Molefe Project Drilling Update, Zambia

In brief · summary, not quotable

Galileo Resources Plc has commenced drilling at its Molefe Project in Zambia following a co-operation and development agreement with Jubilee Metals Group PLC signed on November 27, 2025. Two resource drilling holes have been completed out of an anticipated ten-hole program, with immediate objectives to sustain the current production profile for three months, replace depleted resources within six months, and implement regional reconnaissance drilling for long-term life of mine extension.

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Galileo Resources Plc (AIM:GLR) is pleased to report the commencement of drilling at the Molefe Project post signing of a conditional co-operation and project development agreement on 27 November 2025 (the "Collaboration Agreement") with Jubilee Metals Group PLC (AIM:JLP, Altx:JBL) ("Jubilee").

Highlights

Resource drilling commenced with two holes, out of an expected approximately 10 hole programme, completed to date post signing of the Collaboration Agreement.
Immediate objective to maintain the current production profile for a further 3 months, a mid-term 6-month aim to replace depleted resources and in the longer-term, implementation of a programme of regional reconnaissance drilling to extend the life of mine.

Colin Bird, chairman of Galileo said "We are very pleased that drilling has commenced in line with the Collaboration Agreement. I look forward to reviewing initial results aimed at underpinning production goals whilst we undertake reconnaissance drilling of the general area".

Galileo/Jubilee Molefe Collaboration Agreement

Please refer to RNS dated 28 November 2025

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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.