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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Great Western Mining Corporation Plc | LSE:GWMO | London | Ordinary Share | IE00B1FR8863 | ORD EUR0.0001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.002 | -4.30% | 0.0445 | 0.044 | 0.045 | 0.0465 | 0.0445 | 0.0465 | 20,212,151 | 09:00:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 0 | -792k | -0.0002 | -2.00 | 1.43M |
From Apr 2019 to Apr 2024
TIDMGWMO
RNS Number : 1421S
Great Western Mining Corp. plc
29 September 2017
Great Western Mining Corporation PLC
("Great Western Mining", "GWM", "Group" or the "Company")
Half Yearly Report
Great Western Mining the AIM and ESM quoted mining company, announces its half yearly report for the six months to 30 June 2017.
Highlights:
-- The Group reports a loss for the period of EUR259,674 -- Basic and diluted loss per share (cent) 0.001 -- M2 JORC Resource Upgrade -- M2 Technical Scoping Study completed -- Placing of new shares for cash
Great Western Mining is currently focused on continued exploration and appraisal of its prospects so is not yet generating revenue. The Group reports a loss for the period of EUR259,674 (30 June 2016: EUR252,881, 31 December 2016: EUR430,205). At 30 June 2017 net-current assets totaled EUR1,802,544 (30 June 2016: EUR505,435, 31 December 2016: EUR768,685) Overheads are tightly controlled and the Group has no debt.
During the period, WT Cohan & Associates ("WTC") of Grand Junction, Colorado provided an updated Mineral Resource estimate on the Company's M2 Copper-Gold target. At a 0.2% cut-off, the WTC estimate of total Indicated and Inferred Mineral Resources is 16,989,570 tonnes of 0.52% copper of which 3,917,490 falls into the Indicated category. In addition, WTC has provided an independent estimate of the Exploration Target beneath the M2 Sharktooth Peak, which was identified by reconnaissance and outcrop mapping, surface sampling and two discovery drill holes in 2014. The low end of the WTC estimate is 87,100,000 tonnes of 1% copper.
Since the period end, WTC has completed an M2 Technical Scoping Study, originally commissioned in 2016. The company is currently evaluating this study and will update shareholders on its conclusions shortly.
During the reporting period, the Great Western Mining field team participated in a drill programme on M1 conducted by Huntoon Cooperation Agreement partner Crown Point Gold & Silver Mining LLC ("Crown Point"). GWM has funded two drill holes, and independent assays, on an area of anomalous mineralistion straddling the border of both companies' properties. The area is a magnetite breccia zone where grades of 400-500 ppb Au have been found in surface soil samples. Crown Point has continued with the drill programme after the period end, and the Company looks forward to analysing all the assay results when these become available.
Great Western has recently completed two placings of new ordinary shares, one during the reporting period and the other shortly after the period-end date, raising combined gross proceeds of GBP2,600,000 (EUR3,012,108). This significant injection of new funds is enabling a major acceleration of work on the Company's mineral prospects in Nevada.
The Group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the Group's business remain unchanged from those disclosed on page 6 of the Company's Annual Report for the year ended 31 December 2016. The principal risks include but are not limited to exploration, currency and commodity price.
Certain statements made in this half yearly report are forward-looking and these are based on current expectations which remain subject to a number of risks and uncertainties. As a consequence, events or ultimate results could differ materially from those anticipated in the forward-looking statements.
Looking to the near future, the Group has an ambitious field programme scheduled for the rest of this year and early next year. In the autumn, a discovery level drill programme is planned on the M4 (Target 4) Copper-Gold prospect, immediately followed by a Phase 3 drill programme on M2. As soon as the weather permits in early spring 2018 a discovery level drill programme is planned for the Sharktooth Exploration Target.
As always, the Board and management greatly appreciate shareholder support and look forward to reporting on an active period going forward.
Enquiries:
Great Western Mining Corporation +44 207 933 8795 (via Walbrook) Plc David Fraser, Chief Executive Davy (Nomad, ESM Adviser & Joint Broker) John Frain +353 1 679 6363 Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance +44 207 382 8300 Walbrook PR (UK PR and IR) +44 207 933 8795 Paul Cornelius greatwesternmining@walbrookpr.com Nick Rome
Important Information
The group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the group's business remain unchanged from those disclosed on page 7 of the annual report for the year ended 31 December 2016. The principal risks include, but are not limited to exploration risk, currency risk and of commodity price risk.
Certain statements made in this half-yearly report are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from the expected future events or results referred to in these forward-looking statements.
Unaudited Condensed Consolidated Income Statement
For the six months to 30 June 2017
Hot Features
Premium
Notes Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Jun 30 Jun 31 Dec
'17 '16 '16
EUR EUR EUR
Administrative expenses (269,859) (253,064) (430,490)
Finance income 54 231 333
Finance costs 10,131 (48) (48)
-------------------- -------------------- --------------------
Loss for the year before
tax (259,674) (252,881) (430,205)
Income tax expense 4 - - -
-------------------- -------------------- --------------------
Loss for the financial
year (259,674) (252,881) (430,205)
Loss attributable to:
Equity holders of the
Company 3 (259,674) (252,881) (430,205)
==================== ==================== ====================
Earnings per share from
continuing
operations
Basic and diluted loss
per share (cent) 5 (0.001) (0.001) (0.001)
==================== ==================== ====================
Unaudited Condensed Consolidated Statement of Other Comprehensive Income
For the six months to 30 June 2017
Notes Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Jun 30 Jun 31 Dec
'17 '16 '16
EUR EUR EUR
Loss for the financial year (259,674) (252,881) (430,205)
Other comprehensive income
Items that are or may be
reclassified to
profit or loss:
Currency translation differences (247,408) (58,445) 100,497
---------- ---------- --------------
(247,408) (58,445) 100,497
Total comprehensive expense
for the
financial year attributable
to equity
holders of the Company (507,082) (311,326) (329,708)
========== ========== ==============
Unaudited Condensed Consolidated Statement of Financial Position
For the six months to 30 June 2017
Notes Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Jun 30 Jun 31 Dec
'17 '16 '16
Assets EUR EUR EUR
Non-current assets
Intangible assets 6 3,342,604 3,278,207 3,496,297
---------------- ---------------- ----------------
Total non-current assets 3,342,604 3,278,207 3,496,297
Current assets
Trade and other receivables 7 177,340 229,861 128,848
Cash and cash equivalents 8 1,801,816 461,698 712,273
---------------- ---------------- ----------------
Total current assets 1,979,156 691,559 841,121
Total assets 5,321,760 3,969,766 4,337,418
================ ================ ================
Equity
Capital and reserves
Share capital 10 2,671,648 2,648,238 2,660,738
Share premium 10 6,633,239 4,630,945 5,173,692
Share based payment reserve 113,730 - 44,448
Foreign currency translation
reserve 463,311 551,777 710,719
Retained earnings (4,736,780) (4,047,318) (4,324,615)
---------------- ---------------- ----------------
Attributable to owners
of the Company 5,145,148 3,783,642 4,264,982
Total equity 5,145,148 3,783,642 4,264,982
Liabilities
Current liabilities
Trade and other payables 9 176,612 186,124 72,436
Convertible debt - - -
---------------- ---------------- ----------------
Total current liabilities 176,612 186,124 72,436
Total liabilities 176,612 186,124 72,436
Total equity and liabilities 5,321,760 3,969,766 4,337,418
================ ================ ================
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2017
Notes Share Foreign
based currency
Share Share payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1
January 2016 2,648,238 4,630,945 - 610,222 (3,794,437) 4,094,968
Comprehensive
income for the
period
Loss for the period - - - - (252,881) (252,881)
Currency translation
differences - - - (58,445) - (58,445)
Total
comprehensive
income
for the
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
period - - - (58,445) (252,881) (311,326)
Transactions
with owners,
recorded
directly in
equity
Shares issued - - - - - -
Share warrants
granted - - - - - -
Share options
granted - - - - - -
Total
transactions
with
owners,
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
recorded
directly in
equity - - - - - -
Balance at 30
June 2016 2,648,238 4,630,945 - 551,777 (4,047,318) 3,783,642
================ ================ ================ ================ ================ ================
Unaudited Condensed Consolidated Statement of Changes in Equity (continued)
For the six months to 30 June 2017
Notes Share Foreign
based currency
Share Share payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1
July 2016 2,648,238 4,630,945 - 551,777 (4,047,318) 3,783,642
Comprehensive
income for the
period
Loss for the period - - - - (177,324) (177,324)
Currency translation
differences - - - 158,942 - 158,942
Total
comprehensive
income
for the
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
period - - - 158,942 (177,324) (18,382)
Transactions
with owners,
recorded
directly in
equity
Shares issued 12,500 542,747 - - (55,525) 499,722
Share warrants granted - - 44,448 - (44,448) -
Share options
granted - - - - - -
Total
transactions
with
owners,
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
recorded
directly in
equity 12,500 542,747 44,448 - (99,973) 499,722
Balance at 31
December 2016 2,660,738 5,173,692 44,448 710,719 (4,324,615) 4,264,982
================ ================ ================ ================ ================ ================
Unaudited Condensed Consolidated Statement of Changes in Equity (continued)
For the six months to 30 June 2017
Notes Share Foreign
based currency
Share Share payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1
January 2017 2,660,738 5,173,692 44,448 710,719 (4,324,615) 4,264,982
Comprehensive
income for the
period
Loss for the period - - - - (259,674) (259,674)
Currency translation
differences - - - (247,408) - (247,408)
Total
comprehensive
income
for the
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
period - - - (247,408) (259,674) (507,082)
Transactions
with owners,
recorded
directly in
equity
Shares issued 10,910 1,459,547 - - (98,086) 1,372,371
Share warrants granted - - 54,405 - (54,405) -
Share options granted - - 14,877 - - 14,877
Total
transactions
with
owners,
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
recorded
directly in
equity 10,910 1,459,547 69,282 - (152,491) 1,387,248
Balance at 30
June 2017 2,671,648 6,633,239 113,730 463,311 (4,736,780) 5,145,148
================ ================ ================ ================ ================ ================
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months to 30 June 2017
Notes Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Jun 30 Jun 31 Dec
'17 '16 '16
EUR EUR EUR
Cash flows from operating
activities
Loss for the year (259,674) (252,881) (430,205)
Interest receivable and
similar income (54) (231) (333)
Interest payable and similar
charges (10,131) 48 48
Movement in trade and other
receivables (48,492) (55,561) 45,452
Movement in trade and other
payables 104,176 106,809 (6,879)
Currency translation differences (247,408) (58,445) 100,497
Share options granted 14,877 - -
---------------- ---------------- ----------------
Net cash flows from operating
activities (446,706) (260,261) (291,420)
Cash flow from investing activities
Expenditure on intangible
assets (79,589) (77,136) (148,268)
Interest received 54 231 333
Interest paid 10,131 (48) (48)
---------------- ---------------- ----------------
Net cash from investing
activities (69,404) (76,953) (147,983)
Cash flow from financing activities
Proceeds from the issue
of new shares 1,470,457 - 555,247
Commission paid from the
issue of new
shares (98,086) - (55,525)
Repayment of convertible
debt - (15,000) (15,000)
---------------- ---------------- ----------------
Net cash from financing
activities 1,372,371 (15,000) 484,722
Increase/(decrease) in cash
and cash
---------------- ---------------- ----------------
equivalents 856,261 (352,214) 45,319
Exchange rate adjustment on
cash and
cash equivalents 8 233,282 54,531 (92,427)
Cash and cash equivalents
at beginning
of the year 8 712,273 759,381 759,381
Cash and cash equivalents
at end of
the year 1,801,816 461,698 712,273
================ ================ ================
Notes to the Financial Statements
Please click below to view notes to financial statements
http://www.rns-pdf.londonstockexchange.com/rns/1421S_-2017-9-28.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BSGDCBBDBGRI
(END) Dow Jones Newswires
September 29, 2017 02:00 ET (06:00 GMT)
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