REG - Great Western Mining - Final Results
28/04/2022 07:00
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RNS Number : 6025J Great Western Mining Corp. plc 28 April 2022
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing multiple early-stage gold, silver and copper
targets in Nevada, USA, announces its results for the year ended 31 December
2021. The Company is in the exploration, appraisal and development phase and
currently has no revenues.
Financial Highlights:
· Loss for year €535,960 (2020: loss of €852,042)
· Basic and diluted loss per share 0.001 (cent): (2020:
0.001 cent)
· Net assets at year-end: €8.9 million (2020: €7.9
million)
· Cash at 31 December 2021: €2.0 million (2020: €2.3
million)
Operational Highlights
· Successful first drilling for gold and silver at
Olympic Gold and Rock House
o Best recorded gold grade of over 8 grams/ton
· Metallurgical testing proved commercial potential of
multiple spoil heaps results
· Analysis and augering of OMCO Mine tailings indicated
commercial potential for recovery of gold
o High grades exist throughout the tailings volume
o The tailings were found to be thicker than expected.
· Successful Pilot Gravity and Bottle Roll testing on
Mineral Jackpot Spoil and OMCO Tailings
· Ground magnetometer surveys conducted at Mineral
Jackpot
· Copper potential enhanced at Eastside Mine by IP survey
· Reconnaissance mapping carried out at Huntoon
· Appointment of Exploration Manager
Post Period End
· Completed road upgrade to Mineral Jackpot now provides
access for drill rig and spoil heap recovery
o Enabling 20-ton trucks to carry spoil material and for drilling units to
explore and appraise the area
· Further augering samples on OMCO tailings currently
being assayed
· Mineral Jackpot sampling results indicated broad
distribution of mineralised material
o Positioned for next phase of commercialising this significant asset
· Magnetometry and orthophoto drone surveys at Mineral
Jackpot, Huntoon, Jack Springs and Tun
· Orthophoto drone survey over the OMCO tailings for
better volume calculations
Brian Hall, Executive Chairman, commented: "In 2021 we launched our first
drilling campaign expressly for gold and silver with highly encouraging
results at both the Rock House Group, never previously drilled or exploited,
and the Olympic Gold Project, over which we acquired a purchase option in
2020. This was a very busy period for the Company, during which we made
significant progress across our portfolio. Importantly, in addition to
enhancing the prospectivity of the region, we made significant strides in
proving our ability to move towards a production-led model. During 2022 we are
continuing our drill programme - and expect to make strong progress on our
project for secondary recovery of gold and silver from mine tailings and
ancient spoil heaps."
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Adviser & Joint Broker)
John Frain +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2021
Dear Shareholder,
Great Western Mining Corporation PLC ("Great Western" or "the Company")
explores for, appraises and develops mineral resources on its claims in the
state of Nevada, USA but currently has no revenues from its operations.
Accordingly it is reporting a loss of €535,960 for the year ended 31
December 2021 (2020 €852,042). At the end of the year Great Western's net
assets were €8,945,631 (2020: €7,919,625) with no debt apart from trade
creditors in the normal course of business.
Your Company made strong progress in 2021, launching its first ever drilling
campaign aimed specifically at gold and silver. A maiden reverse circulation
(RC) drill programme of six holes in the Southern Alteration Zone at the Rock
House Group (RH) yielded good grades of gold, the best recording over 8
grams/ton. In 2020 Great Western secured an option to purchase the 800 acre
Olympic Gold Project in Mineral County, about 50 miles east of the existing
claim groups. Olympic Gold historically hosted the OMCO Mine which produced
gold at grades of around 25 grams/ton until the 1940s and includes several
other prospects which have only been lightly drilled in the past. In 2021
Great Western drilled six holes on the Trafalgar Hill prospect at Olympic
Gold, yielding encouraging grades of gold of 8 grams/ton in one of them and
mineralisation in all of them. Five further holes were drilled at Olympic
Gold, primarily in and around the productive veins of the former OMCO Mine and
to the east of a bounding north-south fault which was the limit of historic
mining operations, with good evidence of mineralisation.
Mineral Jackpot (MJ) is the core property in Great Western's original
portfolio of gold and silver claims, in the Black Mountain Group, and was the
reason for forming the Company in the first place. Drilling by the Company
in the Black Mountain Group at M2 has already established a substantial
inferred and indicated copper resource for which joint venture partners are
being sought to take it to the next stage. The Mineral Jackpot group
itself comprises five old gold and silver mines which were worked and then
abandoned more than a century ago. These mines are Ming Toy, Silver Moon,
Silver Bell, Cabin Rock and the Bass Mine. Geophysical surveys and physical
sampling by the Company have established firstly the potential for further
recovery of precious metals from around the existing mine workings, secondly
connectivity between the five mine sites and thirdly the indications of a
southeasterly extension to the original productive veins, together effectively
doubling the likely area of mineralisation. In addition, over 50 spoil heaps
have been identified which lend themselves to secondary recovery of gold and
silver and for which a commercial project is currently being worked up to
provide early revenues for the Company.
Great Western considers the potential value of Mineral Jackpot to be very
high, both for future mining operations and for the recovery potential from
spoil material. However, this is a steep mountainous area with deep gullies
which can be difficult to access, particularly when compared to Olympic Gold
and Rock House which are both relatively more straightforward. Difficulty of
access is undoubtedly the reason that the mines have not been further
developed since the days of old, when miners using mules for transport worked
the area by hand, driving deep adits into the mountainside. Great Western
has recently completed an aerial magnetometer survey with specialist drone
units to map parts of the claims which are not easily accessible on foot.
Significantly, since the end of the reporting year, the Company has
successfully upgraded a 14km mountain access road from its base in the valley
at Marietta to the mine sites at Mineral Jackpot, which will open up the area
for 20-ton trucks to carry spoil material and for drilling units to explore
and appraise the area.
At the very end of 2020, the Company fulfilled a promise to produce a small
doré bar of gold and silver from Mineral jackpot spoil material, proving the
viability of a small scale secondary recovery operation to generate revenues
from the MJ spoil heaps. In 2021, laboratory analysis and a variety of tests
were conducted on the spoil material, a consultant metallurgist was brought on
to the team and plans drawn up for a simple, gravity-processing operation.
However, during the year while drilling at Olympic Gold, we became aware of
substantial tailings heaps dating from the abandoned OMCO gold mine which
clearly offer commercial possibilities well in excess of the spoil heaps at
Mineral Jackpot alone. At the time of writing, analysis and precise
quantification of these tailings is still ongoing but there is a clear message
that the overall project for generating revenues from pre-mined material is
now likely to be on a much larger scale than previously envisaged. Your
Board believes that an expanded operation to include Olympic Gold, and
probably other spoil material from other properties in the Company's
portfolio, offers a much more exciting and profitable short-term
revenue-generating future for the Company than could be achieved by simply
processing the MJ spoil material. This is a constantly expanding venture
which is being given high priority.
During the year, Gemma Cryan, a highly-experienced mineral geologist, was
elected a non-executive director and has been making a strong contribution to
the Company's affairs. The Board now has a mix of three executive and three
non-executive directors and uses best efforts to pursue good corporate
governance, fulfilling its environmental and social obligations as well as
directing the Company's business affairs. Late in the year, Dr. James Blight
joined Great Western as Exploration Manager, has quickly assimilated the
Company's projects and is now fully engaged in managing the 2022 exploration
programme.
Despite the travel and other severe restrictions imposed by the Covid pandemic
in 2021, Great Western had a busy, productive and successful year. Looking
ahead, we will commence our firm 2022 drill programme in the coming weeks,
details of which have already been set out in an announcement, covering
follow-up drilling at Rock House, Olympic Gold and Mineral Jackpot. The
newly upgraded road to Mineral Jackpot will open up this exciting area and
enable us both to exploit pre-mined material and to explore untapped leads.
We are actively working on finding a partner or partners with sufficient
resources to help develop the high copper potential of our acreage and take it
to the next stage. In the near term we will finalise our plans for recovery
of gold and silver from pre-mined material and will share these plans with
shareholders. We will also continue to carry out early stage exploration on
the many prospects we have under licence which have so far not been fully
evaluated. Great Western is funded for its approved 2022 programme and we will
keep shareholders informed as we make progress.
The mining industry can be a long game but we are making really good progress
and all the members of our small and well-integrated team are ever mindful of
the need to deliver results. Continuing shareholder support is greatly
appreciated and we will as ever provide progress reports when appropriate.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2021
Principal activities, strategy and business model
The principal activity of Great Western is to explore for and develop gold,
silver, copper and other minerals. The Board aims to increase shareholder
value by the systematic evaluation and exploitation of its existing assets in
Mineral County, Nevada, USA and elsewhere as may become applicable.
Great Western's near-term objective is to develop small scale, short lead-time
gold and silver projects which can potentially be brought into production
under the control of the Group. These projects include both in situ
mineralisation and waste reprocessing opportunities.
The Group is also focused on progressing the copper projects which it has
already identified and enhanced through extensive drilling. Such projects have
potential for the discovery of large mineralised systems which can be
monetised over the longer term, possibly through joint ventures with third
parties.
Business development and performance
During the twelve months ended 31 December 2021, Great Western carried out
exploration across all but two of its portfolio of seven claim groups (six of
which are 100% owned, one of which is held under an option agreement) in
Nevada.
In September 2021 as part of the annual claim renewal procedure, the Group
renewed all its claims including the 12 new claims staked earlier in 2021 to
the east of the OMCO Mine. Following renewal, the land position held by
Great Western in Mineral County consists of 741 full and fractional unpatented
claims, covering a total land area of approximately 61km².
Review by Claim Group
Olympic
In 2020, the Company acquired an option to purchase the Olympic Gold Project,
a group of 48 claims, located approximately 50 miles from Great Western's
original concessions but still within Mineral County. The purchase
consideration of $150,000 is spread over four years during which time Great
Western has full rights to all data and to conduct exploration and appraisal
work. Great Western may elect to bring forward the closing of the purchase
by early-paying the schedule in full or it may exit the project at any time
without penalty and without completing the payment schedule. Work is in
progress on several potential prospects over this 800-acre site.
The Olympic Gold Project lies on the northern flanks of the Cedar Mountain
Range, on the eastern edge of Mineral County. It lies within the Walker Lane
Fault Belt, at the intersection of two major mineral trends - the
Rawhide-Paradise Peak trend and the Aurora-Round Mountain Trend. The mineral
deposit type at Olympic is of low sulphidation epithermal banded quartz-gold
vein style. Historic production from the former Olympic Gold Mine totalled
approximately 35,000 tonnes, at a grade of 25 g/t gold and 30 g/t silver, in
the interwar period of 1918 to 1939. Based on its review of the historical
data, Great Western believes that faulted offsets of the high-grade Olympic
Vein remain to be discovered in the area and this forms one of the numerous
target zones on the prospect.
During 2021 several targets at Olympic were addressed with RC drilling. Six
holes were drilled at Trafalgar Hill, a satellite prospect lying in the
western parts of the claim group. All these holes contained anomalous values
for gold and silver and two intersected grades of economic interest (1.5m at
8.9 g/t Au and 1.5m @ 1.04 g/t Au): these have been modelled together to
suggest an easterly dipping mineralised structure lying southeast of Trafalgar
Hill. Four holes were drilled southeast of the main OMCO mine site to
investigate the potential continuation of the main vein in that area,
particularly to the east of the major East Fault structure, where a previous
magnetometer survey had identified an anomaly. These holes did not intersect
mineralisation comparable with the OMCO vein's grade but each contained
considerable intersects of low-grade gold enrichment, suggesting that fluid
circulation and mineralisation were at work in this volume. Finally, one hole
was drilled at West Ridge without encountering the mineralised structure.
In addition to the in-situ targets, a substantial waste pad of tailings from
workings on the OMCO vein remains at surface and is a prime candidate for
reprocessing. Surface samples from this material, though likely
over-enriched due to weathering processes, indicated the presence of
appreciable gold grades and led to an augering programme towards the end of
the year, consisting of 12 holes in the tailings material. These holes
resulted in 67 individual assays with an average grade of 1.25 g/t, in a range
of 0.17 g/t - 3.76 g/t, being highly encouraging results and showing that high
grades exist throughout the tailings volume. The tailings were also found to
be thicker than expected.
Rock House
The M7 gold-silver prospect lies within the Rock House (RH) group of claims.
This area is accessible and lends itself to mining operations but was never
mined in the past, its potential having only recently been identified through
satellite imagery. It is a circular structure associated with a magnetic low,
adjacent to the prolific Golconda thrust fault. The area is characterised by
intense argillic and sericitic alteration, along with silicification and
oxidation, within basement siltstones and slates. Unlike many of Great
Western's other prospects, the RH targets were virgin territory until drilled
by the Company in 2021. They are previously unworked. While workings
represent an important guide for exploration, a lack of any previous workings
does not rule out any mineralisation. Indeed, any discovery made in such
ground will have the benefit of being entirely intact as its highest-grade and
nearest-surface portions will not have been removed by previous mining
operations.
A significant breakthrough occurred at RH in 2021, during drilling at the
Southern Alteration Zone ("SAZ"), on a programme designed to target anomalies
detected in the earlier soil and trenching programmes. Six holes were drilled
at this prospect, with best intercepts of 1.52m at 8.02 g/t Au from 97.53m
(RHRC006) and 1.52m at 2.29 g/t Au from 28.95m (RHRC007). These two
drillholes are in profile with one another and these intercepts are open to
the west and down dip, potentially to the east, depending on the trend of the
mineralisation. The highest-grade intercept also occurred 1.5m from the end of
hole RHR006. This hole effectively ended in mineralisation and further
potential therefore exists across-strike to the north in this area.
Black Mountain
The Black Mountain Group ("BM") lies on a southwest trending spur ridge of the
Excelsior Range of mountains and comprises 249 full and fractional claims
covering approximately 20.7km². The BM group contains both Great Western's
copper resource at M2 and the Mineral Jackpot prospect, where outcropping
veins, vein workings and spoil heaps contain high-grade gold and silver.
Results were received from Grinding Solutions in the UK on the MJ sample
collected in 2020. These results covered gravity concentration and leaching,
including bottle roll and column leach tests. The results of these tests were
favourable, indicating that a gravity concentration plant to treat this
material would be potentially viable. Leaching tests resulted in higher
recoveries, but the viability of a leaching project, which would have higher
set up costs and more regulatory burden, depends on what additional feed may
be brought into the plant from elsewhere.
An extensively experienced consulting metallurgist was engaged who has written
a preliminary report on a potential concentrator plant layout and costings and
continues to work with Great Western.
All 51 identified spoil heaps at Mineral Jackpot were sampled, with one sample
representing vein material and one of altered vein wall-rock obtained from
each heap. The proportions of each, and of unmineralised material were
visually estimated for each heap, as an internal guide to the potential gold
content. Further sampling is required before any firm statement on tonnage or
grade can be made.
The ground magnetometry survey was extended during the year, from the 1,150m2
of coverage in 2,020 to 4,500m2 total coverage. The focus of this work was the
core of the soil anomalies and historic workings near the Bass Mine, where the
additional survey coverage led to the interpretation of a host of new
structures.
Huntoon
A total of 107 full and 12 fractional claims surround the workings of the
historic underground Huntoon gold mine and are prospective for gold, silver
and copper mineralisation. The claims are located on the northwest side of
the Huntoon Valley, covering approximately 10km2. Due to the pandemic little
work took place at Huntoon during 2021, beyond a short reconnaissance visit.
During this visit multiple metre-thick quartz and copper oxide-bearing
carbonate veins were identified, trending into Great Western's claim area,
with an observed strike of 500m. These structures appear to line up with the
copper breccia intersected at M4 on the southeast side of the Huntoon
Valley. More work will take place in 2022 at Huntoon, with a drone
magnetometer survey planned early in the year and follow up soil and grab
sampling planned later in the summer.
Jack Springs
The M5 gold prospect lies within the JS Group in altered siliceous host rock,
exposed beneath Tertiary volcaniclastics for 1km. Gold, arsenic and antimony
were all anomalous in samples taken along a northeasterly crest of the central
ridge at M5 and the coincidence of anomalous pathfinder geochemistry and
altered sediments strongly suggests the presence of sediment hosted
disseminated gold mineralisation.
The M4 Copper-Gold project also lies within the JS Group. The M4 copper target
was identified through geophysical surveys, soil sampling and mapping of
mineralised structures on surface. Great Western believes that the breccia
vein intercepted in hole M4_05, along with other veins mapped at surface,
could be offshoot structures in the roof of a buried sulphide orebody. In 2019
the Group received a drill permit to follow up on the exciting discovery in
hole M4_05 and which remains current. The abundance of highly prospective
targets in the Company's portfolio, combined with rig availability issues, led
to the JS projects being deferred during 2021.
Eastside Mine
The M8 copper prospect lies within the Eastside Mine (EM) claim group, named
for the historic Eastside Mine where high-grade copper-oxide ore was mined
from shallow underground workings during the First World War. Conoco
investigated Eastside as a copper porphyry prospect in the early 1970's,
identifying mineralisation consisting of substantial copper and molybdenum
values, within a northeast trending graben structure. Drilling by Conoco at
the southern end of this structure identified thick successions of alteration
together with copper enrichment. Conoco did not follow up on these results.
The Company regards the northerly continuation of this structure to be a
strong target for buried copper mineralisation, which remains untested.
During 2021 an induced polarization (IP) survey was performed at EM Group and
the results were highly encouraging. The key findings of this work were:
• Identification of two main faulted graben structures.
• Fault zones accompanied by high resistivity and chargeability
features, correlating with observed surface stockwork veining, silicification,
copper mineralisation and copper soil halos.
• Interpretation points towards graben faults as loci of sulphide
mineralisation and wall rock silicification, perhaps representing shallow
indicators of a deeper porphyry system.
The Tun Group of Claims
The M6 gold-silver prospect lies within the Tun Group. The M6 prospect is a
parallel system of multiple, oxide and sulphide, gold-silver veins and veinlet
stockworks. Supergene, high-grade ores have been mined in the past at M6 and
the potential remains for deposits of shallow, oxidised stockworks in the
immediate vicinity of the historic workings.
Due to the competing pressures of other highly prospective projects, no work
took place at Tun group during 2021, but magnetometry and field reconnaissance
are planned for 2022.
Summary of 2021 Work Programme
• Drilling at Olympic and Rock House
• Metallurgical Test results from Grinding Solutions on MJ sample
• Secured the involvement of a highly experienced metallurgist
• Pilot Gravity and Bottle roll testing on MJ Spoil and OMCO Tails
• MJ spoil heap and OMCO tails sampling and measuring
• MJ ground mag survey
• IP/Res survey at EM Group performed by Zonge
• Reconnaissance mapping at Huntoon
• Mapping of North Olympic
• OMCO tails augering
Forward to 2022
2022 is scheduled to be a busy and exciting year for Great Western with the
prospect of fresh drilling, surveys and fieldwork following on from our
successes in 2021, running in parallel with several important steps in the
reprocessing project.
Drilling
Drilling is scheduled at Rock House and Trafalgar Hill following up on high
grades intersected in 2021 and at various targets around the OMCO mine site,
investigating potential continuations of the main mineralised structure there,
with the possibility of residual unmined wall rock mineralisation around the
main workings. With the access road upgrade complete, drilling is also planned
at Mineral Jackpot.
Surveys
New drone magnetometry surveys will be flown over Huntoon, Jack Springs and
Tun claim groups and over the Mineral Jackpot area within the Black Mountain
claim group.
Fieldwork
Once the initial drill programme is complete, field time will be spent at
various prospects, extending mapping and soil sampling coverage and ground
truthing magnetometry survey results.
Reprocessing
A detailed plan for the reprocessing operations is in the process of being
formulated:
• The OMCO tailings have undergone a second phase of auger sampling.
• The new sample material is being assayed and sent for ore
characterisation and bottle roll tests.
• The surface of the tailings, and of the Mineral Jackpot spoil heaps,
are being surveyed with orthophotography to obtain a high-resolution 3D model.
• The Mineral Jackpot spoil heaps which have the best combination of
grade, volume and accessibility are being further sampled.
• New information gleaned from the work detailed above will be used to
produce resource reports and scoping studies in collaboration with independent
external experts.
• The scoping studies will be used to support the permitting steps
required for reprocessing operations.
• A financial model and project plan is being developed, setting out
the steps and a timetable for start-up of gold and silver production.
Consolidated Income Statement
For the year ended 31 December 2021
Notes 2021 2020
€ €
Continuing operations
Administrative expenses 4 (536,178) (852,270)
Finance income 5 218 228
Loss for the year before tax (535,960) (852,042)
Income tax expense 7 - -
Loss for the financial year (535,960) (852,042)
Loss attributable to:
Equity holders of the Company (535,960) (852,042)
Loss per share from continuing operations
Basic and diluted loss per share (cent) (0.001) (0.002)
Consolidated Statement of Other Comprehensive Income
For the year ended 31 December 2021
Notes 2021 2020
€ €
Loss for the financial year (535,960) (852,042)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences 498,070 (512,730)
498,070 (512,730)
Total comprehensive expense for the financial year
attributable to equity holders of the Company (37,890) (1,364,772)
Consolidated Statement of Financial Position
For the year ended 31 December
2021
Notes 2021 2020
Assets € €
Non-current assets
Property, plant and equipment 10 72,170 66,612
Intangible assets 11 7,086,254 5,898,940
Total non-current assets 7,158,424 5,965,552
Current assets
Trade and other receivables 13 110,940 99,904
Cash and cash equivalents 14 2,042,547 2,287,172
Total current assets 2,153,487 2,387,076
Total assets 9,311,911 8,352,628
Equity
Capital and reserves
Share capital 18 357,751 307,071
Share premium 18 13,572,027 12,543,606
Share based payment reserve 19 318,621 559,420
Foreign currency translation reserve 519,243 21,173
Retained earnings (5,822,011) (5,511,645)
Attributable to owners of the Company 8,945,631 7,919,625
Total equity 8,945,631 7,919,625
Liabilities
Current liabilities
Trade and other payables 15 146,642 102,062
Decommissioning provision 16 123,344 75,287
Share warrant provision 17 96,294 255,654
Total current liabilities 366,280 433,003
Total liabilities 366,280 433,003
Total equity and liabilities 9,311,911 8,352,628
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Share Share Share based payment reserve Foreign Retained Total
capital
premium
currency
earnings
translation
reserve
€ € € € € €
Balance at 1 January 2020 112,205 9,687,151 435,962 533,903 (4,535,134) 6,234,087
Total comprehensive income
Loss for the year - - - - (852,042) (852,042)
Currency translation differences - - - (512,730) - (512,730)
Total comprehensive income for the year - - - (512,730) (852,042) (1,364,772)
Transactions with owners, recorded directly in equity
Shares issued 153,591 1,964,204 - - (140,490) 1,977,305
Share warrants granted on issue of shares - - 25,521 - (25,521) -
Share warrants exercised 41,275 892,251 (11,815) - - 921,711
Share warrants terminated - - (41,542) - 41,542 -
Share options charge - - 151,294 - - 151,294
Total transactions with owners, recorded directly in equity 194,866 2,856,455 123,458 - (124,469) 3,050,310
Balance at 31 December 2020 307,071 12,543,606 559,420 21,173 (5,511,645) 7,919,625
Total comprehensive income
Loss for the year - - - - (535,960) (535,960)
Currency translation differences - - - 498,070 - 498,070
Total comprehensive income for the year
- - - 498,070 (535,960) (37,890)
Transactions with owners, recorded directly in equity
Shares issued 45,455 916,610 - - (69,206) 892,859
Share warrants granted on issue of shares
- - 20,709 - (20,709) -
Share warrants exercised 4,625 106,220 - - - 110,845
Share warrants terminated - - (13,865) - 13,865 -
Share options exercised 600 5,591 (4,777) - 4,777 6,191
Share options terminated - - (296,867) - 296,867 -
Share options charge - - 54,001 - - 54,001
Total transactions with owners, recorded directly in equity
50,680 1,028,421 (240,799) - 225,594 1,063,896
Balance at 31 December 2021 357,751 13,572,027 318,621 519,243 (5,822,011) 8,945,631
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
Notes 2021 2020
€ €
Cash flows from operating activities
Loss for the year (535,960) (852,042)
Adjustments for:
Depreciation 10 - 3,733
Interest receivable and similar income 4 (218) (228)
Increase in trade and other receivables (11,036) (4,961)
Increase/(Decrease) in trade and other payables 13,055 (72,067)
Gain on revaluation of share warrants (330,708) -
Equity settled share-based payment 19 54,001 151,294
Net cash flows from operating activities (810,866) (774,271)
Cash flow from investing activities
Expenditure on intangible assets 11 (657,727) (196,982)
Interest received 4 218 228
Net cash from investing activities (657,509) (196,754)
Cash flow from financing activities
Proceeds from the issue of new shares 18 1,059,085 3,130,705
Share warrants granted 17 191,364 -
Commission paid from the issue of new shares 18 (69,206) (140,490)
Net cash from financing activities 1,181,243 2,990,215
Decrease in cash and cash equivalents (287,132) 2,019,190
Exchange rate adjustment on cash and cash 42,507 (38,693)
equivalents
Cash and cash equivalents at beginning of the year 14 2,287,172 306,675
Cash and cash equivalents at end of the year 14 2,042,547 2,287,172
Notes to the Financial Statements PDF link:
http://www.rns-pdf.londonstockexchange.com/rns/6025J_1-2022-4-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6025J_1-2022-4-27.pdf)
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AnnouncementREG - Great Western Mining - Notice of AGM
AnnouncementREG - Great Western Mining - High Grade Sample Results at West Huntoon
AnnouncementREG - Great Western Mining - Total Voting Rights
Announcement