Galileo Mining (ASX: GAL) – Creasy’s proxy in Norseman & Fraser
COMPANY SCOREBOARD
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ABOUT COMPANY
Galileo Mining (GAL) (https://www.galileomining.com.au/) explores nickel, cobalt, and palladium in Western Australia. Its flagship is the Norseman Palladium-Nickel-Cobalt Project.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| GAL | 0.255 | 197624927 | 50394356.385 | 10.4/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 5245 | 51.31% | 49.40% | 5.77% | 2500000 | last raise $20.4m@$1.2 |
Mark Creasy holds 44.3m shares or 26.35%. IGO holds another 14.95m or 8.89%.
All vesting conditions of performance rights are met. On 27 May 2022, two directors exercised 10.4m 20c options.
FLAGSHIP ASSETS
Norseman Palladium-Nickel-Cobalt Project WA
Project Data
In May 2022, the company announced a drilling result of 33m@2.00 g/t 3E.
To date, both the grades and strike length are limited, and the width of the channel didn’t expand down deeper.
In November 2022, the company shifts to nickel.
OTHER ASSETS
SUMMARY
The company’s MD, Brad Underwood, spent 8 years as general manager for Creasy. Although palladium has wider usage than gold itself, the market price is not much higher.
CHN’s current resource at Gonneville is:
560Mt@0.88 g/t 3E, 0.16% Ni, 0.09% Cu, 0.015% Co (0.54% NiEq or 1.7 g/t PdEq), containing: 16Moz 3E, 860kt Ni, 520kt Cu, 83kt Co (3.0Mt NiEq or 30Moz PdEq).