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Galileo Mining Ltd (ASX:GAL)

ALERT: Price-sensitive ASX Announcement for GAL
Current share price for GAL : $0.105 -0.065 (-38.24%)+
Announcement
Release
28 Nov 2025 8:24AM
Price at Release
$0.170
Full Release
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Summary
Galileo Mining Ltd (ASX: GAL) has announced an update on its Norseman Project, specifically the Lithium Exploration Joint Venture Agreement (JVA) with Mineral Resources Ltd (ASX: MIN, 'MinRes'). Under the revised terms of the JVA, the Earn-In Period has been suspended for up to two years starting 30 November 2025. During this suspension, MinRes is allowed to conduct certain non-invasive exploration activities at its own cost. MinRes can opt to restart the Earn-In Period by making a $1.5 million payment to Galileo. Upon payment, MinRes will need to invest $12.5 million to meet its Earn-In Requirement to increase its stake in the joint venture to 55%. Other key terms of the agreement remain unchanged. Galileo Mining focuses on exploring and developing various resources, including palladium, platinum, nickel, copper, and cobalt in Western Australia, with significant prospects at the Norseman Project and the Fraser Range.
Key Points
  • Galileo Mining Ltd received a $1.0 million payment from Mineral Resources Ltd under the Lithium Farm-In and Joint Venture Agreement.
  • The Earn-In Period is suspended for a maximum of two years from 30 November 2025.
  • MinRes can conduct low-impact, non-ground disturbing exploration activities during the suspension.
  • MinRes can restart the Earn-In Period by paying Galileo an additional $1.5 million.
  • MinRes must invest $12.5 million to increase its stake in the joint venture to 55% once the Earn-In Period resumes.
  • Galileo's Norseman Project is highly prospective for various minerals, including palladium and nickel.
  • Galileo also holds joint ventures in the Fraser Range with potential for nickel-copper sulphide deposits.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.