Great Western Mining (GWMO) H1 2024 earnings summary

Executive summary

• Loss for the six months ended 30 June 2024 was €441,343, an improvement from €527,985 loss in the same period last year.

• No revenues were generated; focus remains on exploration and development of gold, silver, and copper in Nevada.

• Environmental permit for mill operations received post-period, enabling commencement of production.

• Pooling Agreement signed with Bronco Creek Exploration to develop copper potential at Eastside Mine.

• Placing of new shares raised £700,500 during the period and £500,000 post-period.

Financial highlights

• Net loss for the period: €441,343 (vs. €527,985 in H1 2023; €952,654 for FY 2023).

• Basic and diluted loss per share: 0.0001 cent (unchanged year-over-year).

• Net assets at 30 June 2024: €9,427,384 (up from €8,845,494 at 30 June 2023).

• Cash balances at 30 June 2024: €91,003 (down from €410,661 at 30 June 2023).

• Share capital increased to 7,096,945,746 shares after new issues.

Outlook and guidance

• First production of gold and silver concentrates expected soon, following environmental permit approval.

• Ongoing efforts to secure joint venture partners for major copper drilling campaigns.

• Focus on monetising stockpiles and generating initial cash flow from gravity separation, with larger returns anticipated from chemical leaching.

• Continued exploration and partnership initiatives to accelerate copper and precious metals projects.