FY2022
Exploration funding
Financing supported a growing capitalised exploration base.
ASX: GAL · Five-year financial review
(ASX: GAL) Galileo Mining Financial Review - FY2022~26
Galileo’s FY2022-FY2026 finances reflect sustained exploration at Norseman and Fraser Range, funded by earlier equity raisings and later lithium-rights transactions. The FY2024 profit and FY2026 loss need context: other income boosted one year, while non-cash exploration impairment reduced the next asset base.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2026 cash
A$7.476m
30 June balance.
Exploration assets
A$35.849m
Net carrying value.
FY2026 loss
A$4.667m
Includes impairment.
Rights receipt
A$1.000m
FY2026 investing cash.
Five years in context
The retained project disclosure distinguishes the Norseman project and Callisto resource from the Fraser Range joint venture. Exploration success and resource size are not treated as operating sales.
Equity financing built liquidity in FY2023. Later rights-sale receipts offset some exploration cash use, while the company continued drawing down its cash balance.
Events behind the numbers
FY2023
Major funding and field investment
Net financing of A$19.685m accompanied substantial investing outflow.
FY2024
Lithium rights agreement
The June agreement generated a first A$5m cash tranche for lithium rights; it did not sell the Callisto PGE deposit.
FY2025
Exploration continues
Capitalised expenditure rose while cash fell; the earn-in agreement timetable was extended.
FY2026
Impairment and new targets
Surrendered tenements generated a non-cash impairment as Norseman exploration continued.
FINANCIAL REVIEW / 01
Cash investment versus net cash outflow
The final three years had little or no new net financing. Rights receipts reduced investing outflows, but neither receipts nor capitalised exploration balances indicate mine revenue.
Cash and exploration assets
A$ million
Cash and equivalentsExploration and evaluation carrying amount
AI-generated presentation · values from Financial position at June year-end; no missing values plotted as zero.
Operating, investing and financing cash
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flows and external funding; no missing values plotted as zero.
Exploration payments and rights receipts
A$ million
Cash payments for explorationCash proceeds from tenement rights
AI-generated presentation · values from Recent exploration cash and rights proceeds; no missing values plotted as zero.
Financial position at June year-end
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and equivalents | 7.020 | 14.457 | 13.618 | 9.736 | 7.476 |
| Consolidated total assets | 25.005 | 44.714 | 48.268 | 47.647 | 43.532 |
| Consolidated total equity | 24.350 | 43.277 | 47.397 | 46.994 | 43.099 |
| Exploration and evaluation carrying amount | 17.719 | 29.417 | 34.484 | 37.615 | 35.849 |
Parent-only totals are not mixed into the consolidated series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash flows and external funding
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.036) | (1.072) | (0.024) | (0.737) | (0.200) |
| Net investing cash flow | (3.423) | (11.177) | (0.760) | (3.085) | (1.996) |
| Net financing cash flow | 6.083 | 19.685 | (0.055) | (0.060) | (0.064) |
FY2024 and FY2026 investing outflows are net of tenement-rights sale proceeds; net cash is not gross exploration spend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent exploration cash and rights proceeds
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Cash payments for exploration | (5.948) | (3.117) | (2.996) |
| Cash proceeds from tenement rights | 5.000 | 0.000 | 1.000 |
Selected investing components. A reported dash for FY2025 rights proceeds is treated as disclosed nil, not missing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Two different reasons for unusual earnings
FY2024 recorded A$5.494m other income and A$3.374m net profit. That profitable year sits alongside the lithium-rights transaction and should not be read as commercial mining profitability.
FY2026 impairment of A$4.553m related to surrendered tenements; it was not an equivalent cash payment in the year. Capitalised exploration added during the year partly offset that reduction.
Profit / loss after tax
A$ million
Profit / (loss) after tax
AI-generated presentation · values from Reported profit or loss; no missing values plotted as zero.
Reported profit or loss
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (1.190) | (1.533) | 3.374 | (1.161) | (4.667) |
FY2024 had substantial other income; FY2026 includes A$4.553m exploration impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Project rights and future funding
The lithium arrangement covers particular Norseman rights, while Callisto is excluded from that JV. It is not appropriate to reduce the entire Norseman resource by the lithium ownership percentage.
The retained disclosures give differing descriptions of the additional earn-in spend. No single future commitment total is asserted here without resolving that discrepancy.
The company’s stated funding approach remained equity or joint ventures rather than an intention to introduce debt funding. That is a strategy, not a guarantee of future finance.
Reading the figures
- Conflicting A$15m versus A$12.5m earn-in descriptions retained for review; no future commitment total selected.
- June FY2022-FY2026 series; subsequent August drilling results are not June financial results.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Galileo Mining - FY 2022 Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
- Galileo Mining - FY 2023 Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
- Galileo Mining - FY 2024 Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
- Galileo Mining - FY 2025 Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
- Galileo Mining - FY 2026 Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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