GAL — IGO ~9% interest

Nice to have the vicarious thrills  derived from IGO riding an  8.89% ownership ‘glory wave’  of this one?



After bolting out of the gate with palladium finds recently, Galileo Mining today announced rhodium presence in its recent drill results.
So far the market has thrilled to the news!
(Update: the high so far today is now $1.925)



Reminder : IGO in bought into a cap raise back in 2020 at 22c a share - spent about $3.3m for 8.92%.


Anyone interested can revisit some past past recent posts (but on a different thread) below.
I thought If the GAL find really is that exciting maybe IGO forum readers would appreciate a dedicated thread

cheers

Past posts  (from 16/05/22) in spoiler:

Spoiler : GAL background with IGO

MAY  16, 2022 [see post]

…. shows the price increase at Galileo Mining, a Fraser Range explorer over the last month:

View attachment 4355599


Why does this concern IGO?

Because IGO became a cornerstone investor and the second largest holder in GAL back in 2020.
[23/04/20 $5 MILLION PLACEMENT TO ACCELERATE FRASER RANGE EXPLORATION]
“ Placement closed oversubscribed with a cornerstone investment by Independence Group who will emerge with an 8.9% substantial holding in Galileo”
How many shares does IGO hold?
Almost 15 million.

What price did it pay?
Twenty two cents a share according to the notice above.

https://www.marketindex.com.au/asx/gal
View attachment 4355602


How exciting is the news that has sent the price of Galileo up to a high of 79.5c so far today?

Australian Gold Resources is Mark Creasy.
He upped his ownership today ;

Spoiler : Read about that here

https://thewest.com.au/business/mining/creasy-takes-bigger-chunk-of-galileo-c-6811479
Mark Creasy takes bigger chunk of Galileo Mining after discovery

Stuart McKinnonThe West Australian
Mon, 16 May 2022 9:31AM
Stuart McKinnon


Galileo Mining founder Mark Creasy and managing director Brad Underwood. Credit: Galileo Mining

Billionaire WA prospector Mark Creasy has upped his stake in Galileo Mining after its palladium-platinum discovery last week, sending shares in the stock to fresh highs.

A change in substantial holder notice lodged with the ASX on Monday morning showed Mr Creasy had spent $1.74 million buying shares on the market at an average price of 58¢ to lift his stake by nearly 2 per cent to 26.35 per cent.
The news sent Galileo shares storming to a fresh all-time high of 72.5¢.

The purchase by Mr Creasy, who was already Galileo’s biggest shareholder, comes after the company reported a major platinum-palladium discovery at its Norseman project about 15km north-east of the town.

The Brad Underwood-led company said the mineralisation encountered in the single discovery drill hole bore geological similarities to South Africa’s extensive Platreef palladium-platinum-gold-rhodium-copper-nickel deposits.

The intersection of 33m at 2 grams per tonne palladium-platinum-gold as well as 0.32 per cent copper and 0.3 per cent nickel from 144m, with higher grades of each metal at shorter intervals, sent Galileo shares soaring more than 200 per cent.

Assays from the remaining five holes of the recent program are expected in six weeks.

Galileo listed on the ASX four years ago as a spin-out of Mr Creasy’s private company after the rich-lister decided to ease his heavy workload and try to give the Norseman project and selected Fraser Range tenements more dedicated attention.

At 9.30am, Galileo was trading up 16¢, or 30 per cent, at 70¢.


______________________________________

ALSO :[link to post]

…NB That exciting GAL palladium find was near Norseman in WA at a project called Callista rather than in the Fraser Ranges. but I am sure Peter Bradford, CEO at IGO is happy regardless seeing as IGO’s ~$3.3m investment is  today worth around $12.75m. (GAL price closed at 85.5c a share).

Not so happy the people at Nascent Capital who organised that $5m of funding back in April 2020.

— Reading that link above again I see that as well as being paid 5% of the capital raise they were granted more than two and a quarter million options
… “Nascent will receive a fee of 5% of capital raised by Nascent (plus GST), and will also be issued with 2,272,727 unquoted options (“Options” ,)each with a term of two years expiring on 29 April 2022 and an exercise price of $0.44 per option.”

The GAL price was 20c a share the day  GAL announced  its’ major palladium discovery on May 11, 2022 [ref]
……. Eight days after those 44c  options had expired.

hmmmm

cheers

cheers