In June 2024, Galileo completed a farm-in and joint venture agreement with a wholly owned subsidiary of Mineral Resources (ASX:MIN) (MinRes) for the sale of a 30% interest in all lithium rights held by Galileo on the Norseman tenement package for A$7.5 million cash consideration.

MinRes and Galileo have formed a 30% / 70% unincorporated joint venture for the exploration and, if deemed warranted mining of, lithium on the Norseman tenements. The Callisto PGE-nickel deposit, on M63/671, is not a part of the exploration JV agreement.

MinRes can increase its stake to 55% by sole funding an additional $15 million of exploration expenditure on the Tenements over the 4 years following completion.

MinRes has the further ability to elect to increase its stake to 70% by sole funding expenditure through to a Decision to Mine. Upon MinRes earning a 70% interest, Galileo must elect to either remain in Joint Venture and contribute to Development Costs or convert its interest into a royalty.