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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Great Western Mining Corp Plc | AQSE:GWMO.GB | Aquis Stock Exchange | Ordinary Share | IE00B1FR8863 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0395 | 0.037 | 0.042 | 0.0395 | 0.0395 | 0.0395 | 0.00 | 06:59:42 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2023 to Apr 2024
TIDMGWMO
RNS Number : 7356N
Great Western Mining Corp. plc
27 September 2023
Great Western Mining Corporation PLC
("Great Western", "GWM" or the "Company")
Half Yearly Report and Unaudited Condensed Financial Statements
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing gold, silver and copper targets in Nevada, announces its unaudited results for the six-months ended 30 June 2023 (the "Period").
During the Period the Company continued to progress the construction of its processing mill in anticipation of first production of gold and silver concentrates this year and continued its drilling, sampling and mapping programme, providing further evidence of the strength of its precious metals and copper portfolios.
Financial Highlights:
-- Loss for Period EUR527,985 (30 June 2022: loss of EUR448,652 and December 2022: loss of EUR792,263 )
-- Basic and diluted loss per share 0.0001 cent (30 June 2022: 0.0001 cent and 31 December 2022: EUR0.0002 cent)
-- Net assets at 30 June 2023: EUR8,845,494 (30 June 2022: EUR9,191,466 and 31 December 2022: EUR8,618,024)
-- Cash balances at 30 June 2023: EUR410,661 (30 June 2022: EUR1,158,053 and 31 December 2022: EUR145,197)
-- Placing of new shares during Period raised EUR913,242 before expenses
Operational Highlights:
-- Special Use Permit granted to Western Milling joint venture by Mineral County Commissioners -- Diamond core hole at OMCO Mine confirms extension to the OMCO vein -- Status of copper prospects upgraded by intensive field work and mapping
Post Period End:
-- Western Milling Joint Venture: concrete laid and production due to start this year -- Placing of new shares raised EUR581,139 before expenses -- Signing of Western Milling Operating Agreement and Declaration of Earn-In -- Rhyolite Dome (Olympic Gold project) identified as potential gold-silver play
Brian Hall, Executive Chairman, commented : "Our portfolio underpins the Company's strong growth potential and value upside. We are expecting to commence production of gold and silver concentrates during the second half, using the significant volumes of material on our claims and, in due course, material from third parties.
"Exploration work across Great Western's gold and silver prospects continues to support management's confidence in development opportunities. As well as precious metals, our copper holdings offer exciting upside and we believe that, with the right partner, commercial development will unlock significant long-term value."
For Further Information:
Great Western Mining Corporation PLC Brian Hall, Chairman Via Walbrook PR Max Williams, Finance Director Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker) Brian Garrahy +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/Joe Walker +44 207 933 8783
Interim Report
For the six months to 30 June 2023
Below are Great Western Mining Corporation PLC's Annual Report and Financial Statements for the half year ended 30 June 2023.
Great Western Mining Corporation PLC ("Great Western" or "the Company") explores for, appraises and develops mineral resources on its claims in the state of Nevada, USA but currently has no revenues from its operations. Accordingly it is reporting a loss after tax of EUR527,985 for the half year ended 30 June 2022 (30 June 2022: EUR448,652; 31 December 2022: EUR792,263). At the end of the period Great Western's net assets were EUR8,845,494 (30 June 2022: EUR9,191,466; 31 December 2022: EUR8,618,024) with no debt apart from trade creditors in the normal course of business. Net current assets were EUR609,925 (30 June 2022: EUR1,304,459; 31 December 2022: EUR418,084).
During the half year, Great Western's principal focus has been on the construction of a mill to process gold and silver concentrates from tailings, spoil heaps and stockpiles which are present in abundance on the Company's claims. In parallel, since the start of the work season two geologists have been working continuously in the field conducting sampling and mapping, initially over the Olympic Gold Project and subsequently in the Huntoon Valley area where the emphasis has been on copper prospects. A single hole was drilled at the OMCO Mine prospect (Olympic Gold Project) with a diamond core rig. Since the period end an RC rig has been moved to Mineral Jackpot, using the new mountain road constructed by the Company in 2022, where drilling was halted for mechanical reasons but will resume as soon as the drill crew is available. In January the Company conducted a placing of new shares for cash which raised GBP800,000 before expenses and since the period end conducted a further placing to raise GBP500,000 before expenses.
Process Mill
Great Western is in a 50-50 joint venture with local mining contractor Muletown Enterprizes LLC. The joint venture is known as Western Milling LLC and has been set up to establish a milling operation for producing precious metal concentrates. The project, which is due on production this year, has faced some strong headwinds during the period and since the period end. Notably, Nevada faced a severe winter which lasted over two months longer than the average, including late season heavy snowfalls, followed by heavy rainfall and mudslides in the spring and, more recently, a severe and unusual tropical storm. Operationally, environmental regulations call for the concrete required as a base for the milling plant to be laid in one continuous pour to prevent possible pollution of the subsoil. It has proved logistically extremely difficult to achieve this single pour, due to a lack of material in the area and local labour shortages. However, this concrete pour was satisfactorily completed in September, allowing for commencement of plant assembly on site for first production, which can commence once Western Milling has been issued with a permit from the state environmental authorities. Upon filing an application early in the year, the joint venture was advised that there would be a 6-month wait for approval but in August was further notified that this period would be delayed for 2-3 months due to personnel shortages and pressure of work at the regulator. Such approval waiting times are beyond the Company's control, but the joint venture is not aware of any problems with its application. In the meantime, all steps will be taken to ensure that producing operations can commence as soon as the approval has been received.
Geology - Field Work and studies
Coinciding with the late start of the work season, two American geologists joined Great Western's US payroll working under the direction of the Company's Exploration Manager, Dr. James Blight, with an initial task of carrying out sampling and mapping over the Company's claims and to achieve a better understanding of outlying claim areas. This field work will continue until at least the end of October and a wealth of very interesting new data has already been acquired for analysis. At the Olympic Gold Project, the large, undrilled Rhyolite Dome prospect in the south of the claims group is proving to be of great interest and a potential candidate for geophysical studies followed by drilling. More recently, extensive sampling and mapping has been carried out in the Huntoon Valley and at the M4 prospect where only limited drilling has so far been carried out by Great Western.
Copper Potential
Great Western's claims are rich in a variety of minerals. Recently the Company's focus has been on the potential of precious metals but in an earlier era the Company drilled approximately 5,000 feet (1,524 metres) of hole in the search for copper, mostly on the M2 claims in the Black Mountains Group but to a limited extent also on the M4 claims and in the Huntoon Valley on the Crown Point claims. An independent resource study, prepared in compliance with JORC, was commissioned for the M2 programme and this reported, on a partly inferred/partly indicated basis, 4.28 million tonnes grading at 0.45% copper, effectively 19,000 tonnes of copper. While a material quantity, a viable commercial development requires a greater volume than this which, in the Company's opinion, can be achieved by drilling over a considerable distance in both a northwesterly and southeasterly direction from the existing mapped resource. In addition, there is an area within the existing reported resource at M2 which was not drilled in the past due to permitting limitations, now resolved. Away from M2, the field work currently ongoing provides strong indications, yet to be proved by drilling, of similar sized potential deposits in the Huntoon Valley and at the M4 prospect.
For ease of understanding, the resource and prospects at M2, the prospect at M4 and the Huntoon Valley prospect, which are adjacent to one another, have collectively been designated the 'Huntoon Copper Project' ('HCP'), for exploration as a single entity, even though linkage between the three has not been (and may not be) established.
While Great Western may drill electively on the HCP, the scale of its potential calls for capital are beyond the capability of a company of Great Western's size to raise in its own right. Great Western has talked to and hosted several third parties with a view to participating in the HCP but has yet to secure a partner. The intensive work conducted by the Company this year, which is ongoing, is aimed at providing a stronger basis for a tie-up with a third party. In October, a well-reputed consultant specialising in copper prospects of this nature will visit the HCP to review the work over the last year and make recommendations for the next steps.
Drilling
In April, a diamond core rig was used to twin the successful RC hole which identified the OMCO vein in 2022, in an attempt to improve the quality of the result achieved with an RC rig at the previous hole. The results were satisfactory and confirmed the discovery, being similar to the original hole but not improved with the use of diamond core. The next stage of drilling is likely to be carried out with an RC rig which is less expensive than diamond core. In July an RC rig was mobilised to Mineral Jackpot on the 14 km access road constructed by the Company in 2022. There were mechanical issues with this rig, not previously used by the Company, and work was suspended waiting on parts and repairs. Drilling will continue once the rig is operational and a crew is available.
Looking Forward
The Company's immediate objective is to bring the processing mill on to production this year. Great Western will attempt to capitalise on the significant work carried out over the HCP this year and once the 2023 programme has been completed, analysed and reviewed, will launch a new initiative to source a partner for ongoing exploration, appraisal and potential development. No further drilling is likely to be initiated in 2023 beyond the current programme at Mineral Jackpot but prioritisation of gold and silver targets will be reviewed during the winter, once the process mill is up and running.
Unaudited Condensed Consolidated Income Statement
For the six months to 30 June 2023
Hot Features
Premium
Notes Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Jun 30 Jun 31 Dec
2023 2022 2022
EUR EUR EUR
Continuing operations
Administrative expenses (529,857) (448,860) (951,294)
Finance income 4 1,872 208 527
------------ ------------ -----------
Loss for the period before
tax (527,985) (448,652) (950,767)
Income tax expense 5 - - 158,504
------------ ------------ -----------
Loss for the financial period (527,985) (448,652) (792,263)
Loss attributable to:
Equity holders of the Company 3 (527,985) (448,652) (792,263)
============ ============ ===========
Loss per share from continuing
operations
Basic and diluted loss per
share (cent) 6 (0.0001) (0.0001) (0.0002)
============ ============ ===========
All activities derived from continuing operations. All losses are attributable to the owners of the Company.
Unaudited Condensed Consolidated Statement of Other Comprehensive Income
For the six months to 30 June 2023
Notes Unaudited Unaudited
six months six months Audited
ended ended year ended
30 Jun 30 Jun 31 Dec
2023 2022 2022
EUR EUR EUR
Loss for the financial period (527,985) (448,652) (792,263)
Other comprehensive income
Items that are or may be reclassified
to profit or loss:
Currency translation differences (147,608) 630,692 400,861
------------ ------------ ------------
(147,608) 630,692 400,861
Total comprehensive (expense)/income
for the financial
period attributable to equity holders
of the Company (675,593) 182,040 (391,402)
============ ============ ============
Unaudited Condensed Consolidated Statement of Financial Position
For the six months to 30 June 2023
Notes Unaudited Unaudited
six months six months Audited
ended ended year ended
30 Jun 30 Jun 31 Dec
2023 2022 2022
Assets EUR EUR EUR
Non-current assets
Property, plant and equipment 7 75,225 78,694 76,635
Intangible assets 8 8,424,372 8,236,192 8,462,329
------------ ------------ ------------
Total non-current assets 8,499,597 8,314,886 8,538,964
Current assets
Trade and other receivables 9 199,264 146,406 272,887
Cash and cash equivalents 10 410,661 1,158,053 145,197
------------ ------------ ------------
Total current assets 609,925 1,304,459 418,084
Total assets 9,109,522 9,619,345 8,957,048
============ ============ ============
Equity
Capital and reserves
Share capital 14 457,751 357,751 357,751
Share premium 14 14,385,269 13,572,027 13,572,027
Share based payment reserve 15 386,005 382,416 368,709
Foreign currency translation
reserve 772,496 1,149,935 920,104
Retained earnings (7,156,027) (6,270,663) (6,600,567)
------------ ------------ ------------
Attributable to owners of
the Company 8,845,494 9,191,466 8,618,024
Total equity 8,845,494 9,191,466 8,618,024
Liabilities
Current liabilities
Trade and other payables 11 132,974 282,621 207,603
Decommissioning provision 12 131,054 136,295 131,421
Share warrant provision 13 - 8,963 -
------------ ------------ ------------
Total current liabilities 264,028 427,879 339,024
Total liabilities 264,028 427,879 339,024
Total equity and liabilities 9,109,522 9,619,345 8,957,048
============ ============ ============
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2023
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 2022 357,751 13,572,027 318,621 519,243 (5,822,011) 8,945,631
Comprehensive
income for
the period
Loss for the period - - - - (448,652) (448,652)
Currency translation
differences - - - 630,692 - 630,692
------------------ ------------------ ------------------ ------------------ ------------------ --------------
Total comprehensive
income for
the period - - - 630,692 (448,652) 182,040
Transactions with owners,
recorded
directly in equity
Share options charge - - 63,795 - - 63,795
Total
transactions
with
owners, recorded
------------------ ------------------ ------------------ ------------------ ------------------ --------------
directly in
equity - - 63,795 - - 63,795
Balance at 30
June 2022 357,751 13,572,027 382,416 1,149,935 (6,270,663) 9,191,466
================== ================== ================== ================== ================== ==============
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2023
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 2022 357,751 13,572,027 382,416 1,149,935 (6,270,663) 9,191,466
Comprehensive
income for
the period
Loss for the period - - - - (343,611) (343,611)
Currency translation
differences - - - (229,831) - (229,831)
------------------ ------------------ ------------------ ------------------ ------------------ -----------------
Total comprehensive
income for
the period - - - (229,831) (343,611) (573,442)
Transactions with owners,
recorded
directly in equity
Share warrants terminated - - (13,707) - 13,707 -
Total
transactions
with
owners, recorded
------------------ ------------------ ------------------ ------------------ ------------------ -----------------
directly in
equity - - (13,707) - 13,707 -
Balance at 31
December 2022 357,751 13,572,027 368,709 920,104 (6,600,567) 8,618,024
================== ================== ================== ================== ================== =================
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2023
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 2023 357,751 13,572,027 368,709 920,104 (6,600,567) 8,618,024
Comprehensive
income for
the period
Loss for the period - - - - (527,985) (527,985)
Currency translation
differences - - - (147,608) - (147,608)
------------------ ------------------ ------------------ ------------------ ------------------ --------------
Total comprehensive
income for
the period - - - (147,608) (527,985) (675,593)
Transactions with owners,
recorded
directly in equity
Shares issued 100,000 813,242 - - (48,184) 865,058
Share warrant terminated - - (20,709) - 20,709 -
Share options charge - - 38,005 - - 38,005
Total
transactions
with
owners, recorded
------------------ ------------------ ------------------ ------------------ ------------------ --------------
directly in
equity 100,000 813,242 17,296 - (27,475) 903,063
Balance at 30
June 2023 457,751 14,385,269 386,005 772,496 (7,156,027) 8,845,494
================== ================== ================== ================== ================== ==============
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months to 30 June 2023
Notes Unaudited Unaudited Audited
six months six months period
ended ended ended
30 Jun 30 Jun 31 Dec
2023 2022 2022
EUR EUR EUR
Cash flows from operating
activities
Loss for the period (527,985) (448,652) (792,263)
Adjustments for:
Depreciation - - -
Interest receivable and
similar income (1,872) (208) (527)
Movement in trade and
other receivables 12,874 (35,466) (161,947)
Movement in trade and
other payables (67,864) 44,668 53,273
Gain on revaluation of
share warrants - (87,331) (96,294)
Tax refunded 60,749 - -
Equity settled share-based
payment 38,005 63,795 63,795
--------------- ------------------ -----------------
Net cash flows from operating
activities (486,093) (463,194) (933,963)
Cash flow from investing
activities
Expenditure on intangible
assets (114,595) (455,115) (956,077)
Interest received 1,872 208 527
--------------- ------------------ -----------------
Net cash from investing
activities (112,723) (454,907) (955,550)
Cash flow from financing
activities
Proceeds from the issue
of new shares 913,242 - -
Commission paid from the
issue of new shares (48,184) - -
--------------- ------------------ -----------------
Net cash from financing
activities 865,058 - -
Increase/(Decrease) in cash
and cash equivalents 266,242 (918,101) (1,889,513)
Exchange rate adjustment
on cash and
cash equivalents (778) 33,607 (7,837)
Cash and cash equivalents
at beginning
of the period 10 145,197 2,042,547 2,042,547
Cash and cash equivalents
at end of
the period 10 410,661 1,158,053 145,197
=============== ================== =================
Unaudited Notes to the Condensed Financial Statements
For the six months to 30 June 2023
1. General information
Great Western Mining Corporation PLC ("the Company") is a company domiciled in the Republic of Ireland. The Half Yearly Report and Unaudited Condensed Consolidated Financial Statements ('the half yearly financial statements') of the Company for the six months ended 30 June 2023 comprise the results and financial position of company and its subsidiaries ("the Group").
The Group half yearly financial statements were authorised for issue by the Board of Directors on 26 September 2023.
Basis of preparation
The half yearly financial statements for the six months ended 30 June 2023 are unaudited. The financial information presented herein does not amount to statutory financial statements that are required by Chapter 4 part 6 of the Companies Act 2014 to be annexed to the annual return of the company. The statutory financial statements for the financial year ended 31 December 2022 were annexed to the annual return and filed with the Registrar of Companies. The audit report on those financial statements was unqualified.
The Group half yearly financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").
The financial information contained in the half yearly financial statements have been prepared on the historical cost basis, except for the decommissioning provision, share-based payments and warrants, which are based on fair values determined at the grant date. The accounting policies have been applied consistently in accordance with the accounting policies set out in the annual report and financial statements for the year ended 31 December 2022 except as outlined below.
Accounting policies
The accounting policies adopted are consistent with those of the annual Financial Statements for the year ended 31 December 2022. New and amended standards that became applicable for the Group in the current reporting period have not resulted in changes to accounting policies or retrospective adjustments.
Use of estimates and judgements
The preparation of half-yearly financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
In particular, significant areas of estimation uncertainty in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are in the following area:
-- Note 13 - Share warrants - financial liability -- Note 15 - Share based payments, including share option and share warrant valuations
In particular, significant areas of critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are in the following areas:
-- Note 8 - Intangible asset; consideration of impairment of carrying value of claim groups
-- Note 8 - Intangible asset, consideration of impairment relating to net assets being lower than market capitalisation
-- Note 12 - Decommissioning provision 2. Going concern
The financial statements of the Group are prepared on a going concern basis.
In order to assess the appropriateness of the going concern basis in preparing the financial statements for the six months ended 30 June 2023, the Directors have considered a time period of at least twelve months from the date of approval of these financial statements.
The Group incurred an operating loss during the six months ended 30 June 2023. Although first revenues from milling operations are anticipated during the period under review of the forecast, revenues have not been included and an overall operating loss is expected for the next twelve months. At the balance sheet date, the Group had cash and cash equivalents amounting to EUR0.41 million and the Company raised an additional amount of EUR0.58 million (before transactions expenses) through a placing completed in August 2023. The future of the Company is dependent on the successful outcome of its exploration activities and implementation of revenue-generating operations. The Directors believe that the Group's ability to make additional capital expenditure on its lode claims in Nevada will be assisted by the generation of first revenues from the reprocessing of historical spoil heaps and tailings and can be further assisted, if necessary, by raising additional capital, the deferral of planned expenditure and other cost saving actions, loan facilities for revenue-generating operations or from future revenues. The Directors have taken into consideration the Company's successful completion of placings in recent years, including placings completed in January and August 2023, to provide additional cash resources.
The Directors concluded that the Group will have sufficient resources to continue as a going concern for the future, that is for a period of not less than 12 months from the date of approval of the condensed consolidated financial statements. However, there exists a material uncertainty that may cast significant doubt over the ability of the Group to continue as a going concern. The Group may be unable to realise its assets and discharge its liabilities in the normal course of business if it is unable to raise funds for further exploration on and development of its exploration assets. The condensed consolidated statements have been prepared on a going concern basis and do not include any adjustments that would be necessary if this basis were inappropriate.
3. Segment information
The Group has one principal reportable segment, Nevada, USA, which represents the exploration for and development of copper, silver, gold and other minerals in Nevada, USA.
Other operations "Corporate Activities" includes cash resources held by the Group and other operational expenditure incurred by the Group. These assets and activities are not within the definition of an operating segment.
In the opinion of the Directors the operations of the Group comprise one class of business, being the exploration and development of copper, silver, gold and other minerals. The Group's main operations are located within Nevada, USA. The information reported to the Group's chief executive officer (the Executive Chairman), who is the chief operating decision maker, for the purposes of resource allocation and assessment of segmental performance is particularly focussed on the exploration activity in Nevada.
Information regarding the Group's results, assets and liabilities is presented below.
Segment results
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Exploration activities -
Nevada (30,902) (10,828) (31,891)
Corporate activities (497,083) (437,824) (918,876)
------------- ------------- --------------
Consolidated loss before
tax (527,985) (448,652) (950,767)
============= ============= ==============
Segment assets
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Exploration activities -
Nevada 8,669,010 8,677,310 8,819,118
Corporate activities 440,512 942,035 137,930
------------- ------------- --------------
Consolidated total assets 9,109,522 9,619,345 8,957,048
============= ============= ==============
Segment liabilities
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Exploration activities -
Nevada 169,800 271,688 173,590
Corporate activities 94,228 156,191 165,434
------------- ------------- --------------
Consolidated total liabilities 264,028 427,879 339,024
============= ============= ==============
Geographical information
The Group operates in three principal geographical areas - Ireland (country of residence of Great Western Mining Corporation PLC), Nevada, USA (country of residence of Great Western Mining Corporation, Inc., a wholly owned subsidiary of Great Western Mining Corporation PLC) and the United Kingdom (country of residence of GWM Operations Limited, a wholly owned subsidiary of Great Western Mining Corporation PLC).
The Group has no revenue. Information about the Group's non-current assets by geographical location are detailed below:
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Nevada - exploration activities 8,499,597 8,314,886 8,538,964
Republic of Ireland - - -
United Kingdom - - -
------------- ------------- --------------
8,499,597 8,314,886 8,538,964
============= ============= ==============
4. Finance income
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Bank interest receivable 1,827 208 527
------------- ------------- --------------
1,827 208 527
============= ============= ==============
5. Income tax
The Group has not provided any tax charge for the six months periods ended 30 June 2023. There was no tax charge for the six months ended 30 June 2022. For the year ended 31 December 2022, the Group benefited from research and development corporation tax credits claimed by a subsidiary company amounting to EUR158,504, comprising a tax credit of EUR61,142 for the year ended 31 December 2022 and EUR97,362 for prior years. The Group has accumulated losses which are expected to exceed profits earned for the foreseeable future.
6. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 30 Jun 2022 31 Dec 2022
2023 EUR EUR
EUR
Loss for the period (527,985) (448,652) (792,263)
================ ================ ================
Number of ordinary shares
at start of period 3,577,510,005 3,577,510,005 3,577,510,005
Number of ordinary shares
issued during the period 1,000,000,000 - -
---------------- ---------------- ----------------
Number of ordinary shares
at end of period 4,577,510,005 3,577,510,005 3,577,510,005
================ ================ ================
Weighted average number
of ordinary shares for the
purposes of basic earnings
per share 4,475,359,467 3,577,510,005 3,577,510,005
================ ================ ================
Basic loss per ordinary
share (cent) (0.0001) (0.0001) (0.0002)
================ ================ ================
Diluted earnings per share
There were no potentially dilutive ordinary shares that would increase the basic loss per share.
7. Property, plant and equipment
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Cost
Opening cost 99,439 93,644 93,644
Exchange rate adjustment (1,832) 8,465 5,795
------------- ------------- --------------
97,607 102,109 99,439
Depreciation
Opening depreciation 22,804 21,474 21,474
Charge for period - - -
Exchange rate adjustment (422) 1,941 1,330
------------- ------------- --------------
22,382 23,415 22,804
Net book value
------------- ------------- --------------
Closing net book value 75,225 78,694 76,635
============= ============= ==============
Opening net book value 76,635 72,170 72,170
============= ============= ==============
8. Intangible assets
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Cost
Opening cost 8,462,329 7,086,254 7,086,254
Additions 107,830 546,426 963,765
Increase in decommissioning
cost 2,051 1,787 445
Exchange rate adjustment (147,838) 601,725 411,865
------------- ------------- --------------
8,424,372 8,236,192 8,462,329
Amortisation
Opening amortisation - - -
Charge for period - - -
Exchange rate adjustment - - -
------------- ------------- --------------
- - -
Net book value
------------- ------------- --------------
Closing net book value 8,424,372 8,236,192 8,462,329
============= ============= ==============
Opening net book value 8,462,329 7,086,254 7,086,254
============= ============= ==============
The Directors have reviewed the carrying value of the exploration and evaluation assets. These assets are carried at historical cost and have been assessed for impairment in particular with regards to specific requirements as set out in IFRS 6 'Exploration for and Evaluation of Mineral Resources' relating to remaining licence or claim terms, likelihood of renewal, likelihood of further expenditures, possible discontinuation of activities over specific claims and available data which may suggest that the recoverable value of an exploration and evaluation asset is less than carrying amount. The Directors considered other factors in assessing potential impairment including cash available to the Group, commodity prices and markets, taxation and regulatory regime, and access to equipment and services. The Directors are satisfied that no impairment is required as at 30 June 2023. The realisation of the intangible assets is dependent on the successful identification and exploitation of copper, silver, gold and other mineral in the Group's licence area, including the potential to reprocess historical spoil heaps and tailings. This is dependent on several variables including the existence of commercial mineral deposits, availability of finance and mineral prices.
9. Trade and other receivables
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Amounts falling due within
one year:
Other debtors 84,211 91,820 85,169
Tax refunded 60,749 - 152,398
Prepayments 54,304 54,586 35,320
------------- ------------- --------------
199,264 146,406 272,887
============= ============= ==============
All amounts above are current and there have been no impairment losses during the period (30 June 2022: EURNil, 31 December 2022: EURNil).
10. Cash and cash equivalents
For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash in hand, in bank and bank deposits with maturity of less than three months.
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Cash in bank and in hand 216,132 316,935 97,586
Short term bank deposits 194,529 841,118 47,611
------------- ------------- --------------
410,661 1,158,053 145,197
============= ============= ==============
11. Trade and other payables
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Amounts falling die within
one year:
Trade payables 9,581 74,756 45,716
Accruals 106,739 190,915 146,778
Other taxation and social
security 16,654 16,950 15,109
132,974 282,621 207,603
============= ============= ==============
The Group has financial risk management policies in place to ensure that payables are paid within the pre-agreed credit terms.
12. Decommissioning provision
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
EUR EUR EUR
Decommissioning provision 131,054 136,295 131,421
------------- ------------- --------------
131,054 136,295 131,421
============= ============= ==============
The decommissioning provisions relate to undertakings by the Group to carry our reclamation work after the completion of planned work permitted by the regulator. The cost of the reclamation work is estimated by the regulator in advance and the notice permitting operations to be conducted, together with the associated reclamation work, is effective for two years, subject to certain variations. As the Group applies for approval of operations to be conducted within the current year where possible, the cost of decommissioning provision is treated as a current liability.
13. Share warrants - financial liability
The share warrants have been granted as rights to acquire additional new ordinary share of EUR0.0001 in accordance with the terms of placings completed in 2019, 2020 and 2021.
The warrants are classified and accounted for as financial liabilities using Level 3 fair value measurement, with any change in fair value recorded in the Consolidated Income Statement. Level 3 fair value recognises that the inputs for any asset or liability valuation are not based on observable market data.
Number of Level 3
warrants Fair value
EUR
At 1 January 2022 670,272,727 96,294
Movement in fair value of warrant
liabilities - (87,331)
-------------- ------------
At 30 June 2022 670,272,727 8,963
Released on exercise of warrants (443,000,000) (47,536)
Movement in fair value of warrant
liabilities - 38,573
-------------- ------------
At 31 December 2022 227,272,727 -
Released on exercise of warrants (227,272,727) -
Movement in fair value of warrant - -
liabilities
-------------- ------------
At 30 June 2023 - -
============== ============
In April 2021, the Group granted warrants in connection with a share placing. 227,272,727 warrants were granted exercisable at GBP0.0030 each with immediate vesting and a contractual life of 2 years. Accordingly the warrants lapsed in April 2023.
Measure of fair values of warrants
The fair value of the warrants issued has been measured using the binomial lattice option pricing model. There are no service or non-market performance conditions attached to the arrangement and the warrants are considered to have vested immediately. Expected volatility has been based on an evaluation of the historical volatility of the Company's share price. The expected life is based on the contractual life of the warrants.
In order to revalue the Level 3 fair value, the principal changes to the input assumptions relate to the expected volatility, which has been recalculated at the year-end, and the life expected life of each grant, which has been reduced to the remaining life of each grant from the year-end date.
14. Share capital
Number of Value of
shares shares
EUR
Authorised at 1 January 2022 7,000,000,000 700,000
Authorised at 30 June 2022 7,000,000,000 700,000
============== =========
Authorised at 1 July 2022 7,000,000,000 700,000
Authorised at 1 December 2022 7,000,000,000 700,000
============== =========
Authorised at 1 January 2023 7,000,000,000 700,000
Increase in authorised share
capital 2,000,000,000 200,000
-------------- ---------
Authorised at 30 June 2023 9,000,000,000 900,000
============== =========
Number
of ordinary
shares of Share Share Total
EUR0.0001 capital premium capital
each
EUR EUR EUR
Issued, called up
and fully paid:
At 1 January 2022 3,577,510,005 357,751 13,572,027 13,929,778
At 30 June 2022 3,577,510,005 357,751 13,572,027 13,929,778
============== ========== =========== ===========
Issued, called up
and fully paid:
At 1 July 2022 3,577,510,005 357,751 13,572,027 13,929,778
At 31 December 2022 3,577,510,005 357,751 13,572,027 13,929,778
============== ========== =========== ===========
Issued, called up
and fully paid:
At 1 January 2023 3,577,510,005 357,751 13,572,027 13,929,778
Ordinary shares issued 1,000,000,000 100,000 813,242 913,242
At 30 June 2023 4,577,510,005 457,751 14,385,269 14,843,020
============== ========== =========== ===========
The authorised share capital of the company was increased to EUR200,000, consisting of 2,000,000,000 ordinary shares of EUR0.0001 each by an ordinary resolution at the Company's Annual General Meeting on 13 June 2023.
On 20 January 2023, the Company completed a placing for 1,000,000,000 new ordinary shares of EUR0.0001 ("the Placing Share"). Each Placing Share was issued at a price of GBP0.0008 (EUR0.0009) raising gross proceeds of GBP800,000 (EUR913,242) and increasing share capital by EUR100,000. The premium arising on the issue amounted to EUR813,242.
Transaction expenses including commission arising on the issue of shares during the period ended 30 June 2022 amounted to EUR48,184 (30 June 2022: EURnil and 31 December 2022: EURnil).
15. Share based payments
Share options
Great Western Mining Corporation PLC operates a share option scheme, "Share Option Plan 2014", which entitles Directors and employees of Great Western Mining Corporation PLC and its subsidiary companies to purchase ordinary shares in the Company at the market value of a share on the award date, subject to a maximum aggregate of 10% of the issued ordinary share capital of the Company on that date.
Measure of fair values of options
The fair value of options granted has been measured using the binomial lattice option pricing method. The input used in the measurement of the fair value at grant date of the options were as followed:
30 Jan 2023 23 Apr 2022
Fair value at grant date EUR0.0006 EUR0.0011
Share price at grant date EUR0.0009 EUR0.0016
Exercise price EUR0.0009 EUR0.0016
Number of options granted 52,000,000 57,500,000
Vesting conditions Immediate Immediate
Expected volatility 108% 107.8%
Sub-optimal exercise factor 4x 4x
Expected life 7 years 7 years
Expected dividend 0% 0%
Risk free interest rate 2.31% 0.18%
During the period an expense of EUR38,005 (30 June 2022: EUR63,795 and 31 December 2022: EUR63,795) was recognised in the statement of profit and loss related to share options vesting during the period.
Number of Average exercise
options price
Outstanding at 1 January 2022 85,666,667 Stg0.62 p
Granted 57,500,000 Stg0.13 p
------------ -----------------
Outstanding at 30 June 2022 143,166,667 Stg0.29 p
Granted - -
------------ -----------------
Outstanding at 31 December 143,166,667 Stg0.29 p
2022
Granted 52,000,000 Stg0.09 p
------------ -----------------
Outstanding at 30 June 2023 195,166,667 Stg 0.24 p
============ =================
On 30 June 2023, there were options outstanding over 195,166,667 (30 June 2022: 143,666,667 and 31 December 2022: 143,666,667) Ordinary Shares which are exercisable at prices ranging from Stg 0.09 pence to Stg 1.6 pence per share and which expire at various dates up to 30 January 2030.
Equity-settled warrants
No equity-settled warrants were granted in the period ended 30 June 2023. Equity-settled warrants granted in April 2021 with a two-year warrant life lapsed in April 2023. The fair value of the warrants amounting to EUR20,709 has been transferred to retained earnings.
Measure of fair values of warrants
The fair value of the warrants issued has been measured using the binomial lattice option pricing model. There are no service or non-market performance conditions attached to the arrangement and the warrants are considered to have vested immediately.
At 30 June 2023, the balance on the share-based payment reserve amounted to EUR386,005 (30 June 2022: EUR382,416 and 31 December 2022: EUR368,709).
16. Related party transactions
In accordance with International Accounting Standards 24 - Related Party Disclosures, transactions between group entities that have been eliminated on consolidation are not disclosed.
17. Post balance sheet events
On 26 July 2023, the Company announced a Placing Agreement for the issue of 909,090,014 new Ordinary Shares of EUR0.0001 each at a price of 0.055 pence each, raising GBP500,000 (EUR581,139) before transaction expenses and completed on 2 August 2023.
There were no other significant post balance sheet events which would require amendment to or disclosure in the half yearly financial statements.
18. Approval of financial statements
The half yearly financial statements were approved by the Board of Directors on 26 September 2023.
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END
IR BLGDCUBDDGXL
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September 27, 2023 02:00 ET (06:00 GMT)
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