Great Western Mining (GWMO) H2 2024 earnings summary

Executive summary

• Loss for the year was €1,741,056, up from €952,654 in 2023, including a €781,610 impairment for relinquished claims.

• No revenues were generated as the company remains in the exploration and development phase.

• Net assets increased to €9.5 million from €8.8 million year-over-year.

• Cash at year-end was €0.30 million, up from €0.10 million in 2023.

• Raised £1.25 million post-year-end to fund exploration and drilling programs.

Financial highlights

• Administrative expenses totaled €971,913; impairment of exploration assets was €781,610.

• Basic and diluted loss per share remained at 0.0002 cent.

• Share capital increased to €1,043,785 and share premium to €16,206,109.

• Total equity rose to €9,458,826 from €8,831,416.

• Cash flows from operating activities were negative at €763,272; investing activities used €739,220.

Outlook and guidance

• Drilling programs planned for copper at West Huntoon and gold at Rhyolite Dome in summer 2025.

• Field work for tungsten at Pine Crow-Defender prospects to continue.

• Ongoing discussions with potential partners for the Huntoon Copper Project.

• Mill commissioning and upscaling dependent on securing third-party finance.