REG - Great Western Mining - Final Results
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RNS Number : 8564O Great Western Mining Corp. plc 30 June 2025
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing multiple early-stage gold, silver, copper
and tungsten targets in Nevada, USA, announces its results for the year ended
31 December 2024. The Company is in the exploration, appraisal and
development phase and currently has no revenues.
Financial Highlights:
● Loss for year €1,741,056 (2023: loss of €952,654) – including an
impairment provision of €781,610 for relinquished claims
● Basic and diluted loss per share 0.0002 cent: (2023: 0.0002 cent)
● Net assets at year-end: €9.5 million (2023: €8.8 million)
● Cash at 31 December 2024: €0.30 million (2023: €0.10 million)
Operational Highlights:
● Staked further tungsten claims to strengthen portfolio
● Pooling Agreement with Bronco Creek Exploration for developing the copper
potential of the Eastside Mine claims – with additional claims staked
● Option exercised to acquire the Olympic Gold Project
● Construction of joint venture mill completed and awaiting commissioning
Post Period Highlights:
● Field work and lab analysis have yielded high grade tungsten results
● New claims staked at Yellow Peak where there is further indication of a copper
porphyry setting
● £1,250,000 new capital raised through placing of new shares before expenses-
to facilitate:
○ West Huntoon Copper Project (“HCP”) drill programme
○ IP survey and maiden drill programme at the Rhyolite Dome gold prospect
○ Field work for tungsten at the Pine Crow-Defender prospects
● Ongoing discussions with partner companies for development of HCP
Brian Hall, Executive Chairman, commented: "Our broad portfolio of mineral
claims in Nevada is prospective for precious metals at a time when gold prices
are at record levels, but significantly it is also highly prospective for two
base metals, copper and tungsten, which are on the US government's critical
metals list, at a time when international politics and defence requirements
demonstrate a strong need for domestic supplies. Late last year we staked
new claims around two former tungsten mines on the fringe of our ground and
this year have taken grab samples with excellent preliminary results over the
area between the two old mines. We will be commencing the next phase of work
on the tungsten prospect in July.
"In 2024 we made strong progress on our copper story and are launching a drill
programme this summer to prove up the extensive surface work already carried
out.
"Also this summer we will be drilling for gold at the previously undrilled
Rhyolite Dome, one of our most exciting gold prospects.
"Thanks to a successful placing of new shares since the end of the reporting
year, we are now in a position to reset our exploration programme and we are
enthusiastic about the potential right across our claims."
For further information:
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)
Brian Garrahy +353 1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat/Devik Mehta +44 203 470 0470
Shard Capital Partners
Andrew Gutmann/Erik Woolgar +44 207 186 9008
Walbrook PR (PR advisers)
Nick Rome/Joseph Walker +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2024
Dear Shareholder,
Below are Great Western Mining Corporation PLC's audited report and financial
statements for the year ended 31 December 2024.
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 after tax of €1,741,056 for the year
(2023: €952,654) which includes an impairment provision of €781,610
against certain claims relinquished during the year and since the end of the
reporting year. At the year end the Company's net assets were €9,458,826
(2023: €8,831,416).
During the year Great Western operated three separate business streams,
comprising (1) appraisal of the copper opportunity in the Huntoon Valley area
where a resource has already been established through extensive drilling (2)
exploration for precious metals across the Company's portfolio and (3)
construction of a process mill for recovery of precious metals and
concentrates from mining waste, coarse stockpiles and shallow-mined ore.
Given strong demand for industrial and defence needs in the USA, in 2024 Great
Western's team reviewed possible tungsten opportunities on its claims and in
particular two former World War II tungsten workings known as Pine Crow and
Defender. It was seen that these workings lie on the margin of the Company's
existing claims and so, just before the end of the year, further claims were
staked to create a halo around the old workings. Field work and lab analysis
since the year end have yielded high grade tungsten results, recently
announced, with the consequence that tungsten should be considered to be the
Company's fourth business stream, now being actively pursued.
During the year and since the year end, the Great Western team has been
actively working on the copper prospects around the Huntoon valley, designated
the Huntoon Copper Project ('HCP'). The Company has already established an
inferred resource of 19,000 tons contained copper at M2 in the northeast part
of the HCP and is now working on the porphyry setting established in late 2023
close to a major granite extrusion on the other side of the valley, known as
West Huntoon. Here, an area of 3 km² has been closely soil-sampled with
consistently high copper readings and a geophysical survey shot over the
sampling area and beyond shows continuity under sediments on the floor of the
valley where copper is not visible at surface. To the north of West Huntoon,
new claims have been staked at Yellow Peak where there is further indication
of a copper porphyry setting. The overall objective is to establish
connectivity across the whole of the HCP and prove up the setting for a full
scale, major new copper mine. A drill programme is planned for summer 2025
at West Huntoon with initial results expected late summer. In recent months
there has been interest from several larger companies in partnering Great
Western in the HCP but, at the time of writing, nothing has been concluded and
the Company is therefore proceeding with drilling on its own account.
Gold prices have broken all previous records in recent months and the Company
has several significant gold targets. Work done at the Rhyolite Dome
prospect in 2023 and 2024, in the southern part of the Olympic Gold Project,
makes it stand out as a prime target for early drilling and in the next few
weeks a seismic survey (IP) will be conducted over the dome and its surrounds,
followed by a maiden drill programme in late summer.
The Operations Report which follows this statement sets out in much more
detail the current position on Great Western's exploration portfolio. Great
Western manages its claims portfolio carefully and in 2024 added new claims at
(1) Pine Crow and Defender (tungsten) (2) Yellow Peak (HCP) (3) Eastside Mine
(potential copper porphyry held under the terms of a pooling agreement with
Bronco Creek Exploration) and (4) additional targeted claims at both West
Huntoon and Rock House. In reviewing the overall claims, Great Western has
also selected 250 claims which are not relevant to its present plans and these
will not be renewed when the annual rentals fall due later this year. This
will save net approximately $50,000 per annum in rentals but has given rise to
an impairment provision in the 2024 financial statements.
In 2024 Great Western and Bronco Creek Exploration ('BCE'), a division of EMX
Royalty Corporation, signed a cooperation agreement pooling BCE's Tango
project and Great Western's Eastside Mine claims. These projects are
adjacent to each other and are believed to comprise a porphyry setting of
similar quality to the HCP. BSE and Great Western are cooperating to market
this prospect to larger mining companies as one project. Great Western has
30% of this venture based on the percentage of its claims and BCE is the lead
partner in marketing the combined project.
The Company is a 50% partner in the Western Milling LLC joint venture, which
is constructing a mill to produce gold and silver concentrates from mining
waste and shallow-mined ore. At the end of the year construction of the
first phase of the mill was virtually complete and in January a state mill
inspection was carried out satisfactorily, subject to a check list of
relatively minor items. An all-important environmental permit is in place.
The mill is operated by the Company's joint venture partner but it has
become apparent that specialised engineering will be required to commission
the project and upgrade it so as to become a profitable, commercial operation.
Accordingly, the joint venture has identified a firm of mining engineers with
the right qualifications and experience to finalise the project and is seeking
third party finance to be able to employ this firm and upscale the project.
As an exploration company, Great Western depends on the equity markets.
Since the year end a placing of new shares raised £1,250,000 before
expenses in the London market and, looking forward, this will facilitate a
drilling programme for copper at West Huntoon, a seismic survey and drilling
programme for gold at Rhyolite Dome and field work for tungsten at the Pine
Crow-Defender prospects.
The Board of Great Western would like to thank shareholders for their support
and patience while the Company's projects are moved forward to the next stage.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2024
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:
· Exploration for gold and silver on its claims to establish
commercial resources.
· Exploitation of pre-mined material containing residual gold and
silver to generate revenues.
· Expanding the search for both precious and critical metals into
new prospects.
· Developing a major copper play based on an established inferred
resource.
Great Western holds interests in the following claim groups:
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
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 2024, the Company staked 43 additional claims and, after review,
renewed all its existing claims except for 33 no longer considered to be
prospective. At 31 December 2024, the Company held 770 claims and since the
year-end has staked an additional 4 claims.
In addition to exploration activities, Great Western is a 50% owner of the
Western Milling LLC joint venture which has constructed a mill at Sodaville,
Nevada to process historical mine waste into precious metal concentrates,
including tailings, spoil heaps and stockpiles from Great Western's claims.
EXPLORATION - Precious Metals Projects
Olympic Gold Project
In 2020, the Company acquired an option to purchase the Olympic Gold Project,
a group of 48 claims located 50 miles from Great Western's other concessions,
for a total consideration of $150,000. In April 2024 Great Western exercised
its option to purchase Olympic Gold. Work is in progress on several prospects
at this 800-acre site and the Company carried out extensive drilling during
the option period. In 2023 field work at the Rhyolite Dome prospect
established the strongest anomalism in the claims associated with as yet
under-explored features. A geophysical (IP) survey is now planned at Rhyolite
Dome to support a summer 2025 drill programme.
The Olympic Gold Project lies on the northern flanks of the Cedar Mountain
Range, on the eastern edge of Mineral County and 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. Production of
gold from the Olympic Mine in the interwar period of 1918 to 1939 was 35,000
tonnes at a grade of 25 grams/ton gold and 30 grams/ton silver. Based on a
review of the historical data, Great Western believes that faulted offsets of
the high-grade Olympic Vein, or other similar zones of discrete
mineralisation, remain to be discovered.
Black Mountain
The Black Mountains Group of claims ("BM") lies on a southwest trending spur
ridge of the Excelsior mountains and, at the start of 2024, comprised 249 full
and fractional claims covering 20.7 km². BM includes Great Western's copper
resource at M2 (see Copper Projects below) and the Mineral Jackpot prospect,
where outcropping veins, vein workings and spoil heaps contain high-grade gold
and silver. Late in 2024 six new claims were staked at the northeastern end of
the Black Mountains Group, covering the Pine Crow and Defender tungsten
workings, (see Tungsten Prospectivity below).
Rock House
The M7 gold-silver prospect lies within the Rock House ("RH") group of claims.
This area is accessible but has never previously been mined, having been
identified by Great Western through satellite imagery. It is a roughly
circular structure of 450 acres associated with a magnetic low and is an
opening, or inlier, of older rock surrounded by younger volcanic cover. It is
also adjacent to the highly mineralised Golconda thrust fault and 25 km west
along strike from the prolific Candelaria silver district. The area is
characterised by intense argillic and sericite alteration, along with
silicification and oxidation, within basement siltstones and slates. The RH
targets were virgin territory until drilled by the Company in 2021.
During 2024, a resampling of Rock House on a 50 m (N-S) by 100 m (E-W) grid
was completed. 315 samples were submitted to a lab in early 2025 and final
results are currently pending. Outcropping granites were mapped at Rock House
for the first time. A small area of granite outcrop occurs to the east of the
prospects beneath tertiary cover sequences. Geochemically this granite is
highly evolved, and it features thin quartz veinlets locally. Further work is
required to assess the distribution of this granite fully and establish its
relationship, if any, to the alteration and mineralisation present at Rock
House.
West Huntoon
At the end of 2024, Great Western held 122 full and 12 fractional claims at
West Huntoon, which 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
10km(2). While copper is Great Western's main focus at West Huntoon, and this
is covered below under Copper Projects, West Huntoon also contains high-grade,
potentially epithermal, precious metal veins, which were the target of the old
Huntoon mine workings. Positive precious metal results in selective grabs were
taken in 2023 near the old mine workings and in 2024 further grabs from
further afield to the southeast. Two samples were taken 65 m apart on a quartz
vein trend, the first of which carried conspicuous semi-massive galena along
with other sulphide phases and returned grades of 16.17 g/t Au, and 207 g/t
Ag. The second had no visible sulphides and returned a grade of 2.01 g/t Au.
Additional outcrops of quartz vein within this trend are being sought in the
2025 field season.
EXPLORATION - Copper Projects
Great Western's copper portfolio has seen significant developments in 2024,
with further sampling and reconnaissance at the prospects arrayed round the
Huntoon Valley, expanding the Huntoon Copper Project to include a total of
five prospects. Continued application of cutting edge geochemical and
geochronological approaches have been employed for a better understanding of
this emerging, large scale magmatic-hydrothermal system.
The Huntoon Copper Project
The concept of the Huntoon Copper Project (HCP) was developed during 2023,
recognising the proximity of and possible connectivity between the existing M2
resource, and the M4 and West Huntoon prospects. Field consultations with
porphyry expert Dr Lawrence Carter led to the identification of a previously
unmapped granite phase (the Crowne Point Granite), notably exposed as one
22-acre outcrop at the centre of the West Huntoon prospect, but also
outcropping at several other locations, suggesting its widespread shallow
presence underlying the copper anomaly expressed at surface over West
Huntoon.
During 2024 the Huntoon Copper Prospect was expanded to include the Smith Mine
and M5 prospects. Geochronology (final results pending at time of writing) and
further geochemistry work was undertaken, while additional mapping identified
highly evolved granite with prospective fluid release textures which is far
more widespread than previously understood.
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. This was a considerable
achievement, with the potential to lead to discovery of 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. Fieldwork
in 2024 was focused on the northeastern portions of the system and, in an
important technical development, mineralised aplite dykes were identified in
the hanging wall contact zone above the Fletchers Camp granite which outcrops
northeast of the drilled volume. Closer inspection of the upper parts of this
granite led to the identification of hydrothermal fluid release features such
as unidirectional solidification textures (USTs) and pegmatitic clots beneath
host rock volume that features the mineralised aplites. M2 has previously been
modelled as a skarn-like zone hosted in a combination of limestones and
diorites, with the diorite considered the causative intrusion. However, this
recent field evidence suggests that a granite phase played an important role,
tying the genesis of M2 more closely to the other prospects of the Huntoon
Copper Project.
In early 2025 the Great Western team visited M2. Further examples of evolved
granite with fluid release textures were observed near the skarn horizon, as
expressed by localised old workings between the northeastern end of the
resource and the tungsten workings at Pine Crow (situated 2 km along the trend
to the northeast of the M2 resource). New soil samples taken northeast of M2
further support the continuity of the M2 trend in this direction (124 samples
were collected in a 50 x 50 m grid, of which 27 were anomalous (>75 ppm Cu)
for copper (peak 969 ppm Cu, median 117 ppm Cu). Grabs from this area have
returned positive grades for copper and one returned a grade of 1,470 g/t
silver, being the highest silver value recorded at M2.
The M4 copper target, in the JS group, approximately 4 km to the south of the
M2 resource, was identified through geophysical surveys, soil sampling and
mapping of mineralised structures at surface. The Company has previously
identified copper in drill intercepts at M4 (21.18 m at 0.35% Cu starting at
106.22 m in hole M4_005, including 5.64 m at 0.48% Cu and 0.105 grams/ton Au
starting at 106.22 m). Great Western believes that the breccia zone
intercepted in hole M4_005, along with other such features mapped at surface,
could be offshoot structures in the roof of a buried orebody.
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 were conducted at West Huntoon early in
2024. Five profiles were run, mainly crossing the hills at West Huntoon and
perpendicular to the trend of the Huntoon Valley. Chargeability anomalies were
detected, associated with known surface expressions of copper oxide
mineralisation in the core of the prospect and plunging away from these zones
to the southeast. A stronger anomaly was detected under the Huntoon Valley
sediments to the northeast of the main project area. This anomaly is
particularly interesting as it considerably expands the area of potential
mineralisation.
The copper-in-soils anomaly at West Huntoon was expanded from around 2 km(2)
to 3 km(2) during 2024. Thirty-eight soil samples taken in four parallel
traverses across the area of mafic porphyry to the northeast of the original
prospect were the main source of this expansion and the majority of these
samples were anomalous with values between 140 and 340 ppm Cu and a maximum
outlier at 429 ppm Cu. As is the case over much of the West Huntoon soils
anomaly, the outer boundary in this area is described by the location of cover
sequences, suggesting greater areal extent beneath these sequences. A further
65 soils were taken as infill samples for a better understanding of copper
distribution in the core of the prospect and these were also successful, with
a peak value of 954 ppm Cu. A plan for a comprehensive gridded infill across
the entire prospect has been developed.
West Huntoon now represents the best copper opportunity in the Huntoon Valley
area. It comprises a large-scale soils anomaly containing locally very high
outlier values, a large area of conspicuous copper oxide showings, co-incident
magnetic and chargeability anomalies, together with a single drillhole in the
copper zone with a near surface intercept, which has not been followed up to
date. Great Western has access for near term drilling, excellent on-site road
infrastructure and a local water supply located in one of the most prospective
parts of the wider claim group. During 2024 the company also set up a field
base in the Huntoon Valley, situated at these claims.
The M5 prospect has now also been placed inside the HCP, due to (a) its
proximity to the other prospects - falling within the 6 km radius which
contains M2, M4, West Huntoon and Smith Mine, and (b) the occurrence of
outcropping sulphide copper veinlets and copper anomalism in the surrounding
rocks. Gold, arsenic and antimony were all anomalous in initial scattered
reconnaissance samples taken along a northeasterly crest of the central ridge
at M5 during the first years of the Company's operations in the area. Little
follow-up occurred until 2023 when an initial soils grid confirmed consistent
copper and gold anomalism. During 2024, IP surveys have identified a
chargeability-resistivity pair of anomalies aligned with the main M5 ridge and
trending northeast under volcanic cover, where soil results have shown
continuing anomalism for both copper and gold in a northeasterly direction
running to the edge of this cover.
Other copper projects
The M8 copper prospect lies within the Eastside Mine ("EM") claim group, where
high-grade copper-oxide ore was mined from shallow underground workings during
the First World War. Drilling by Conoco at the southern end of this structure
identified thick successions of alteration together with copper enrichment,
but the results were not followed up. The Company regards the northerly
continuation of this structure as a strong, untested target for buried copper
mineralisation.
In 2024 the Company signed a pooling agreement with Bronco Creek Exploration
which controls the neighbouring Tango claims. The agreement pools the
respective claims with benefits and liabilities divided 30% Great Western /
70% Bronco Creek, based on the respective land ownership area. Bronco Creek, a
subsidiary of EMX Royalty Corporation, is the operator of the pooled project
and will market the project to larger companies seeking copper opportunities
in the US.
TUNGSTEN PROSPECTIVITY
The United States has an urgent need for new domestic tungsten and has
declared it a critical metal. Great Western has therefore reviewed the
tungsten prospectivity on and adjoining its claims, with positive results. In
late 2024 the Company staked and registered six new claims covering two
separate former tungsten workings, historically known as Pine Crow and
Defender, at the northeastern end of the Black Mountains claim group. Since
the year end, a field consultation took place at the Pine Crow and Defender
workings and new grab samples were taken, selected with the aid of a UV lamp
to identify the fluorescent phases scheelite and powellite. Separately, a
600 m long east-west tungsten-in-soils anomaly is evident in the southern part
of the Jack Springs claim group, approximately 9 km to the southwest of the
workings described above. This anomaly is parallel to and overlies a linear
magnetic high. Both the presence of tungsten and the magnetic anomaly point
towards the presence skarn style mineralisation.
PROCESSING OPERATIONS
Western Milling LLC is a 50-50 joint venture owned by Great Western and local
mine contractor Muletown Resources. The JV has constructed a mill site with
associated equipment for producing precious metal concentrates from mining
waste, coarse stockpiles and new-mined shallow ore. Great Western's
objective is to produce first revenues for the Company from this mill by
monetising a large inventory of mining waste which is available across its
previously-mined claims. The mill is substantially ready to commission but
it has become apparent that it should be upscaled to be economic and that it
will require focused expertise on site to become profitable and effective.
An impressive development has been economically achieved to date but the
partners consider that some new external capital will be necessary to finance
completion and this is currently being sought. A firm of independent mining
engineers has been identified to take over completion, commissioning and
running of the mill once the finance has been arranged.
Summary of 2024 Work Programme
Precious Metals Projects
· Olympic Gold Project
o Exercised option to purchase Olympic Gold and made final option payment.
· Rock House
o Resampling of soils on 50 m (N-S) by 100 m (E-W) grid with 315 samples taken
(results pending).
o Outcropping granites mapped; granite identified as highly evolved with thin
quartz veinlets.
· West Huntoon
o Grabs taken to the southeast of the main copper zone in apparently
epithermal style veins returned notable grades of 16.17 g/t Au and 207 g/t Ag
from a sample with visible galena and 2.01 g/t Au from a sample with no
visible sulphides.
o Soil sampling identified local high grade gold results, including highest
outlier of 231 ppb from a sample taken over the Crowne Point granite.
· Tun
o Full reconnaissance soil grid deployed (92 samples on a 300 m x 100 m grid).
o Elevated gold surrounding old workings and along two parallel trends
extending 1 km west.
o New grab sample from a quartz vein ~900 m west of old workings returned 1.17
g/t Au.
o Results guided prioritisation of Tun claims, with plans for denser soils
grid over anomalous zones.
Copper Projects
· Huntoon Copper Project
o Expanded to include Smith Mine and M5 prospects.
o Geochronology and additional geochemistry undertaken (results pending).
o Mapping identified highly evolved granite with fluid release textures in far
wider distribution than previously understood.
· M2
o Identified mineralised aplite dykes in the hanging wall contact zone above
Fletchers Camp granite.
o Soil sampling northeast of M2 collected 124 samples, with 27 anomalous
samples (>75 ppm Cu; peak 969 ppm Cu).
o Grabs from this area included one sample with 1,470 g/t Ag, the highest Ag
value recorded at M2.
· West Huntoon
o Induced polarisation (IP) surveys conducted across five profiles.
o Chargeability anomalies identified, expanding the area of interest under
shallow cover sequences.
o Soil sampling expanded the copper anomaly from 2.5 km² to 3.0 km² with 38
new soil samples in four traverses northeast of the original prospect.
Majority of samples anomalous (140-340 ppm Cu, peak 429 ppm Cu). Additional 65
infill soil samples collected, with peak value of 954 ppm Cu.
o Plans developed for a comprehensive gridded infill across the entire
prospect.
o Adjustments made to claim holdings at West Huntoon in light of new field
observations.
· Smith Mine
o Identified copper-bearing alteration halo in footwall of a felsic dyke
during site visits, supporting inclusion in the Huntoon Copper Project.
o 'Neo' Workings mapped to northeast of Smith Mine. Single quartz vein float
grab sample returned 6.51 g/t Au and 41.9 g/t Ag.
· Tungsten Prospects
o Three tungsten targets identified after data review. Six new claims staked
Consolidated Income Statement
For the year ended 31 December 2024
Notes 2024 2023
€ €
Continuing operations
Administrative expenses (971,913) (994,246)
Impairment of exploration and evaluation assets (781,610) -
Finance income 4 3,441 4,434
Loss for the year before tax 5 (1,750,082) (989,812)
Income tax expense 7 9,026 37,158
Loss for the financial year (1,741,056) (952,654)
Loss attributable to:
Equity holders of the Company (1,741,056) (952,654)
Loss per share from continuing operations
Basic and diluted loss per share (cent) 8 (0.0002) (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 2024
Notes 2024 2023
€ €
Loss for the financial year (1,741,056) (952,654)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences 525,087 (284,325)
525,087 (284,325)
Total comprehensive expense for the financial year
attributable to equity holders of the Company (1,215,969) (1,236,979)
Consolidated Statement of Financial Position
For the year ended 31 December 2024
Notes 2024 2023
€ €
Assets
Non-current assets
Property, plant and equipment 10 78,679 73,972
Intangible assets 11 8,740,870 8,603,289
Investment in joint venture 12 641,020
Total non-current assets 9,460,569 8,677,261
Current assets
Trade and other receivables 14 152,749 691,870
Cash and cash equivalents 15 299,345 95,306
Total current assets 452,094 787,176
Total assets 9,912,663 9,464,437
Equity
Capital and reserves
Share capital 18 1,043,785 548,660
Share premium 18 16,206,109 14,875,499
Share based payment reserve 19 337,100 386,005
Foreign currency translation reserve 1,160,866 635,779
Retained earnings (9,289,034) (7,614,527)
Attributable to owners of the Company 9,458,826 8,831,416
Total equity 9,458,826 8,831,416
Liabilities
Current liabilities
Trade and other payables 16 315,621 504,150
Decommissioning provision 17 138,216 128,871
Total current liabilities 453,837 633,021
Total liabilities 453,837 633,021
Total equity and liabilities 9,912,663 9,464,437
Company Statement of Financial Position
For the year ended 31 December 2024
Notes 2024 2023
€ €
Assets
Non-current assets
Investments in subsidiaries 9 500,001 500,001
Amounts owed by subsidiary undertakings 13 5,549,122 5,943,025
Total non-current assets 6,049,123 6,443,026
Current assets
Trade and other receivables 14 8,901 13,052
Cash and cash equivalents 15 275,840 61,769
Total current assets 284,741 74,821
Total assets 6,333,864 6,517,847
Equity
Capital and reserves
Share capital 18 1,043,785 548,660
Share premium 18 16,206,109 14,875,499
Share based payment reserve 19 337,100 386,005
Retained earnings (11,388,063) (9,414,497)
Attributable to owners of the Company 6,198,931 6,395,667
Total equity 6,198,931 6,395,667
Liabilities
Current liabilities
Trade and other payables 16 134,933 122,180
Total current liabilities 134,933 122,180
Total liabilities 134,933 122,180
Total equity and liabilities 6,333,864 6,517,847
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Share Share Share based payment reserve Foreign Retained Total
capital premium € currency earnings €
€ € translation €
reserve
€
Balance at 1 January 2023 357,751 13,572,027 368,709 920,104 (6,600,567) 8,618,024
Total comprehensive income
Loss for the year - - - - (952,654) (952,654)
Currency translation differences - - - (284,325) - (284,325)
Total comprehensive income for the year - - - (284,325) (952,654) (1,236,979)
Transactions with owners, recorded directly in equity
Shares issued 190,909 1,303,472 - - (82,015) 1,412,366
Share warrants terminated - - (20,709) - 20,709 -
Share options charge - - 38,005 - - 38,005
Total transactions with owners, recorded directly in 190,909 1,303,472 17,296 - (61,306) 1,450,371
equity
Balance at 31 December 2023 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 - - - 525,087 (1,741,056) (1,215,969)
for the year
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 495,125 1,330,610 (48,905) - 66,549 1,843,379
in equity
Balance at 31 December 2024 1,043,785 16,206,109 337,100 1,160,866 (9,289,034) 9,458,826
Company Statement of Changes in Equity
For the year ended 31 December 2024
Share Share Share based payment reserve Retained Total
capital premium € earnings €
€ € €
Balance at 1 January 2023 357,751 13,572,027 368,709 (7,344,680) 6,953,807
Total comprehensive income
Loss for the year - - - (2,008,511) (2,008,511)
Total comprehensive income for the year - - - (2,008,511) (2,008,511)
Transactions with owners, recorded directly in equity
Shares issued 190,909 1303,472 - (82,015) (82,015)
Share warrants terminated - - (20,709) 20,709 -
Share options charge - - 38,005 - 38,005
Total transactions with owners, recorded directly in 190,909 1,303,472 17,296 (61,306) 1,450,371
Equity
Balance at 31 December 2023 548,660 14,875,499 386,005 (9,414,497) 6,395,667
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 equity 495,125 1,330,610 (48,905) 66,549 1,843,379
Balance at 31 December 2024 1,043,785 16,206,109 337,100 (11,388,063) 6,198,931
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
Notes 2024 2023
€ €
Cash flows from operating activities
Loss for the year (1,741,056) (952,654)
Adjustments for:
Depreciation 10 - -
Interest receivable and similar income 4 (3,441) (4,434)
Increase in trade and other receivables 20,672 (474,195)
Impairment expense 781,610 -
Decrease in trade and other payables (626) 279,750
Decrease in tax receivable 45,757 55,212
Equity settled share-based payment 19 133,812 38,005
Net cash flows from operating activities (763,272) (1,058,316)
Cash flow from investing activities
Expenditure on intangible assets 11 (468,300) (401,269)
Investment in joint venture (274,361) -
Interest received 4 3,441 4,434
Net cash from investing activities (739,220) (396,835)
Cash flow from financing activities
Proceeds from the issue of new shares 18 1,825,735 1,494,381
Commission paid from the issue of new shares 18 (116,168) (82,015)
Net cash from financing activities 1,709,567 1,412,366
Decrease in cash and cash equivalents 207,075 (42,785)
Exchange rate adjustment on cash and cash equivalents (3,036) (7,106)
Cash and cash equivalents at beginning of the year 15 95,306 145,197
Cash and cash equivalents at end of the year 15 299,345 95,306
Company Statement of Cash Flows
For the year ended 31 December 2024
Notes 2024 2023
€ €
Cash flows from operating activities
Loss for the year (2,040,112) (2,008,511)
Adjustments for:
Interest receivable and similar income 4 (3,051) (4,246)
Decrease/(Increase) in trade and other receivables 4,151 21,997
(Decrease)/Increase in trade and other payables 29,318 (53,173)
Increase in impairment provision 1,458,000 1,468,970
Equity settled share-based payment 19 133,812 38,005
Net cash flows from operating activities (417,882) (536,958)
Cash flow from investing activities
Interest received 4 3,051 4,246
Amounts advanced to subsidiary undertakings (1,080,664) (914,119)
Net cash from investing activities (1,077,613) (909,873)
Cash flow from financing activities
Proceeds from the issue of new shares 18 1,825,735 1,494,381
Commission paid from the issue of new shares 18 (116,168) (82,015)
Net cash from financing activities 1,709,567 1,412,366
Decrease in cash and cash equivalents 214,072 (34,465)
Cash and cash equivalents at beginning of the year 15 61,769 96,234
Cash and cash equivalents at end of the year 15 275,840 61,769
Notes to the Financial Statements
For the year ended 31 December 2024
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 2024.
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 2024. There was no material impact on
the financial statements in the current year from the standards set out below:
Effective date
Amendments to IAS 1 Presentation of Financial Statements 1 January 2024
Amendments to IFRS 16 Leases 1 January 2024
Amendments to IAS7/ IFRS 7: Supplier Finance Arrangements 1 January 2024
Amendments to IAS 21 Lack of Exchangeability 1 January 2025
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
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates 1 January 2025
Amendments to IFRS 7/IFRS 9 Classification and Measurement of Financial Instruments 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
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-based payments (Note 19)
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 2024.
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 in 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 claim 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 Average rate Spot rate at year end
and balance sheets into Euro were as follows:
2024 2023 2024 2023
1 GPD 0.8466 0.8678 0.8292 0.8691
1 USD 1.0821 1.0813 1.0389 1.1050
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 2024, 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 2024.
At the balance sheet date, the Group had cash and cash equivalents amounting
to €0.30 million and the Company raised an additional amount of €1.25
million (before transactions expenses) through a placing completed in June
2025. The future of the Company is dependent on the successful outcome of
its exploration activities and implementation of revenue-generating
operations. The Directors believe that the Group's ability to make additional
capital expenditure on its lode claims in Nevada will be assisted by the
generation of first revenues from the reprocessing of historical spoil heaps
and tailings. The Company has entered into a Pooling Agreement which
incorporates the Eastside Mine with a company holding neighbouring claims to
enable both companies to attract a larger funding partner to accelerate
further exploration activity. In addition the Directors are seeking a joint
venture partner to provide funding to enable the acceleration of the Group's
Huntoon Copper Project. The Directors also believe that the Group's cash
flow can be further assisted, if necessary, by raising additional capital, the
deferral of planned expenditure and other cost saving actions, loan facilities
for revenue-generating operations or from future revenues. The Directors have
taken into consideration the Company's successful completion of placings in
recent years, including most recently in June 2025, to provide additional cash
resources.
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.
However, there exists a material uncertainty that may cast significant doubt
over the ability of the Group to continue as a going concern. The Group may
be unable to realise its assets and discharge its liabilities in the normal
course of business if it is unable either to enter into joint venture
arrangements or to raise funds for further exploration on and development of
its exploration assets. The condensed consolidated 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 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 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
2024 2023 2024 2023
€ € € €
Exploration activities - Nevada - - (786,073) (30,061)
Corporate activities - - (964,009) (959,751)
Consolidated loss before tax - - (1,750,082) (989,812)
Segment assets
2024 2023
€ €
Exploration activities - Nevada 9,570,649 9,274,402
Corporate activities 341,984 190,035
Consolidated total assets 9,912,663 9,464,437
Segment liabilities
2024 2023
€ €
Exploration activities - Nevada 330,575 519,150
Corporate activities 123,262 113,871
Consolidated total Liabilities 453,837 633,021
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, Inc., 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:
2024 2023
€ €
Nevada, USA - exploration activities 9,460,569 8,677,261
Ireland - -
United Kingdom - -
9,460,569 8,677,261
4. Finance income
Group Group Company Company
2024 2023 2024 2023
€ € € €
Bank interest receivable 3,441 4,434 3,051 4,246
3,441 4,434 3,051 4,246
5. Statutory and other disclosures
Group Group Company Company
2024 2023 2024 2023
€ € € €
Director's remuneration
- Salaries 291,032 316,105 135,998 134,452
- Social security 29,831 33,759 13,404 13,087
- Defined contribution pension scheme - - - -
- Share based payments 100,359 28,504 100,359 28,504
Auditor's remuneration
- Audit of the financial statements 33,825 30,750 30,250 27,500
- Other assurance services - - - -
- Other non-audit services - - - -
Effects of exchange rate changes on cash and cash equivalents 15,309 18,198 15,521 17,959
Effects of revaluation of share warrants - financial liability - - - -
6. Employment
Number of employees
The average number of employees, including executive Directors, during the
year was:
Group Group Company Company
2024 2023 2024 2023
Number Number Number Number
Executive and non-Executive Directors 6 6 6 6
Technical 2 3 - -
Administration 1 1 - -
9 10 6 6
Employees costs
The employment costs, including executive Directors, during the year were
charged to the income statement:
Group Group Company Company
2024 2023 2024 2023
€ € € €
Wages and salaries 444,487 499,167 135,998 134,452
Social security 43,821 51,043 13,404 13,087
Defined contribution pension scheme 2,003 2,480 - -
Share based payments 133,812 38,005 133,812 38,005
Total employees costs 624,123 590,695 283,214 185,544
Own costs capitalised (26,753) (45,221) - -
597,370 545,474 283,214 185,544
7. Income tax - expense
2024 2023
€ €
Current tax credit (21,474) (43,782)
Adjustment for previous period 12,449 6,624
(9,026) (37,158)
The income tax expense for the year can be reconciled to the accounting loss
as follows:
2024 2023
€ €
Loss before tax (1,750,082) (989,812)
Income tax calculated at 12.5% (2023: 12.5%) (218,760) (123,727)
Effects of:
Expenses not deductible for tax purposes 122,915 16,219
Income not taxable - -
Losses carried forward 95,845 107,508
Adjustment for UK research and development tax credit (9,026) (37,158)
Income tax (credit)/expense (9,026) (37,158)
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 €9,132,800 (2023: €8,390,479) 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:
2024 2023
€ €
Loss for the year attribute to equity holders of the parent (1,741,056) (952,654)
Number of ordinary shares at start of year 5,486,600,919 3,577,510,005
Number of ordinary shares issued during the year 4,951,253,917 1,909,090,914
Number of ordinary shares in issue at end of year 10,437,854,836 5,486,600,919
Weighted average number of ordinary shares for the purposes of basic earnings 7,627,797,366 4,905,222,617
per share
Basic loss per ordinary share (cent) (0.0002) (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
2024 2023
€ €
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 2024, the Company had the following subsidiary undertakings:
Incorporated in Main activity Holdings
Name
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 2023 99,439 99,439
Additions - -
Exchange rate adjustment (3,457) (3,457)
At 31 December 2023 95,982 95,982
Additions - -
Exchange rate adjustment 6,107 6,107
At 31 December 2024 102,089 102,089
Depreciation
At 1 January 2023 22,804 22,804
Depreciation charge for the year - -
Exchange rate adjustment (794) (794)
At 31 December 2023 22,010 22,010
Depreciation charge for the year - -
Exchange rate adjustment 1,400 1,400
At December 2024 23,410 23,410
Net book value
At 31 December 2024 78,679 78,679
At 31 December 2023 73,972 73,972
The net book value of €78,679 at 31 December 2024 (2023: €73,972) relates
to the Group's warehouse in Hawthorne, Nevada, and yard facility at Marietta,
Nevada. Motor vehicles, plant and machinery and 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 2023 8,462,329 8,462,329
Additions 373,815 373,815
Own employment costs capitalised 44,251 44,251
Cost of decommissioning 2,017 2,017
Exchange rate adjustment (279,123) (279,123)
At 31 December 2023 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
Net book value
At 31 December 2024 8,740,870 8,740,870
At 31 December 2023 8,603,289 8,603,289
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 2024, Great Western relinquished 33 claims as part of its strategy to
relinquish claims as new claims are staked. This gave rise to an impairment
expense of €88,709. In June 2025, the Company reviewed its claims for the
2025 renewal. 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 decided to relinquish 250 claims across five claim
groups which has given rise to an impairment of €692,901. The total
impairment expense for the year amounts to €781,610. The Directors consider
it appropriate to impair the cost of the claims being relinquished in 2025 as
at 31 December 2024 as the Company acknowledges that no further exploration
work will be undertaken on those claims. Other than the expense relating to
claims being relinquished, the Directors are satisfied that no impairment is
required on the other claims as at 31 December 2024. 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
Net book value
At 31 December 2024 641,020
At 31 December 2023 -
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 year ended 31 December 2024.
13. Amounts owed by subsidiary undertakings
Company Total
€
Cost
At 1 January 2023 9,803,343
Advances to subsidiary undertakings 919,952
At 31 December 2023 10,723,295
Advances to subsidiary undertakings 1,064,097
At 31 December 2024 11,787,392
Provisions for impairment
At 1 January 2023 3,311,300
Provision 1,468,970
At 31 December 2023 4,780,270
Provision 1,458,000
At 31 December 2024 6,238,270
Net book value
At 31 December 2024 5,549,122
At 31 December 2023 5,943,025
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
€1,458,000 as at 31 December 2024 (2023: €1,468,970). 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
2024 2023 2024 2023
€ € € €
Amounts falling due within one year:
Other debtors 87,326 83,204 - -
Tax credit receivable 55,141 97,186 - -
Prepayments 10,282 511,480 8,901 13,052
152,749 691,870 8,901 13,052
All amounts above are current and there have been no impairment losses during
the year (2023: €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
2024 2023 2024 2023
€ € € €
Cash in bank and in hand 18,305 37,125 14,171 21,545
Short term bank deposit 281,040 58,181 261,669 40,224
299,345 95,306 275,840 61,769
16. Trade and other payables
Group Group Company Company
2024 2023 2024 2023
€ € € €
Amounts falling due within one year:
Trade payables 25,021 262,368 22,176 1,929
Other payables - - - -
Accruals 73,280 227,259 51,000 49,423
Other taxation and social security 28,424 14,523 11,169 3,673
Amounts payable to joint venture 188,897 - - -
Amounts payable to subsidiary undertakings - - 50,588 67,155
315,622 504,150 134,933 122,180
The Group has financial risk management policies in place to ensure that
payables are paid within the pre-agreed credit terms (see note 22)
17. Decommissioning provision
Group Group Company Company
2024 2023 2024 2023
€ € € €
Decommissioning provision 138,216 128,871 - -
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 capital
No of shares Value of shares
€
Authorised at 1 January 2023 7,000,000,000 700,000
Creation of Ordinary shares of €0.0001 each 2,000,000,000 200,000
Authorised at 31 December 2023 9,000,000,000 900,000
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
No of issued shares
Ordinary shares of €0.0001 each Share Share Total
capital premium capital
€ € €
Issued, called up and fully:
At 1 January 2023 3,577,510,005 357,751 13,572,027 13,929,778
Ordinary shares issued 1,909,090,914 190,909 1,303,472 1,494,381
At 31 December 2023 5,486,600,919 548,660 14,875,499 15,424,159
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
On 20 January 2023, the Company completed a placing for 1,000,000,000 new
ordinary shares of €0.0001 ("the Placing Share"). Each Placing Share was
issued at a price of £0.0008 (€0.0009) raising gross proceeds of £800,000
(€913,242) and increasing share capital by €100,000. The premium arising
on the issue amounted to €813,242.
On 2 August 2023, the Company completed a placing for 909,090,914 new ordinary
shares of €0.0001 ("the Placing Share"). Each Placing Share was issued at
a price of £0.00055 (€0.00064) raising gross proceeds of £500,000
(€581,139) and increasing share capital by €90,909. The premium arising on
the issue amounted to €490,230.
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.
19. 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 30 Jan 2023
Fair value at grant date €0.00028 €0.0006
Share price at grant date €0.00041 €0.0009
Exercise price €0.00040 €0.0009
Number of options granted 400,000,000 52,000,000
Vesting conditions Immediate Immediate
Expected volatility 94% 108%
Sub-optimal exercise factor 4x 4x
Expected life 7 years 7 years
Expected dividend 0% 0%
Risk free interest rate 2.18% 2.31%
During the year, the Group recognised a total expense of €133,812 (2023:
€38,005) in the income statement relating to share options granted during
the year:
Number of options Average exercise price
Outstanding at 1 January 2023 143,166,667 Stg0.29 p
Granted 52,000,000 Stg0.09 p
Authorised at 31 December 2023 195,166,667 Stg0.24 p
Granted 400,000,000 Stg0.04 p
Lapsed (35,166,667) Stg0.65 p
Outstanding at 31 December 2024 560,000,000 Stg0.07 p
Exercisable at 31 December 2024 560,000,000 Stg0.07 p
Exercisable at 31 December 2023 195,166,667 Stg0.24 p
Share options (continued)
On 31 December 2024, there were options over 560,000,000 ordinary shares
outstanding (2023: 195,166,667) which are exercisable at prices ranging from
Stg0.04 pence to Stg0.80 pence and which expire at various dates up to August
2031. The weighted average remaining contractual life of the options
outstanding is 5 years 9 months (2023: 4 years 5 months).
Equity-settled warrants
In April 2023, broker warrants granted in April 2021 over 22,727,272 shares
lapsed unexercised and an amount of €20,709 released from the share-based
payment reserve to retained earnings
At 31 December 2024, the balance on the share-based payment reserve amounted
to €337,100 (2023: €386,005).
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 €2,040,113 for the financial year ended 31 December 2024
(2023: loss of €2,008,511) has been dealt with in the Company income
statement of Great Western Mining Corporation PLC.
20. 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 €2,040,113 for the financial year ended 31 December 2024
(2023: loss of €2,008,511) has been dealt with in the Company income
statement of Great Western Mining Corporation PLC.
21. 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:
2024 2023
€ €
Balances at 31 December:
Amounts owed by subsidiary undertakings 5,549,122 5,943,025
Amounts owed to subsidiary undertakings (50,588) (67,155)
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. The directors are considered to be the Group's key
management personnel.
2024 2023
€ €
Short-term benefits: 291,032 316,105
Pension contributions - -
Share-based payments 100,359 28,504
391,391 344,609
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 €15,356 in the
period (2023: €14,946). There was a €nil balance outstanding with both
companies as at 31 December 2024 (2023: €nil). Details of the directors'
interests in the share capital of the Company are set out in the Directors'
Report.
22. 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 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) -
31 December 2023 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 - 95,306 - 95,306 95,306 -
Financial liabilities measured at fair value
Decommissioning provision - - (128,871) (128,871) (128,871) -
Trade and other payables - - (504,150) (504,150) (504,150) -
- - (633,021) (633,021) (633,021) -
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
2024 2023
€ €
Trade and other debtors 152,749 691,870
Cash and cash equivalents 299,345 95,306
452,094 787,176
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 2024 or 31 December 2023.
The expected maturity of the Group's financial assets (excluding prepayments)
as at 31 December 2024 and 31 December 2023 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 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 - -
Amounts payable to joint venture 188,897 188,897 188,897 - -
Decommissioning provision 138,216 138,216 - 138,216 -
425,414 425,414 287,198 138,216 -
b) Liquidity risk (continued)
31 December 2023 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 262,368 262,368 262,368 - -
Other payables - - - - -
Accruals 227,259 227,259 227,259 - -
Share warrant provision - - - - -
Decommissioning provision 128,871 128,871 - 128,871 -
618,498 618,498 489,627 128,871 -
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's 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 2024 and 31 December 2023, 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 2024 Pounds Dollars 2023
2024 2024 € 2023 2023 €
€ € € €
Cash and cash equivalents 268,142 7,294 - 42,660 18,182 -
Trade and other payables (11,942) - - - - -
256,200 7,294 - 42,660 18,182 -
Foreign currency risk (continued)
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 2024 (2023: 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 2024 increase 2023
2024 € 2023 €
€ €
Cash and cash equivalents 27,544 (27,544) 6,084 (6,084)
Trade and other creditors (1,194) 1,194 - -
26,350 (26,350) 6,084 (6,084)
Tax impact - - - -
After tax 26,350 (26,350) 6,084 (6,084)
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 2024 or 31 December 2023.
The interest rate profile of the Group's interest-bearing financial
instruments at 31 December 2024 was as follows:
Fixed Floating Fixed Floating
rate rate Total rate rate Total
2024 2024 2024 2023 2023 2023
€ € € € € €
Cash and cash equivalents - 281,040 281,040 - 58,181 58,181
Tax impact - - - - - -
- 281,040 281,040 - 58,181 58,181
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:
Interest rate risk (continued)
An increase of 500 basis points (2023: 500 basis points) or decrease of 500
basis points (2023: 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 2024 increase 2023
2024 € 2023 €
€ €
Cash and cash equivalents 1,405 (1,405) 291 (291)
Tax impact - - - -
After tax 1,405 (1,405) 291 (291)
The Group has no interest-bearing loans outstanding at 31 December 2024 and 31
December 2023. 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 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) -
31 December 2023 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 5,943,025 - - 5,943,025 - 5,943,025
Financial assets not measured at fair value
Cash and cash equivalents - 61,769 - 61,769 61,769 -
Financial liabilities not measured at fair value
Trade and other payables - - (55,027) (55,027) (55,027) -
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
2024 2023
€ €
Amounts due from subsidiary undertakings 5,549,122 5,943,025
Trade and other debtors 8,901 13,052
Cash and cash equivalents 275,840 61,769
5,833,863 6,017,846
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 €1,458,000 has been made against the carrying value
of the loans due from subsidiary undertakings (2023: €1,468,970) (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:
Carrying amount Contractual 0-6 6-12 1-2
31 December 2024 € cashflows months months years
€ € € €
Trade payables 22,176 22,176 22,176 - -
Accruals 51,000 51,000 51,000 - -
Share warrant provision - - - - -
73,176 73,176 73,176 - -
31 December 2023 Carrying amount Contractual 0-6 6-12 1-2
€ cashflows months months years
€ € € €
Trade payables 1,929 1,929 1,929 - -
Accruals 49,423 49,423 49,423 - -
Share warrant provision - - - - -
51,352 51,352 51,352 - -
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.
23. Post balance sheet events
At an Extraordinary General Meeting held on 20 March 2025, the shareholders
approved the share capital reorganisation. Under the share capital
reorganisation, a consolidated ordinary share of €0.02 was issued in place
of every 200 existing ordinary share of €0.0001 each followed by the
sub-division of each consolidated ordinary share of 0.02 each into one new
ordinary share of €0.0001 each and one deferred share of €0.199 each.
On 10 June 2025, the Company entered into a placing for the issue of
125,000,000 new Ordinary Shares of €0.0001 each at a price of 1 pence each,
raising £1.25 million (€1,476,843 at the date of the placing) before
transaction expenses. In addition, the Company is granting 62,500,000
warrants with an exercise price of 1.3 pence per share based on a ratio of one
warrant for every two new Ordinary shares being issued, together with a
further 7,500,000 warrants with an exercise price of 1 pence per share to be
granted to Shard Capital Partners LLP acting as broker. The grant of
warrants is conditional on the increase in authorised share capital at the
forthcoming Annual General Meeting.
There were no other significant post balance sheet events.
24. Approval of financial statements
The financial statements were approved by the Board on 28 June 2025.
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