Roberts holds 25 million shares which were acquired on June 24 from Singapore-based Kingfisher Capital Pte Ltd in a transaction valued at $9.375 million.
These shares were acquired by Kingfisher earlier this year.
Galena is developing the Abra Base Metals Project in Western Australia, which hosts one of the highest-grade lead concentrates globally with a JORC-compliant probable ore reserve estimate of 10.3 million tonnes at 8.8% lead and 24 g/t silver.
This is within an indicated and inferred mineral resource estimate at a 5.0% lead cut-off of 37.4 million tonnes at 7.5% lead and 18 g/t silver.
Galena secured the equity needed to develop the project in January 2019 through a $90 million agreement with Japan’s Toho Zinc Co Ltd (TYO:5707).
A term sheet executed with Toho resulted in it gaining 40% ownership of Galena’s wholly owned subsidiary, Abra Mining Pty Ltd (AMPL), which owns the project.
The agreement involves the international zinc and lead smelting company investing $90 million in three trenches.
A definitive feasibility study for the project is also set for release in mid-2019 and construction is planned to begin as soon as possible.
Recent drilling results have also confirmed and extended high-grade mineralisation in the northwestern Apron Zone sector.
The aim of this infill drilling was to improve the geological confidence with the view to upgrading to an indicated resource status following a revised resource estimation process.
These results indicate the area has potential to add significant value to the early years of mine life due to its location in the upper sections of the ore body, outside the indicated resource.