REG - Great Western Mining - Final Results for the Year Ended 31 December 2025
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RNS Number : 1356G Great Western Mining Corp. plc 29 May 2026
Great Western Mining Corporation PLC / AIM: GWMO / Euronext Growth: 8GW
29 May 2026
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Final Results for the Year Ended 31 December 2025
Great Western, a strategic minerals exploration and development company, is
pleased to announce its results for the year ended 31 December 2025.
HIGHLIGHTS
2025 Operational Highlights
· Tungsten exploration prioritised across the Defender-Pine Crow corridor
following encouraging field results and independent geological review.
· Expanded the Company's land position through additional claim
staking at Defender-Pine Crow and Yellow Peak.
· Reconnaissance sampling programme at Defender-Pine Crow returned
multiple selective samples over 1% WO(3) (tungsten trioxide), with a maximum
of 1.75% WO(3).
· Advanced the West Huntoon copper-gold project through RC drilling
and surface sampling, confirming gold and silver mineralisation associated
with the Crown Point granite.
· Continued advancement of the Huntoon Copper Project, where the
existing M2 copper resource remains open along strike with further camp-scale
porphyry potential identified.
· Completed six IP survey lines and maiden RC drill programme at the
Rhyolite Dome gold prospect within the Olympic Gold Project.
· Construction completed at the Western Milling gravity separation
plant at Sodaville, with discussions ongoing regarding strategic partners to
support commercial scale-up.
Post-Period Highlights
· Appointed Ed Loye as Chief Executive Officer to lead the next
phase of the Company's development.
· Raised £3.25 million (gross) through a placing of new shares to fund
accelerated exploration activity, prioritising tungsten exploration and drill
activity at Defender-Pine Crow.
· Commenced detailed geological mapping and gravity survey work to
refine drill targeting across the tungsten corridor.
· Secured drilling contractor and commenced groundwork ahead of planned
tungsten drilling programme at Defender-Pine Crow.
· Option agreement involving KGHM Polska Miedz S.A. relating to the
Eastside Mine copper porphyry project - validates Great Western's partnership
strategy and provides exposure to long term royalty income.
· Applied for cross-trading of the Company's shares on the OTCID market
in the United States.
Financial Highlights
· Loss for the year of €1.08 million (2024: loss of €1.74 million).
· Net assets at year-end of €8.6 million (2024: €9.5 million).
· Cash at 31 December 2025 of €0.07 million.
· Post year-end fundraising and warrant exercises generated gross
proceeds of approximately £3.5 million.
Great Western CEO, Ed Loye, commented:
"Having worked closely with Great Western for the past year in a consulting
capacity before joining as Chief Executive Officer in January 2026, I have had
the opportunity not only to assess the portfolio in depth alongside our
technical team, but also to begin putting in place the operational and
strategic foundations needed to advance the Company's next phase of growth.
What has become increasingly evident to me is that Great Western holds a
highly compelling position within a region of growing strategic importance to
the United States, particularly in relation to critical minerals supply.
"What stands out most is the scale and potential of the tungsten opportunity
emerging at Defender-Pine Crow. Tungsten has rapidly become recognised as a
strategically important metal, essential to defence, aerospace, manufacturing
and advanced technologies, yet western domestic supply remains extremely
limited. The combination of encouraging tungsten grades, extensive mineralised
strike length and proximity to existing infrastructure gives us a strong
platform from which to build. I believe these assets are becoming increasingly
relevant not only to investors, but also to industrial and strategic partners
seeking secure long-term supply chains within the United States.
"Our priority now is to advance the Defender-Pine Crow programme through
drilling and technical evaluation while continuing to unlock value across the
wider portfolio. At the same time, we intend to raise the Company's profile
significantly within North American capital markets and among potential
strategic partners. With fresh funding secured, an experienced technical team
in place and multiple catalysts ahead, I believe Great Western is entering a
particularly exciting phase of its development and I look forward to updating
shareholders on our progress in the months ahead."
Forward Looking Statements
This announcement contains forward looking statements relating to the plans,
activities and expectations of Great Western Mining Corporation PLC. Such
statements include, but are not limited to, those concerning planned
exploration programmes, anticipated timelines and potential mineral resource
outcomes. Forward looking statements are typically identified by words such as
"plan", "expect", "anticipate", "intend", "may", "could", "potential" or
similar expressions.
These statements are based on current expectations and assumptions and involve
risks and uncertainties that could cause actual results to differ materially.
Factors include geological risk, exploration and drilling results, permitting
and regulatory approvals, funding availability, operational challenges,
commodity price movements and general market conditions. No assurance can be
given that any forward looking statements will prove to be accurate, and
shareholders are cautioned not to place undue reliance on them.
For further information visit www.greatwesternmining.com or contact:
Great Western Mining Corporation PLC
Brian Hall, Chairman c/o St Brides
Ed Loye, Chief Executive Officer greatwesternmining@stbridespartners.co.uk
Davy
Nominated Adviser, Euronext Growth Adviser & Joint Broker
Brian Garrahy +353 (0)1 679 6363
Shard Capital Partners
Joint Broker
Andrew Gutmann / Erik Woolgar +44 (0)20 7186 9008
St Brides Partners
Financial PR
Susie Geliher / Isabel de Salis greatwesternmining@stbridespartners.co.uk
CHAIRMAN'S STATEMENT
For the year ended 31 December 2025
Dear Shareholder,
2025 has been a year of clear progress for the Company, as we have both
strengthened our understanding of the geology across our portfolio and
sharpened our focus on where best to deploy capital. With a substantial land
position in the Walker Lane trend of Nevada, one of the most prospective
mining regions in the United States, we have concentrated our efforts on those
opportunities with the clearest potential to create near-term value.
A key development during the year has been the growing emphasis on our
tungsten assets at Defender and Pine Crow. As tungsten prices strengthened and
its importance as a strategic metal became more widely recognised, we took a
fresh and more detailed look at these historic workings located close to our
M2 copper resource.
Results to date have been encouraging. Fieldwork and sampling have confirmed
tungsten mineralisation over meaningful widths and point to the possibility of
a broader system extending across the area. This has led us to the view that
Defender and Pine Crow may form part of a coherent mineralised corridor, which
is now a central focus of our work.
To support this work, we commissioned an independent review of our prospects
in the Walker Lane. The recommendation was clear: prioritise tungsten. We have
acted on that advice. Additional claims have been staked post period end to
strengthen our position, surface work has continued to deliver positive
results, and we have now secured a drilling contractor to begin testing the
system at depth in the coming months.
This shift in focus does not come at the expense of the rest of the portfolio.
At the Huntoon Copper Project, we see strong potential for a significant
camp-scale porphyry target, supported by an existing resource at M2, which
remains open along strike, together with the recently confirmed presence of
gold and silver mineralisation associated with the Crown Point granite at West
Huntoon, adding an important new dimension to the project.
In recent days we have announced our participation in the signing of an option
agreement between KGHM Polska Miedz S.A. (KGHM) and Elemental Royalty
Corporation for exploration and development of our copper porphyry prospect at
the Eastside Mine group of claims, part of a pooling agreement with Elemental
Royalty Corporation which holds the adjoining Tango claims. KGHM can earn
the right to acquire a 100% interest in this exciting project over time and we
are very pleased to have a well-funded major mining company involved, with no
further financial exposure for Great Western.
Further east, at the Olympic Gold Project, initial work at the Rhyolite Dome
prospect has improved our understanding of the geological setting and
confirmed that we are operating within a hydrothermal system. While early
drilling has been modest in grade, it has provided a sound technical basis for
refining our targeting going forward.
Commodity markets have been supportive throughout the period. Tungsten has
emerged as an increasingly important strategic resource, while gold and silver
have reached record levels and copper continues to benefit from its
designation as a critical metal. This backdrop reinforces our decision to
prioritise work at Defender-Pine Crow while continuing to advance our broader
portfolio.
Our 50%-owned Western Milling joint venture has completed construction of a
gravity separation mill at Sodaville. While the plant is permitted and has
passed inspection, it will require additional scale and investment to reach
commercial production. We are therefore in discussions with potential partners
who can bring the technical and financial capacity needed to move the project
forward.
As an exploration company, we do not yet generate revenue and have reported a
loss for the year of €1,077,474 (2024: €1,741,056). At the year end, net
assets stood at €8,601,046 (2024: €9,458,826). We remain disciplined in
how we allocate capital, focusing on those areas where we believe it can
deliver the greatest return.
Since the year end, we have strengthened our position further. A successful
fundraising of £3.25 million has provided the resources needed to advance the
tungsten programme, including the upcoming drilling campaign at Defender-Pine
Crow. We have also applied for our shares to be cross traded on the OTCID
market in the United States, which we believe will broaden our investor base
and improve access to North American capital.
There have also been changes to the leadership of the Company. Ed Loye has
been appointed as Chief Executive Officer and will lead the next phase of
development. Furthermore, he will be proposed for election to the Board at the
forthcoming AGM, at which point I will step down as Executive Chair and return
to the role of Non-Executive Chair. I look forward to supporting Ed and the
team as they take the Company forward.
Looking ahead, our priorities are clear. We will advance the tungsten
opportunity at Defender-Pine Crow through drilling and ongoing technical work,
while continuing to build our understanding of the copper and precious metals
potential across the wider portfolio. The work we have carried out over the
past year has given us a stronger foundation and a clearer sense of direction.
On behalf of the Board, I would like to thank our shareholders for their
continued support. We look forward to updating the market as our programmes
progress.
Yours sincerely,
Brian Hall
Executive Chairman
Date: 28 May 2026
Operations Report
For the year ended 31 December 2025
Principal activities, strategy and business model
Great Western explores mineral opportunities in the Walker Lane belt of
Nevada, USA, including gold, silver, copper and tungsten, over a broad
portfolio of claims and aims to enhance shareholder value through systematic
evaluation and exploitation of its assets. Current activity consists of:
· Critical minerals exploration, prioritising tungsten exploration to
align with US strategic supply goals.
· Advance flagship copper asset, growing existing JORC resource.
· Accelerate exploration on precious metals assets for commercially
viable gold and silver deposits.
· Unlock value through partnerships to fund growth and reduce
dilution.
Great Western holds interests in the following claim groups (with projects
within the Huntoon Copper Project (HCP)):
Claim Group Ownership Projects Target mineral
1 Black Mountain 100% Mineral Jackpot Silver, Gold
100% M2 (HCP) Copper
100% Pine Crow and Defender Tungsten
2 Huntoon 100% West Huntoon (HCP) Copper, Gold, Silver
3 Jack Springs 100% M4 (HCP) Copper, Gold
100% M5 Gold, Silver, Copper
4 Rock House 100% Rock House Gold, Silver, Copper
5 Eastside Mine 100% Eastside Mine Copper
6 TUN 100% TUN Gold, Silver
7 Olympic Gold 100% OMCO Mine Gold
100% Trafalgar Hill Gold
100% West Ridge Gold
100% Rhyolite Dome Gold
8 Yellow Peak 100% Yellow Peak Copper
During the year ended 31 December 2025, a review of all existing claims was
undertaken and it was decided to reduce holdings where no clear prospectivity
was identified, while staking new claims in areas that support the Company's
exploration plans. At 31 December 2025, the Company held 534 claims and
since the year-end has staked an additional 8 claims.
In addition to exploration activities, Great Western established and is a 50%
owner of the Western Milling LLC joint venture which has constructed a mill at
Sodaville, Nevada to process historical mine waste, including tailings, spoil
heaps and stockpiles from Great Western's claims, into precious metal
concentrates.
EXPLORATION - Precious Metals Projects
Olympic Gold Project
At the year-end, Great Western held 60 claims at Olympic Gold, located
approximately 50 miles from Great Western's other concessions and still within
the Walker Lane trend in Mineral County, Nevada.
The Olympic Gold Project is located on the northern flank of the Cedar
Mountain Range in eastern Mineral County, Nevada, within the Walker Lane Fault
Belt at the intersection of the Rawhide-Paradise Peak and Aurora-Round
Mountain mineral trends. The Project holds numerous exploration targets and in
2025 Great Western's primary focus was on the Rhyolite Dome area.
Rhyolite Dome is located along the Olympic Gold fault zone, approximately
1.5km southeast of the OMCO Mine, a mine which produced high-grade gold
between the two world wars. The project lies within a prolific
low‑sulphidation epithermal gold district characterised by gold-quartz
veining, brecciation and silica flooding.
During 2025 Great Western successfully completed six induced polarisation (IP)
survey lines at Rhyolite Dome. Data inversions identified a near-surface zone
of anomalous resistivity that coincides with a mapped fault zone, as well as a
chargeable feature at depth of approximately 25mrad located more than 300 m
below surface.
Four shallow RC drill holes were completed at Rhyolite Dome in November 2025
totalling 2,315 ft (706 m). Drilling primarily targeted the near-surface
resistivity anomaly defined by the IP survey.
Several intervals of silicified rhyolite were intercepted, with locally common
pyrite together with hydrothermally altered volcanic rocks. Low concentrations
of gold were encountered, with maximum intercepts of 5 ft (1.5 m) at 0.12 g/t
Au and 5 ft (1.5 m) at 0.11 g/t Au in hole RDRC005. More significant silver
intercepts were returned, including 70 ft (21.3 m) at 1.64 g/t Ag and 0.03 g/t
Au in hole RDRC004, as well as 15 ft (4.6 m) at 1.13 g/t Ag and 0.05 g/t Au.
The geological model for the Olympic Gold Project will now be reassessed to
refine future exploration targets.
West Huntoon
At the end of 2025, Great Western held 103 claims at West Huntoon around the
historic underground Huntoon gold mine and they are prospective for gold,
silver and copper mineralisation. The claims are located on the northwest
side of the Huntoon Valley, covering 10 km(2).
The West Huntoon Gold-Silver-Copper Project is part of the Huntoon Copper
Project, located in Mineral County, Nevada, within the Walker Lane Structural
Belt. The Cretaceous "Crown Point" granite, recently discovered and mapped by
the Company, contains textural evidence for having hosted
magmatic-hydrothermal fluid flow and mineralisation.
With copper the main focus at West Huntoon (see below Copper Projects
section), the area also contains high-grade, potentially epithermal, precious
metal veins which were the target of the old Huntoon mine workings. Following
up on these encouraging results, Great Western conducted a selective surface
sampling programme at West Huntoon focused on potentially mineralised ground
in the Crown Point granite area, to which it holds rights under the previously
announced Huntoon Mine Cooperation Agreement.
Assay results returned in early 2025 showed a very high silver grade of 455
g/t Ag together with elevated gold of 1.07 g/t Au, from a sample taken in the
southern parts of the Crown Point granite. Previous samples from this area
included one with 2,438 g/t Ag & 5.53 g/t Au, situated 40 m to the
southwest, and one with 102 g/t Ag & 4.51 g/t Au, taken a further 40 m to
the southwest. These three samples together form an 80 m trend.
A first sample from the far northern end of the Crown Point granite returned
2.16 g/t gold, 34.2 g/t silver and 1.58% copper, which showed potential for an
elevated precious metals zone at a considerable distance from the established
zone in the southeastern portion.
Multiple samples returned elevated gold and silver values (0.1-0.2 g/t Au and
5-20 g/t Ag), mainly located adjacent to the high-grade samples in the
southern tip of the Crown Point granite. Results also showed widespread copper
anomalism in the granite, with seven samples in the range 0.18 - 0.31% Cu and
an outlier at 0.68% Cu. These samples were selected from local surface
showings of copper oxide mineralisation.
In 2025 a RC drilling programme at the West Huntoon Prospect was designed to
test the potential for magmatic-hydrothermal type mineralisation associated
with coincident geological mapping, soil and rock chip Cu-Au-Ag geochemical
anomalies and IP geophysical targets. Six RC drill holes were successfully
drilled at West Huntoon in 2025, totalling 3,630 ft (1,106.4 metres) providing
valuable new insights into the precious and base metal mineralisation of the
Project.
Two drill holes out of the total six planned for the West Huntoon area
targeted the Crown Point granite contact. Samples were sent for gold and
multi-element analysis to a lab in Reno, Nevada. Results returned from the
drilling showed that precious metal Au-Ag mineralisation is now found to be
associated with the Cretaceous Crown Point granite. Highlights of the results
include: 25 ft @ 1.01 g/t Au and 11.00 g/t Ag (including 5 ft @ 2.55 g/t Au
and 19.00 g/t Ag); 15 ft @ 1.67 g/t Au and 2.34 g/t Ag (including 5ft @ 4.01
g/t Au and 2.74 g/t Ag); 5 ft at @ 1.06 g/t Au and 8.54 g/t Ag; and 85 ft @
3.00 g/t Ag.
EXPLORATION - Copper Projects
At M2 in the Black Mountains Group, Great Western has already discovered and
drilled a partly inferred, partly indicated copper resource of 4.3 million
tonnes at a grade of 0.45% Cu in a skarn setting. The work carried out to date
shows potential for expansion to a much larger copper resource. Great Western
believes that there is untested potential in both directions along strike, on
a structure of up to 5 km, supported by historical mine workings to the
northeast and an IP anomaly to the southwest. Grabs from this area have
returned positive grades for copper, with one returning a grade of 1,470 g/t
Ag. This is the highest silver value recorded at M2. Further work will be
undertaken for a better understanding of the silver enrichment in this area.
West Huntoon, situated 7 km west of M4, and 10 km southwest of M2, is
primarily a copper prospect on which the Company has previously drilled a
single hole, assaying at 0.35% Cu over 27.4 metres. West Huntoon also contains
a sizeable copper anomaly in soils, part of which is coincident with a clear
magnetic signature identified on drone magnetometry conducted in early 2022.
Induced polarisation (IP) surveys conducted at West Huntoon in 2024, detected
chargeability anomalies, associated with known surface expressions of copper
oxide mineralisation in the core of the prospect and plunging away from these
zones to the southeast. The copper-in-soils anomaly at West Huntoon was
expanded from around 2 km(2) to 3 km(2).
During the reporting period Great Western also gained access to historical
drill material from the area, both RC and diamond core, carried out by
previous claim holders. The Company's technical team is currently evaluating
the material, with results being integrated into the geological database.
Smith Mine
Reconnaissance soil samples were taken covering 3 km(2) and these were the
Company's first systematic sampling undertaken at the prospect. Eleven lines
were sampled with line spacing of 250 m and sample spacing of 100 m. Assay
results returned this year for the 84 samples taken show mild copper anomalism
(>50 ppm Cu) proximal to the Smith Mine workings and several samples in the
south of the grid returned anomalous copper grades, including a maximum
outlier of 341 ppm Cu. These samples were taken proximal to surface showings
and, along with new and previously reported grabs, help define a 400 m trend
of copper anomalism. Separately, one sample high on the flank of the hills to
the southwest returned a markedly anomalous 29 ppb Au. A follow-up programme
of in-fill sampling on a tighter spaced grid will be carried out in due
course.
Yellow Peak Prospect
Early in 2025, Great Western staked 20 strategic new claims at Yellow Peak,
located north of and on trend with West Huntoon's porphyry potential. The
decision to stake Yellow Peak was driven by the identification of extensive
outcropping phyllic alteration, a recognised indicator of porphyry copper
mineralisation, and the presence of a key highly evolved granite phase that
has never previously been recorded in this region.
In addition, Great Western's technical team identified a distinct, highly
evolved granite phase within the Yellow Peak area, which likely correlates
with the Crown Point granite mapped by the Company at the centre of the West
Huntoon copper prospect now understood to be associated with alteration and
mineralisation over a number of sites on Great Western's claims in the
northeastern end of the Huntoon and Little Huntoon Valleys.
Other copper projects
The M8 copper prospect lies within the Eastside Mine ("EM") claims group,
where high-grade copper-oxide ore was mined from shallow underground workings
during World War I. The Company regards the northerly continuation of this
structure as a strong, untested target for buried copper mineralisation.
In 2024, Great Western entered into a pooling agreement with Bronco Creek
Exploration (BCE), a wholly owned subsidiary of Elemental Royalty Corp., under
which the Company's Eastside Mine claims were pooled with BCE's adjoining
ground (the "Tango" claims) to create a larger unit which consolidates a
primary porphyry copper target. Eastside/Tango is located approximately 18
km southeast of Great Western's Huntoon Copper Project.
In 2025, following a review of data, BCE decided to stake 78 claims in an
agreed Area of Mutual Interest consisting of a one-kilometre halo around the
pooled Eastside Mine/Tango area and GWM exercised its option to have the
additional 78 claims form part of the properties covered by the pooling
agreement in which Great Western has 30%.
TUNGSTEN PROSPECTIVITY
Black Mountain
Defender-Pine Crow
The Black Mountain Group ("BM") lies on a southwest trending spur ridge of the
Excelsior Range of mountains and comprised 188 claims at the year-end. The BM
group contains both Great Western's copper resource at M2, the Mineral Jackpot
prospect, where outcropping veins, vein workings and spoil heaps contain
high-grade gold and silver and the recently developed Defender-Pine Crow
tungsten target.
Work during this reporting period focused on the Defender-Pine Crow tungsten
target area.
The Defender and Pine Crow skarns, which produced tungsten during World War
II, lie approximately 2 km northeast of and on trend with the Company's M2
skarn copper resource. These outcropping skarns occur at the contact zones
of Cretaceous granitic intrusions with limestones of the Jurassic Dunlap
Formation. Earlier field mapping and rock chip sampling confirmed
scheelite-bearing skarns at both Defender and Pine Crow, with rock chip
samples recording up to 1.75% tungsten trioxide (WO(3)) in previous year's
work.
A systematic soil sampling programme has been carried out over the area's two
historical tungsten workings, Defender and Pine Crow, where previous grab
samples had returned high tungsten grades. 98 soil samples were collected
across 198 acres (0.8 km2) between Defender/Pine Crow and the Company's
previous soil sample grid at M2. Lab analysis of the results showed elevated
tungsten (W), copper (Cu) and zinc (Zn) in soil, traced for approximately 1.4
km along the granite-limestone contact zone. Five samples from the contact
zone were greater than 75 ppm Cu, with one sample containing 385 ppm Cu. Zn
in soil showed elevated levels, up to 81 ppm Zn, in the contact zone, compared
to <40 ppm away from the contact. W in soil shows elevated levels, up to
6 ppm in the contact zone, compared to background values of <1 ppm W in
soil away from the contact zone. Due to its refractory nature, W concentration
is also likely to have been under-represented by the aqua regia digest method
used in the lab analysis. When correlating trends with the Company's
historically reported soil sample grid in the M2 area, elevated W, Cu and Zn
in soils can now be traced for over 3 km in strike length, from south of the
M2 resource to Pine Crow.
The spatial extent of these results highlights the potential scale of the
mineralising system and indicates correlation between the M2 copper skarn
resource and the tungsten rich skarns in the Defender-Pine Crow area.
In December 2025, two channels were machine-cut to assess mineralisation by
collecting samples at 1 m intervals. Channel A was excavated across an
existing trench, while Channel B was cut across historic surface workings. The
samples were analysed for multi-element analysis, including specific
processing and analysis for tungsten.
Post reporting period
Results returned in early 2026 for the trenching programme delivered strong
tungsten showings from both channels. Channel A returned 6 m (20ft) at 0.17%
WO₃, including a high-grade interval of 1 m (3ft) at 0.43% WO₃. Channel B
produced an even stronger result of 16 m (52ft) at 0.30% WO₃, including 2 m
(7ft) at 0.66% WO₃.
Channel B also demonstrated silver mineralisation, intersecting 2 m (7ft) at
2.95 g/t Ag within garnet skarn and 3 m (10ft) at 1.55 g/t Ag within granite.
Importantly, elements that could act as processing penalties for WO₃ were
recorded at only very low concentrations. Great Western has staked eight new
claims around the Defender-Pine Crow prospects since the end of the reporting
year and now holds 542 claims in total.
Detailed geological mapping commenced in March 2026 to assess the mineralised
trend between Defender and Great Western's existing Maiden Resource Estimate
(MRE) at M2. This will refine the geological model and support drill
targeting, initially at the eastern end of the trend. A gravity survey
commenced over the soil anomaly area will further add to the understanding of
the lithological boundaries and structural features of the area and help with
future drill targeting over the larger zone. Groundwork has commenced in April
2026 to prepare the drill pads, ahead of planned drilling in July 2026. In
parallel, additional channel cutting has been carried out, the results of
which will be incorporated into the exploration model.
PROCESSING OPERATIONS
The Western Milling LLC 50-50 joint venture, owned by Great Western and local
mine contractor Muletown Resources, has completed construction of a gravity
separation mill at Sodaville. While the plant is now permitted and has passed
state inspection, it will require additional investment to reach commercial
production. Discussions are ongoing with prospective partners who would
bring the technical and financial capacity needed to upscale the project to an
economic level and move it forward.
Consolidated Income Statement
For the year ended 31 December 2025
Notes 2025 2024
€ €
Continuing operations
Administrative expenses (1,082,367) (971,913)
Impairment of exploration and evaluation assets 11 - (781,610)
Finance income 4 4,575 3,441
Loss for the year before tax 5 (1,077,792) (1,750,082)
Income tax expense 7 318 9,026
Loss for the financial year (1,077,474) (1,741,056)
Loss attributable to:
Equity holders of the Company (1,077,474) (1,741,056)
Loss per share from continuing operations
Basic and diluted loss per share (cent) 8 (0.0092) (0.0002)
All activities are derived from continuing operations. All losses are
attributable to the owners of the Company.
Consolidated Statement of Other Comprehensive Income
For the year ended 31 December 2025
Notes 2025 2024
€ €
Loss for the financial year (1,077,474) (1,741,056)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences (1,034,414) 525,087
(1,034,414) 525,087
Total comprehensive expense for the financial year
attributable to equity holders of the Company (2,111,888) (1,215,969)
Consolidated Statement of Financial Position
For the year ended 31 December 2025
Notes 2025 2024
€ €
Assets
Non-current assets
Property, plant and equipment 10 69,565 78,679
Intangible assets 11 8,555,874 8,740,870
Investment in joint venture 12 566,770 641,020
Total non-current assets 9,192,209 9,460,569
Current assets
Trade and other receivables 14 113,512 152,749
Cash and cash equivalents 15 65,724 299,345
Total current assets 179,236 452,094
Total assets 9,371,445 9,912,663
Equity
Capital and reserves
Share capital 19 1,056,535 1,043,785
Share premium 19 17,536,077 16,206,109
Share based payment reserve 20 240,732 337,100
Foreign currency translation reserve 126,452 1,160,866
Retained earnings (10,358,750) (9,289,034)
Attributable to owners of the Company 8,601,046 9,458,826
Total equity 8,601,046 9,458,826
Liabilities
Current liabilities
Trade and other payables 16 302,828 315,621
Decommissioning provision 17 124,321 138,216
Share warrant provision 18 343,250 -
Total current liabilities 770,399 453,837
Total liabilities 770,399 453,837
Total equity and liabilities 9,371,445 9,912,663
Company Statement of Financial Position
For the year ended 31 December 2025
Notes 2025 2024
€ €
Assets
Non-current assets
Investments in subsidiaries 9 500,001 500,001
Amounts owed by subsidiary undertakings 13 5,283,686 5,549,122
Total non-current assets 5,783,687 6,049,123
Current assets
Trade and other receivables 14 12,384 8,901
Cash and cash equivalents 15 43,803 275,840
Total current assets 56,187 284,741
Total assets 5,839,874 6,333,864
Equity
Capital and reserves
Share capital 19 1,056,535 1,043,785
Share premium 19 17,536,077 16,206,109
Share based payment reserve 20 240,732 337,100
Retained earnings (13,485,896) (11,388,063)
Attributable to owners of the Company 5,347,448 6,198,931
Total equity 5,347,448 6,198,931
Liabilities
Current liabilities
Trade and other payables 16 149,176 134,933
Share warrant provision 18 343,250 -
Total current liabilities 492,426 134,933
Total liabilities 492,426 134,933
Total equity and liabilities 5,839,874 6,333,864
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Share Share Share based payment reserve Foreign Retained Total
capital premium € currency earnings €
€ € translation €
reserve
€
Balance at 1 January 2024 548,660 14,875,499 386,005 635,779 (7,614,527) 8,831,416
Total comprehensive income
Loss for the year - - - - (1,741,056) (1,741,056)
Currency translation differences - - - 525,087 - 525,087
Total comprehensive income for the year - - - 525,087 (1,741,056) (1,215,969)
Transactions with owners, recorded directly in equity
Shares issued 495,125 1,330,610 - - (116,168) 1,709,567
Share warrants terminated - - (182,717) - 182,717 -
Share options charge - - 133,812 - - 133,812
Total transactions with owners, recorded directly in 495,125 1,330,610 (48,905) - 66,549 1,843,379
equity
Balance at 31 December 2024 1,043,785 16,206,109 337,100 1,160,866 (9,289,034) 9,458,826
Total comprehensive income
Loss for the year - - - - (1,077,474) (1,077,474)
Currency translation differences - - - (1,034,414) - (1,034,414)
Total comprehensive income - - - (1,034,414) (1,077,474) (2,111,888)
for the year
Transactions with owners, recorded directly in equity
Shares issued 12,750 1,329,968 - - (88,610) 1,254,108
Share options terminated - - (121,391) - 121,391 -
Share options charge - - 25,023 - (25,023) -
Total transactions with owners, recorded directly 12,750 1,329,968 (96,368) - 7,758 1,254,108
in equity
Balance at 31 December 2025 1,056,535 17,536,077 240,732 126,452 (10,358,750) 8,601,046
Company Statement of Changes in Equity
For the year ended 31 December 2025
Share Share Share based payment reserve Retained Total
capital premium € earnings €
€ € €
Balance at 1 January 2024 548,660 14,875,499 386,005 (9,414,499) 6,395,665
Total comprehensive income
Loss for the year - - - (2,040,113) (2,040,113)
Total comprehensive income for the year - - - (2,040,113) (2,040,113)
Transactions with owners, recorded directly in equity
Shares issued 495,125 1,330,610 - (116,168) 1,709,567
Share warrants terminated - - (182,717) 182,717 -
Share options charge - - 133,812 - 133,812
Total transactions with owners, recorded directly in 495,125 1,330,610 (48,905) 66,549 1,843,379
Equity
Balance at 31 December 2024 1,043,785 16,206,109 337,100 (11,388,063) 6,198,931
Total comprehensive income
Loss for the year - - - (2,105,591) (2,105,591)
Total comprehensive income for the year - - - (2,105,591) (2,105,591)
Transactions with owners, recorded directly in equity
Shares issued 12,750 1,329,968 - (88,610) 1,254,108
Share warrants terminated - - (121,391) 121,391 -
Share options charge - - 25,023 (25,023) -
Total transactions with owners, recorded directly in equity 12,750 1,329,968 (96,368) 7,758 1,254,108
Balance at 31 December 2025 1,056,535 17,536,077 240,732 (13,485,896) 5,347,448
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
Notes 2025 2024
€ €
Cash flows from operating activities
Loss for the year (1,077,474) (1,741,056)
Adjustments for:
Depreciation 10 - -
Interest receivable and similar income 4 (4,575) (3,441)
(Increase)/Decrease in trade and other receivables (4,993) 20,672
Impairment expense - 781,610
Increase/(Decrease) in trade and other payables 14,254 (626)
Loss on revaluation of share warrants 182,791 -
Decrease in tax receivable 31,827 45,757
Equity settled share-based payment 20 - 133,812
Net cash flows from operating activities (858,170) (763,272)
Cash flow from investing activities
Expenditure on intangible assets 11 (808,539) (468,300)
Investment in joint venture (288) (274,361)
Interest received 4 4,575 3,441
Net cash from investing activities (804,252) (739,220)
Cash flow from financing activities
Proceeds from the issue of new shares 19 1,503,177 1,825,735
Commission paid from the issue of new shares (88,610) (116,168)
Net cash from financing activities 1,414,567 1,709,567
Decrease in cash and cash equivalents (247,855) 207,075
Exchange rate adjustment on cash and cash equivalents 14,234 (3,036)
Cash and cash equivalents at beginning of the year 15 299,345 95,306
Cash and cash equivalents at end of the year 15 65,724 299,345
Company Statement of Cash Flows
For the year ended 31 December 2025
Notes 2025 2024
€ €
Cash flows from operating activities
Loss for the year (2,105,591) (2,040,112)
Adjustments for:
Interest receivable and similar income 4 (4,282) (3,051)
(Increase)/Decrease in trade and other receivables (3,483) 4,151
Increase in trade and other payables 3,891 29,318
Increase in impairment provision 1,389,000 1,458,000
Loss on revaluation of share warrants 182,791 -
Equity settled share-based payment 20 - 133,812
Net cash flows from operating activities (537,674) (417,882)
Cash flow from investing activities
Interest received 4 4,282 3,051
Amounts advanced to subsidiary undertakings (1,113,212) (1,080,664)
Net cash from investing activities (1,108,930) (1,077,613)
Cash flow from financing activities
Proceeds from the issue of new shares 19 1,503,177 1,825,735
Commission paid from the issue of new shares (88,610) (116,168)
Net cash from financing activities 1,414,567 1,709,567
Decrease in cash and cash equivalents (232,037) 214,072
Cash and cash equivalents at beginning of the year 15 275,840 61,768
Cash and cash equivalents at end of the year 15 43,803 275,840
Notes to the Financial Statements
For the year ended 31 December 2025
1. Accounting policies
Great Western Mining Corporation PLC ("the Company") is a Company domiciled
and incorporated in Ireland. The Company is listed on the Euronext Growth
Market in Dublin and on AIM in London. The Group financial statements
consolidate the individual financial statements of the Company and its
subsidiaries ("the Group").
Basis of preparation
The Group and the Company financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as
adopted by the European Union ("EU").
Statement of compliance
The Group financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards and
their interpretations as adopted by the European Union ("EU IFRSs"). The
individual financial statements of the Company have been prepared and approved
by the Directors in accordance with EU IFRSs and as applied in accordance with
the provisions of the Companies Act 2014 which permits a Company that
publishes its Company and Group financial statements together, to take
advantage of the exemption in Section 304 of the Companies Act 2014 from
presenting to its members its Company income statement and related notes that
form part of the approved Company financial statements.
The EU IFRSs applied by the Company and the Group in the preparation of these
financial statements are those that were effective for accounting periods
ending on or before 31 December 2025.
New accounting standards and interpretations adopted
Below is a list of standards and interpretations that were required to be
applied in the year ended 31 December 2025. There was no material impact on
the financial statements in the current year from the standards set out below:
Effective date
Amendments to IFRS 7/IFRS 9 Classification and Measurement of Financial Instruments 1 January 2026
Amendments to IFRS 7/IFRS 9 Contracts Referencing Nature dependent Electricity 1 January 2026
Annual Improvements to IFRS 1 January 2026
Accounting Standards Volume 11
New accounting standards and interpretations not adopted
Standards endorsed by the EU that are not yet required to be applied but can
be early adopted are set out below. None of these standards have been applied
in the current period. The Group is currently assessing whether these
standards will have a material impact in the financial statements.
Effective date
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
Amendments to IFRS 10/IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Available for optional adoption
Venture
Functional and Presentation Currency
The presentation currency of the Group and the functional currency of Great
Western Mining Corporation PLC is the Euro ("€") representing the currency
of the primary economic environment in which the Group operates.
Use of Judgements and Estimates
In preparing these consolidated financial statements, judgements and estimates
have been made about the future that affect the application of the Group's
accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis and are
consistent with the Group's risk management. Revisions to estimates are
recognised prospectively.
In particular, significant areas of estimation uncertainty in applying
accounting policies that have the most significant effect on the amount
recognised in the financial statements are in the following area:
Judgments
The Directors have made the following judgements in applying the accounting
policies which are considered to have the most significant effects on the
amounts recognised in the financial statement:
Carrying value of intangible assets and impairment (Note 11)
The capitalisation of costs in relation to exploration activities requires
judgement over the costs incurred, including: obtaining exploration data
through geological, geochemical, geophysical and other studies; the review of
historical data; conducting soil and grab samples, trenching and drilling
activities; preparation of third party reports on the Company's activities
including resource reports; the renewal of claims, staking of new claims and
the maintenance of all claims in accordance with regulations; and salary costs
and general administration costs. The Group considers the need for an
impairment provision in and takes into account the exploration activity
undertaken on each group of claims. If an indication of impairment exists, a
formal estimate of recoverable amounts is performed and an impairment loss
recognised.
Amounts owed by subsidiary companies (Note 13)
The Parent Company assesses the recoverability of loans from subsidiary
companies and any impairment which may arise. In applying the expected credit
loss (ECL) model under IFRS 9 the Parent Company makes assumptions when
implementing the forward-looking ECL model including estimations for the
amount expected the percentage loss given a default and the probability of
default. The Directors make judgements on the expected likelihood and
probable loss which are applied to the loan balances.
Decommissioning provision (Note 17)
Provisions for decommissioning are made based on the best estimate of likely
cash outflows. Under regulatory requirements, the Group must provide bonds
for the value of expected costs as calculated by the relevant regulatory body,
to remediate any ground disturbance. The bonds have to be provided in
advance of any work being undertaken. The Directors consider that the
amounts calculated for each bond is the best estimate for the costs of
decommissioning prior to the work being undertaken.
Assumptions and estimation uncertainties
Assumptions and estimation uncertainties at the reporting date that have a
significant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities within the next financial year is included in the
following notes
Share warrants - financial liability (Note 18)
Accounting for share warrants financial liabilities requires the use of
valuation models to estimate the future share price performance of the
Company. Assumptions for the share price volatility, risk free rate and
expected life of awards in order to determine the fair values of the options
at the date of grant. The assumptions are updated at period ends and at the
time of events including exercise of warrants.
Share-based payments (Note 20)
Accounting for equity-settled share-based payments requires the use of
valuation models to estimate the future share price performance of the
Company. Assumptions for the share price volatility, risk free rate and
expected life of awards in order to determine the fair values of the options
at the date of grant
Basis of Consolidation
The consolidated financial statements comprise the financial statements of
Great Western Mining Corporation PLC and its subsidiary undertakings for the
year ended 31 December 2025.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and cease to be consolidated from the date on which control is
transferred out of the Group. Control exists when the Company is exposed to,
or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity.
Financial statements of subsidiaries are prepared for the same reporting year
as the parent company.
Upon the loss of control, the Group derecognises the assets and liabilities of
the subsidiary, and no controlling interests and the other components of
equity related to the subsidiary. Any surplus or deficit arising on the loss
of control is recognised in the income statement. If the Group retains any
interest in the previous subsidiary, then such interest is measured at fair
value at the date control is lost. Subsequently, it is accounted for an
equity-accounted investee or as an available for sale financial asset,
depending on the level of influence retained.
Intragroup balances and transactions, including any unrealised gains arising
from intragroup transactions, are eliminated in preparing the Group financial
statements. Unrealised losses are eliminated in the same manner as unrealised
gains except to the extent that there is evidence of impairment.
Investments in Subsidiaries
In the Company's own statement of financial position, investments in
subsidiaries are stated at cost less provisions for any impairment.
Intangible Assets - Exploration and Evaluation Assets
The Directors have designated that an individual exploration and evaluation
asset is a group of claims which provide separate areas of interest in
different geographic locations. Each group of claims may comprise more than
one area of exploration interest. Exploration expenditure in respect of
properties and licences not in production is capitalised and is carried
forward in the statement of financial position under intangible assets in
respect of each area of interest where:
(i) the operations are ongoing in the area of interest and exploration
or evaluation activities have not reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves;
and
(ii) such costs are expected to be recouped through successful
development and exploration of the area of interest or alternatively by its
realisation.
Exploration costs include licence costs, survey, geophysical and geological
analysis and evaluation costs, costs of drilling and project-related
overheads. Where the Company undertakes the evaluation and appraisal of
historical waste material at surface, the costs of evaluation are capitalised
in exploration and evaluation assets. Capitalised exploration and evaluation
expenditures are not amortised prior to the conclusion of exploration and
appraisal activity.
Exploration and evaluation assets will be reclassified to property, plant and
equipment as a cash-generating unit when a commercially viable reserve has
been determined, all approvals and permits have been obtained. On
reclassification, the carrying value of the asset will be assessed for
impairment and, where appropriate, the carrying value will be adjusted. If,
after completion of exploration, evaluation and appraisal activities the
conditions for achieving a cash-generating unit are not met, the associated
expenditures are written off to the income statement.
Decommissioning Provision
There is uncertainty around the cost of decommissioning as cost estimates can
vary in response to many factors, including changes to the relevant legal
requirements, the emergence of new technology or experience at other assets.
The expected timing, work scope and amount and currency mix of expenditure
required may also change. Therefore, significant estimates and assumptions are
made in determining the provision for decommissioning. Provision for
environmental clean-up and remediation costs is based on current legal and
contractual requirements, technology and management's estimate of costs with
reference to current price levels and the estimated costs calculated by the
regulatory authorities.
Impairment
The carrying amounts of the Group's non-financial assets, other than deferred
tax assets, are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, then the amount
recoverable from the assets is estimated. For intangible assets that have
indefinite lives or that are not yet available for use, the recoverable amount
is estimated at each reporting date.
Under IFRS 6, the following indicators are set out to determine whether an
exploration and evaluation asset is required to be tested for impairment:
· the period for which the entity has the right to explore in the specific
area has expired during the period or will expire in the near future, and is
not expected to be renewed;
· substantive expenditure on further exploration for and evaluation of
mineral resources in the specific area is neither budgeted nor planned;
· exploration for and evaluation of mineral resources in the
specific area have not led to the discovery of commercially viable quantities
of mineral resources and the entity has decided to discontinue such activities
in the specific area; and
· sufficient data exists to indicate that, although a development in
the specific area is likely to proceed, the carrying amount of the exploration
and evaluation asset is unlikely to be recovered in full from successful
development or by sale.
The list is not exhaustive, and the Group also considers the following
additional tests: current cash available to the Group and its capacity to
raise additional funds; commodity prices and markets; taxation and the
regulatory regime; access to equipment, materials and services; and the
comparison of the Group's net assets with the market capitalisation of the
Company. When claims within a claim group are relinquished during annual
renewal process, consideration is given to the estimated carrying value of the
relinquished claims and the cost is expensed accordingly.
An impairment loss is recognised if the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. A cash-generating unit is
the smallest identifiable asset Group that is expected to generate cash flows
that is largely independent from other assets and Groups of assets. Impairment
losses are recognised in the Statement of Comprehensive Income. Impairment
losses recognised in respect of cash-generating units are allocated first to
reduce the carrying amount of any goodwill allocated to the units and then to
reduce the carrying amount of the other assets in the unit (group of units) on
a pro rata basis.
The recoverable amount of an asset or cash generating unit is the greater of
its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risk specific to the asset.
Taxation
Income tax expense comprises current and deferred tax. Income tax expense is
recognised in profit and loss except to the extent that it relates to items
recognised in other comprehensive income or directly in equity, in which case
the tax is also recognised in other comprehensive income or equity
respectively.
Current corporation tax is the expected tax payable on the taxable income for
the year, using tax rates enacted or substantively enacted at the reporting
date, and any adjustment to tax payable in respect of previous years.
Special tax deductions for qualifying expenditure claimed by the Group are in
accordance with the Research and Development Tax Incentive regime in the UK.
The Group accounts for such allowances as tax credits, which reduces income
tax payable and current tax expense.
Deferred tax is recognised using the liability method, providing for temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the
initial recognition of goodwill, the initial recognition of assets or
liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit, and differences relating to
investments in subsidiaries to the extent that they probably will not reverse
in the foreseeable future. Deferred tax is measured at the tax rates that are
expected to be applied to the temporary differences when they reverse, based
on the laws that have been enacted or substantively enacted by the reporting
date.
A deferred tax asset is recognised to the extent that it is probable that
future taxable profits will be available against which temporary difference
can be utilised. Deferred tax assets are reviewed at each reporting date and
are reduced to the extent that it is no longer probable that the related tax
benefit will be realised.
Additional income taxes that arise from the distribution of dividends are
recognised at the same time as the liability to pay the related dividends is
recognised.
Employee Benefits
Equity-Settled Share-Based Payments
For equity-settled share-based payment transactions (i.e. the issuance of
share options in accordance with the Group's share option scheme or share
warrants granted in relation to services provided), the Group measures the
services received by reference to the value of the option or other financial
instrument at fair value at the measurement date (which is the grant date)
using a recognised valuation methodology for the pricing of financial
instruments (the binomial option pricing model). If the share options granted
do not vest until the completion of a specified period of service, the fair
value assessed at the grant date is recognised in the income statement over
the vesting period as the services are rendered by employees with a
corresponding increase in equity. For options granted with no vesting period,
the fair value is recognised in the income statement at the date of the
grant. For share warrants granted in relation to services provided, the fair
value is an issue cost and is accordingly recognised in retained earnings. The
fair value of equity-settled share-based payments on exercise is released to
the share premium account. When equity settled share-based payments which
have not been exercised reach the end of the original contractual life,
whether share options or share warrants, the value is transferred from the
share option reserve to retained earnings.
Foreign Currencies
Transactions in foreign currencies are recorded at the rate of exchange ruling
at the date of the transaction. Monetary assets and liabilities denominated in
a foreign currency are translated into the functional currency at the exchange
rate ruling at the reporting date, unless specifically covered by foreign
exchange contracts whereupon the contract rate is used. All translation
differences are taken to the income statement with the exception of foreign
currency differences arising on net investment in a foreign operation. These
are recognised in other comprehensive income.
Results and cash flows of non-Euro subsidiary undertakings are translated into
Euro at average exchange rates for the year and the related assets and
liabilities are translated at the rates of exchange ruling at the reporting
date. Adjustments arising on translation of the results of non-Euro subsidiary
undertakings at average rates, and on the restatement of the opening net
assets at closing rates, are dealt with in a separate translation reserve
within equity. Proceeds from the issue of share capital are recognised at the
prevailing exchange rate on the date that the Board of Directors ratifies such
issuance; and foreign exchange movement arising between the date of issue and
the date of receipt of funds is credited or charged to the income statement.
The principal exchange rates used for the translation of results, cash flows
and balance sheets into Euro were as follows:
Average rate Spot rate at year end
2025 2024 2025 2024
1 GPD 0.8568 0.8466 0.8726 0.8292
1 USD 1.1300 1.0821 1.1750 1.0389
On loss of control of a foreign operation, accumulated currency translation
differences are recognised in the income statement as part of the overall gain
or loss on disposal.
Property, plant and equipment
Property, plant and equipment under the cost model are stated at historical
cost less accumulated depreciation and any accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to bringing
the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
Depreciation is provided on the following basis:
Land and property - 0%
Plant & machinery - 33.33% straight line
Motor vehicles - 33.33% straight line
On disposal of property, plant and equipment, the cost and related accumulated
depreciation and impairments are removed from the financial statements and the
net amounts less any proceeds are taken to the income statement.
The carrying amounts of property, plant and equipment are reviewed at each
balance sheet date to determine whether there is any indication of
impairment. An impairment loss is recognised whenever the carrying amount of
an asset or its cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in the income statement.
Subsequent costs are included in an asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
replaced item can be measured reliably. All other repair and maintenance
costs are charged to the income statement during the financial period in which
they are incurred.
Financial Instruments
Cash and Cash Equivalents
Cash and cash equivalents in the Statement of Financial Position comprise cash
at bank and in hand and short-term deposits with an original maturity of three
months or less. Bank overdrafts that are repayable on demand and form part
of the Group's cash management are included as a component of cash and cash
equivalents for the purpose of Statement of Cash Flows.
Trade and Other Receivables / Payables
Except for the decommissioning provision and financial liabilities arising on
the grant of share warrants, trade and other receivables and payables are
stated at cost less impairment, which approximates fair value given the
short-dated nature of these assets and liabilities. There are no expected
credit losses on amounts due from subsidiaries and therefore no expected
credit loss provision has been recognised.
Financial assets - amounts owed by subsidiary undertakings
Financial assets are classified as measured at amortised cost when they are
held in a business model the objective of which is to collect contractual cash
flows and the contractual cash flows represent solely payments of principal
and interest. Such assets are carried at amortised cost using the effective
interest method if the time value of money is significant. Gains and losses
are recognised in profit or loss when the assets are derecognised or impaired
and when interest is recognised using the effective interest rate method. This
category of financial assets includes trade and other receivables and loans
provided to subsidiary undertakings of the Company.
Impairment of financial assets
The expected credit loss model is applied for recognition and measurement of
impairments in financial assets measured at amortised cost. The loss allowance
for the financial asset is measured at an amount equal to the life-time
expected credit losses. Changes in loss allowances are recognised in profit
and loss.
Share Warrant Provision
The fair value of an equity classified warrant is measured using the binomial
option pricing model. As the warrant price is in a different currency to the
functional currency of the Company, the share warrant provision creates a
financial liability. The fair value is remeasured at each period end and any
movement charged or credited to the income statement. The fair value of the
liability settled by the issue of shares is credited to the share premium
account. The fair value on exercise is credited to the share premium
account.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event and it is probable that an outflow
of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of this
obligation. Where the Group expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is
recognised as a separate asset but only when the reimbursement is virtually
certain. The expense relating to any provision is presented in the
Consolidated Statement of Comprehensive Income net of any reimbursement. If
the effect of the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
Contingencies
A contingent liability is disclosed where the existence of an obligation will
only be confirmed by future events or where the amount of the obligation
cannot be measured with reasonable reliability. Contingent assets are not
recognised but are disclosed where an inflow of economic benefit is probable.
2. Going concern
The financial statements of the Group and Parent Company are prepared on a
going concern basis.
In order to assess the appropriateness of the going concern basis in preparing
the financial statements for the year ended 31 December 2025, the Directors
have considered a time period of at least twelve months from the date of
approval of these financial statements.
The Group incurred an operating loss during the year ended 31 December 2025.
At the balance sheet date, the Group had cash and cash equivalents amounting
to €0.07 million. In February 2026, the Company completed a fundraising
for £3.25 million before transaction expenses. In addition, in April 2026,
warrant holders have exercised warrants providing the Company with additional
funding of approximately £277,000. The Board considers this will enable the
Group to meet continuing operating expenditure and the planned work programme.
The Directors concluded that the Group will have sufficient resources to
continue as a going concern for the future, that is for a period of not less
than 12 months from the date of approval of the consolidated financial
statements without material uncertainties. Accordingly, the consolidated
financial statements have been prepared on a going concern basis and do not
include any adjustments that would be necessary if this basis were
inappropriate.
3. Segment information
The Group has one principal reportable segment - Nevada, USA, which represents
the exploration for and development of tungsten, copper, silver, gold and
other minerals in Nevada, USA.
Other operations "Corporate Activities" includes cash resources held by the
Group and other operational expenditure incurred by the Group. These assets
and activities are not within the definition of an operating segment.
In the opinion of the Directors the operations of the Group comprise one class
of business, being the exploration and development of tungsten, copper,
silver, gold and other minerals. The Group's main operations are located
within Nevada, USA. The information reported to the Group's chief executive
officer (the Executive Chairman) who is the chief operating decision maker,
for the purposes of resource allocation and assessment of segmental
performance is particularly focussed on the exploration activity in Nevada.
Segment results
Revenue Loss
2025 2024 2025 2024
€ € € €
Exploration activities - Nevada - - (24,330) (786,073)
Corporate activities - - (1,053,462) (964,009)
Consolidated loss before tax - - (1,077,792) (1,750,082)
Segment assets
2025 2024
€ €
Exploration activities - Nevada 9,292,415 9,570,679
Corporate activities 79,030 341,984
Consolidated total assets 9,371,445 9,912,663
Segment liabilities
2025 2024
€ €
Exploration activities - Nevada 316,253 330,575
Corporate activities 454,145 123,262
Consolidated total liabilities 770,398 453,837
Geographical information
The Group operates in three principal geographical areas - Ireland (country of
residence of Great Western Mining Corporation PLC), Nevada, USA (country of
residence of Great Western Mining Corporation, a wholly owned subsidiary of
Great Western Mining Corporation PLC) and the United Kingdom (country of
residence of GWM Operations Limited, a wholly owned subsidiary of Great
Western Mining Corporation PLC).
The Group has no revenue. Information about the Group's non-current assets by
geographical location are detailed below:
2025 2024
€ €
Nevada, USA - exploration activities 9,192,209 9,460,569
Ireland - -
United Kingdom - -
9,192,209 9,460,569
4. Finance income
Group Group Company Company
2025 2024 2025 2024
€ € € €
Bank interest receivable 4,575 3,441 4,282 3,051
4,575 3,441 4,282 3,051
5. Statutory and other disclosures
Group Group Company Company
2025 2024 2025 2024
€ € € €
Director's remuneration
- Salaries 306,038 291,032 123,672 135,998
- Social security 29,383 29,831 12,308 13,404
- Defined contribution pension scheme - - - -
- Share based payments - 100,359 - 100,359
Auditor's remuneration
- Audit of the financial statements 34,500 33,825 31,500 30,250
- Other assurance services - - - -
- Other non-audit services - - - -
Effects of exchange rate changes on cash and cash equivalents 32,293 15,309 32,045 15,521
Effects of revaluation of share warrants - financial liability 182,791 - 182,791 -
6. Employment
Number of employees
The average number of employees, including executive Directors, during the
year was:
Group Group Company Company
2025 2024 2025 2024
Number Number Number Number
Executive and non-Executive Directors 6 6 6 6
Technical 1 2 - -
Administration - 1 - -
7 9 6 6
Employees costs
The employment costs, including executive Directors, during the year were
charged to the income statement:
Group Group Company Company
2025 2024 2025 2024
€ € € €
Wages and salaries 396,347 444,487 123,672 135,998
Social security 36,811 43,821 12,309 13,404
Defined contribution pension scheme 839 2,003 - -
Share based payments - 133,812 - 133,812
Total employees costs 433,997 624,123 135,981 283,214
Own costs capitalised (35,626) (26,753) - -
398,371 597,370 135,981 283,214
7. Income tax - expense
2025 2024
€ €
Current tax credit - (21,474)
Adjustment for previous period (318) 12,448
(318) (9,026)
The income tax expense for the year can be reconciled to the accounting loss
as follows:
2025 2024
€ €
Loss before tax (1,077,792) (1,750,082)
Income tax calculated at 12.5% (2024: 12.5%) (134,724) (218,760)
Effects of:
Expenses not deductible for tax purposes 41,778 122,915
Income not taxable - -
Losses carried forward 92,946 95,845
Adjustment for UK research and development tax credit (318) (9,026)
Income tax credit (318) (9,026)
The tax rate used for the year end reconciliations above is the corporation
rate of 12.5% payable by corporate entities in Ireland on taxable profits
under tax law in the jurisdiction of Ireland.
At the statement of financial position date, the Group had unused tax losses
of €9,591,157 (2024: €9,132,800) available for offset against future
profits. No deferred tax asset has been recognised due to the unpredictability
of future profit streams. Unused tax losses may be carried forward
indefinitely.
8. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
2025 2024
€ €
Loss for the year attribute to equity holders of the parent (1,077,474) (1,741,056)
Number of ordinary shares at start of year 52,189,274 5,486,600,919
Number of ordinary shares issued during the year 127,500,000 4,951,253,917
Number of ordinary shares in issue at end of year 179,689,274 10,437,854,836
Weighted average number of ordinary shares for the purposes of basic earnings 117,583,539 7,627,797,366
per share
Basic loss per ordinary share (cent) (0.0092) (0.0002)
Diluted earnings per share
There were no potentially dilutive ordinary shares that would increase the
basic loss per share.
9. Investments in subsidiaries
2025 2024
€ €
Subsidiary undertakings - unlisted
Investment cost 500,001 500,001
500,001 500,001
The Directors reviewed the recoverability of the investments and concluded
there was no impairment and that the carrying value of these investments to be
fully recoverable.
At 31 December 2025, the Company had the following subsidiary undertakings:
Name Incorporated in Main activity Holdings
Great Western Mining Corporation Inc. Nevada, U.S.A. Mineral Exploration 100%
GWM Operations Limited UK Service Company 100%
10. Property, plant and equipment
Property, plant & equipment Total
€ €
Cost
At 1 January 2024 95,982 95,982
Additions - -
Exchange rate adjustment 6,107 6,107
At 31 December 2024 102,089 102,089
Additions - -
Exchange rate adjustment (11,825) (11,825)
At 31 December 2025 90,264 90,264
Depreciation
At 1 January 2024 22,010 22,010
Depreciation charge for the year - -
Exchange rate adjustment 1,400 1,400
At 31 December 2024 23,410 23,410
Depreciation charge for the year - -
Exchange rate adjustment (2,711) (2,711)
At 31 December 2025 20,699 20,699
Net book value
At 31 December 2025 69,565 69,565
At 31 December 2024 78,679 78,679
The net book value of €69,565 at 31 December 2025 (2024: €78,679) relates
to the Group's warehouse in Hawthorne, Nevada, and yard facility at Marietta,
Nevada. Motor vehicles and plant and machinery were fully depreciated in the
prior year. The Directors have considered the carrying value of the assets
and concluded that there is no impairment.
11. Intangible assets
Exploration and evaluation assets Total
€ €
Cost
At 1 January 2024 8,603,289 8,603,289
Additions 405,555 405,555
Own employment costs capitalised 24,983 24,983
Impairment expense (781,610) (781,610)
Cost of decommissioning 1,145 1,145
Exchange rate adjustment 487,508 487,508
At 31 December 2024 8,740,870 8,740,870
Additions 741,243 741,243
Own employment costs capitalised 34,262 34,262
Cost of decommissioning 2,114 2,114
Exchange rate adjustment (962,615) (962,615)
At 31 December 2025 8,555,874 8,555,874
Net book value
At 31 December 2025 8,555,874 8,555,874
At 31 December 2024 8,740,870 8,740,870
The Directors have reviewed the carrying value of the exploration and
evaluation assets. These assets are carried at historical cost and have been
assessed for impairment in particular with regards to specific indicators as
set out in IFRS 6 'Exploration for and Evaluation of Mineral Resources'
relating to remaining licence or claim terms, likelihood of renewal,
likelihood of further expenditures, possible discontinuation of activities
over specific claims and available data which may suggest that the recoverable
value of an exploration and evaluation asset is less than carrying amount. The
Directors considered other factors in assessing potential impairment including
cash available to the Group, commodity prices and markets, taxation and
regulatory regime and access to equipment. The Directors also considered the
carrying amount of the Company's net assets in relation to its market
capitalisation.
During 2025, Great Western relinquished 240 claims (2024: 33 claims) as part
of its strategy to relinquish claims as new claims are staked. After the
significant work undertaken over the claim groups in recent years, the
Directors identified certain claims which could be relinquished to enable the
Company to focus on progressing higher priority projects. The Directors
considered it appropriate to impair the cost the claims being relinquished in
2025 as at 31 December 2024 as the Company acknowledged that no further
exploration work will be undertaken on those claims. Accordingly, an
impairment expense of €692,901 was made in the financial statements for the
year ended 31 December 2024. Other than the expense relating to claims
relinquished in the year, the Directors are satisfied that no impairment is
required on the other claims as at 31 December 2025. The realisation of the
intangible assets is dependent on the successful identification and
exploitation of copper, tungsten, silver, gold and other mineral in the
Group's licence area, including the potential to reprocess historical spoil
heaps and tailings. This is dependent on several variables including the
existence of commercial mineral deposits, availability of finance and mineral
prices.
12. Investment in joint venture
Total
€
Cost
Reclassification of cost from Prepayments 534,958
Additions 102,280
Foreign exchange movement 3,782
At 31 December 2024 641,020
Additions 288
Foreign exchange movement (74,538)
At 31 December 2025 566,770
Net book value
At 31 December 2025 566,770
At 31 December 2024 641,020
In February 2024, the Group assumed a 50% equity interest in Western Milling
LLC ("Western Milling"), a processing mill business incorporated in Nevada,
USA, over which it exercises joint control. The costs incurred to date were
transferred from Prepayments to Investment in Joint Venture as at 29 February
2024. Western Milling owns all the assets it uses to provide its services and
is legally responsible for settling its liabilities. Western Milling has not
commenced operations but will provide services to its shareholders and is
expected to provide services to third parties. The Group has concluded that
Western Milling is a joint venture under IFRS 11 - "Joint Arrangements" and
the Group has therefore applied equity accounting for its interest. The
investment was reviewed for indicators of impairment at the year end. No
impairment indicator was identified for the years ended 31 December 2025 nor
31 December 2024.
13. Amounts owed by subsidiary undertakings
Company Total
€
Cost
At 1 January 2024 10,723,295
Advances to subsidiary undertakings 1,064,097
At 31 December 2024 11,787,392
Advances to subsidiary undertakings 1,123,564
At 31 December 2025 12,910,956
Provisions for impairment
At 1 January 2024 4,780,270
Provision 1,458,000
At 31 December 2024 6,238,270
Provision 1,389,000
At 31 December 2025 7,627,270
Net book value
At 31 December 2025 5,283,686
At 31 December 2024 5,549,122
Amounts owed by subsidiary undertakings are denominated in Euro, interest free
and payable on demand. The Directors do not expect to call for repayment of
these loans in the foreseeable future. The loans are expected to be repaid
from future revenues generated by the Group's mining interests in Nevada, USA.
In accordance with IFRS 9, the Company has reviewed the amounts owed by
subsidiary undertakings and calculated an expected credit loss equivalent to
the lifetime expected credit loss. As the loans are interest free and
payable on demand, the Company applies no discount when calculating the
expected credit loss as the effective interest rate is considered to be 0%.
Based on the calculation, the Directors have made an impairment provision of
€1,389,000 as at 31 December 2025 (2024: €1,458,000). The Directors
believe the net carrying value of the amounts owed by subsidiary undertakings
to be fully recoverable.
14. Trade and other receivables
Group Group Company Company
2025 2024 2025 2024
€ € € €
Amounts falling due within one year:
Other debtors 78,434 87,326 - -
Tax credit receivable 21,146 55,141 - -
Prepayments 13,932 10,282 12,384 8,901
113,512 152,749 12,384 8,901
All amounts above are current and there have been no impairment losses during
the year (2024: €Nil).
15. Cash and cash equivalents
For the purposes the consolidated statement of cash flows, cash and cash
equivalents include cash in hand, in bank and bank deposits with maturity of
less than three months. The cash and cash equivalents are held with bank and
financial institution counterparties, which are rated BBB+ to AA-.
Group Group Company Company
2025 2024 2025 2024
€ € € €
Cash in bank and in hand 14,719 18,305 10,111 14,171
Short term bank deposit 51,005 281,040 33,692 261,669
65,724 299,345 43,803 275,840
16. Trade and other payables
Group Group Company Company
2025 2024 2025 2024
€ € € €
Amounts falling due within one year:
Trade payables 72,367 25,021 38,186 22,176
Other payables - - - -
Accruals 63,721 73,280 50,050 51,000
Other taxation and social security - 28,424 - 11,169
Amounts payable to joint venture 166,740 188,897 - -
Amounts payable to subsidiary undertakings - - 60,940 50,588
302,828 315,622 149,176 134,933
The Group has financial risk management policies in place to ensure that
payables are paid within the pre-agreed credit terms (see note 23)
17. Decommissioning provision
Group Group Company Company
2025 2024 2025 2024
€ € € €
Decommissioning provision 124,321 138,216 - -
The decommissioning provisions relate to undertakings by the Group to carry
our reclamation work after the completion of planned work permitted by the
regulator. The cost of the reclamation work is estimated by the regulator in
advance and the notice permitting operations to be conducted, together with
the associated reclamation work, is effective for two years, subject to
certain variations. As the Group applies for approval of operations to be
conducted within the current year where possible, the cost of decommissioning
provision is treated as a current asset.
18. Share warrants - financial liability
The share warrants have been granted as rights to acquire additional new
ordinary shares of €0.0001 in accordance with the terms of a placing
completed in June 2025.
The warrants are classified and accounted for as financial liabilities using
Level 3 fair value measurement, with any change in fair value recorded in the
Consolidated Income Statement. Level 3 fair value recognises that the inputs
for any asset or liability valuation are not based on observable market data.
Number of warrants Level 3 fair value
Fair value of warrants at grant 62,500,000 185,880
Released on exercise of warrants (2,500,000) (25,421)
Movement in fair value of warrant liabilities - 182,791
At 31 December 2025 60,000,000 343,250
In June 2025, the Group granted warrants in connection with a share placing.
62,500,000 warrants were granted exercisable at £0.013 each with immediate
vesting and a contractual life of 2 years.
Measure of fair values of warrants
The fair value of the warrants issued has been measured using the binomial
lattice option pricing model. There are no service or non-market performance
conditions attached to the arrangement and the warrants are considered to have
vested immediately. Expected volatility has been based on an evaluation of
the historical volatility of the Company's share price. The expected life is
based on the contractual life of the warrants.
In order to revalue the Level 3 fair value, the principal changes to the input
assumptions relate to the expected volatility, which has been recalculated at
the year-end, and the expected life of each grant, which has been reduced to
the remaining life of each grant from the year-end date. Accordingly the
expected volatility on revaluation has increased to a range for the grants of
between 107.7% and the expected life reduced to approximately 18 months.
Other input assumptions remained in line with those at the original date of
grant. No sensitivity analysis has been provided as the results are not
deemed material.
The inputs used in the measurement of the fair values at grant date of the
warrants were as follows:
24 Jun 2025
Fair value at grant date €0.0030
Share price at grant date £0.0114
Exercise price £0.0152
Number of options granted 62,500,000
Vesting conditions Immediate
Expected volatility 87.7%
Sub-optimal exercise factor 1.5x
Expected life 2 years
Expected dividend 0%
Risk free interest rate 1.85%
19. Share capital
No of shares Value of shares
€
Authorised at 1 January 2024 9,000,000,000 900,000
Creation of Ordinary shares of €0.0001 each 2,000,000,000 200,000
Authorised at 31 December 2024 11,000,000,000 1,100,000
Authorised at 1 January 2025 11,000,000,000 1,100,000
On 31 March 2025
Share consolidation and subdivision
Ordinary Shares of €0.0001 per share 55,000,000 5,500
Deferred Shares of €0.0199 per share 55,000,000 1,094,500
110,000,000 1,100,000
Creation of Ordinary shares of €0.0001 each 145,000,000 14,500
255,000,000 1,114,500
On 14 August 2025
Creation of Ordinary shares of €0.0001 each 400,000,000 40,000
Authorised at 31 December 2025 655,000,000 1,154,500
No of issued shares
Ordinary shares of €0.0001 each Share Share Total
capital premium capital
€ € €
Issued, called up and fully:
At 1 January 2024 5,486,600,919 548,660 14,875,499 15,424,159
Ordinary shares issued 4,951,253,917 495,125 1,330,610 1,825,735
At 31 December 2024 10,437,854,836 1,043,785 16,206,109 17,249,894
Issued, called up and fully:
At 1 January 2025 10,437,854,836 1,043,785 16,206,109 17,249,894
On 31 March 2025
Ordinary shares of €0.001 52,189,274 5,219 - -
Deferred shares of €0.0199 52,189,274 1,038,566 - -
Ordinary shares issued 125,000,000 12,500 1,267,552 1,280,052
Ordinary shares issued 2,500,000 250 62,416 62,666
At 31 December 2025 231,878,548 1,056,535 17,536,077 18,592,612
At an Extraordinary General Meeting held on 20 March 2025, a share capital
reorganisation was approved by shareholders. The share capital
reorganisation comprised (i) the consolidation of its ordinary share capital
on the basis of 1 Consolidated Ordinary Share pf €0.02 each for every 200
Existing Ordinary Shares of €0.0001 each and (ii) the sub-division of each
consolidated Ordinary Share of €0.02 into a New Ordinary Share of €0.0001
nominal value and a Deferred Share of €0.0199 nominal value. In addition,
the Company increased its share capital to €1,114,500 made up of 200,000,000
Ordinary Shares of €0.0001 each and 55,000,000 Deferred Shares of €0.0199
each.
On 19 March 2024, the Company completed a subscription for 1,610,344,827 new
ordinary shares of €0.0001 ("the Subscription Share"). Each Subscription
Share was issued at a price of £0.000435 (€0.000509) raising gross proceeds
of £700,500 (€819,826) and increasing share capital by €161,034. The
premium arising on the issue amounted to €658,791.
On 1 July 2024, the Company completed a placing for 1,250,000,000 new ordinary
shares of €0.0001 ("the Placing Share"). Each Placing Share was issued at
a price of £0.000400 (€0.000472) raising gross proceeds of £500,000
(€589,692) and increasing share capital by €125,000. The premium arising
on the issue amounted to €464,692.
On 2 December 2024, the Company completed a placing for 1,818,181,818 new
ordinary shares of €0.0001 ("the Placing Share"). Each Placing Share was
issued at a price of £0.000165 (€0.000199) raising gross proceeds of
£300,000 (€361,891) and increasing share capital by €181,818. The premium
arising on the issue amounted to €180,072.
On 4 December 2024, the Company completed a retail offer for 272,727,272 new
ordinary shares of €0.0001 ("the Retail Offer Share"). Each Retail Offer
Share was issued at a price of £0.000165 (€0.000199) raising gross proceeds
of £45,000 (€54,328) and increasing share capital by €27,273. The premium
arising on the issue amounted to €27,055.
On 24 June 2025, the Company completed a placing for 125,000,000 new ordinary
shares of €0.0001 with 62,500,000 warrants, whereby the placee received one
new ordinary share and, for every two ordinary shares received, a warrant
giving the right to one additional new ordinary shares of €0.0001 ("the
Placing Share"). Each Placing Share was issued at a price of £0.01
(€0.0117) raising gross proceeds of £1.25 million (€1,465,932) and
increasing share capital by €12,500. The premium arising on the issue
amounted to €1,267,552. The warrants were granted with an exercise price of
£0.013 and a fair value of €185,880.
On 24 October 2025, the Company completed the issue of 2,500,000 new ordinary
shares following the exercise of warrants granted in conjunction with the
placing in June 2025. The exercise price was £0.013 (€0.0149) per
ordinary share, raising gross proceeds of £32,500 (€37,245) and increasing
share capital by €250. The premium arising on the issue amounted to
€36,995.
The authorised share capital of the Company was increased to €1,154,500,
consisting of 600,000,000 ordinary shares of €0.0001 each and 55,000,000
deferred shares of €0.0199 each by an ordinary resolution at the Company's
Annual General Meeting on 14 August 2025.
Transaction expenses including commission arising on the issue of shares
during the year ended 31 December 2025 amounted to €88,610 (2024:
€116,168).
20. Share based payments
Share options
The Great Western Mining Corporation PLC operates a share options scheme,
"Share Option Plan 2014", which entitles directors and employees to purchase
ordinary shares in the Company at the market value of a share on the award
date, subject to a maximum aggregate of 10% of the issued share capital of the
Company on that date.
Measure of fair values of options
The fair value of the options granted has been measured using the binomial
lattice option pricing model. The input used in the measurement of the fair
value at grant date of the options were as follows:
20 Aug 2024
Fair value at grant date €0.00028
Share price at grant date €0.00041
Exercise price €0.00040
Number of options granted 400,000,000
Vesting conditions Immediate
Expected volatility 94%
Sub-optimal exercise factor 4x
Expected life 7 years
Expected dividend 0%
Risk free interest rate 2.18%
On 31 December 2025, there were options over 2,120,000 ordinary shares
outstanding (2024: 560,000,000 before conversion of a warrant for every 200
options held following the share capital reorganisation in March 2025) which
are exercisable at prices ranging from Stg8 pence to Stg26 pence and which
expire at various dates up to August 2031. The weighted average remaining
contractual life of the options outstanding is 4 years 11 months (2024: 5
years 9 months).
Measure of fair values of warrants
In July 2025, the Group granted broker warrants to brokers in connection with
a share placing. 7,500,000 warrants were granted exercisable at £0.013
(€0.00114) each with immediate vesting and a contractual life of 2 years.
During the year, the Group recognised a total expense of €nil (2024:
€133,812) in the income statement relating to share options granted during
the year:
Number of options Average exercise price
Outstanding at 1 January 2024 195,166,667 Stg0.29 p
Granted 400,000,000 Stg0.04
Lapsed (35,166,667) Stg0.65 p
Authorised at 31 December 2024 560,000,000 Stg0.07 p
Restated after share capital reorganisation 2,800,000 Stg14 p
Lapsed (680,000) Stg26.75 p
Outstanding at 31 December 2025 2,120,000 Stg11.9 p
Exercisable at 31 December 2025 2,120,000 Stg11.9 p
Exercisable at 31 December 2024 560,000,000 Stg0.24 p
The fair value of the warrants issued has been measured using the binomial
lattice option pricing model. There are no service or non-market performance
conditions attached to the arrangement and the warrants are considered to have
vested immediately.
The inputs used in the measurement of the fair values at grant date of the
warrants were as follows
24 Jun 2025
Fair value at grant date €0.0033
Share price at grant date £0.0114
Exercise price £0.0117
Number of options granted 7,500,000
Vesting conditions Immediate
Expected volatility 87.7%
Sub-optimal exercise factor 1.5x
Expected life 2 years
Expected dividend 0%
Risk free interest rate 1.85%
At 31 December 2025, the balance on the share-based payment reserve amounted
to €240,732 (2024: €337,100).
21. Retained losses
In accordance with Section 304 of the Companies Act 2014, the Company has not
presented a separate income statement. Of the consolidated loss after
taxation, a loss of €2,105,591 for the financial year ended 31 December 2025
(2024: loss of €2,040,113) has been dealt with in the Company income
statement of Great Western Mining Corporation PLC.
22. Related party transactions
Intercompany transactions
In accordance with International Accounting Standards 24 - Related Party
Disclosures, transactions between Group entities that have been eliminated on
consolidation are not disclosed.
The Company entered in the following transactions with its subsidiary
companies:
2025 2024
€ €
Balances at 31 December:
Amounts owed by subsidiary undertakings 6,672,686 5,549,122
Amounts owed to subsidiary undertakings (60,940) (50,588)
Remuneration of key management personnel
Details of the directors' remuneration for the year is set out in Note 5.
Information about the remuneration of each director is shown in the
Remuneration Report on page 13. The Directors are considered to be the Group's
key management personnel.
2025 2024
€ €
Short-term benefits: 306,038 291,032
Pension contributions - -
Share-based payments - 100,359
306,038 391,391
The Group also entered into related party transactions with Andrew Hay
Advisory Limited for corporate finance advice services and Sofabar Consulting
Limited for marketing services which are companies connected with Andrew Hay
and Alastair Ford respectively. The companies each received €15,173 in the
period (2024: €15,356). There was a balance of €4,469 outstanding with
both companies as at 31 December 2025 (2024: €nil). Gemma Cryan provided
geological consultation services on a temporary basis to support operations
for which fees amounted to €19,404. Details of the directors' interests in
the share capital of the Company are set out in the Directors' Report on pages
9 to 10 of the annual report.
23. Financial instruments and financial risk management
Group
A. Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial
assets and financial liabilities, including their levels in the fair value
hierarchy. It does not include fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a
reasonable approximation of fair value. The Group does not recognise any Level
1 fair value financial assets or liabilities.
31 December 2025 FVTPL Financial assets at amortised cost Other financial liabilities Carrying amount total Level 2 Level 3
Fair value Fair value
€ € € € € €
Financial assets not measured at fair value
Cash and cash equivalent - 65,724 - 65,724 65,724 -
Financial liabilities measured at fair value
Decommissioning provision - - (124,321) (124,321) (124,321) -
Trade and other payables - - (302,828) (302,828) (302,828) -
- - (427,149) (427,149) (427,149) -
31 December 2024 FVTPL Financial assets at amortised cost Other financial liabilities Carrying amount total Level 2 Level 3
Fair value Fair value
€ € € € € €
Financial assets not measured at fair value
Cash and cash equivalent - 299,345 - 299,345 299,345 -
Financial liabilities measured at fair value
Decommissioning provision - - (138,216) (138,216) (138,216) -
Trade and other payables - - (315,621) (315,621) (315,621) -
- - (453,837) (453,837) (453,837) -
Measurement of fair values
A number of the Group's accounting policies and disclosures require the
measurement of fair values, for both financial and non-financial assets and
liabilities. Significant valuation issues are reported to the Group's audit
committee.
When measuring the fair value of an asset or a liability, the Group uses
observable market data as far as possible. Fair values are categorised into
different levels in a fair value hierarchy based on the inputs used in the
valuation techniques as follows.
· Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities.
· Level 2: inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
· Level 3: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
Set out below are the major methods and assumptions used in estimating the
fair values of the financial assets and liabilities set out in the table
above:
Cash and cash equivalents including short-term deposits
For short-term deposits and cash and cash equivalents, all of which have a
remaining maturity of less than three months, the nominal value is deemed to
reflect the fair value.
Share warrants
For the financial liabilities from share warrants, the Level 3 fair value is
based on the revaluation of the warrants at the year-end, including the
changes to key input assumptions for expected volatility and expected exercise
life.
Decommissioning provision
The fair value is based on expected costs determined in line with estimates
provided by the regulator.
Trade and other payables
For the payables with a remaining maturity of less than six months or demand
balances, the contractual amount payable less impairment provisions, where
necessary, is deemed to reflect fair value.
B. Financial risk management
The Board has overall responsibility for the establishment and oversight of
the risk management framework for each of the risks summarised below. The
Board receives regular reports at board meetings through which it reviews the
effectiveness of the processes put in place and the appropriateness of the
objectives and policies it sets.
The Group's risk management policies are established to identify and analyse
the risks faced by the Group, to set appropriate risk limits and controls and
to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Group's
activities. The Group, through its training and management standards and
procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.
The Group has exposure to the following risks arising from financial
instruments:
a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations. The Group's principal credit risk arises on cash and cash
equivalents, including deposits with banks. The cash and cash equivalents
are held with bank and financial institution counterparties, which are rated
BBB+ to AA- by Fitch Ratings.
The carrying amount of financial assets represents the maximum credit
exposure. The maximum credit exposure to credit risk is:
Group Group
2025 2024
€ €
Trade and other debtors 113,512 152,749
Cash and cash equivalents 65,724 299,345
179,236 452,094
b) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting
the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset. The Group's objective when
managing liquidity is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when they are due, under both
normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Group's reputation. The Group closely monitors and
manages its liquidity risk using both short and long-term cash flow
projections. Cash forecasts are regularly produced, and sensitivities run
for different scenarios including changes to planned work programmes. To
date, the Group has relied on shareholder funding to finance its operations.
Board approval would be required for any borrowing facilities and the Group
did not have any bank loan facilities at 31 December 2025 or 31 December 2024.
The expected maturity of the Group's financial assets (excluding prepayments)
as at 31 December 2025 and 31 December 2024 was less than one month.
The following are the contractual maturities of the financial liabilities
including estimated interest payments and excluding the impact of netting
agreements:
31 December 2025 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 72,367 72,367 72,367 - -
Other payables - - - - -
Accruals 63,721 63,721 63,721 - -
Amounts payable to joint venture 166,740 166,740 166,740 - -
Decommissioning provision 124,321 124,321 - 124,321 -
427,149 427,149 302,828 124,321 -
31 December 2024 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 25,021 25,021 25,021 - -
Other payables - - - - -
Accruals 73,280 73,280 73,280 - -
Share warrant provision 188,897 188,897 188,897 - -
Decommissioning provision 138,216 138,216 - 138,216 -
425,414 425,414 287,198 138,216 -
c) Market risk
Market risk is the risk that changes in market prices and indices will affect
the Group's income or the value of its holdings of financial instruments.
The Group has two principal types of market risk being foreign currency
exchange rates and interest rates.
The Group operates in an industry with financial risks arising from changes in
commodity prices. At present the Group does not have revenue-generating
operations but the Directors keep the requirement for hedging instruments
under review. During the year, the Group did not enter into any hedging
transactions.
Foreign currency risk
The Group presentational and functional currency is the Euro. The Group
conducts and manages its business in Euro, US Dollars and GB Pounds in
accordance with liabilities of the parent company and subsidiary
undertakings. The Group therefore routinely purchases on the spot market the
currencies of the countries in which it operates. From time to time certain
transactions are undertaken denominated in other currencies. The risk is
managed wherever possible by holding currency in Euro, US Dollars and GB
Pounds. During the years ended 31 December 2025 and 31 December 2024, the
Group did not utilise derivatives to manage foreign currency risk. The Group
also recognises translation risk on consolidation as a foreign currency risk.
The Group's exposure to transactional foreign currency risk, for amounts
included in cash and cash equivalents and trade and other payables (as shown
on the balance sheet), is as follows:
GB US Euro GB US Euro
Pounds Dollars 2025 Pounds Dollars 2024
2025 2025 € 2024 2024 €
€ € € €
Cash and cash equivalents 34,624 963 - 268,142 7,294 -
Trade and other payables (13,601) - - (11,942) - -
21,023 963 - 256,200 7,294 -
Sensitivity analysis
A 10% strengthening or weakening in the value of sterling and the euro against
the US dollar, based on the outstanding financial assets and liabilities at 31
December 2025 (2024: 10%), would have the following impact on the income
statement. This analysis assumes that all other variables, in particular
interest rates, remain constant.
10% 10% decrease 10% 10% decrease
increase 2025 increase 2024
2025 € 2024 €
€ €
Cash and cash equivalents 3,559 (3,559) 27,544 (27,544)
Trade and other creditors (1,360) 1,360 (1,194) 1,194
2,199 (2,199) 26,350 (26,350)
Tax impact - - - -
After tax 2,199 (2,199) 26,350 (26,350)
Interest rate risk
The Group's exposure to the risk of changes in market interest rates relates
primarily to the Group and Company's holdings of cash and short-term deposits.
It is the Group and Company's policy as part of its management of the
budgetary process to place surplus funds on short term deposit from time to
time where interest is earned. The Group did not have any bank loan
facilities at 31 December 2025 or 31 December 2024.
The interest rate profile of the Group's interest-bearing financial
instruments at 31 December 2025 was as follows:
Fixed Floating Fixed Floating
rate rate Total rate rate Total
2025 2025 2025 2024 2024 2024
€ € € € € €
Cash and cash equivalents - 51,005 51,005 - 281,040 281,040
Tax impact - - - - - -
- 51,005 51,005 - 281,040 281,040
Cash flow sensitivity analysis
The Company's approach to the management of financial risk is as set out under
the Group disclosures above. The accounting classification for each class of
the Company's financial assets and financial liabilities, together with their
fair values, is as follows:
An increase of 500 basis points (2024: 500 basis points) or decrease of 500
basis points (2024: 500 basis point) in interest rates at the reporting date
would have had the following effect on the income statement. This analysis
assumes all other variables, in particular foreign currency, remain constant.
500 bps 500 bps decrease 500 bps 500 bps decrease
increase 2025 increase 2024
2025 € 2024 €
€ €
Cash and cash equivalents 264 (264) 1,405 (1,405)
Tax impact - - - -
After tax 264 (264) 1,405 (1,405)
The Group has no interest-bearing loans outstanding at 31 December 2025 and 31
December 2024. As there are no variable rate loans, there is no potential
impact to profit and loss from a change in interest rates.
Company
A. Accounting classifications and fair values
The Company's approach to the management of financial risk is as set out under
the Group disclosures above.
The accounting classification for each class of the Company's financial assets
and financial liabilities, together with their fair values, is as follows:
31 December 2025 FVTPL Financial assets at amortised cost Other financial liabilities Carrying amount total Level 2 Level 3
Fair value Fair value
€ € € € € €
Financial assets
measured at fair value
Amounts owed by subsidiary undertakings 5,283,686 - - 5,283,686 - 5,823,686
Financial assets not measured at fair value
Cash and cash equivalents - 43,803 - 43,803 43,803 -
Financial liabilities not measured at fair value
Trade and other payables - - (88,238) (88,238) (88,238) -
31 December 2024 FVTPL Financial assets at amortised cost Other financial liabilities Carrying amount total Level 2 Level 3
Fair value Fair value
€ € € € € €
Financial assets
measured at fair value
Amounts owed by subsidiary undertakings 5,549,122 - - 5,549,122 - 5,549,122
Financial assets not measured at fair value
Cash and cash equivalents - 275,840 - 275,840 275,840 -
Financial liabilities not measured at fair value
Trade and other payables - - (84,345) (84,345) (84,345) -
The Company does not recognise any Level 1 fair value financial assets or
liabilities.
Measurement of fair values
The Company's basis for the measurement of fair values is as set out under the
Group disclosures above.
Amounts due from subsidiary companies
The amounts due from subsidiary undertakings are technically repayable on
demand and so the carrying value is deemed to reflect fair value. The
estimation of other fair values is the same, where appropriate, as for the
Group as set out in above.
Risk exposures
The Company's operations expose it to the risks as set out for the Group
above.
This note presents information about the Company's exposure to credit risk,
liquidity risk and market risk, the Company's objectives, policies and
processes for measuring and managing risk. Unless stated, the policy and
process for measuring risk in the Company is the same as outlined for the
Group above.
Credit risk
The carrying value of financial assets, net of impairment provisions,
represents the Company's maximum exposure at the balance sheet date. The
maximum credit exposure to credit risk is:
Company Company
2025 2024
€ €
Amounts due from subsidiary undertakings 5,283,686 5,549,122
Trade and other debtors 12,384 8,901
Cash and cash equivalents 43,803 275,840
5,339,873 5,833,863
At the balance sheet date, there was deemed to be a reduction in credit risk
related to the loans due from subsidiary undertakings. The loans are
expected to be recovered from future revenues generated by the Group's assets
in Nevada, USA. A lifetime expected credit loss was calculated and a partial
impairment provision of €1,389,000 has been made against the carrying value
of the loans due from subsidiary undertakings (2024: €1,458,000) (see note
13). The expected credit loss calculation involved considering the maximum
amount exposed to default, the potential loss arising on default and the
probability of default in the judgement of the Directors.
The Directors are satisfied that no further impairment is considered to have
occurred.
Liquidity risk
The liquidity risk for the Company is similar to that for the Group as set out
above.
The following are the contractual maturities of the financial liabilities
including estimated interest payments and excluding the impact of netting
agreements:
31 December 2025 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 38,188 38,188 38,188 - -
Accruals 50,050 50,050 50,050 - -
88,238 88,238 88,238 - -
31 December 2024 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 22,176 22,176 22,176 - -
Accruals 51,000 51,000 51,000 - -
73,176 73,176 73,176 - -
Market risk
The market risk for the Company is similar to that for the Group as set out
above. The Company's exposure to transactional foreign currency risk,
including the associated sensitivities, is the same as the Group's as set out
above.
24. Post balance sheet events
On 30 January 2026, the Company entered into a placing for the issue of
232,142,857 new Ordinary Shares of €0.0001 each at a price of 1.4 pence
each, raising £3.25 million (€3,839,792) before transaction expenses. In
addition, the Company is granting 232,142,857 warrants with an exercise price
of 2.0 pence per share based on a ratio of one warrant for every one new
Ordinary shares being issued, together with a further 15,692,856 warrants with
an exercise price of 1.4 pence per share to be granted to the Company's
brokers. The grant of warrants is conditional on the increase in authorised
share capital at the forthcoming Annual General Meeting.
On 1 February 2026, the Company appointed Edward Loye as Chief Executive
Officer. On 13 March 2026, the Company granted options over 4,000,000
ordinary shares of €0.0001 each to Mr Loye pursuant to the terms of his
employment agreement.
On 17 April 2026, the Company granted options over 2,000,000 ordinary shares
of €0.0001 each to each of the Executive Directors and 500,000 ordinary
shares to each of the Non-Executive Directors.
Between 20 April 2026 and 6 May 2026, warrants with an exercise price of 1.3
pence over 21,310,395 ordinary shares of €0.0001 each were exercised by
warrant holders. The proceeds from shares arising on the exercise of
warrants amounted to approximately £277,000.
On 28 May 2026, the Company announced its participation in the signing of an
option agreement between KGHM Polska Miedz S.A. (KGHM) and Elemental Royalty
Corporation for exploration and development of the copper porphyry prospect at
the Eastside Mine group of claims, part of a pooling agreement with Elemental
Royalty Corporation which holds the adjoining Tango claims.
There were no other significant post balance sheet events.
25. Approval of financial statements
The financial statements were approved by the Board on 28 May 2026.
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