Results of Glenover PEA on Rare Earth Project

Galileo, the emerging African Rare Earth exploration and development company, is pleased to announce the results of a Preliminary Economic Assessment (“PEA”) of its Glenover Rare Earth Project (“Glenover Project or the Project”) in South Africa.

Economic Highlights:
Net Present Value (“NPV”) of US$ 512 million using a rare earth oxide (REO) basket price 2 of US$60.79 per kg of 99% REO and a discount rate of 8%. (NPVs at different rates are set out below e.g. NPV of US$783 million at a discount rate of 5%).
Internal Rate of Return (“IRR”) of 34.5 % for the Project.
REO production of 167,100 t (tonnes) in mixed high-grade REO chemical product over 24-year life of mine (LOM) on current resource estimate.
Ore production rate from 2.7 Mt stockpiles at 400,000 t per year 1 to 7.
Open-pit-mine ore production from 7.1 Mt at 400,000 t per year from year 8.
Waste to ore mine stripping ratio of 2.1 to 1 from year 8.
Initial capital investment US$233M, including a contingency of US$34M but excluding $57M for deferred and sustaining capital.

                                 


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