REG - Great Western Mining - Half-year Report
25/09/2025 07:00
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RNS Number : 7001A Great Western Mining Corp. plc 25 September 2025
Great Western Mining Corporation PLC / AIM: GWMO / Euronext Growth: 8GW
25 September 2025
Great Western Mining Corporation PLC
("Great Western", "GWM" or the "Company")
Half Yearly Report and Unaudited Condensed Financial Statements
Driving discovery and value in Nevada's Walker Lane Belt
Great Western Mining Corporation PLC, a strategic and precious minerals
exploration and development company, announces its Interim Results for the six
months ended 30 June 2025.
Highlights
· Loss for period €485,576 (30 June 2024: loss of €441,343 and
31 December 2024: loss of €1,741,056)
· Completed a share capital reorganisation
· Raised £1.25 million to progress exploration programmes
· Advancing critical minerals portfolio in Nevada aligned with U.S.
and global trends
· Drill programmes at flagship Huntoon Copper Project and Rhyolite
Dome gold prospect will commence in October
· Funding discussions to upscale and commission already constructed
and permitted mill for processing precious metals
· High tungsten grades in scheelite-bearing skarn identified at the
Pine Crow/Defender Tungsten prospects with lab results from detailed summer
soil sampling programme expected shortly
· Seeking joint venture partners to accelerate development of
copper projects
Brian Hall, Executive Chairman, commented:
"We are pleased with the strong progress across our portfolio during the
course of this year, with copper, gold, silver and tungsten projects all
moving forward in line with our strategy. Drilling operations due to start in
the next few weeks will mark important steps in unlocking the scale and
potential of our assets, whilst our tungsten prospects highlights the growing
relevance of our work in the global critical minerals supply chain. There is
strong U.S. demand for a secure domestic supply of critical minerals and I am
confident in our ability to play a role in this chain.
We appreciate the continued support of our shareholders and, as we enter a
period of heightened activity, we look forward to providing updates from
across our portfolio."
For Further Information:
Great Western Mining Corporation PLC
Brian Hall, Chairman c/o St Brides
Max Williams, Finance Director greatwesternmining@stbridespartners.co.uk
Davy
Nominated Adviser, Euronext Growth Adviser & Joint Broker
Brian Garrahy +353 (0)1 679 6363
Shard Capital Partners
Joint Broker
Andrew Gutmann / Erik Woolgar +44 (0)20 7186 9008
St Brides Partners
Financial PR
Susie Geliher / Isabel de Salis / Will Turner greatwesternmining@stbridespartners.co.uk
Chairman's Statement
The past year has been one of steady and disciplined progress for Great
Western as we continue to advance our multi-commodity portfolio in Nevada, one
of the world's premier mining jurisdictions. Against a backdrop of heightened
geopolitical uncertainty and increasing pressure on global supply chains, our
strategy, focused on copper, gold, silver and tungsten, is aligned with both
U.S. domestic priorities and wider global market trends.
The importance of secure, domestic sources of critical minerals has never been
more evident. The U.S. is building its first strategic minerals stockpile in
decades and copper and silver are due to be formally added to the country's
critical minerals list in 2025. This not only reshapes U.S. permitting and
finance risk for companies such as ours but also underscores the growing
recognition that industrial and precious metals and minerals are fundamental
to clean energy and electrification, as well as to defence, technology and
national resilience. Nevada, already ranked the second most attractive
jurisdiction worldwide for mining investment, stands at the heart of this
effort and Great Western is exceptionally well positioned with 100% owned
assets across the prolific Walker Lane Belt.
Our flagship Huntoon Copper Project continues to demonstrate scale and
potential. The M2 deposit, already hosting a JORC-compliant resource, sits at
the edge of what we believe to be a large porphyry system that we are now
beginning to unlock through systematic exploration. At West Huntoon, extensive
sampling has confirmed widespread copper mineralisation accompanied by
high-grade silver and gold, while recently staked ground at Yellow Peak has
expanded our footprint and provided access to valuable historic drill data.
Together, these prospects suggest that we are uncovering an extensive copper
system in a district that has previously been underexplored. Next month we
will commence drilling designed to validate surface anomalies at depth and
advance our understanding of this emerging resource.
In parallel, we are progressing a pipeline of gold and silver projects focused
on the Olympic Gold Project, which includes the historic OMCO mine. With a
rich history of high-grade production, Olympic offers both extensions of known
mineralisation and significant new potential in undrilled areas such as the
Rhyolite Dome, where a geophysical survey this summer has identified a
compelling target. A maiden drilling programme is due to start imminently,
representing an important step towards defining a new source of gold in this
prolific district.
Alongside exploration, our joint venture process mill, Western Milling LLP, is
constructed and permitted, designed to treat historic mine waste from Olympic
and other claims as well as third-party ore. To upscale the project and bring
it on to production, an experienced engineering team has been identified to
oversee operations and external funding efforts are in progress.
Further upside lies in tungsten, a metal of increasing strategic significance
to the U.S. Initial exploration across the Pine Crow and Defender workings has
confirmed scheelite-bearing skarn with grades well above previous historic
samples. Soil sampling has now been completed across a 1.2 kilometre corridor
and results currently awaited should guide a programme of trenching, gravity
surveys and drilling designed to assess continuity and grade at depth. With
tungsten already prioritised by the U.S. Department of Defense for domestic
supply, our early-stage work places us firmly on the radar of this
fast-developing sector.
Our exploration strategy is both focused and pragmatic. We are expanding
copper resources through systematic drilling, advancing gold and silver
projects and fast-tracking tungsten exploration in line with strategic
priorities. At the same time, we are actively evaluating joint venture and
farm-out opportunities to advance projects while preserving shareholder value.
This approach allows us to pursue multiple opportunities across our portfolio
without over-extending resources, aiming to ensure that progress is both
sustainable and value accretive.
Great Western benefits from a board that combines technical expertise with
capital markets experience, supported by a dedicated operational team on the
ground in Nevada. This balance of skills enables us to execute a technically
robust exploration programme while maintaining the highest standards of
governance and financial discipline.
After a share capital reorganisation, during the period the Company
successfully completed a share placing to raise £1.25 million (before
expenses), providing the resources to progress the exploration programmes
outlined above. While we continue to manage our funds prudently, as an
exploration company, we report a loss of £485,232 (30 June 2024: €443,005
and 31 December 2024: €1,741,056).
Looking ahead to the second half of 2025, Great Western is positioned at an
exciting juncture, with near-term catalysts including drilling campaigns at
Rhyolite Dome and West Huntoon, alongside continuing work on our tungsten
prospects. Robust market fundamentals, coupled with the U.S.'s increasing
focus on domestic supply security, underscore the strategic value of our
commodity mix and strengthen our confidence in delivering meaningful value for
shareholders.
On behalf of the Board, I would like to thank our investors for their
continued support as we move into what promises to be a busy period for the
Company.
Brian Hall
Executive Chairman
Unaudited Condensed Consolidated Income Statement
For the six months to 30 June 2025
Notes Unaudited six months ended Unaudited six months ended Audited
year ended
30 Jun 2025 30 Jun 2023
31 Dec 2024
€ € €
Continuing operations
Administrative expenses (486,576) (443,005) (971,913)
Impairment of exploration and evaluation assets - - (781,610)
Finance income 4 1,344 1,662 3,441
Loss for the period before tax (485,232) (441,343) (1,750,082)
Income tax expense 5 - - 9,026
Loss for the financial period (485,232) (441,343) (1,741,056)
Loss attributable to:
Equity holders of the Company 3 (485,232) (441,343) (1,741,056)
Loss per share from continuing operations
Basic and diluted loss per share (cent) 6 (0.0085) (0.0001) (0.0002)
All activities derived from continuing operations. All losses are attributable
to the owners of the Company.
Unaudited Condensed Consolidated Statement of Other Comprehensive Income
For the six months to 30 June 2025
Notes Unaudited six months ended Unaudited six months ended Audited
year ended
30 Jun 2025 30 Jun 2024
31 Dec 2024
€ € €
Loss for the financial period (485,232) (441,343) (1,741,056)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences (1,005,729) 271,457 525,087
(1,005,729) 271,457 525,087
Total comprehensive expense for the financial
period attributable to equity holders of the Company (1,490,961) (169,886) (1,215,969)
Unaudited Condensed Consolidated Statement of Financial Position
For the six months to 30 June 2025
Notes Unaudited six months ended Unaudited six months ended Audited
year ended
30 Jun 2025 30 Jun 2024
31 Dec 2024
Assets € € €
Non-current assets
Property, plant and equipment 7 69,743 76,356 78,679
Intangible assets 8 7,880,337 9,047,352 8,740,870
Investment in joint venture 9 568,221 541,262 641,020
Total non-current assets 8,518,301 9,664,970 9,460,569
Current assets
Trade and other receivables 10 154,343 285,795 152,749
Cash and cash equivalents 11 1,238,490 91,003 299,345
Total current assets 1,392,833 376,798 452,094
Total assets 9,911,134 10,041,768 9,912,663
Equity
Capital and reserves
Share capital 14 1,056,285 709,695 1,043,785
Share premium 14 17,473,661 15,534,289 16,206,109
Share based payment reserve 15 362,123 340,684 337,100
Foreign currency translation reserve 155,137 907,236 1,160,866
Retained earnings (9,887,899) (8,064,520) (9,289,034)
Attributable to owners of the Company 9,159,307 9,427,384 9,458,826
Total equity 9,159,307 9,427,384 9,458,826
Liabilities
Current liabilities
Trade and other payables 12 629,307 481,360 315,621
Decommissioning provision 13 122,520 133,024 138,216
Total current liabilities 751,827 614,384 453,837
Total liabilities 751,827 614,384 453,837
Total equity and liabilities 9,911,134 10,041,768 9,912,663
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2025
Share Share Share based payment reserve Foreign Retained Total
capital
premium
currency
earnings
translation
reserve
€ € € € € €
Balance at 1 January 2024 548,660 14,875,799 386,005 635,779 (7,614,527) 8,831,416
Comprehensive income for the period
Loss for the period - - - - (441,343) (441,343)
Currency translation differences - - - 271,457 - 271,457
Total comprehensive income for the period - - - 271,457 (441,343) (169,886)
Transactions with owners, recorded directly in equity
Shares issued 161,035 658,790 - - (53,971) 765,854
Share warrants terminated - - (45,321) - 45,321 -
Total transactions with owners, recorded
directly in equity 161,035 658,790 (45,321) - (8,650) 765,854
Balance at 30 June 2024 709,695 15,534,289 340,684 907,236 (8,064,520) 9,427,384
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2025
Share Share Share based payment reserve Foreign Retained Total
capital
premium
currency
earnings
translation
reserve
€ € € € € €
Balance at 1 July 2024 709,695 15,534,289 340,684 907,236 (8,064,520) 9,427,384
Comprehensive income for the period
Loss for the period - - - - (1,299,713) (1,299,713)
Currency translation differences - - - 253,630 - 253,630
Total comprehensive income for the period - - - 253,630 (1,299,713) (1,046,083)
Transactions with owners, recorded directly in equity
Shares issued 334,090 671,820 - - (62,197) 943,713
Share warrants terminated - - (137,396) - 137,396 -
Share options charge - - 133,812 - - 133,812
Total transactions with owners, recorded
directly in equity 334,090 671,820 (3,584) - 75,199 1,077,525
Balance at 31 December 2024 1,043,785 16,206,109 337,100 1,160,866 (9,289,034) 9,458,826
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2025
Share Share Share based payment reserve Foreign Retained Total
capital
premium
currency
earnings
translation
reserve
€ € € € € €
Balance at 1 January 2025 1,043,785 16,206,109 337,100 1,160,866 (9,289,034) 9,458,826
Comprehensive income for the period
Loss for the period - - - - (485,232) (485,232)
Currency translation differences - - - (1,005,729) - (1,005,729)
Total comprehensive income for the period - - - (1,005,729) (485,232) (1,490,961)
Transactions with owners, recorded directly in equity
Shares issued 12,500 1,267,552 - - (88,610) 1,191,442
Share warrants granted - - 25,023 - (25,023) -
Total transactions with owners, recorded
directly in equity 12,500 1,267,552 25,023 - (113,633) 1,191,442
Balance at 30 June 2025 1,056,285 17,473,661 362,123 155,137 (9,887,899) 9,159,307
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months to 30 June 2025
Notes Unaudited six months ended Unaudited six months ended Audited
period ended
30 Jun 2025 30 Jun 2024
31 Dec 2024
€ € €
Cash flows from operating activities
Loss for the period (485,232) (441,343) (1,741,056)
Adjustments for:
Depreciation - - -
Interest receivable and similar income (1,344) (1,662) (3,441)
Movement in trade and other receivables (45,719) (187,509) 20,672
Movement in trade and other payables 168,700 33,221 (626)
Impairment expense - - 781,610
Gain on revaluation of share warrants (15,074) - -
Tax refunded 32,698 52,321 45,757
Equity settled share-based payment - - 133,812
Net cash flows from operating activities (345,971) (544,972) (763,272)
Cash flow from investing activities
Expenditure on intangible assets (91,515) (236,673) (468,300)
Investment in joint venture - - (274,361)
Interest received 1,344 1,662 3,441
Net cash from investing activities (90,171) (235,011) (739,220)
Cash flow from financing activities
Proceeds from the issue of new shares 1,465,932 819,825 1,825,735
Commission paid from the issue of new shares (88,610) (53,971) (116,168)
Net cash from financing activities 1,377,322 765,854 1,709,567
Increase/(Decrease) in cash and cash equivalents 941,180 (14,129) 207,075
Exchange rate adjustment on cash and
cash equivalents (2,035) 9,826 (3,036)
Cash and cash equivalents at beginning
of the period 11 299,345 95,306 95,306
Cash and cash equivalents at end of
the period 11 1,238,490 91,003 299,345
Unaudited Notes to the Condensed Financial Statements
For the six months to 30 June 2025
1. General information
Great Western Mining Corporation PLC ("the Company") is a company domiciled in
the Republic of Ireland. The Half Yearly Report and Unaudited Condensed
Consolidated Financial Statements ('the half yearly financial statements') of
the Company for the six months ended 30 June 2025 comprise the results and
financial position of company and its subsidiaries ("the Group").
The Group half yearly financial statements were authorised for issue by the
Board of Directors on • September 2025.
Basis of preparation
The half yearly financial statements for the six months ended 30 June 2025 are
unaudited. The financial information presented herein does not amount to
statutory financial statements that are required by Chapter 4 part 6 of the
Companies Act 2014 to be annexed to the annual return of the company. The
statutory financial statements for the financial year ended 31 December 2024
were annexed to the annual return and filed with the Registrar of Companies.
The audit report on those financial statements was unqualified.
The Group half yearly financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS") as adopted by the
European Union ("EU").
The financial information contained in the half yearly financial statements
have been prepared on the historical cost basis, except for the
decommissioning provision, share-based payments and warrants, which are based
on fair values determined at the grant date. The accounting policies have been
applied consistently in accordance with the accounting policies set out in the
annual report and financial statements for the year ended 31 December 2024
except as outlined below.
Accounting policies
The accounting policies adopted are consistent with those of the annual
Financial Statements for the year ended 31 December 2024.
New and amended standards that became applicable for the Group in the current
reporting period have not resulted in changes to accounting policies or
retrospective adjustments.
Material accounting policies and use of estimates and judgements
The preparation of interim consolidated financial statements in compliance
with IAS 34 requires the use of certain critical accounting judgements and key
sources of estimation uncertainty. It also requires the exercise of judgement
in applying the Group's accounting policies.
During the period, the Group granted warrants which gave rise to financial
liabilities (see Note 14). Accounting for financial liabilities arising from
the grant of share warrants requires the use of valuation models to estimate
the future share price performance of the Company. Assumptions for the share
price volatility, risk free rate and expected life of awards in order to
determine the fair values of the options at the date of grant. The financial
liabilities are revalued at each period end using restated assumptions.
Other than the financial liabilities arising on the grant of share warrants in
the period, there have been no material revisions to the nature and the
assumptions used in estimating amounts reported in the annual audited
financial statements of Great Western Mining Corporation PLC for the period
ended 31 December 2024.
The accounting policies, presentation and methods of computation in the
audited financial statements have been followed in the condensed set of
financial statements.
2. Going concern
The financial statements of the Group 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 six months ended 30 June 2025, the Directors
have considered a time period of at least twelve months from the date of
approval of these financial statements.
The Group incurred an operating loss during the six months ended 30 June
2025. At the balance sheet date, the Group had cash and cash equivalents
amounting to €1.24 million. 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. In 2024 the Company 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 placings
completed 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 related activities including
development, processing and production 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.
Information regarding the Group's results, assets and liabilities is presented
below.
Segment results
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Exploration and related activities - Nevada (6,894) (4,786) (786,073)
Corporate activities (478,338) (436,557) (964,009)
Consolidated loss before tax (485,232) (441,353) (1,750,082)
Segment assets
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Exploration and related activities - Nevada 8,621,575 9,948,079 9,570,649
Corporate activities 1,289,559 93,689 341,984
Consolidated total assets 9,911,134 10,041,768 9,912,663
Segment liabilities
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Exploration and related activities - Nevada 292,769 472,522 330,575
Corporate activities 459,059 141,862 123,262
Consolidated total liabilities 751,828 614,384 453,837
Geographical information
The Group operates in three principal geographical areas - Ireland (country of
residence of Great Western Mining Corporation PLC), Nevada, USA (country of
residence of Great Western Mining Corporation, a wholly owned subsidiary of
Great Western Mining Corporation PLC and Western Milling LLC in which the
Group has a 50% interest) 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:
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Exploration and related activities - Nevada 8,518,301 9,664,970 9,460,569
Republic of Ireland - - -
United Kingdom - - -
8,518,301 9,664,970 9,460,569
4. Finance income
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Bank interest receivable 1,344 1,662 3,441
1,344 1,662 3,441
5. Income tax
The Group has not provided any tax charge for the six months periods ended 30
June 2025. There was no tax charge for the six months ended 30 June 2025.
For the year ended 31 December 2024, the Group benefited from research and
development corporation tax credits claimed by a subsidiary company. The Group
has accumulated losses which are expected to exceed profits earned for the
foreseeable future.
6. 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:
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Loss for the period (485,232) (441,343) (1,741,056)
Number of ordinary shares at start of period 52,189,274 5,486,600,919 5,486,600,919
Number of ordinary shares issued during the period
125,000,000 1,610,344,827 4,951,253,917
Number of ordinary shares at end of period 177,189,274 7,096,945,746 10,437,854,836
Weighted average number of ordinary shares for the purposes of basic earnings
per share
57,050,385 6,560,164,137 7,627,797,366
Basic loss per ordinary share (cent) (0.0085) (0.0001) (0.0002)
In March 2025, the share capital of the Company was subject to a share capital
reorganisation as set out in Note 15.
Diluted earnings per share
There were no potentially dilutive ordinary shares that would increase the
basic loss per share.
7. Property, plant and equipment
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Cost
Opening cost 102,089 95,982 95,982
Exchange rate adjustment (11,594) 3,093 6,107
90,495 99,075 102,089
Depreciation
Opening depreciation 23,410 22,010 22,010
Charge for period - - -
Exchange rate adjustment (2,658) 709 1,400
20,752 22,719 23,410
Net book value
Closing net book value 69,743 76,356 78,679
Opening net book value 78,679 73,972 73,972
8. Intangible assets
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Cost
Opening cost 8,740,870 8,603,289 8,603,289
Additions 76,477 180,663 405,555
Own employment costs capitalised 6,797 - 24,983
Impairment expense - - (781,610)
Increase in decommissioning cost - - 1,145
Exchange rate adjustment (943,807) 263,400 487,508
7,880,337 9,047,352 8,740,870
Amortisation
Opening amortisation - - -
Charge for period - - -
Exchange rate adjustment - - -
- - -
Net book value
Closing net book value 7,880,337 9,047,352 8,740,870
Opening net book value 8,740,870 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 requirements 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 and services. The Directors are
satisfied that no impairment is required as at 30 June 2025. The realisation
of the intangible assets is dependent on the successful identification and
exploitation of copper, 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.
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 approximately 250 claims
across five claim groups which has given rise to an impairment of €692,901.
The total impairment expense for the year ended 31 December 2024 amounted to
€781,610. The Directors considered it appropriate to impair the cost of the
claims relinquished in 2025 as at 31 December 2024 as the Company acknowledged
that no further exploration work will be undertaken on those claims.
9. Investment in joint venture
During 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 period end. No
impairment indicator was identified for the period ended 30 June 2025.
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Opening cost 641,020 - -
Reclassification of cost from Prepayments - 534,958 534,958
Additions - 258 102,280
Foreign exchange movement (72,799) 6,046 3,782
568,221 541,262 641,020
10. Trade and other receivables
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Amounts falling due within one year:
Other debtors 79,115 98,278 87,326
Tax refunded 21,250 44,865 55,141
Prepayments 53,978 142,652 10,282
154,343 285,795 152,749
All amounts above are current and there have been no impairment losses during
the period (30 June 2024: €Nil, 31 December 2024: €Nil).
11. Cash and cash equivalents
For the purposes of 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.
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Cash in bank and in hand 1,210,025 45,823 18,305
Short term bank deposits 28,465 45,180 281,040
1,238,490 91,003 299,345
12. Trade and other payables
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Amounts falling die within one year:
Trade payables 116,712 381,879 25,021
Other payables 48,086 384 -
Accruals 54,977 82,647 73,279
Other taxation and social security 71,280 16,450 28,424
Share warrant provision 170,807 - -
Amounts payable to joint venture 167,445 - 188,897
629,307 481,360 315,621
The Group has financial risk management policies in place to ensure that
payables are paid within the pre-agreed credit terms.
13. Decommissioning provision
Unaudited Unaudited
6 months ended 6 months ended Audited
30 Jun 2025 30 Jun 2024 year ended
€ € 31 Dec 2024
€
Decommissioning provision 122,520 133,024 138,216
122,520 133,024 138,216
The decommissioning provisions relate to undertakings by the Group to carry
our reclamation work after the completion of planned work permitted by the
regulator. The cost of the reclamation work is estimated by the regulator in
advance and the notice permitting operations to be conducted, together with
the associated reclamation work, is effective for two years, subject to
certain variations. As the Group applies for approval of operations to be
conducted within the current year where possible, the cost of decommissioning
provision is treated as a current liability.
14. Share warrants - financial liability
The share warrants have been granted as rights to acquire additional new
ordinary share of €0.0001 in accordance with the terms of placings completed
in June 2025.
The warrants are classified and accounted for as financial liabilities using
Level 3 fair value measurement, with any change in fair value recorded in the
Consolidated Income Statement. Level 3 fair value recognises that the inputs
for any asset or liability valuation are not based on observable market data.
Number of warrants Level 3
Fair value
€
Fair value of warrants at grant 62,500,000 185,880
Movement in fair value of warrant liabilities (15,073)
Outstanding at 30 June 2025 62,500,000 170,807
In June 2025, the Group granted warrants in connection with a share placing.
62,500,000 warrants were granted exercisable at £0.013 each with immediate
vesting and a contractual life of 2 years.
Measure of fair values of warrants
The fair value of the warrants issued has been measured using the binomial
lattice option pricing model. There are no service or non-market performance
conditions attached to the arrangement and the warrants are considered to have
vested immediately. Expected volatility has been based on an evaluation of
the historical volatility of the Company's share price. The expected life is
based on the contractual life of the warrants.
In order to revalue the Level 3 fair value, the principal changes to the input
assumptions relate to the expected volatility, which has been recalculated at
the period-end, and the life expected life of each grant, which has been
reduced to the remaining life of each grant from the period-end date.
Accordingly the expected volatility on revaluation has decreased to a range
for the grants of between 86.6% and the range of expected life has remained
unchanged. Other input assumptions remained in line with those at the
original date of grant. No sensitivity analysis has been provided as the
results are not deemed material.
The inputs used in the measurement of the fair values at grant date of the
warrants were as follows:
24 Jun 2025
Fair value at grant date €0.002536
Share price at grant date €0.009750
Exercise price €0.013
Number of options granted 62,500,000
Vesting conditions Immediate
Sub-optimal exercise factor 1.5x
Expected life 2 years
Expected dividend 0%
Risk free interest rate 1.85%
15. Share capital
Number of shares Value of shares
€
Authorised at 1 January 2024 9,000,000,000 900,000
Increase in authorised share capital 2,000,000,000 200,000
Authorised at 30 June 2024 11,000,000,000 1,100,000
Authorised at 1 July 2024 11,000,000,000 1,100,000
Authorised at 31 December 2024 11,000,000,000 1,100,000
Authorised at 1 January 2025 11,000,000,000 1,100,000
On 31 March 2025
Share consolidation and subdivision:
Ordinary Shares of €0.0001 per share 55,000,000 5,500
Deferred Shares of €0.0199 per share 55,000,000 1,094,500
110,000,000 1,100,000
Increase in authorised Ordinary share capital 145,000,000 14,500
Authorised at 30 June 2025 255,000,000 1,114,500
Number of ordinary shares of €0.0001 each
Share capital Share premium Total capital
€ € €
Issued, called up and fully paid:
At 1 January 2024 5,486,600,919 548,660 14,875,499 15,424,159
Ordinary shares issued 1,610,344,827 161,035 658,790 819,825
At 30 June 2024 7,096,945,746 709,695 15,534,289 16,243,984
Issued, called up and fully paid:
At 1 July 2024 7,096,945,746 709,695 15,534,289 16,243,984
Ordinary shares issued 3,340,909,090 334,090 671,820 1,005,910
At 31 December 2024 10,437,854,836 1,043,785 16,206,109 17,249,894
Issued, called up and fully paid:
At 1 January 2025 10,437,854,836 1,043,785 16,206,109 17,249,894
On 31 March 2025
Ordinary Shares of €0.0001 52,189,274 10,438 - -
Deferred Shares of €0.0199 52,189,274 1,033,347 - -
Ordinary shares issued 125,000,000 12,500 1,267,522 1,280,052
At 30 June 2025 229,378,548 1,056,285 17,473,661 18,529,946
Comprised of:
Ordinary Shares of €0.0001 177,189,274
Deferred Shares of €0.0199 52,189,274
229,378,548
At an Extraordinary General Meeting held on 20 March 2025, a share capital
reorganisation was approved by shareholders. The share capital
reorganisation comprised (i) the consolidation of its ordinary share capital
on the basis of 1 Consolidated Ordinary Share pf €0.02 each for every 200
Existing Ordinary Shares of €0.0001 each and (ii) the sub-division of each
consolidated Ordinary Share of €0.02 into a New Ordinary Share of €0.0001
nominal value and a Deferred Share of €0.0199 nominal value. In addition,
the Company increased its share capital to €1,114,500 made up of 200,000,000
Ordinary Shares of €0.0001 each and 55,000,000 Deferred Shares of €0.0199
each.
On 19 March 2024, the Company completed a subscription for 1,610,344,827 new
ordinary shares of €0.0001 ("the Subscription Share"). Each Subscription
Share was issued at a price of £0.000435 (€0.000509) raising gross proceeds
of £700,500 (€819,826) and increasing share capital by €161,034. The
premium arising on the issue amounted to €658,791.
On 1 July 2024, the Company completed a placing for 1,250,000,000 new ordinary
shares of €0.0001 ("the Placing Share"). Each Placing Share was issued at
a price of £0.000400 (€0.000472) raising gross proceeds of £500,000
(€589,692) and increasing share capital by €125,000. The premium arising
on the issue amounted to €464,692.
On 2 December 2024, the Company completed a placing for 1,818,181,818 new
ordinary shares of €0.0001 ("the Placing Share"). Each Placing Share was
issued at a price of £0.000165 (€0.000199) raising gross proceeds of
£300,000 (€361,891) and increasing share capital by €181,818. The premium
arising on the issue amounted to €180,072.
On 4 December 2024, the Company completed a retail offer for 272,727,272 new
ordinary shares of €0.0001 ("the Retail Offer Share"). Each Retail Offer
Share was issued at a price of £0.000165 (€0.000199) raising gross proceeds
of £45,000 (€54,328) and increasing share capital by €27,273. The premium
arising on the issue amounted to €27,055.
On 24 June 2025, the Company completed a placing for 125,000,000 new ordinary
shares of €0.0001 with 62,500,000 warrants, whereby the placee received one
new ordinary share and, for every two ordinary shares received, a warrant
giving the right to one additional new ordinary shares of €0.0001 ("the
Placing Share"). Each Placing Share was issued at a price of £0.01
(€0.0117) raising gross proceeds of £1.25 million (€1,465,932) and
increasing share capital by €12,500. The premium arising on the issue
amounted to €1,267,552. The warrants were granted with an exercise price of
£0.013 and a fair value of €185,880.
After the period end, the authorised share capital of the company was
increased to €1,154,500, consisting of 600,000,000 ordinary shares of
€0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinary
resolution at the Company's Annual General Meeting on 14 August 2025.
Transaction expenses including commission arising on the issue of shares
during the period ended 30 June 2025 amounted to €88,610 (30 June 2024:
€53,971 and 31 December 2024: €116,168).
16. Share based payments
Share options
Great Western Mining Corporation PLC operates a share option scheme, "Share
Option Plan 2014", which entitles Directors and employees of Great Western
Mining Corporation PLC and its subsidiary companies 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 ordinary share capital of
the Company on that date. At the Annual General Meeting held on 5 June 2024,
the shareholders approved the extension of the Share Option Plan for a further
five years.
Measure of fair values of options
The fair value of the options granted has been measured using the binomial
lattice option pricing model. The input used in the measurement of the fair
value at grant date of the options were as follows:
20 Aug 2024
Fair value at grant date €0.00028
Share price at grant date €0.00041
Exercise price €0.00040
Number of options granted 400,000,000
Vesting conditions Immediate
Expected volatility 94%
Sub-optimal exercise factor 4x
Expected life 7 years
Expected dividend 0%
Risk free interest rate 2.18%
During the period no expense was recognised in the statement of profit and
loss related to share options vesting during the period (30 June 2024: €nil
and 31 December 2024: €133,812).
On 26 January 2024, 6,666,667 options granted on 26 January 2017 lapsed at the
end of their seven-year life. On 18 April 2024, a 17,500,000 options
lapsed. On 12 July 2024, a further 11,000,000 options lapsed. An amount of
€182,717 relating to the lapsed options has been transferred from the Share
Based Payment Reserve to Retained Earnings.
Number of options Average exercise price
Outstanding at 1 January 2024 195,166,667 Stg0.24 p
Lapsed (24,166,667) Stg0.09 p
Outstanding at 30 June 2024 171,000,000 Stg0.24 p
Granted 400,000,000 Stg0.04 p
Lapsed (11,000,000) Stg1.60 p
Outstanding at 31 December 2024 560,000,000 Stg0.07 p
Granted - -
Outstanding at 30 June 2025 560,000,000 Stg 0.07 p
On 30 June 2025, there were options outstanding over 560,000,000 (30 June
2024: 171,000,000 and 31 December 2024: 560,000,000) Ordinary Shares which are
exercisable at prices ranging from Stg 0.04 pence to Stg 0.8 pence per share
and which expire at various dates up to August 2031. The weighted average
contractual life of the options outstanding is 5 years 4 months (30 June 2024:
4 years 2 months and 31 December 2024: 5 years 9 months).
Equity-settled warrants
In June 2025, the Group granted broker warrants over 7,500,000 shares in
connection with a share placing. The warrants were granted exercisable at
£0.0 1 each with immediate vesting and a contractual life of 2 years. The
fair value of the broker warrants amounted to €25,023.
24 Jun 2025
Fair value at grant date €0.002845
Share price at grant date €0.009750
Exercise price €0.010
Number of options granted 7,500,000
Vesting conditions Immediate
Expected volatility 87.7%
Sub-optimal exercise factor 1.5x
Expected life 2 years
Expected dividend 0%
Risk free interest rate 1.85%
At 30 June 2025, the balance on the share-based payment reserve amounted to
€362,123 (30 June 2024: €340,684 and 31 December 2024: €337,100).
17. Related party transactions
In accordance with International Accounting Standards 24 - Related Party
Disclosures, transactions between group entities that have been eliminated on
consolidation are not disclosed.
18. Post balance sheet events
The authorised share capital of the company was increased to €1,154,500,
consisting of 600,000,000 ordinary shares of €0.0001 each and 55,000,000
deferred shares of €0.0199 each by an ordinary resolution at the Company's
Annual General Meeting on 14 August 2025.
There were other no significant post balance sheet events which would require
amendment to or disclosure in the half yearly financial statements.
19. Approval of financial statements
The half yearly financial statements were approved by the Board of Directors
on 24 September 2025.
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