REG - Great Western Mining - Final Results
18/05/2023 07:00
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RNS Number : 7972Z Great Western Mining Corp. plc 18 May 2023
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
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
2022. The Company is in the exploration, appraisal and development phase and
currently has no revenues.
Financial Highlights:
· Loss for year €792,263 (2021: loss of €535,960)
· Basic and diluted loss per share 0.0002 (cent): (2021:
0.001 cent)
· Net assets at year-end: €8.6 million (2021: €8.9
million)
· Cash at 31 December 2022: €0.15 million (2021: €2.0
million)
Operational Highlights
· Formed a joint venture for construction of a mill to process
precious metals from shallow ore and a large inventory of pre-mined material
· Constructed a 14 km road to the high-altitude Mineral Jackpot
properties, providing access to spoil material and drilling locations
· Conducted reverse circulation ("RC") drill programme on several
prospects:
o establishing an extension to the gold vein at the historic OMCO Mine
o Intercepting high grades of shallow depth silver at Mineral Jackpot
o revealing the longest zone of consistently anomalous gold yet identified
at Trafalgar Hill
· Conducted drone magnetometry and orthophotography over Huntoon
and Tun prospects
· Commissioned an independent resource estimate of tailings
available for processing at the OMCO mine site - Inferred JORC Resource
Estimate 31,000 tonnes grading 1.6 grams/ton gold
Post Period End:
· Raised £800,000 (€913,242) before expenses through
placing of new shares
· Filed a permit application for operation of the
processing mill
· Commenced construction at the mill site
· Tested the concept of diamond core drilling at the OMCO
Mine prospect
· Modelled the potential of a significant copper prospect
beyond the JORC-compliant Indicated and Inferred resource at M2
Great Western Executive Chairman Brian Hall commented: "2022 was a period of
intense activity for the Company, during which we not only accelerated a
fruitful exploration programme including drilling on three of our prospects
but also created a processing joint venture from scratch for production of
precious metals. The mill is now under construction and due to be processing
material from Mineral Jackpot and the OMCO Mine this year. We have an
exciting inventory of prospects for copper, gold and silver that continue to
provide increasing levels of upside, while first revenues from production will
significantly change our profile and further prove our value proposition."
For further information:
Great Western Mining Corporation PLC
Brian Hall, Executive Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)
Brian Garrahy/Lauren O'Sullivan +353 1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat/Harry Davies-Ball +44 203 470 0470
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2022
Dear Shareholder,
Set out herewith are Great Western Corporation PLC's Annual Report and
Financial Statements for the year ended 31 December 2022.
Great Western explores for, appraises and develops mineral resources on its
claims in the state of Nevada, USA and currently has no revenues from its
operations. Accordingly, it is reporting a loss for the financial year of
€792,293 for 2022 (2021: €535,960). At the end of the year Great
Western's net current assets were €8,618,024 (2021: €8,945,631) with no
debt apart from trade creditors in the normal course of business.
2022 was an active year for Great Western during which significant goals were
accomplished.
Early in the year we constructed a 14 km road to the high-altitude Mineral
Jackpot Group of properties, enabling access for rigs, trucks and associated
equipment. Until then, access to the five historic gold and silver mines
which make up Mineral Jackpot had been by a mule path, suitable only for quad
bikes and very small tracked-vehicles. This road now provides access to
numerous spoil heaps which we propose to exploit for secondary recovery of
precious metals and it also allowed us to bring in a rig and drill four holes
last summer, the first ever drilled in these historic mines. Significantly,
hole MJRC004 intercepted high grades of silver at a shallow depth and further
drilling is planned to delineate a shallow vein which, if successful, could
provide ore suitable for processing in a relatively short time.
During the year, our plans for constructing a mill to produce gold and silver
concentrates took a major step forward when we signed a 50-50 joint venture
agreement with Muletown Enterprizes LLC ("Muletown") to construct a mill on
land owned by Muletown in the settlement of Mina, close to a main highway and
mid-way between our two main claim areas. There has been a mill on this site
in the past and it has a natural slope which is ideal for gravity
separation. A second phase will involve a contained chemical leaching
process for further recovery of gold and silver. Muletown will provide the
land at a peppercorn rent and virtually all the milling equipment will come
from its own inventory. Great Western will fund site construction, upgrade
and modification of equipment and installation and commissioning of the
plant. The mill will operate as a profit centre in its own right and each
partner will batch-process its own material with no commingling, paying a
throughput charge to the joint venture. Great Western has spoil material for
processing available at Mineral Jackpot and Olympic Gold, as well as
significant tailings and a large unprocessed stockpile at Olympic Gold. It
is likely that the joint venture will subsequently buy in material from third
parties as there is no other mill of this type serving the area. Part of the
new capital raised by the Company since the year end is being used for
construction of the mill, delayed by severe weather conditions and an extended
winter but now under way.
Before the year-end, our work on processing gold and silver from tailings and
spoil heaps was further supported by a JORC-compliant inferred resource
report, commissioned for the OMCO Mine tailings, together with Exploration
Targets for other material at both Olympic Gold and at Mineral Jackpot,
further details of which are set out in the Operations Report on page 6.
During spring and summer 2022, we conducted a reverse circulation ("RC") drill
programme on several of our prospects. In addition to success at Mineral
Jackpot, we carried out follow-up drilling at Rock House (Southern Alteration
Zone), Trafalgar Hill and the OMCO Mine (the latter two both at Olympic
Gold). At Trafalgar Hill and Rock House, we were attempting to establish
vein continuity from the gold intercepts encountered in 2021 but we have yet
to achieve this and more work is needed. Our drilling close to the OMCO Mine
was much more successful and we believe that we have encountered an extension
to the OMCO Mine vein itself which is an exciting development. The OMCO Mine
produced gold at high grades for several decades until the 1940s and
operations terminated where the vein met a fault. Although the fault is
clearly present, it is a complex piece of fragmented geology and finding a
continuation of the vein, on either side of the fault, presents a challenge
which we are working hard to overcome. In this regard the successful hole
drilled last year may be considered a breakthrough. While the OMCO Mine
produced gold at high grades, the mined vein itself is only about 200 metres
long. Within the envelope we have been drilling, there is easily scope for
one or two more productive veins of that size and our task is to find them if
they exist.
Due to Nevada winter conditions, there is a close period when operations are
not feasible. At Great Western, we use this winter period for desktop work
and over the past winter we greatly increased our knowledge, not only for gold
and silver but also for the prospectivity of our copper assets which have been
parked over the last three years but not forgotten.
Since the year-end, we have (1) raised new capital of £800,000 (€913,242)
before expenses, our first funding for nearly two years (2) drilled a diamond
core follow-up hole at the OMCO Mine prospect (3) filed a final permit
application for the construction of the processing mill with the Nevada
Department of Environmental Protection (NDEP) after prior consultation with
NDEP on the critical issues and (4) began construction at the mill site.
For our reported 2022 financial statements, we are pleased to welcome PKF
O'Connor, Leddy & Holmes Limited as auditors to the company, who replace
KPMG. PKF's appointment will be put to shareholders for approval at the
forthcoming AGM. We have enjoyed excellent working relations with KPMG over
several years and I would like to take this opportunity to thank them for
their services.
Looking ahead, Great Western has three arms to its business:
Firstly, the process mill which is due to be online in 2023 and producing the
Company's first ever revenues from the sale of gold and silver concentrates.
This will be an ongoing business which should also attract material for
processing from third party sources in due course. Until we have
commissioned the plant and gained some operating experience, we do not propose
to publish any revenue forecasts, but the objective of the mill is to provide
revenues which, at a first stage, will fund the day-to-day operations of the
company, while aiming for a greatly expanded business model. Each joint
venture partner will have its own material batch-processed separately through
the mill, so participation in the joint venture will not result in any
dilution in ownership of material from the Company's own claims.
Secondly, we are aiming to develop a commercial gold and silver play from one
or more of the numerous prospects which we have identified and drilled up in
the last few work seasons. The leading candidates are (1) extensions to
the vein at the OMCO Mine and (2) the shallow silver intercept encountered at
Mineral Jackpot. We are also exploring other gold and silver prospects, with
ongoing work at Trafalgar Hill and Rock House, so priorities may change.
Finally, recent modelling work by the Company indicates that we may have a
significant copper prospect on our claims beyond our JORC-compliant indicated
and inferred resource. Through extensive drilling, we have already
established a resource of 4.28 million tonnes at a grade of 0.45% copper on
our M2 claims in the Black Mountains group. This discovery trends in a NE-SW
axis, open at both ends, but there is also scope for an additional, undrilled
resource within the area of resources already identified. Copper is likely to
become a significant industrial material in the years ahead and our copper
prospects merit further drilling. Establishing a resource two to three or
four times larger than already identified would, on a rule of thumb basis, be
large enough for a commercial development but doing justice to this prospect
will require funding beyond Great Western's current capabilities.
Therefore, funding options comprising the introduction of a joint venture
partner, be it a direct investor at the project level or an industry partner,
are being actively evaluated.
Shareholders should note that Canada's highly reputed Fraser Institute has
recently published the results of a worldwide industry survey which concludes
that the state of Nevada is the most attractive jurisdiction in the world for
mining investment.
In closing, on behalf of the Great Western team, I would like to thank you,
our shareholders, for your support and particularly those shareholders who
have been taking an active interest in our projects. We will keep you
informed on progress and hope to welcome you to the AGM in Dublin at 10 a.m.
on 13 June 2023.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2022
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. Great Western has entered
into a joint venture with a local partner to enable near-term production.
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 2022, Great Western carried out
exploration across its entire portfolio of seven claim groups (six of which
are 100% owned, one of which is held under an option agreement) in Nevada.
As part of the annual claim renewal procedure, the Group renewed all its
claims with effect from 1 September 2022. 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 style at Olympic is low-sulphidation epithermal banded quartz-gold
vein. Historic production from the former Olympic Gold Mine totalled
approximately 35,000 tonnes, at a grade of 25 grams/ton gold and 30 grams/ton
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 2022 several targets at Olympic were addressed with reverse circulation
("RC") drilling near to the OMCO mine site and at the Trafalgar Hill prospect.
In addition to the drilling, a drone orthophotography survey was flown to
produce a precise digital topographic model, and bulk surface and auger
samples were taken from various mine waste stores at the OMCO mine site.
Drilling around the OMCO mine site was focused on possible unmined
continuations of the vein on the west side of the fault. This proved
successful, as hole OMRC015 intercepted compatible vein material, proving up a
continuation of the OMCO vein. OMCR0015 intercepted 6.10 metres grading at
2.682 grams/ton Au average starting at 38.10 metres in the hole, including
8.110 grams/ton Au over 1.52 metres from 39.62 metres and 1.747 grams/ton Au
over 1.52 metres from 41.15 metres. Pursuing this vein will be a primary
objective of the next drill campaign.
Three holes were drilled at Trafalgar Hill on the Olympic claims. These holes,
with an aggregate length of 436 metres, were targeted at the shallower zone
identified as prospective via positive results in 2021, in the southern part
of the Trafalgar Hill zone. The Company has developed a geological model based
on the 2021 drilling and was able to predict the lithology and alteration
features intersected in the three holes with great accuracy. Though intercepts
identical in character to high-grade zones from 2021 occurred at the
anticipated positions, only low-grade gold was intercepted this year. The best
result at Trafalgar Hill was 21.33 m at 0.107 grams/ton Au starting at 83.82 m
in hole OMRC013 (including 10.67 m at 0.127 grams/ton Au starting at 94.49 m).
This is the longest zone of consistently anomalous gold yet intersected at
Trafalgar Hill, and occurs in the southwestern-most hole drilled, indicating
the system continues and is open in this direction.
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 (covered under Copper Projects below) and the Mineral
Jackpot prospect, where outcropping veins, vein workings and spoil heaps
contain high-grade gold and silver.
Although the five historic mines making up Mineral Jackpot produced gold and
silver for some years before and after the turn of the 19th-20th century,
access had only been by mule track and until this year none of the prospects
had ever been drilled. Great Western has carried out soil surveys over the
last three years, collected rock chip samples and conducted magnetometry
surveys, on foot where possible and by specialist drones in the less
accessible areas. A new 14 km road was constructed during the reporting
period, with the dual objectives of providing access for a drill rig and a
route for offloading numerous spoil heaps of mining waste for secondary
recovery of gold and silver.
Four holes were drilled at Mineral Jackpot in 2022. One hole, MJRC004,
intercepted a 7.62 metre zone from 4.57 metres in the hole, grading at 180.94
grams/ton Ag and 0.315 grams/ton Au, contained within which was a high-grade
silver zone hosted in quartz vein of 3.04 metres apparent thickness at 418.00
grams/ton Ag and 0.554 grams/ton Au, starting at 6.10 meters drilled depth.
There is scope for extensive further drilling at various targets on the
Mineral Jackpot claims, but the immediate focus is likely to be on shallow
drilling with a small rig in the vicinity of the recent discovery.
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
the interpretation of 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 sericite 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. While past 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.
The Southern Alteration Zone was first drilled by Great Western in 2021,
having been identified along with other prospects at Rock House through
satellite imagery and then extensive soil and rock chip sampling. In 2021,
two holes intersected vein material grading approximately 8 grams/ton Au and 2
grams/ton Au respectively. Ambitious step out drilling this year aimed to
find a coalescing of several thin veins, but this was not achieved. However,
assay results provided evidence of copper (see Copper Projects section below
for more details) which had not been anticipated and drilling has
constructively added to knowledge of the prospects which will be used in
designing future drilling activity.
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 10km(2).
In 2022 drone magnetometry and orthophotography were conducted over Huntoon.
For additional details on Huntoon, please see the Copper Projects section
below.
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. The abundance of highly prospective targets in the Company's
portfolio, combined with rig availability issues, led to the JS projects being
deferred during recent years.
In 2022 drone magnetometry and orthophotography were conducted over Huntoon.
Field visits and sampling were undertaken around the M4 prospect (see Copper
Projects section below for more details).
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 1970s,
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 fault
zones accompanied by high resistivity and chargeability features, correlating
with observed surface stockwork veining, silicification, copper mineralisation
and copper soil halos.
A field reconnaissance visit was made to Eastside early in the year but due to
the Company's precious metal focus, and the range of other highly prospective
projects, no further action was taken there in 2022. The next task at Eastside
will be to drill at targets identified during the 2021 IP survey.
Tun
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.
In 2022 drone magnetometry and orthophotography were conducted over Tun and a
field reconnaissance visit was made early in the year.
Planned Processing Operations
Over the last two years, Great Western has been researching the optimum means
of processing mining waste for recovery of gold and silver. Originally this
was planned to be a simple gravity separation process for spoil material from
Mineral Jackpot, where there are 51 known spoil heaps. The concept was
expanded once work began in earnest on the newly acquired Olympic Gold Project
option in 2021, where extensive tailings, spoil heaps and a stockpile of
material had been mined but never processed. During the period the Company
concluded a way forward and has now signed a 50-50 joint venture agreement
with Muletown Enterprizes LLC, a Nevada based contractor, to construct a
processing mill on private land owned by Muletown. The joint venture company
will be known as Western Milling LLC.
Early in the year a second phase of auger drilling was conducted on the OMCO
tailings pad, to test the depth and continuity of grade there. This work also
provided a bulk sample for metallurgical test work, including cutting edge
QEMSCAN grain and mineral mapping, which was conducted at a laboratory in
Reno. This work confirmed the viability of the tailings for reprocessing.
Great Western has engaged the services of an extensively experienced
consulting metallurgist, who in 2021 wrote a report on the Mineral Jackpot
test work. This consultant oversaw the metallurgical test work on the Olympic
Tailings samples conducted in 2022 and visited Nevada to engage with our
venture partners and visit the proposed plant site.
In the last quarter of 2022, Great Western commissioned a new resource
estimate of its mine waste material. This resulted in an Inferred Resource and
several Exploration Targets, all reported in accordance with JORC, as follows:
· An Inferred Resource of 31,000 tonnes, grading 1.6 grams/ton Au
and 3.0 grams/ton Ag in tailings at Olympic Mine.
· An Exploration Target of 3,400 - 6,400 tonnes grading between 0.5
and 1.2 grams/ton Au and 1.2 and 2.1 grams/ton Ag in the substrate beneath the
tailings volume at the Olympic Mine.
· An Exploration Target of 9,000 - 12,000 tonnes grading between
0.9 and 2.4 grams/ton Au and 2.0 and 5.1 grams/ton Ag in a coarse stockpile at
Olympic Mine.
· An Exploration Target of 4,200 - 7,700 tonnes grading between 40
and 140 grams/ton Ag and 0.3 and 0.3 grams/ton Au in spoil heaps at Mineral
Jackpot.
Overview of Copper Projects
In addition to its gold and silver operations, Great Western has already
drilled and established a partly inferred, partly indicated copper resource of
4.3 million tonnes at a grade of 0.45% at its M2 project in the Black
Mountains group. This was a considerable achievement, with the potential to
lead to the discovery of a much larger copper resource. Great Western
believes 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.
Great Western's copper resource at the M2 project is complemented by copper
potential on other claim groups:
· At M4 in Jack Springs claim group, approximately 4 km from the M2
resource, the company has previously identified copper in drill intercepts
(21.18 m at 0.35% Cu starting at 106.22 m in hole M2_005, including 5.64 m at
0.48% Cu and 0.105 grams/ton Au starting at 106.22 m). During 2022, surface
showings in two existing hill-cut trenches were mapped and continuously chip
sampled, resulting in two 16 m zones at 0.2% and 0.28% Cu respectively. These
surface results are separated from the drill intercept by around 140 m in 3D
space, but whether they represent the same structure is not yet understood.
· At Huntoon, situated 7 km west of M4, and 10 km southwest of M2,
is another key copper prospect at which the Company, in the past, drilled a
single hole which assayed at 0.35% Cu over 27.4 metres. Huntoon also contains
a sizable copper anomaly in soils associated with a shear zone, which has a
clear magnetic signature identified on drone magnetometry conducted in early
2022. Post mineralisation tertiary lavas obscure both the geochemical
anomaly and the southwestern continuation of the linear anomaly associated
with the shear zone.
· As referenced above, drilling at Rock House during the period
beneath a surface gossan identified an underlying intercept of anomalous
copper grades (12.19 m at 0.20 % Cu from 28.96 m in hole RHRC010, including
3.05 M @ 0.31% Cu from 36.58 m). This is the first intercept of elevated
copper at Rock House and was not the target for this drilling. The copper
zone remains open to the west and at depth.
· An IP survey was conducted over the Eastside Mine group of claims
revealing IP anomalies with promising copper potential and producing clear
drill targets for future exploration.
· Finally, there is further copper potential at the Tun Claim
Group.
A major copper project is too large an undertaking for a company of Great
Western's size and so a larger partner is being sought. Although no firm
decision has been made, Great Western may restart a limited drill programme to
demonstrate the potential for resource expansion at M2, as well as reviewing
exploration opportunities at the other claim groups to provide a broader base
of copper potential for an incoming industry partner.
Reclamation work
The Company has undertaken significant reclamation work at Rock House, the
OMCO Mine, the M2 Project and Sharktooth to ensure that regulatory commitments
are met and to release permitted acreage ready for further drilling activity
in 2023. Submissions relating to the reclamation work have been made to
regulatory authorities and the process is expected to be completed in 2023.
Summary of 2022 Work Programme
· Drilling at Rock House, Olympic (including OMCO and Trafalgar
Hill) and Mineral Jackpot, resulting in high grade intercepts in unmined
portions of the OMCO vein and at Mineral Jackpot.
· Auger and bulk surface sampling at Olympic tailings, course
stockpile and Mineral Jackpot spoil heaps.
· Metallurgical Test results on Olympic tailings from McClelland
Laboratory
· Inferred resource in Olympic tailings, along with Exploration
Targets in Olympic coarse stockpile.
· Exploration targets defined at Mineral Jackpot spoil heaps.
· Field visit by highly experienced metallurgist.
· Drone magnetometry of Tun, Jack Springs, Huntoon claim groups,
and Mineral Jackpot prospect.
· Drone orthophotography of Tun, Jack Springs, Huntoon and Olympic
claim groups, and Mineral Jackpot prospect.
· Hill-cut chip sampling at M4.
Looking Forward
Great Western's plans for 2023 are to follow up on the high-grade intercepts
at Mineral Jackpot and the OMCO vein and to focus on planning, constructing
and operating the proposed process mill with the objective of transitioning
from pure exploration focus to a combination of exploration and commercial
production.
In addition to these main objectives, a diverse slate of field exploration
activities is planned as a low-cost high-impact method of improving prospects
and targets in the company's pipeline.
Consolidated Income Statement
For the year ended 31 December 2022
Notes 2022 2021
€ €
Continuing operations
Administrative expenses (951,294) (536,178)
Finance income 4 527 218
Loss for the year before tax 5 (950,767) (535,960)
Income tax expense 7 158,504 -
Loss for the financial year (792,263) (535,960)
Loss attributable to:
Equity holders of the Company (792,263) (535,960)
Loss per share from continuing operations
Basic and diluted loss per share (cent) 8 (0.0002) (0.001)
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 2022
Notes 2022 2021
€ €
Loss for the financial year (792,263) (535,960)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences 400,861 498,070
400,861 498,070
Total comprehensive expense for the financial year
attributable to equity holders of the Company (391,402) (37,890)
Consolidated Statement of Financial Position
For the year ended 31 December 2022
Notes 2022 2021
€ €
Assets
Non-current assets
Property, plant and equipment 10 76,635 72,170
Intangible assets 11 8,462,329 7,086,254
Total non-current assets 8,538,964 7,158,424
Current assets
Trade and other receivables 13 272,887 110,940
Cash and cash equivalents 14 145,197 2,042,547
Total current assets 418,084 2,153,487
Total assets 8,957,048 9,311,911
Equity
Capital and reserves
Share capital 18 357,751 357,751
Share premium 18 13,572,027 13,572,027
Share based payment reserve 19 368,709 318,621
Foreign currency translation reserve 920,104 519,243
Retained earnings (6,600,567) (5,822,011)
Attributable to owners of the Company 8,618,024 8,945,631
Total equity 8,618,024 8,945,631
Liabilities
Current liabilities
Trade and other payables 15 207,603 146,642
Decommissioning provision 16 131,421 123,344
Share warrant provision 17 - 96,294
Total current liabilities 339,024 366,280
Total liabilities 339,024 366,280
Total equity and liabilities 8,957,048 9,311,911
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Share Share Share based payment reserve Foreign Retained Total
capital premium € currency earnings €
€ € translation €
reserve
€
Balance at 1 January 2021 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 - - 20,709 - (20,709) -
Issue of shares
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 50,680 1,028,421 (240,799) - 225,594 1,063,896
equity
Balance at 31 December 2021 357,751 13,572,027 318,621 519,243 (5,822,011) 8,945,631
Total comprehensive income
Loss for the year - - - - (792,263) (792,263)
Currency translation differences - - - 400,861 - 400,861
Total comprehensive income - - - 400,861 (792,263) (391,402)
for the year
Transactions with owners, recorded directly in equity
Share warrants terminated - - (13,707) - 13,707 -
Share options charge - - 63,795 - - 63,795
Total transactions with owners, recorded directly - - 50,088 - 13,707 63,795
in equity
Balance at 31 December 2022 357,751 13,572,027 368,709 920,104 (6,600,567) 8,618,024
Consolidated Statement of Cash Flows
For the year ended 31 December 2022
Notes 2022 2021
€ €
Cash flows from operating activities
Loss for the year (792,263) (535,960)
Adjustments for:
Depreciation 10 - -
Interest receivable and similar income 4 (527) (218)
Increase in trade and other receivables (161,947) (11,036)
Decrease in trade and other payables 53,273 13,055
Gain on revaluation of share warrants (96,294) (330,708)
Equity settled share-based payment 19 63,795 54,001
Net cash flows from operating activities (933,963) (810,866)
Cash flow from investing activities
Expenditure on intangible assets 11 (956,077) (657,727)
Interest received 4 527 218
Net cash from investing activities (955,550) (657,509)
Cash flow from financing activities
Proceeds from the issue of new shares 18 - 1,059,085
Proceeds from grant of warrants 17 - 191,364
Commission paid from the issue of new shares 18 - (69,206)
Net cash from financing activities - 1,181,243
Decrease in cash and cash equivalents (1,889,513) (287,132)
Exchange rate adjustment on cash and cash equivalents (7,837) 42,507
Cash and cash equivalents at beginning of the year 14 2,042,547 2,287,172
Cash and cash equivalents at end of the year 14 145,197 2,042,547
Notes to the Financial Statements PDF Link
http://www.rns-pdf.londonstockexchange.com/rns/7972Z_1-2023-5-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7972Z_1-2023-5-17.pdf)
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