million payable on completion, together with a potential one-off success payment of between US$20 million and up to US$80 million ("Success Payment"), subject to meeting nominated thresholds for contained copper in a First Qualifying Ore Reserve under the terms of the Agreement. Under the Agreement: · Metal Capital has made an exploration commitment of US$4.5 million on the Prospecting Licences (the "Exploration Commitment") within three years of completion (the "Exploration Period"), with US$2.25 million of that amount of the Exploration Commitment to be spent within 18 months of completion and US$2.7 million of that amount of the Exploration Commitment is to be spent on drilling and assaying. Metal Capital has committed, subject to necessary approvals, permits and consents to complete at least 4,000 metres of drilling on the Prospecting Licences by 31 December 2026. · A one-off Success Payment is payable to the Company if the first qualifying ore reserve reported under JORC Code 2012 edition, as amended or replaced from time to time ("JORC") on the Prospecting Licences contains at least 400,000 tonnes of contained copper (the "First Qualifying Ore Reserve"). Colin Bird Chairman commented "Metal Capital is a wholly owned subsidiary of Sandfire, with whom Galileo has...
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