TIDMGWMO
RNS Number : 7972Z
Great Western Mining Corp. plc
18 May 2023
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2022
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing multiple
early-stage gold, silver and copper targets in Nevada, USA,
announces its results for the year ended 31 December 2022. The
Company is in the exploration, appraisal and development phase and
currently has no revenues.
Financial Highlights:
-- Loss for year EUR792,263 (2021: loss of EUR535,960)
-- Basic and diluted loss per share 0.0002 (cent): (2021: 0.001 cent)
-- Net assets at year-end: EUR8.6 million (2021: EUR8.9 million)
-- Cash at 31 December 2022: EUR0.15 million (2021: EUR2.0 million)
Operational Highlights
-- Formed a joint venture for construction of a mill to process
precious metals from shallow ore and a large inventory of pre-mined
material
-- Constructed a 14 km road to the high-altitude Mineral Jackpot
properties, providing access to spoil material and drilling
locations
-- Conducted reverse circulation ("RC") drill programme on several prospects:
o establishing an extension to the gold vein at the historic
OMCO Mine
o Intercepting high grades of shallow depth silver at Mineral
Jackpot
o revealing the longest zone of consistently anomalous gold yet
identified at Trafalgar Hill
-- Conducted drone magnetometry and orthophotography over Huntoon and Tun prospects
-- Commissioned an independent resource estimate of tailings
available for processing at the OMCO mine site - Inferred JORC
Resource Estimate 31,000 tonnes grading 1.6 grams/ton gold
Post Period End:
-- Raised GBP800,000 (EUR913,242) before expenses through placing of new shares
-- Filed a permit application for operation of the processing mill
-- Commenced construction at the mill site
-- Tested the concept of diamond core drilling at the OMCO Mine prospect
-- Modelled the potential of a significant copper prospect
beyond the JORC-compliant Indicated and Inferred resource at M2
Great Western Executive Chairman Brian Hall commented: "2022 was
a period of intense activity for the Company, during which we not
only accelerated a fruitful exploration programme including
drilling on three of our prospects but also created a processing
joint venture from scratch for production of precious metals. The
mill is now under construction and due to be processing material
from Mineral Jackpot and the OMCO Mine this year. We have an
exciting inventory of prospects for copper, gold and silver that
continue to provide increasing levels of upside, while first
revenues from production will significantly change our profile and
further prove our value proposition."
For further information:
Great Western Mining Corporation
PLC
Brian Hall, Executive Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Listing
Sponsor & Joint Broker)
Brian Garrahy/Lauren O'Sullivan +353 1 679 6363
SP Angel Corporate Finance LLP (Joint
Broker)
Ewan Leggat/Harry Davies-Ball +44 203 470 0470
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2022
Dear Shareholder,
Set out herewith are Great Western Corporation PLC's Annual
Report and Financial Statements for the year ended 31 December
2022.
Great Western explores for, appraises and develops mineral
resources on its claims in the state of Nevada, USA and currently
has no revenues from its operations. Accordingly, it is reporting a
loss for the financial year of EUR792,293 for 2022 (2021:
EUR535,960). At the end of the year Great Western's net current
assets were EUR8,618,024 (2021: EUR8,945,631) with no debt apart
from trade creditors in the normal course of business.
2022 was an active year for Great Western during which
significant goals were accomplished.
Early in the year we constructed a 14 km road to the
high-altitude Mineral Jackpot Group of properties, enabling access
for rigs, trucks and associated equipment. Until then, access to
the five historic gold and silver mines which make up Mineral
Jackpot had been by a mule path, suitable only for quad bikes and
very small tracked-vehicles. This road now provides access to
numerous spoil heaps which we propose to exploit for secondary
recovery of precious metals and it also allowed us to bring in a
rig and drill four holes last summer, the first ever drilled in
these historic mines. Significantly, hole MJRC004 intercepted high
grades of silver at a shallow depth and further drilling is planned
to delineate a shallow vein which, if successful, could provide ore
suitable for processing in a relatively short time.
During the year, our plans for constructing a mill to produce
gold and silver concentrates took a major step forward when we
signed a 50-50 joint venture agreement with Muletown Enterprizes
LLC ("Muletown") to construct a mill on land owned by Muletown in
the settlement of Mina, close to a main highway and mid-way between
our two main claim areas. There has been a mill on this site in the
past and it has a natural slope which is ideal for gravity
separation. A second phase will involve a contained chemical
leaching process for further recovery of gold and silver. Muletown
will provide the land at a peppercorn rent and virtually all the
milling equipment will come from its own inventory. Great Western
will fund site construction, upgrade and modification of equipment
and installation and commissioning of the plant. The mill will
operate as a profit centre in its own right and each partner will
batch-process its own material with no commingling, paying a
throughput charge to the joint venture. Great Western has spoil
material for processing available at Mineral Jackpot and Olympic
Gold, as well as significant tailings and a large unprocessed
stockpile at Olympic Gold. It is likely that the joint venture will
subsequently buy in material from third parties as there is no
other mill of this type serving the area. Part of the new capital
raised by the Company since the year end is being used for
construction of the mill, delayed by severe weather conditions and
an extended winter but now under way.
Before the year-end, our work on processing gold and silver from
tailings and spoil heaps was further supported by a JORC-compliant
inferred resource report, commissioned for the OMCO Mine tailings,
together with Exploration Targets for other material at both
Olympic Gold and at Mineral Jackpot, further details of which are
set out in the Operations Report on page 6.
During spring and summer 2022, we conducted a reverse
circulation ("RC") drill programme on several of our prospects. In
addition to success at Mineral Jackpot, we carried out follow-up
drilling at Rock House (Southern Alteration Zone), Trafalgar Hill
and the OMCO Mine (the latter two both at Olympic Gold). At
Trafalgar Hill and Rock House, we were attempting to establish vein
continuity from the gold intercepts encountered in 2021 but we have
yet to achieve this and more work is needed. Our drilling close to
the OMCO Mine was much more successful and we believe that we have
encountered an extension to the OMCO Mine vein itself which is an
exciting development. The OMCO Mine produced gold at high grades
for several decades until the 1940s and operations terminated where
the vein met a fault. Although the fault is clearly present, it is
a complex piece of fragmented geology and finding a continuation of
the vein, on either side of the fault, presents a challenge which
we are working hard to overcome. In this regard the successful hole
drilled last year may be considered a breakthrough. While the OMCO
Mine produced gold at high grades, the mined vein itself is only
about 200 metres long. Within the envelope we have been drilling,
there is easily scope for one or two more productive veins of that
size and our task is to find them if they exist.
Due to Nevada winter conditions, there is a close period when
operations are not feasible. At Great Western, we use this winter
period for desktop work and over the past winter we greatly
increased our knowledge, not only for gold and silver but also for
the prospectivity of our copper assets which have been parked over
the last three years but not forgotten.
Since the year-end, we have (1) raised new capital of GBP800,000
(EUR913,242) before expenses, our first funding for nearly two
years (2) drilled a diamond core follow-up hole at the OMCO Mine
prospect (3) filed a final permit application for the construction
of the processing mill with the Nevada Department of Environmental
Protection (NDEP) after prior consultation with NDEP on the
critical issues and (4) began construction at the mill site.
For our reported 2022 financial statements, we are pleased to
welcome PKF O'Connor, Leddy & Holmes Limited as auditors to the
company, who replace KPMG. PKF's appointment will be put to
shareholders for approval at the forthcoming AGM. We have enjoyed
excellent working relations with KPMG over several years and I
would like to take this opportunity to thank them for their
services.
Looking ahead, Great Western has three arms to its business:
Firstly, the process mill which is due to be online in 2023 and
producing the Company's first ever revenues from the sale of gold
and silver concentrates. This will be an ongoing business which
should also attract material for processing from third party
sources in due course. Until we have commissioned the plant and
gained some operating experience, we do not propose to publish any
revenue forecasts, but the objective of the mill is to provide
revenues which, at a first stage, will fund the day-to-day
operations of the company, while aiming for a greatly expanded
business model. Each joint venture partner will have its own
material batch-processed separately through the mill, so
participation in the joint venture will not result in any dilution
in ownership of material from the Company's own claims.
Secondly, we are aiming to develop a commercial gold and silver
play from one or more of the numerous prospects which we have
identified and drilled up in the last few work seasons. The leading
candidates are (1) extensions to the vein at the OMCO Mine and (2)
the shallow silver intercept encountered at Mineral Jackpot. We are
also exploring other gold and silver prospects, with ongoing work
at Trafalgar Hill and Rock House, so priorities may change.
Finally, recent modelling work by the Company indicates that we
may have a significant copper prospect on our claims beyond our
JORC-compliant indicated and inferred resource. Through extensive
drilling, we have already established a resource of 4.28 million
tonnes at a grade of 0.45% copper on our M2 claims in the Black
Mountains group. This discovery trends in a NE-SW axis, open at
both ends, but there is also scope for an additional, undrilled
resource within the area of resources already identified. Copper is
likely to become a significant industrial material in the years
ahead and our copper prospects merit further drilling. Establishing
a resource two to three or four times larger than already
identified would, on a rule of thumb basis, be large enough for a
commercial development but doing justice to this prospect will
require funding beyond Great Western's current capabilities.
Therefore, funding options comprising the introduction of a joint
venture partner, be it a direct investor at the project level or an
industry partner, are being actively evaluated.
Shareholders should note that Canada's highly reputed Fraser
Institute has recently published the results of a worldwide
industry survey which concludes that the state of Nevada is the
most attractive jurisdiction in the world for mining
investment.
In closing, on behalf of the Great Western team, I would like to
thank you, our shareholders, for your support and particularly
those shareholders who have been taking an active interest in our
projects. We will keep you informed on progress and hope to welcome
you to the AGM in Dublin at 10 a.m. on 13 June 2023.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2022
Principal activities, strategy and business model
The principal activity of Great Western is to explore for and
develop gold, silver, copper and other minerals. The Board aims to
increase shareholder value by the systematic evaluation and
exploitation of its existing assets in Mineral County, Nevada, USA
and elsewhere as may become applicable.
Great Western's near-term objective is to develop small-scale,
short lead-time gold and silver projects which can potentially be
brought into production under the control of the Group. These
projects include both in situ mineralisation and waste reprocessing
opportunities. Great Western has entered into a joint venture with
a local partner to enable near-term production.
The Group is also focused on progressing the copper projects
which it has already identified and enhanced through extensive
drilling. Such projects have potential for the discovery of large
mineralised systems which can be monetised over the longer term,
possibly through joint ventures with third parties.
Business development and performance
During the twelve months ended 31 December 2022, Great Western
carried out exploration across its entire portfolio of seven claim
groups (six of which are 100% owned, one of which is held under an
option agreement) in Nevada.
As part of the annual claim renewal procedure, the Group renewed
all its claims with effect from 1 September 2022. Following
renewal, the land position held by Great Western in Mineral County
consists of 741 full and fractional unpatented claims, covering a
total land area of approximately 61km(2).
Review by Claim Group
Olympic
In 2020, the Company acquired an option to purchase the Olympic
Gold Project, a group of 48 claims, located approximately 50 miles
from Great Western's original concessions but still within Mineral
County. The purchase consideration of $150,000 is spread over four
years during which time Great Western has full rights to all data
and to conduct exploration and appraisal work. Great Western may
elect to bring forward the closing of the purchase by early-paying
the schedule in full or it may exit the project at any time without
penalty and without completing the payment schedule. Work is in
progress on several potential prospects over this 800-acre
site.
The Olympic Gold Project lies on the northern flanks of the
Cedar Mountain Range, on the eastern edge of Mineral County. It
lies within the Walker Lane Fault Belt, at the intersection of two
major mineral trends - the Rawhide-Paradise Peak trend and the
Aurora-Round Mountain Trend. The mineral deposit style at Olympic
is low-sulphidation epithermal banded quartz-gold vein. Historic
production from the former Olympic Gold Mine totalled approximately
35,000 tonnes, at a grade of 25 grams/ton gold and 30 grams/ton
silver, in the interwar period of 1918 to 1939. Based on its review
of the historical data, Great Western believes that faulted offsets
of the high-grade Olympic Vein remain to be discovered in the area
and this forms one of the numerous target zones on the
prospect.
During 2022 several targets at Olympic were addressed with
reverse circulation ("RC") drilling near to the OMCO mine site and
at the Trafalgar Hill prospect. In addition to the drilling, a
drone orthophotography survey was flown to produce a precise
digital topographic model, and bulk surface and auger samples were
taken from various mine waste stores at the OMCO mine site.
Drilling around the OMCO mine site was focused on possible
unmined continuations of the vein on the west side of the fault.
This proved successful, as hole OMRC015 intercepted compatible vein
material, proving up a continuation of the OMCO vein. OMCR0015
intercepted 6.10 metres grading at 2.682 grams/ton Au average
starting at 38.10 metres in the hole, including 8.110 grams/ton Au
over 1.52 metres from 39.62 metres and 1.747 grams/ton Au over 1.52
metres from 41.15 metres. Pursuing this vein will be a primary
objective of the next drill campaign.
Three holes were drilled at Trafalgar Hill on the Olympic
claims. These holes, with an aggregate length of 436 metres, were
targeted at the shallower zone identified as prospective via
positive results in 2021, in the southern part of the Trafalgar
Hill zone. The Company has developed a geological model based on
the 2021 drilling and was able to predict the lithology and
alteration features intersected in the three holes with great
accuracy. Though intercepts identical in character to high-grade
zones from 2021 occurred at the anticipated positions, only
low-grade gold was intercepted this year. The best result at
Trafalgar Hill was 21.33 m at 0.107 grams/ton Au starting at 83.82
m in hole OMRC013 (including 10.67 m at 0.127 grams/ton Au starting
at 94.49 m). This is the longest zone of consistently anomalous
gold yet intersected at Trafalgar Hill, and occurs in the
southwestern-most hole drilled, indicating the system continues and
is open in this direction.
Black Mountain
The Black Mountain Group ("BM") lies on a southwest trending
spur ridge of the Excelsior Range of mountains and comprises 249
full and fractional claims covering approximately 20.7km(2). The BM
group contains both Great Western's copper resource at M2 (covered
under Copper Projects below) and the Mineral Jackpot prospect,
where outcropping veins, vein workings and spoil heaps contain
high-grade gold and silver.
Although the five historic mines making up Mineral Jackpot
produced gold and silver for some years before and after the turn
of the 19th-20th century, access had only been by mule track and
until this year none of the prospects had ever been drilled. Great
Western has carried out soil surveys over the last three years,
collected rock chip samples and conducted magnetometry surveys, on
foot where possible and by specialist drones in the less accessible
areas. A new 14 km road was constructed during the reporting
period, with the dual objectives of providing access for a drill
rig and a route for offloading numerous spoil heaps of mining waste
for secondary recovery of gold and silver.
Four holes were drilled at Mineral Jackpot in 2022. One hole,
MJRC004, intercepted a 7.62 metre zone from 4.57 metres in the
hole, grading at 180.94 grams/ton Ag and 0.315 grams/ton Au,
contained within which was a high-grade silver zone hosted in
quartz vein of 3.04 metres apparent thickness at 418.00 grams/ton
Ag and 0.554 grams/ton Au, starting at 6.10 meters drilled depth.
There is scope for extensive further drilling at various targets on
the Mineral Jackpot claims, but the immediate focus is likely to be
on shallow drilling with a small rig in the vicinity of the recent
discovery.
Rock House
The M7 gold-silver prospect lies within the Rock House (RH)
group of claims. This area is accessible and lends itself to mining
operations but was never mined in the past, its potential having
only recently been identified through the interpretation of
satellite imagery. It is a circular structure associated with a
magnetic low, adjacent to the prolific Golconda thrust fault. The
area is characterised by intense argillic and sericite alteration,
along with silicification and oxidation, within basement siltstones
and slates. Unlike many of Great Western's other prospects, the RH
targets were virgin territory until drilled by the Company in 2021.
While past workings represent an important guide for exploration, a
lack of any previous workings does not rule out any mineralisation.
Indeed, any discovery made in such ground will have the benefit of
being entirely intact as its highest-grade and nearest-surface
portions will not have been removed by previous mining
operations.
The Southern Alteration Zone was first drilled by Great Western
in 2021, having been identified along with other prospects at Rock
House through satellite imagery and then extensive soil and rock
chip sampling. In 2021, two holes intersected vein material grading
approximately 8 grams/ton Au and 2 grams/ton Au respectively.
Ambitious step out drilling this year aimed to find a coalescing of
several thin veins, but this was not achieved. However, assay
results provided evidence of copper (see Copper Projects section
below for more details) which had not been anticipated and drilling
has constructively added to knowledge of the prospects which will
be used in designing future drilling activity.
Huntoon
A total of 107 full and 12 fractional claims surround the
workings of the historic underground Huntoon gold mine and are
prospective for gold, silver and copper mineralisation. The claims
are located on the northwest side of the Huntoon Valley, covering
approximately 10km(2) .
In 2022 drone magnetometry and orthophotography were conducted
over Huntoon. For additional details on Huntoon, please see the
Copper Projects section below.
Jack Springs
The M5 gold prospect lies within the JS Group in altered
siliceous host rock, exposed beneath Tertiary volcaniclastics for
1km. Gold, arsenic and antimony were all anomalous in samples taken
along a northeasterly crest of the central ridge at M5 and the
coincidence of anomalous pathfinder geochemistry and altered
sediments strongly suggests the presence of sediment hosted
disseminated gold mineralisation.
The M4 Copper-Gold project also lies within the JS Group. The M4
copper target was identified through geophysical surveys, soil
sampling and mapping of mineralised structures on surface. Great
Western believes that the breccia vein intercepted in hole M4_05,
along with other veins mapped at surface, could be offshoot
structures in the roof of a buried sulphide orebody. In 2019 the
Group received a drill permit to follow up on the exciting
discovery in hole M4_05. The abundance of highly prospective
targets in the Company's portfolio, combined with rig availability
issues, led to the JS projects being deferred during recent
years.
In 2022 drone magnetometry and orthophotography were conducted
over Huntoon. Field visits and sampling were undertaken around the
M4 prospect (see Copper Projects section below for more
details).
Eastside Mine
The M8 copper prospect lies within the Eastside Mine (EM) claim
group, named for the historic Eastside Mine where high-grade
copper-oxide ore was mined from shallow underground workings during
the First World War. Conoco investigated Eastside as a copper
porphyry prospect in the early 1970s, identifying mineralisation
consisting of substantial copper and molybdenum values, within a
northeast trending graben structure. Drilling by Conoco at the
southern end of this structure identified thick successions of
alteration together with copper enrichment. Conoco did not follow
up on these results. The Company regards the northerly continuation
of this structure to be a strong target for buried copper
mineralisation, which remains untested.
During 2021 an induced polarization (IP) survey was performed at
EM Group and the results were highly encouraging. The key findings
of this work were fault zones accompanied by high resistivity and
chargeability features, correlating with observed surface stockwork
veining, silicification, copper mineralisation and copper soil
halos.
A field reconnaissance visit was made to Eastside early in the
year but due to the Company's precious metal focus, and the range
of other highly prospective projects, no further action was taken
there in 2022. The next task at Eastside will be to drill at
targets identified during the 2021 IP survey.
Tun
The M6 gold-silver prospect lies within the Tun Group. The M6
prospect is a parallel system of multiple, oxide and sulphide,
gold-silver veins and veinlet stockworks. Supergene, high-grade
ores have been mined in the past at M6 and the potential remains
for deposits of shallow, oxidised stockworks in the immediate
vicinity of the historic workings.
In 2022 drone magnetometry and orthophotography were conducted
over Tun and a field reconnaissance visit was made early in the
year.
Planned Processing Operations
Over the last two years, Great Western has been researching the
optimum means of processing mining waste for recovery of gold and
silver. Originally this was planned to be a simple gravity
separation process for spoil material from Mineral Jackpot, where
there are 51 known spoil heaps. The concept was expanded once work
began in earnest on the newly acquired Olympic Gold Project option
in 2021, where extensive tailings, spoil heaps and a stockpile of
material had been mined but never processed. During the period the
Company concluded a way forward and has now signed a 50-50 joint
venture agreement with Muletown Enterprizes LLC, a Nevada based
contractor, to construct a processing mill on private land owned by
Muletown. The joint venture company will be known as Western
Milling LLC.
Early in the year a second phase of auger drilling was conducted
on the OMCO tailings pad, to test the depth and continuity of grade
there. This work also provided a bulk sample for metallurgical test
work, including cutting edge QEMSCAN grain and mineral mapping,
which was conducted at a laboratory in Reno. This work confirmed
the viability of the tailings for reprocessing.
Great Western has engaged the services of an extensively
experienced consulting metallurgist, who in 2021 wrote a report on
the Mineral Jackpot test work. This consultant oversaw the
metallurgical test work on the Olympic Tailings samples conducted
in 2022 and visited Nevada to engage with our venture partners and
visit the proposed plant site.
In the last quarter of 2022, Great Western commissioned a new
resource estimate of its mine waste material. This resulted in an
Inferred Resource and several Exploration Targets, all reported in
accordance with JORC, as follows:
-- An Inferred Resource of 31,000 tonnes, grading 1.6 grams/ton
Au and 3.0 grams/ton Ag in tailings at Olympic Mine.
-- An Exploration Target of 3,400 - 6,400 tonnes grading between
0.5 and 1.2 grams/ton Au and 1.2 and 2.1 grams/ton Ag in the
substrate beneath the tailings volume at the Olympic Mine.
-- An Exploration Target of 9,000 - 12,000 tonnes grading
between 0.9 and 2.4 grams/ton Au and 2.0 and 5.1 grams/ton Ag in a
coarse stockpile at Olympic Mine.
-- An Exploration Target of 4,200 - 7,700 tonnes grading between
40 and 140 grams/ton Ag and 0.3 and 0.3 grams/ton Au in spoil heaps
at Mineral Jackpot.
Overview of Copper Projects
In addition to its gold and silver operations, Great Western has
already drilled and established a partly inferred, partly indicated
copper resource of 4.3 million tonnes at a grade of 0.45% at its M2
project in the Black Mountains group. This was a considerable
achievement, with the potential to lead to the discovery of a much
larger copper resource. Great Western believes there is untested
potential in both directions along strike, on a structure of up to
5 km, supported by historical mine workings to the northeast, and
an IP anomaly to the southwest.
Great Western's copper resource at the M2 project is
complemented by copper potential on other claim groups:
-- At M4 in Jack Springs claim group, approximately 4 km from
the M2 resource, the company has previously identified copper in
drill intercepts (21.18 m at 0.35% Cu starting at 106.22 m in hole
M2_005, including 5.64 m at 0.48% Cu and 0.105 grams/ton Au
starting at 106.22 m). During 2022, surface showings in two
existing hill-cut trenches were mapped and continuously chip
sampled, resulting in two 16 m zones at 0.2% and 0.28% Cu
respectively. These surface results are separated from the drill
intercept by around 140 m in 3D space, but whether they represent
the same structure is not yet understood.
-- At Huntoon, situated 7 km west of M4, and 10 km southwest of
M2, is another key copper prospect at which the Company, in the
past, drilled a single hole which assayed at 0.35% Cu over 27.4
metres. Huntoon also contains a sizable copper anomaly in soils
associated with a shear zone, which has a clear magnetic signature
identified on drone magnetometry conducted in early 2022. Post
mineralisation tertiary lavas obscure both the geochemical anomaly
and the southwestern continuation of the linear anomaly associated
with the shear zone.
-- As referenced above, drilling at Rock House during the period
beneath a surface gossan identified an underlying intercept of
anomalous copper grades (12.19 m at 0.20 % Cu from 28.96 m in hole
RHRC010, including 3.05 M @ 0.31% Cu from 36.58 m). This is the
first intercept of elevated copper at Rock House and was not the
target for this drilling. The copper zone remains open to the west
and at depth.
-- An IP survey was conducted over the Eastside Mine group of
claims revealing IP anomalies with promising copper potential and
producing clear drill targets for future exploration.
-- Finally, there is further copper potential at the Tun Claim Group.
A major copper project is too large an undertaking for a company
of Great Western's size and so a larger partner is being sought.
Although no firm decision has been made, Great Western may restart
a limited drill programme to demonstrate the potential for resource
expansion at M2, as well as reviewing exploration opportunities at
the other claim groups to provide a broader base of copper
potential for an incoming industry partner.
Reclamation work
The Company has undertaken significant reclamation work at Rock
House, the OMCO Mine, the M2 Project and Sharktooth to ensure that
regulatory commitments are met and to release permitted acreage
ready for further drilling activity in 2023. Submissions relating
to the reclamation work have been made to regulatory authorities
and the process is expected to be completed in 2023.
Summary of 2022 Work Programme
-- Drilling at Rock House, Olympic (including OMCO and Trafalgar
Hill) and Mineral Jackpot, resulting in high grade intercepts in
unmined portions of the OMCO vein and at Mineral Jackpot.
-- Auger and bulk surface sampling at Olympic tailings, course
stockpile and Mineral Jackpot spoil heaps.
-- Metallurgical Test results on Olympic tailings from McClelland Laboratory
-- Inferred resource in Olympic tailings, along with Exploration
Targets in Olympic coarse stockpile.
-- Exploration targets defined at Mineral Jackpot spoil heaps.
-- Field visit by highly experienced metallurgist.
-- Drone magnetometry of Tun, Jack Springs, Huntoon claim
groups, and Mineral Jackpot prospect.
-- Drone orthophotography of Tun, Jack Springs, Huntoon and
Olympic claim groups, and Mineral Jackpot prospect.
-- Hill-cut chip sampling at M4.
Looking Forward
Great Western's plans for 2023 are to follow up on the
high-grade intercepts at Mineral Jackpot and the OMCO vein and to
focus on planning, constructing and operating the proposed process
mill with the objective of transitioning from pure exploration
focus to a combination of exploration and commercial
production.
In addition to these main objectives, a diverse slate of field
exploration activities is planned as a low-cost high-impact method
of improving prospects and targets in the company's pipeline.
Consolidated Income Statement
For the year ended 31 December 2022
2022 2021
Notes EUR EUR
Continuing operations
Administrative expenses (951,294) (536,178)
Finance income 4 527 218
--------- ---------
Loss for the year before tax 5 (950,767) (535,960)
Income tax expense 7 158,504 -
--------------------------------- --------- ---------
Loss for the financial year (792,263) (535,960)
Loss attributable to:
--------------------------------- --------- ---------
Equity holders of the Company (792,263) (535,960)
========================================== ========= =========
Loss per share from continuing
operations
--------- ---------
Basic and diluted loss per share
(cent) 8 (0.0002) (0.001)
================================= ========= =========
All activities are derived from continuing operations. All
losses are attributable to the owners of the Company.
Consolidated Statement of Other Comprehensive Income
For the year ended 31 December 2022
2022 2021
Notes EUR EUR
Loss for the financial year (792,263) (535,960)
Other comprehensive income
Items that are or may be reclassified
to profit or loss:
Currency translation differences 400,861 498,070
---------------------------------------------- --------- ---------
400,861 498,070
Total comprehensive expense for the
financial year
-------------------------------------- --------- ---------
attributable to equity holders of
the Company (391,402) (37,890)
============================================== ========= =========
Consolidated Statement of Financial Position
For the year ended 31 December 2022
2022 2021
Notes EUR EUR
Assets
Non-current assets
Property, plant and equipment 10 76,635 72,170
Intangible assets 11 8,462,329 7,086,254
-------------------------------------- ----------- -----------
Total non-current assets 8,538,964 7,158,424
Current assets
Trade and other receivables 13 272,887 110,940
Cash and cash equivalents 14 145,197 2,042,547
-------------------------------------- ----------- -----------
Total current assets 418,084 2,153,487
Total assets 8,957,048 9,311,911
====================================== =========== ===========
Equity
Capital and reserves
Share capital 18 357,751 357,751
Share premium 18 13,572,027 13,572,027
Share based payment reserve 19 368,709 318,621
Foreign currency translation reserve 920,104 519,243
Retained earnings (6,600,567) (5,822,011)
-------------------------------------- ----------- -----------
Attributable to owners of the Company 8,618,024 8,945,631
Total equity 8,618,024 8,945,631
Liabilities
Current liabilities
Trade and other payables 15 207,603 146,642
--------------------------------------
Decommissioning provision 16 131,421 123,344
Share warrant provision 17 - 96,294
----------- -----------
Total current liabilities 339,024 366,280
Total liabilities 339,024 366,280
Total equity and liabilities 8,957,048 9,311,911
====================================== =========== ===========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Foreign
Share currency
Share Share based payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1 January
2021 307,071 12,543,606 559,420 21,173 (5,511,645) 7,919,625
Total comprehensive
income
Loss for the year - - - - (535,960) (535,960)
Currency translation
differences - - - 498,070 - 498,070
-------- ---------- -------------- ------------ ----------- ---------
Total comprehensive
income for the year - - - 498,070 (535,960) (37,890)
--------------------------
Transactions with
owners, recorded
directly in equity
Shares issued 45,455 916,610 - - (69,206) 892,859
Share warrants granted
on
Issue of shares - - 20,709 - (20,709) -
Share warrants exercised 4,625 106,220 - - - 110,845
Share warrants terminated - - (13,865) - 13,865 -
Share options exercised 600 5,591 (4,777) - 4,777 6,191
Share options terminated - - (296,867) - 296,867 -
Share options charge - - 54,001 - - 54,001
-------- ---------- -------------- ------------ ----------- ---------
Total transactions
with owners, recorded
directly in
equity 50,680 1,028,421 (240,799) - 225,594 1,063,896
-------------------------- -------- ---------- -------------- ------------ ----------- ---------
Balance at 31 December
2021 357,751 13,572,027 318,621 519,243 (5,822,011) 8,945,631
==========================
Total comprehensive
income
Loss for the year - - - - (792,263) (792,263)
Currency translation
differences - - - 400,861 - 400,861
-------- ---------- -------------- ------------ ----------- ---------
Total comprehensive
income
for the year - - - 400,861 (792,263) (391,402)
--------------------------
Transactions with
owners, recorded
directly in equity
Share warrants terminated - - (13,707) - 13,707 -
Share options charge - - 63,795 - - 63,795
-------- ---------- -------------- ------------ ----------- ---------
Total transactions
with owners, recorded
directly
in equity - - 50,088 - 13,707 63,795
-------------------------- -------- ---------- -------------- ------------ ----------- ---------
Balance at 31 December
2022 357,751 13,572,027 368,709 920,104 (6,600,567) 8,618,024
========================== ======== ========== ============== ============ =========== =========
Consolidated Statement of Cash Flows
For the year ended 31 December 2022
2022 2021
Notes EUR EUR
Cash flows from operating activities
Loss for the year (792,263) (535,960)
Adjustments for:
Depreciation 10 - -
Interest receivable and similar income 4 (527) (218)
Increase in trade and other receivables (161,947) (11,036)
Decrease in trade and other payables 53,273 13,055
Gain on revaluation of share warrants (96,294) (330,708)
Equity settled share-based payment 19 63,795 54,001
----------- ---------
Net cash flows from operating activities (933,963) (810,866)
Cash flow from investing activities
Expenditure on intangible assets 11 (956,077) (657,727)
Interest received 4 527 218
----------------------------------------- ----------- ---------
Net cash from investing activities (955,550) (657,509)
Cash flow from financing activities
Proceeds from the issue of new shares 18 - 1,059,085
Proceeds from grant of warrants 17 - 191,364
Commission paid from the issue of
new shares 18 - (69,206)
Net cash from financing activities - 1,181,243
Decrease in cash and cash equivalents (1,889,513) (287,132)
Exchange rate adjustment on cash
and cash equivalents (7,837) 42,507
Cash and cash equivalents at beginning
of the year 14 2,042,547 2,287,172
----------------------------------------- ----------- ---------
Cash and cash equivalents at end
of the year 14 145,197 2,042,547
========================================= =========== =========
Notes to the Financial Statements PDF Link
http://www.rns-pdf.londonstockexchange.com/rns/7972Z_1-2023-5-17.pdf
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END
FR SFSFAWEDSEEI
(END) Dow Jones Newswires
May 18, 2023 02:00 ET (06:00 GMT)
Great Western Mining (AQSE:GWMO.GB)
過去 株価チャート
から 10 2024 まで 11 2024
Great Western Mining (AQSE:GWMO.GB)
過去 株価チャート
から 11 2023 まで 11 2024
