REG - Great Western Mining - Option Agreement over Eastside-Tango Project

Great Western MiningAnnouncement

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RNS Number : 9571F  Great Western Mining Corp. plc  28 May 2026

 

Great Western Mining Corporation PLC / AIM: GWMO / Euronext Growth: 8GW

 

28 May 2026

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

 

Option Agreement with Copper Producer over Eastside-Tango Project

 

Validates partnership strategy and provides exposure to long term royalty
income

 

Great Western, a strategic minerals exploration and development company, is
pleased to announce that it is party to an Option Agreement with KGHM Polska
Miedz S.A. Group ("KGHM") in respect of the pooled Eastside-Tango copper
porphyry project in Nevada (the "Project") in which the Company holds a 30%
participating interest. Under the Option Agreement, KGHM may earn up to a 100%
interest in the Project.

 

HIGHLIGHTS

·      Option Agreement signed with global copper producer KGHM

·      KGHM may earn a 100% interest through staged payments and a
minimum exploration commitment of US$5 million during a six-year option period

·      An execution payment and annual option payments over the six-year
option period will total US$650,000 (aggregate US$195,000 net to Great
Western)

·      2% net smelter royalty retained by the Eastside-Tango Parties
(0.6% net to Great Western)

·      Further advance royalty and milestone payments linked to
declaration of a Resource, Preliminary Economic Analysis and Feasibility Study
(aggregate US$675,000 net to Great Western)

·      Transaction supports Great Western's strategy of partnering
assets while retaining long-term upside exposure

 

Great Western Chairman Brian Hall commented: "The Option Agreement with KGHM
is a clear endorsement of the Eastside-Tango asset and of our project
generation strategy, supporting disciplined capital allocation while
preserving upside. Securing an agreement with a globally established copper
producer validates the prospectivity of the wider district and highlights the
potential value of the copper opportunity at our nearby Huntoon Copper
Project. This transaction delivers immediate value, while retaining long-term
royalty exposure and transferring future funding of the asset to a
well-capitalised operator.

 

With tungsten recognised as a critical defence, industrial metal in short
supply and tungsten prices now at record levels, management and financial
resources are currently concentrated on advancing our tungsten
opportunities on a 3 km corridor between the Defender Mine and our M2 copper
resource.  This project is the focus of a major exploration campaign
initially aimed at achieving a maiden Mineral Resource Estimate by the end of
2026.  We look forward to providing updates over the coming weeks as
exploration efforts intensify."

 

DETAILS

Background

Great Western holds a broad portfolio of strategically located exploration
assets across the Walker Lane belt of Nevada, providing optionality and
potential value through further exploration success, partnerships or selective
development.

 

On 2 August 2024, Great Western entered into a pooling agreement with Bronco
Creek Exploration, a division of TSXV-listed Elemental Royalty Corporation,
combining Great Western's Eastside Mine claims with Bronco Creek's adjoining
Tango claims to form the Eastside-Tango Project. Under that agreement, Great
Western and Bronco Creek hold participating interests of 30% and 70%
respectively (together, the "Eastside-Tango Parties").

 

Terms of the Option Agreement

KGHM may earn a 100% interest in the Eastside-Tango Project over an option
period of up to six years.

 

Upon option exercise by KGHM, Great Western will retain a net smelter royalty
on the project of 0.6%.

 

Prior to exercising its option, KGHM will make an execution payment of $50,000
($15,000 net to GWM) and annual advance royalty ("AAR") payments of $50,000
($15,000 net to GWM), which will increase by $10,000 per year ($3,000 net to
GWM), until a total of $1,750,000 has been paid or until commercial production
commences.   There will fewer AARs if the option is exercised before the end
of the six-year period,

 

Following exercise of the option, milestone payments will also be payable to
the Eastside-Tango Parties as the Project advances:

·      US$500,000 on declaration of a resource (US$150,000 net to Great
Western)

·      US$750,000 on completion of a Preliminary Economic Assessment
(US$225,000 net)

·      US$1,000,000 on completion of a Feasibility Study (US$300,000
net)

 

Overview of the Tango-Eastside Project

The Eastside-Tango Project represents a pooled land package between GWM's
Eastside Mine Claims and Elemental's adjoining Tango claims, targeting a
porphyry copper-molybdenum system located approximately 18 km southeast of
GWM's Huntoon Copper Project. Locally abundant quartz-copper oxide veining and
associated widespread sericite pyrite alteration outcrops over an
approximately 2-by-2-km area. The outcropping system footprint is bounded by
post-mineral volcanic and alluvial cover to north and east. Historical
drilling by Conoco and Humble Oil in the 1960s and 70s failed to test the
system sufficiently, largely due to shallow hole depths and a poor
understanding of the alteration vectors. An IP survey completed by Great
Western in 2021 detected chargeability anomalies highlighting priority targets
within untested zones of the system. The host rock stratigraphy includes
Ordovician carbonate units representing additional potential for
skarn/replacement mineralisation as well as the primary porphyry copper
target.

 

Forward Looking Statements

This announcement contains forward looking statements relating to the plans,
activities and expectations of Great Western Mining Corporation PLC. Such
statements include, but are not limited to, those concerning planned
exploration programmes, anticipated timelines and potential mineral resource
outcomes. Forward looking statements are typically identified by words such as
"plan", "expect", "anticipate", "intend", "may", "could", "potential" or
similar expressions.

 

These statements are based on current expectations and assumptions and involve
risks and uncertainties that could cause actual results to differ materially.
Factors include geological risk, exploration and drilling results, permitting
and regulatory approvals, funding availability, operational challenges,
commodity price movements and general market conditions. No assurance can be
given that any forward looking statements will prove to be accurate, and
shareholders are cautioned not to place undue reliance on them.

 

ENDS

 

For further information visit www.greatwesternmining.com or contact:

 

 Great Western Mining Corporation PLC
 Brian Hall, Chairman                                           c/o St Brides
 Ed Loye, Chief Executive Officer                               greatwesternmining@stbridespartners.co.uk
 Davy
 Nominated Adviser, Euronext Growth Adviser & Joint Broker
 Brian Garrahy                                                  +353 (0)1 679 6363
 Shard Capital Partners
 Joint Broker
 Andrew Gutmann / Erik Woolgar                                  +44 (0)20 7186 9008
 St Brides Partners
 Financial PR
 Susie Geliher / Isabel de Salis                                greatwesternmining@stbridespartners.co.uk

 

Notes

Great Western Mining Corporation PLC (AIM: GWMO / Euronext Growth: 8GW) is an
exploration and development company focused on strategic minerals across
several 100%-owned claim groups in Mineral County, Nevada, a highly
prospective and mining-friendly jurisdiction. The Company has an increasing
strategic emphasis on tungsten as a critical mineral, while continuing to
advance its Huntoon Copper Project, which hosts a JORC-compliant resource of
4.3 Mt at 0.45% Cu with further porphyry upside. It also maintains exposure to
gold and silver through exploration and tailings reprocessing opportunities,
alongside evaluating farm-out and joint venture options to unlock wider
portfolio value.

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