TIDMGWMO

RNS Number : 4574N

Great Western Mining Corp. plc

30 September 2021

Great Western Mining Corporation PLC

("Great Western", "GWM" or the "Company")

Half Yearly Report and Unaudited Condensed Financial Statements

Financial Highlights:

   --      Loss for period EUR427,590 (30 June 2020: loss of EUR487,441 ) 
   --      Basic and diluted loss per share 0.0001 cent: (30 June 2020: 0.0004 cent) 
   --      Net assets at 30 June 2021: EUR8,711,124 (30 June 2020: EUR6,449,718) 
   --      Issue of new shares raised GBP1,085,400 ( EUR1,250,449) 
   --      Strong cash position at date of this report 

Operational Highlights:

   --      Completion of first ever drilling at the Rock House Group 

o Six holes drilled at the Southern Alteration Zone ("SAZ") totalling 1,685 feet (515 metres)

-- Completion of first-phase drilling programme for gold and silver at the Olympic Gold Project

o Eleven holes across four target areas

   --      Appointment of Gemma Cryan as a Non-Executive Director 

o Adding extensive background in mineral exploration and geology

-- Test results indicate gravity separation to be a viable production method for processing material from Mineral Jackpot spoil heaps

   --      51 spoil heaps now identified covering 14,000m(2) 

-- Consultant Metallurgist engaged to prepare specifications and detailed costing for proposed processing operations

Post period End:

   --      Results of Trafalgar Hill and West Ridge drilling programme 

o High grade intercepts of up to 8.90 grams/tonne gold achieved

o Drilling results support the potential for target expansion

   --      Rock House and Olympic Gold Drilling Results 

o Major gold breakthrough at Rock House in virgin territory

o Best intercepts of 8.02 grams gold per tonne and 2.29 grams gold per tonne

o Continuation of OMCO vein mineralisation identified at Olympic Gold east of faulted zone

Brian Hall, Executive Chairman, commented : "This was an extremely productive period for the Company as we made significant progress across a number of our projects, with drilling and subsequent results highlighting the potential for precious metals over our large portfolio of assets in Nevada. We are focused on fast-tracking the exploitation of precious metals to achieve early gold and silver sales and are well funded both to extend our drill programme and to finance the first phase of a processing plant for spoil heap material."

For Further Information:

 
 Great Western Mining Corporation PLC 
 Brian Hall, Chairman                       Via Walbrook PR 
 Max Williams, Finance Director 
 
 Davy (NOMAD, Euronext Growth Adviser 
  & Joint Broker) 
  John Frain                                +353 1 679 6363 
 
 Novum Securities (Joint Broker) 
  Jon Belliss                              +44 207 399 9400 
 
 ETX Capital (Joint Broker) 
  Thomas Smith                             +44 207 392 1494 
 
 Walbrook PR (PR advisers) 
  Nick Rome/Nicholas Johnson               +44 207 933 8783 
 

Interim Report

For the six months to 30 June 2021

Please find herewith Great Western Mining Corporation PLC's half year, unaudited financial statements for the period ended 30 June 2021. Great Western is a mineral exploration and development company which is not yet generating revenues and is therefore reporting a net loss for the period of EUR427,590 (30 June 2020: EUR487,441; 31 December 2020: EUR852,042), reflecting a reduction on administrative expenses over the comparative period. The Company has no borrowings or other debt beyond creditors in the normal course of business and at the period end, net current assets were EUR8.7 million.

During the period, the Company raised approximately GBP1.1 million cash through the issue of new shares, providing the flexibility to extend its exploration activity beyond its firm 2021 drilling programme.

The Company has a land position of approximately 60km(2) in the prolific Walker-Lane trend in Mineral County, Nevada where it has already established an inferred copper resource and is currently focusing its attention on the potential for commercial deposits of gold and silver. The Covid pandemic has created some challenges, particularly for Trans-Atlantic travel and availability of local labour, but the Company has generally been able to meet them successfully and proceed with its active exploration programme largely unhindered, with the finance in place to do so.

Drilling Operations

During the year to date, Great Western has completed a 17-hole, 3,000 metre drill programme in pursuit of precious metals, covering four separate prospects as well as sub-prospects. Although the Company has previously carried out extensive drilling for copper and established a copper resource, the 2021 drill programme is the first that it has undertaken specifically for precious metals and the results have been very encouraging.

Prospects drilled so far this year are: Trafalgar Hill (Olympic Gold Project), OMCO Mine Area and OMCO Mine Extension (Olympic Gold Project), West Hill (Olympic Gold Project) and Southern Alteration Zone (Rock House Group of Prospects) with best assay results of 8.90 grams/tonne Au at Trafalgar Hill and 8.02grams/tonne Au at the Southern Alteration Zone. All the prospects that have now been drilled merit follow-up drilling, plans for which are now firm but start of which will depend on rig availability in a currently very tight market.

In 2020, Great Western acquired an option to purchase the Olympic Gold Project for a total cost of $250,000 payable over 4 years together with a royalty over future production and the options of (1) prepaying to complete an earlier acquisition or (2) relinquishing at any time during the 4-year option period. In the 16 months since this agreement was signed, the Company has moved forward rapidly to explore the area and it has now become a core component of the asset portfolio, which the Board believes holds great potential for the Company. In May 2021, the Company paid the first anniversary option payment of $25,000 to extend the agreement for another year.

The Rock House Group had never been drilled until this year and its prospectivity was worked up by the Company's team based on satellite imagery, followed by soil sampling, trenching and desktop studies. As such this was quite high a risk venture but yielded reportable grades of gold in all six holes, with two holes delivering good grades.

The remaining phase 1 drill projects for this year, at Mineral Jackpot and the M4 copper prospect, depend on the availability of a track-mounted reverse circulation rig which the Company has identified, to overcome access problems.

Processing Operations

At the end of 2020 the Company produced a small doré bar from spoil heaps at one of the five old, abandoned gold and silver mines which make up the Mineral Jackpot Group, proving the viability of recovering precious metals from spoil heaps close to the Mineral Jackpot group of mines. As a result of further measurements during 2021, the number of spoil heaps identified has been increased to 51 and the estimate of the area covered by those spoil heaps increased to approximately 14,000m(2). A load of the same material was air-freighted to a specialised laboratory in the UK for a 4-month analysis which concluded that precious metals could most effectively be recovered via a relatively simple gravity processing method. A consultant metallurgist engaged by the Company has now provided detailed design and economics for this plant which will most likely be simplified to produce a concentrate for sale to a refinery, rather than pouring precious metals in a remote location with associated high security risks.

Surface samples from the spoil heaps are currently being analysed in a laboratory to verify the viability of the planned processing operation. An outstanding issue is the proposed upgrade of part of a mountain road which will enable a suitable rig to access the site for exploration drilling and the upgraded road but which would also enable delivery of material from spoil heaps for the proposed processing operations.

The Company also has access to significant tailings at the Olympic Gold Project, left over from producing operations at the OMCO Mine, together with a stockpile of material which has never been processed. Again, surface samples from the tailings are currently being analysed in a laboratory and a two-man portable rig will be used to drill the tailings in order to obtain more detailed assay results and to determine the volume of the heap. Initial indications suggest that a cyanide-leaching procedure could produce a profitable revenue stream for the Company from the tailings in the future, while the stockpile of unprocessed material could potentially be amalgamated with the Mineral Jackpot gravity separation project.

Gold mines take time to develop but the tailings, spoil heaps and stockpiles represent materials which have already been mined and Great Western is seeking to exploit these assets to achieve early revenues in the most effective and economical way.

Copper Projects

On the Black Mountain group of claims, the Company has already generated an inferred resource of 4.3 million tonnes copper at a grade of 0.45%, through approximately 5,000 metres of drilling. The Board considers that there is potential for a major copper porphyry on its claims but that it is too large a project for the Company to carry on its own. It is therefore actively seeking a larger partner to join this venture, with the financial and technical resources to take it to the next stage. At East Mine claims, which have been identified as another potential copper target, the Company is waiting on contractor availability to conduct an induced polarisation survey.

Other exploration activities

During the period, the Company completed a magnetometer survey over the accessible part of Mineral Jackpot and has located a drone survey company to conduct an aerial magnetometer survey over the less accessible portion of the acreage. The drone survey, merged with the land-based magnetometer survey already completed, will provide a greatly enhanced picture of the various prospects at Mineral Jackpot.

Corporate

Earlier this month Great Western held an Investor-meet-Company online session to ensure better shareholder engagement and this means of communication is expected to be repeated. The session was based around an updated Company presentation which is available on www.greatwesternmining.com. The presentation sets out not only the work currently in progress but also contains an appendix which describes all the Company's inventory of multiple prospects for gold, silver and copper, including those on which work has yet to commence.

The Company is pleased to welcome Ms. Gemma Cryan to the Board as a non-executive director, an experienced Mineral Exploration Geologist who serves as Geology Manager at Greatland Gold PLC and is an executive director at Starvest PLC, a mining investment company. As the Company has a small team, the strong support of the non-executive directors is invaluable to management and during the short time Gemma Cryan has been with the Company, she has already made an important contribution to its activities.

Looking ahead, the next phase of drilling is ready to start as soon as suitable rigs become available in the current tight market post-Covid. Plans will be developed for processing existing mined materials as soon as possible, with updates being provided as milestones are reached.

The Board would like to thank shareholders for their continuing support and will ensure that regular communications are provided around significant developments.

Unaudited Condensed Consolidated Income Statement

For the six months to 30 June 2021

 
                                      Notes           Unaudited           Unaudited             Audited 
                                                     six months          six months                year 
                                                          ended               ended               ended 
                                                         30 Jun              30 Jun              31 Dec 
                                                           2021                2020                2020 
                                                            EUR                 EUR                 EUR 
 Continuing operations 
 Administrative expenses                              (427,703)           (487,621)           (852,270) 
 Finance income                         4                   113                 180                 228 
                                             ------------------  ------------------  ------------------ 
 Loss for the period before 
  tax                                                 (427,590)           (487,441)           (852,042) 
 
 Income tax expense                     5                     -                   -                   - 
                                             ------------------  ------------------  ------------------ 
 Loss for the financial period                        (427,590)           (487,441)           (852,042) 
 
 Loss attributable to: 
 Equity holders of the Company          3             (427,590)           (487,441)           (852,042) 
                                             ==================  ==================  ================== 
 
 
 Loss per share from continuing 
  operations 
 Basic and diluted loss per 
  share (cent)                          6              (0.0001)            (0.0004)             (0.001) 
                                             ==================  ==================  ================== 
 

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 2021

 
                                        Notes       Unaudited       Unaudited 
                                                   six months      six months          Audited 
                                                        ended           ended       year ended 
                                                       30 Jun          30 Jun           31 Dec 
                                                         2021            2020             2020 
                                                          EUR             EUR              EUR 
 
 Loss for the financial period                      (427,590)       (487,441)        (852,042) 
 
 Other comprehensive income 
 Items that are or may be reclassified 
  to profit or loss: 
 Currency translation differences                     183,588          17,507        (512,730) 
                                                 ------------  --------------  --------------- 
                                                      183,588          17,507        (512,730) 
 Total comprehensive expense for the 
  financial period 
 attributable to equity holders of 
  the Company                                       (244,002)       (469,934)      (1,364,772) 
                                                 ============  ==============  =============== 
 

Unaudited Condensed Consolidated Statement of Financial Position

For the six months to 30 June 2021

 
                                     Notes      Unaudited      Unaudited 
                                               six months     six months          Audited 
                                                    ended          ended       year ended 
                                                   30 Jun         30 Jun           31 Dec 
                                                     2021           2020             2020 
 Assets                                               EUR            EUR              EUR 
  Non-current assets 
   Property, plant and equipment       9           68,781         73,999           66,612 
   Intangible assets                  10        6,448,102      6,159,987        5,898,940 
                                            -------------  -------------  --------------- 
  Total non-current assets                      6,516,883      6,233,986        5,965,552 
 
  Current assets 
   Trade and other receivables         8          263,982         77,557           99,904 
   Cash and cash equivalents           9        2,714,948        430,952        2,287,172 
                                            -------------  -------------  --------------- 
  Total current assets                          2,978,930        508,509        2,387,076 
 
 Total assets                                   9,495,813      6,742,495        8,352,628 
                                            =============  =============  =============== 
 
 
 Equity 
  Capital and reserves 
   Share capital                      12          357,751        165,796          307,071 
   Share premium                      12       13,572,027     10,271,969       12,543,606 
   Share based payment reserve                    294,132        515,561          559,420 
   Foreign currency translation 
    reserve                                       204,761        551,410           21,173 
   Retained earnings                          (5,717,547)    (5,055,018)      (5,511,645) 
                                            -------------  -------------  --------------- 
  Attributable to owners of 
   the Company                                  8,711,124      6,449,718        7,919,625 
 
 Total equity                                   8,711,124      6,449,718        7,919,625 
 
 Liabilities 
  Current liabilities 
   Trade and other payables           11          784,689        292,777          433,003 
                                            -------------  -------------  --------------- 
  Total current liabilities                       784,689        292,777          433,003 
 
 Total liabilities                                784,689        292,777          433,003 
 
 Total equity and liabilities                   9,495,813      6,742,495        8,352,628 
                                            =============  =============  =============== 
 

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2021

 
                     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 2020                           112,205           9,687,151             435,962             533,903         (4,535,134)       6,234,087 
 
 Comprehensive 
 income for 
 the period 
   Loss for the period                         -                   -                   -                   -           (487,441)       (487,441) 
   Currency translation 
    differences                                -                   -                   -              17,507                   -          17,507 
                              ------------------  ------------------  ------------------  ------------------  ------------------  -------------- 
  Total comprehensive 
   income for the 
   period                                      -                   -                   -              17,507           (487,441)       (469,934) 
 
 Transactions with owners, 
 recorded 
 directly in equity 
   Shares issued                          53,591             584,818                   -                   -            (32,443)         605,966 
   Share options charge                        -                   -              79,599                   -                   -          79,599 
  Total 
  transactions 
  with owners, 
  recorded 
                              ------------------  ------------------  ------------------  ------------------  ------------------  -------------- 
  directly in 
   equity                                 53,591             584,818              79,599                   -            (32,443)         685,565 
 
 Balance at 30 
  June 2020                              165,796          10,271,969             515,561             551,410         (5,055,018)       6,449,718 
                              ==================  ==================  ==================  ==================  ==================  ============== 
 

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2021

 
                     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 2020                              165,796          10,271,969             515,561             551,410         (5,055,018)          6,449,718 
 
 Comprehensive 
 income for 
 the period 
   Loss for the period                         -                   -                   -                   -           (364,601)          (364,601) 
   Currency translation 
    differences                                -                   -                   -           (530,237)                   -          (530,237) 
                              ------------------  ------------------  ------------------  ------------------  ------------------  ----------------- 
  Total comprehensive 
   income for the 
   period                                      -                   -                   -           (530,237)           (364,601)          (894,838) 
 
 Transactions with owners, 
 recorded 
 directly in equity 
   Shares issued                         141,275           2,096,103                   -                   -           (108,047)          2,129,331 
   Share warrants granted                      -                   -              25,521                   -            (25,521)                  - 
   Share warrants exercised                    -             175,534            (11,815)                   -                   -            163,719 
   Share warrants terminated                                       -            (41,542)                   -              41,542                  - 
   Share options charge                        -                   -              71,695                   -                   -             71,695 
  Total 
  transactions 
  with owners, 
  recorded 
                              ------------------  ------------------  ------------------  ------------------  ------------------  ----------------- 
  directly in 
   equity                                141,275           2,271,637              43,859                   -            (92,026)          2,364,745 
 
 Balance at 31 
  December 2020                          307,071          12,543,606             559,420              21,173         (5,511,645)          7,919,625 
                              ==================  ==================  ==================  ==================  ==================  ================= 
 

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2021

 
                     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 2021                           307,071          12,543,606             559,420              21,173         (5,511,645)       7,919,625 
 
 Comprehensive 
 income for 
 the period 
   Loss for the period                         -                   -                   -                   -           (427,590)       (427,590) 
   Currency translation 
    differences                                -                   -                   -             183,588                   -         183,588 
                              ------------------  ------------------  ------------------  ------------------  ------------------  -------------- 
  Total comprehensive 
   income for the 
   period                                      -                   -                   -             183,588           (427,590)       (244,002) 
 
 Transactions with owners, 
 recorded 
 directly in equity 
   Shares issued                          50,680           1,028,421                   -                   -            (69,206)       1,009,895 
   Share warrants granted                      -                   -              20,709                   -            (20,709)               - 
   Share options exercised                     -                   -             (4,777)                   -               4,777               - 
   Share options reserve 
    transfer                                   -                   -           (306,826)                   -             306,826               - 
   Share options charge                        -                   -              25,606                   -                   -          25,606 
  Total 
  transactions 
  with owners, 
  recorded 
                              ------------------  ------------------  ------------------  ------------------  ------------------  -------------- 
  directly in 
   equity                                 50,680           1,028,421           (265,288)                   -             221,688       1,035,501 
 
 Balance at 30 
  June 2021                              357,751          13,572,027             294,132             204,761         (5,717,547)       8,711,124 
                              ==================  ==================  ==================  ==================  ==================  ============== 
 

Unaudited Condensed Consolidated Statement of Cash Flows

For the six months to 30 June 2021

 
                                     Notes         Unaudited                  Unaudited          Audited 
                                                  six months                 six months           period 
                                                       ended                      ended            ended 
                                                      30 Jun                     30 Jun           31 Dec 
                                                        2021                       2020             2020 
                                                         EUR                        EUR              EUR 
 Cash flows from operating 
  activities 
   Loss for the period                             (427,590)                  (487,441)        (852,042) 
 
  Adjustments for: 
   Depreciation                                            -                      2,803            3,733 
   Interest receivable and 
    similar income                                     (113)                      (180)            (228) 
   Movement in trade and 
    other receivables                              (164,078)                     17,386          (4,961) 
   Movement in trade and 
    other payables                                    56,619                   (57,657)         (72,067) 
   Equity settled share-based 
    payment                                           25,606                     79,599          151,294 
                                            ----------------  -------------------------  --------------- 
  Net cash flows from operating 
   activities                                      (509,556)                  (445,490)        (774,271) 
 
 Cash flow from investing 
  activities 
   Expenditure on intangible 
    assets                                         (263,497)                   (35,393)        (196,982) 
   Interest received                                     113                        180              228 
                                            ----------------  -------------------------  --------------- 
  Net cash from investing 
   activities                                      (263,384)                   (35,213)        (196,754) 
 
 Cash flow from financing 
  activities 
   Proceeds from the issue 
    of new shares                                  1,250,449                    638,409        3,130,705 
   Commission paid from the 
    issue of new shares                             (69,206)                   (32,443)        (140,490) 
                                            ----------------  -------------------------  --------------- 
  Net cash from financing 
   activities                                      1,181,243                    605,966        2,990,215 
 
 Increase in cash and cash 
  equivalents                                        408,303                    125,263        2,019,190 
 
 Exchange rate adjustment 
  on cash and 
 cash equivalents                                     19,473                      (986)         (38,693) 
 
 Cash and cash equivalents 
  at beginning 
 of the period                        10           2,287,172                    306,675          306,675 
 
 Cash and cash equivalents 
  at end of 
 the period                           10           2,714,948                    430,952        2,287,172 
                                            ================  =========================  =============== 
 
 

Unaudited Notes to the Condensed Financial Statements

For the six months to 30 June 2021

   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 2021 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 29 September 2021.

Basis of preparation

The half yearly financial statements for the six months ended 30 June 2021 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 2020 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 2020 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 2020. 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 based payments 
   --          Note 14 - Share warrants - financial liability 

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 7 - Property, plant and equipment; consideration of impairment 
   --          Note 8 - Intangible asset; consideration of impairment 
   --          Note 11 - Trade and other payables - 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 2021, 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 half-year ended 30 June 2021. As the Group is not generating revenues, an operating loss is expected for the next twelve months. However at the balance sheet date, the Group had cash and cash equivalents amounting to EUR2.71 million which includes approximately EUR1.18 million raised in the period which the Board considers will enable the Group to meet continuing operating expenditure and the planned work programme.

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 claims interests in Nevada can be assisted if necessary by raising additional capital or from future revenues. The Directors have taken into consideration the Company's successful completion of placings and the exercise of warrants by warrant holders during 2020 and 2021 to provide additional cash resources.

The Directors have concluded that the Group will have sufficient resources to continue as a going concern for the period of assessment period of not less than 12 months from the date of approval of the unaudited condensed consolidated financial statements without material uncertainties. Accordingly, the unaudited condensed consolidated financial 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 are disclosed under "Corporate Activities" which 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.

It is the opinion of the Directors, therefore, that the Group has only one reportable segment under IFRS 8 'Operating Segments', which is exploration carried out in Nevada. 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.

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 2021    30 Jun 2020     31 Dec 2020 
                                       EUR            EUR             EUR 
 
 Exploration activities - 
  Nevada                           (5,382)        (8,598)        (12,865) 
 Corporate activities            (422,208)      (478,843)       (839,177) 
                             -------------  -------------  -------------- 
 Consolidated loss before 
  tax                            (427,590)      (487,441)       (852,042) 
                             =============  =============  ============== 
 
 

Segment assets

 
                                  Unaudited      Unaudited 
                                   6 months       6 months         Audited 
                                      ended          ended      year ended 
                                30 Jun 2021    30 Jun 2020     31 Dec 2020 
                                        EUR            EUR             EUR 
 
 Exploration activities - 
  Nevada                          6,986,794      6,287,461       6,615,904 
 Corporate activities             2,509,019        455,034       2,036,724 
                              -------------  -------------  -------------- 
 Consolidated total assets        9,495,813      6,742,495       8,352,628 
                              =============  =============  ============== 
 
 

Segment liabilities

 
                                       Unaudited      Unaudited 
                                        6 months       6 months         Audited 
                                           ended          ended      year ended 
                                     30 Jun 2021    30 Jun 2020     31 Dec 2020 
                                             EUR            EUR             EUR 
 
 Exploration activities - 
  Nevada                                 225,372          4,111          86,571 
 Corporate activities                    559,317        288,666         346,432 
                                   -------------  -------------  -------------- 
 Consolidated total liabilities          784,689        292,777         433,003 
                                   =============  =============  ============== 
 
 

The Group operates in three principal geographical areas - Republic of Ireland (country of residence of Great Western Mining Corporation PLC), Nevada, U.S.A. (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 2021    30 Jun 2020     31 Dec 2020 
                                              EUR            EUR             EUR 
 
 Nevada - exploration activities        6,516,883      6,233,986       5,965,552 
 Republic of Ireland                            -              -               - 
 United Kingdom                                 -              -               - 
                                    -------------  -------------  -------------- 
                                        6,516,883      6,233,986       5,965,552 
                                    =============  =============  ============== 
 
   4.         Finance income 
 
                                 Unaudited      Unaudited 
                                  6 months       6 months         Audited 
                                     ended          ended      year ended 
                               30 Jun 2021    30 Jun 2020     31 Dec 2020 
                                       EUR            EUR             EUR 
 
 Bank interest receivable              113            180             228 
                             -------------  -------------  -------------- 
                                       113            180             228 
                             =============  =============  ============== 
 
   5.         Income tax 

The Group has not provided any tax charge for the six months periods ended 30 June 2021 and 30 June 2020 or the year ended 31 December 2020. 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 2021       30 Jun 2020       31 Dec 2020 
                                             EUR               EUR               EUR 
 
 Loss for the period                   (427,590)         (487,441)         (852,042) 
                                ================  ================  ================ 
 
 Number of ordinary shares 
  at start of period               3,070,714,550     1,122,055,459     1,122,055,459 
 Number of ordinary shares 
  issued during the period           506,795,455       535,909,091     1,948,659,091 
                                ----------------  ----------------  ---------------- 
 Number of ordinary shares 
  at end of period                 3,577,510,005     1,657,964,550     3,070,714,550 
                                ================  ================  ================ 
 
 Weighted average number 
  of ordinary shares for the 
  purposes of basic earnings 
  per share                        3,458,536,520     1,365,161,520     1,844,253,806 
                                ================  ================  ================ 
 
 Basic loss per ordinary 
  share (cent)                          (0.0001)          (0.0004)           (0.001) 
                                ================  ================  ================ 
 

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 2021    30 Jun 2020     31 Dec 2020 
                                       EUR            EUR             EUR 
 Cost 
 Opening cost                       86,432         94,410          94,410 
 Exchange rate adjustment            2,814            303         (7,978) 
                             -------------  -------------  -------------- 
                                    89,246         94,713          86,432 
 
 Depreciation 
 Opening depreciation               19,820         17,854          17,854 
 Charge for period                       -          2,803           3,733 
 Exchange rate adjustment              645             57         (1,767) 
                             -------------  -------------  -------------- 
                                    20,465         20,714          19,820 
 Net book value 
                             -------------  -------------  -------------- 
 Opening net book value             66,612         76,556          76,556 
 
 Closing net book value             68,781         73,999          66,612 
                             =============  =============  ============== 
 
   8.         Intangible assets 
 
                                    Unaudited      Unaudited 
                                     6 months       6 months         Audited 
                                        ended          ended      year ended 
                                  30 Jun 2021    30 Jun 2020     31 Dec 2020 
                                          EUR            EUR             EUR 
 Cost 
 Opening cost                       5,898,940      6,106,347       6,106,347 
 Additions                            368,557         35,393         196,982 
 Increase in decommissioning 
  cost                                  4,969              -          75,287 
 Exchange rate adjustment             175,636         18,247       (479,676) 
                                -------------  -------------  -------------- 
                                    6,448,102      6,159,987       5,898,940 
 
 Amortisation 
 Opening amortisation                       -              -               - 
 Charge for period                          -              -               - 
 Exchange rate adjustment                   -              -               - 
                                -------------  -------------  -------------- 
                                            -              -               - 
 Net book value 
                                -------------  -------------  -------------- 
 Opening net book value             5,898,940      6,106,347       6,106,347 
 
 Closing net book value             6,448,102      6,159,987       5,898,940 
                                =============  =============  ============== 
 

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 the requirements of 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 also considered other factors in assessing potential impairment including cash available to the Group, commodity prices and markets, taxation and regulatory regime, access to equipment and services and the impact of Covid-19 restrictions. The Directors are satisfied that no impairment is required as at 30 June 2021. 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. 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 2021    30 Jun 2020     31 Dec 2020 
                                         EUR            EUR             EUR 
 Amounts falling die within 
  one year: 
 Other debtors                       191,782         30,453          61,399 
 Prepayments                          72,200         47,104          38,505 
                               -------------  -------------  -------------- 
                                     263,982         77,557          99,904 
                               =============  =============  ============== 
 
 

All amounts above are current and there have been no impairment losses during the period (30 June 2019: EURNil, 31 December 2020: 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 2021    30 Jun 2020     31 Dec 2020 
                                       EUR            EUR             EUR 
 
 Cash in bank and in hand          355,498         29,585         307,658 
 Short term bank deposits        2,359,450        401,367       1,979,514 
                             -------------  -------------  -------------- 
                                 2,714,948        430,952       2,287,172 
                             =============  =============  ============== 
 
 
   11.       Trade and other payables 
 
                                   Unaudited      Unaudited 
                                    6 months       6 months         Audited 
                                       ended          ended      year ended 
                                 30 Jun 2021    30 Jun 2020     31 Dec 2020 
                                         EUR            EUR             EUR 
 Amounts falling die within 
  one year: 
 Trade payables                       50,773         24,439           8,285 
 Other payables                        3,995            755             670 
 Accruals                            196,093         58,267          80,235 
 Other taxation and social 
  security                            12,880          8,862          12,872 
 Share warrant provision             440,691        164,396         255,654 
 Share option provision                    -         36,058               - 
 Decommissioning provision            80,257              -          75,287 
                               -------------  -------------  -------------- 
                                     784,689        292,777         433,003 
                               =============  =============  ============== 
 
 

The Group has financial risk management policies in place to ensure that payables are paid within the pre-agreed credit terms.

   12.       Share capital 
 
                                    No of shares   Value of shares 
                                                               EUR 
 Authorised at 1 January 2020      2,700,000,000           270,000 
 Authorised at 30 June 2020        2,700,000,000           270,000 
                                  ==============  ================ 
 
 Authorised at 1 July 2020         2,700,000,000           270,000 
  Increase in authorised share 
   capital                         2,300,000,000           230,000 
                                  --------------  ---------------- 
 Authorised at 1 December 2020     5,000,000,000           500,000 
                                  ==============  ================ 
 
 Authorised at 1 January 2021      5,000,000,000           500,000 
  Increase in authorised share 
   capital                         2,000,000,000           200,000 
                                  --------------  ---------------- 
 Authorised at 30 June 2021        7,000,000,000           700,000 
                                  ==============  ================ 
 
 
 
                                  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 2020            1,122,055,459     112,205    9,687,151    9,799,356 
 Ordinary shares issued         535,909,091      53,591      584,818      638,409 
                             --------------  ----------  -----------  ----------- 
 At 30 June 2020              1,657,964,550     165,796   10,271,969   10,437,765 
                             ==============  ==========  ===========  =========== 
 
 Issued, called up 
  and fully paid: 
 At 1 July 2020               1,657,964,550     165,796   10,271,969   10,437,765 
 Ordinary shares issued       1,000,000,000     100,000    1,379,386    1,479,386 
 Ordinary shares issued 
  on exercise of warrants       412,750,000      41,275      716,717      757,992 
 Released on exercise 
  of warrants                             -           -      175,534      175,534 
                             --------------  ----------  -----------  ----------- 
 At 31 December 2020          3,070,714,550     307,071   12,543,606   12,850,677 
                             ==============  ==========  ===========  =========== 
 
 Issued, called up 
  and fully paid: 
 At 1 January 2021            3,070,714,550     307,071   12,543,606   12,850,677 
 Ordinary shares issued         454,545,455      45,455      916,611      962,066 
 Ordinary shares issued 
  on exercise of warrants        46,250,000       4,625       86,203       90,828 
 Ordinary shares issued 
  on exercise of options          6,000,000         600        5,591        6,191 
 Released on exercise 
  of warrants                             -           -       20,016       20,016 
                             --------------  ----------  -----------  ----------- 
 At 30 June 2021              3,577,510,005     357,751   13,572,027   13,929,778 
                             ==============  ==========  ===========  =========== 
 
 

On 5 February 2020, the Company completed a placing of 12,500,000 new ordinary shares of EUR0.0001 at a price of GBP0.0011 (EUR0.0013) per ordinary share, raising gross proceeds of GBP13,750 (EUR16,283) and increasing share capital by EUR1,250. The premium arising on the issue amounted to EUR15,033.

On 12 March 2020, the Company completed a placing of 290,909,091 new ordinary shares of EUR0.0001 at a price of GBP0.0011 (EUR0.0012) per ordinary share, raising gross proceeds of GBP320,000 (EUR361,080) and increasing share capital by EUR29,091. The premium arising on the issue amounted to EUR331,989.

On 3 June 2020, the Company completed a placing of 217,500,000 new ordinary shares of EUR0.0001 at a price of GBP0.0010 (EUR0.0011) per ordinary share, raising gross proceeds of GBP217,500 (EUR244,204) and increasing share capital by EUR21,750. The premium arising on the issue amounted to EUR222,454. In addition, on 3 June 2020, the Company issued 15,000,000 new ordinary shares of EUR0.0001 at the placing price of GBP0.0010 for services provided to the Company. The issue increased share capital by EUR1,500 and share premium by EUR15,342.

On 30 July 2020, the Company completed a placing of 450,000,000 new ordinary shares of EUR0.0001 at a price of GBP0.0010 (EUR0.0011) per ordinary share, raising gross proceeds of GBP450,000 (EUR498,516) and increasing share capital by EUR45,000. The premium arising on the issue amounted to EUR368,519. The share issue included warrants granted giving the right to acquire 225,000,000 Ordinary shares of EUR0.0001 at an exercise price of GBP0.0020 with a fair value of EUR84,997. Details of issues of shares during the period ended 30 June 2021 arising from the exercise of these warrants are detailed within this note.

On 24 September 2020, the Company completed the issue of 50,000,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in November 2019. The exercise price was GBP0.0016 (EUR0.0018) per ordinary share, raising gross proceeds of GBP80,000 (EUR87,692) and increasing share capital by EUR5,000. The premium arising on the issue amounted to EUR82,692.

On 28 September 2020, the Company completed the issue of 200,000,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in November 2019. The exercise price was GBP0.0016 (EUR0.0018) per ordinary share, raising gross proceeds of GBP320,000 (EUR353,560) and increasing share capital by EUR20,000. The premium arising on the issue amounted to EUR333,560.

On 8 October 2020, the Company completed the issue of 27,000,000 new ordinary shares following the exercise of broker warrants granted in conjunction with the placing in July 2020. The exercise price was GBP0.0010 (EUR0.0011) per ordinary share, raising gross proceeds of GBP27,000 (EUR29,659) and increasing share capital by EUR2,700. The premium arising on the issue amounted to EUR26,959. In addition the Company issued 10,000,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in July 2020. The exercise price was GBP0.0020 (EUR0.0011) per ordinary share, raising gross proceeds of GBP20,000 (EUR21,969) and increasing share capital by EUR1,000. The premium arising on the issue amounted to EUR20,969.

On 14 October 2020, the Company completed the issue of 25,000,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in July 2020. The exercise price was GBP0.0020 (EUR0.0022) per ordinary share, raising gross proceeds of GBP50,000 (EUR55,313) and increasing share capital by EUR2,500. The premium arising on the issue amounted to EUR52,813.

On 30 October 2020, the Company completed the issue of 31,250,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in November 2019. The exercise price was GBP0.0016 (EUR0.0018) per ordinary share, raising gross proceeds of GBP50,000 (EUR55,427) and increasing share capital by EUR3,125. The premium arising on the issue amounted to EUR52,302.

On 3 November 2020, the Company completed the issue of 69,500,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in July 2020. The exercise price was GBP0.0020 (EUR0.0022) per ordinary share, raising gross proceeds of GBP139,000 (EUR154,372) and increasing share capital by EUR6,950. The premium arising on the issue amounted to EUR147,422.

On 24 November 2020, the Company completed a placing of 550,000,000 new ordinary shares of EUR0.0001 at a price of GBP0.0020 (EUR0.0022) per ordinary share, raising gross proceeds of GBP1,100,000 (EUR1,235,788) and increasing share capital by EUR55,000. The premium arising on the issue amounted to EUR1,010,867. The share issue included warrants granted giving the right to acquire 275,000,000 Ordinary shares of EUR0.0001 at an exercise price of GBP0.0030 with a fair value of EUR169,921, which remain unexercised at period end 30 June 2021.

On 21 January 2021, the Company completed the issue of 15,000,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in July 2020. The exercise price was GBP0.0020 (EUR0.0023) per ordinary share, raising gross proceeds of GBP30,000 (EUR33,850) and increasing share capital by EUR1,500. The premium arising on the issue amounted to EUR32,350.

On 12 February 2021, the Company completed the issue of 31,250,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in November 2019. The exercise price was GBP0.0016 (EUR0.0018) per ordinary share, raising gross proceeds of GBP50,000 (EUR56,978) and increasing share capital by EUR3,125. The premium arising on the issue amounted to EUR53,853.

On 15 February 2021, the Company completed the issue of 6,000,000 new ordinary shares following the exercise of options granted in April 2020. The exercise price was GBP0.0009 (EUR0.0010) per ordinary share, raising gross proceeds of GBP5,400 (EUR6,191) and increasing share capital by EUR600. The premium arising on the issue amounted to EUR5,591.

On 13 April 2021, the Company completed a placing of 454,545,455 new ordinary shares of EUR0.0001 at a price of GBP0.0022 (EUR0.0025) per ordinary share, raising gross proceeds of GBP1,000,000 (EUR1,153,429) and increasing share capital by EUR45,455. The premium arising on the issue amounted to EUR916,610. The share issue included warrants granted giving the right to acquire 227,272,727 Ordinary shares of EUR0.0001 at an exercise price of GBP0.0030 with a fair value of EUR191,364, which remain unexercised at period end 30 June 2021.

Transaction expenses including commission arising on the issue of new shares amounted to EUR69,206 during the year (30 June 2020: EUR32,443 and 31 December 2020: EUR140,490). A total of EUR175,534 was released from the share warrant financial liability following the exercise of warrants during the year ended 31 December 2020.

   13.       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.

Options are granted at market price, in accordance with the rules, with reference to the average closing price for the ten dealing days prior to the grant of options. Options granted prior to 2020 vest if the option holder remains in service for three years from the date of grant. Options granted in 2020 vest immediately. All options expire at a date seven years after their date of grant.

Measure of fair values of options

No options were granted In the six months ended 30 June 2021. The fair values of options granted in the comparative periods in accordance with the terms of the Share Option Plan 2014 were calculated using the following inputs into the binomial option-pricing model:

 
                               22 April 2020 
 
 Fair value at grant date          Stg 0.070 
                                           p 
 Share price at grant date         Stg 0.095 
                                           p 
 Exercise price                    Stg 0.090 
                                           p 
 Number of options granted        47,000,000 
 Expected volatility                    137% 
 Expected life                       7 Years 
 Expected dividend                        0% 
 Risk free interest rate                0.1% 
 

During the period an expense of EUR25,606 (30 June 2020: EUR79,599 and 31 December 2020: EUR151,294) was recognised in the statement of profit and loss related to share options vesting during the period. An amount of EUR4,777 was released from the share options reserve to retained earnings on the exercise of 6,000,000 options granted in April 2020. An amount of EUR306,826 was released from the share options reserve to retained earnings on the termination of certain options.

On 30 June 2021, there were options outstanding over 67,666,67 (30 June 2020: 112,000,000 and 31 December 2020: 112,000,000) 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 22 April 2027.

Equity-settled warrants

In July 2020, the Group granted warrants to Novum Securities Limited in connection with a share placing. 27,000,000 warrants were granted exercisable at GBP0.0010 (EUR0.0011) each with immediate vesting and a contractual life of 2 years.

In November 2020, the Group granted warrants to Monecor (London) Limited in connection with a share placing. 20,000,000 warrants were granted exercisable at GBP0.0020 (EUR0.0022) each with immediate vesting and a contractual life of 2 years.

In April 2021, the Group granted warrants to Novum Securities Limited in connection with a share placing. 22,727,272 warrants were granted exercisable at GBP0.0022 (EUR0.0025) each with immediate vesting and a contractual life of 2 years.

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.

The inputs used in the measurement of the fair values at grant date of the warrants were as follows:

 
                                  Apr 2021     Nov 2020     Jul 2020 
 
 Fair value at grant date        EUR0.0009    EUR0.0007    EUR0.0004 
 Share price at grant date       EUR0.0029    EUR0.0022    EUR0.0014 
 Exercise price                  EUR0.0022    EUR0.0022    EUR0.0011 
 Number of warrants granted     22,727,272   20,000,000   27,000,000 
 Sub-optimal exercise factor          1.5x         1.5x         1.5x 
 Expected volatility                  109%         112%         120% 
 Expected life                     2 Years      2 Years      2 Years 
 Expected dividend                      0%           0%           0% 
 Risk free interest rate              0.1%         0.1%         0.1% 
 

In October 2020, the warrants over 27,000,000 shares granted in July 2020 were exercised and the amount of EUR11,816 released from the share-based payment reserve to share premium.

In July 2020, warrants granted in July 2017 over 4,687,500 shares lapsed unexercised and an amount of EUR41,542 released from the share-based payment reserve to retained earnings.

At 30 June 2021, the balance on the share-based payment reserve amounted to EUR605,735 (30 June 2020: EUR515,561 and 31 December 2020: EUR559,420).

   14.       Share warrants - financial liability 

Warrants granted during the year

In July 2020, the Group granted warrants in connection with a share placing. 225,000,000 warrants were granted exercisable at GBP0.0020 each with immediate vesting and a contractual life of 2 years.

In November 2020, the Group granted warrants in connection with a share placing. 275,000,000 warrants were granted exercisable at GBP0.0030 each with immediate vesting and a contractual life of 2 years.

In March 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.

No warrants were granted during the period ending 30 June 2020. In November 2019, the Group granted warrants in connection with a share placing. 375,000,000 warrants were granted exercisable at GBP0.0016 (EUR0.0019) each with immediate vesting and a contractual life of 3 years. The inputs used in the measurement of the fair values at grant date of the warrants were as follows:

Measure of fair values of warrants

The fair value of the warrants issued has been measured using the binomial 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.

The inputs used in the measurement of the fair values at grant date of the warrants were as follows:

 
                                   Apr 2021      Nov 2020      Jul 2020 
 
 Fair value at grant date         GBP0.0007     GBP0.0006     GBP0.0004 
 Share price at grant date        GBP0.0025     GBP0.0020     GBP0.0012 
 Exercise price                   GBP0.0030     GBP0.0030     GBP0.0020 
 Number of warrants granted     227,272,727   275,000,000   225,000,000 
 Sub-optimal exercise factor           1.5x          1.5x          1.5x 
 Expected volatility                   109%          112%          120% 
 Expected life                      2 Years       2 Years       2 Years 
 Expected dividend                       0%            0%            0% 
 Risk free interest rate               0.1%          0.1%          0.1% 
 

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.

   13.       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.

   14.       Events after the reporting date 

There were no significant post balance sheet events which would require amendment to or disclosure in the half yearly financial statements.

   15.       Approval of financial statements 

The half yearly financial statements were approved by the Board of Directors on 29 September 2021.

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September 30, 2021 02:00 ET (06:00 GMT)

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