Galileo Resources Plc announced that the Company has entered into a joint venture agreement with Cooperlemon Consultancy Limited in relation to the exploration for copper at large scale exploration license 28001-HQ-LEL in Northwest Zambia (the Licence). Licence 28001 - HQ - LEL runs along the Angolan-Zambian border and is closely associated with the perceived Western Foreland geological district boundary that potentially hosts Kamoa - Kakula deposits in Northwest Zambia. The licence is 52,000 hectares area covering ground in a district where the Company believes there is scope for the discovery of Kamoa-style mineralisation.

There has been limited exploration to date and initial fieldwork will commence within 60 days on the Licence with a view to defining potential drill targets as soon as possible. Galileo entered into a joint venture agreement with Cooperlemon Consultancy Limited in relation to the exploration for copper at large scale exploration license 28001-HQ-LEL in Northwest Zambia. Under the joint venture agreement, Galileo has agreed the following key terms: Earn-in andPhase 1exploration budget: Galileo will earn a 65% interest in the joint venture by; An immediate cash payment of US$230,000 to Cooperlemon; funding exploration expenditure over an initial eighteen month period on the Licence of not less than US$750,000.

Exploration is expected to commence in September /October 2023, and will comprise both physical activity within the Licence boundaries (including but not limited to mapping, soil geochemistry, geophysics and drilling), and desktop studies, laboratory analysis and interpretation of data and results. Galileo anticipates funding this exploration expenditure from existing resources; and for the issue of 2,500,000 Galileo Resources plc shares at a price of 1.175 pence per share being the closing Galileo share price on 4 September 2023. The Consideration Shares are subject to a three month lock up arrangement and thereafter a further three months orderly market arrangement.

Under the orderly market arrangement, the Consideration Shares can be sold via the Company's broker at a price determined by the vendor which shall not be less than the lower of the 10 day VWAP and the closing bid price on the day before the fixing of the Nominated Sale Price and the Company's broker will have 10 business days to sell the shares at the Nominated Sale Price. If the Phase 1 exploration results are successful and prove the continuity of mineralisation at grades suggesting the potential for the future development of a Mineral Resource of not less than 500,000 tonnes of contained copper, consistent with economic recovery at the depth of discovery with a minimum internal rate of return of not less than 25% and a payback period not exceeding 42 months (including the recovery of capital expenditure), then there will be a second two year exploration period. Phase 2 exploration budget:The Phase 2 exploration expenditure of USD 1.5 million will also be funded by Galileo who will be the operator of the Licence for the duration of the Agreement.

If there is a trade or any other sale of the Licence and /or the Joint Venture during Phase 1 of the joint venture then Galileo will be deemed to have a 55% interest in the Joint Venture. A sale requires the agreement of both Galileo and Cooperlemon. Mine Development:In the event the Licence advances to a point where they are commercially viable and suitable for development then the licence will be moved to a corporate entity to be owned 75% by Galileo and 25% by Cooperlemon, and it will be the responsibility of the newly formed corporate entity to raise all capital for mine development and future operations.