TIDMGWMO
RNS Number : 6025J
Great Western Mining Corp. plc
28 April 2022
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2021
Great Western Mining Corporation PLC (AIM - GWMO, Euronext
Growth - 8GW), which is exploring and developing multiple
early-stage gold, silver and copper targets in Nevada, USA,
announces its results for the year ended 31 December 2021. The
Company is in the exploration, appraisal and development phase and
currently has no revenues.
Financial Highlights:
-- Loss for year EUR535,960 (2020: loss of EUR852,042)
-- Basic and diluted loss per share 0.001 (cent): (2020: 0.001 cent)
-- Net assets at year-end: EUR8.9 million (2020: EUR7.9 million)
-- Cash at 31 December 2021: EUR2.0 million (2020: EUR2.3 million)
Operational Highlights
-- Successful first drilling for gold and silver at Olympic Gold and Rock House
o Best recorded gold grade of over 8 grams/ton
-- Metallurgical testing proved commercial potential of multiple spoil heaps results
-- Analysis and augering of OMCO Mine tailings indicated
commercial potential for recovery of gold
o High grades exist throughout the tailings volume
o The tailings were found to be thicker than expected.
-- Successful Pilot Gravity and Bottle Roll testing on Mineral
Jackpot Spoil and OMCO Tailings
-- Ground magnetometer surveys conducted at Mineral Jackpot
-- Copper potential enhanced at Eastside Mine by IP survey
-- Reconnaissance mapping carried out at Huntoon
-- Appointment of Exploration Manager
Post Period End
-- Completed road upgrade to Mineral Jackpot now provides access
for drill rig and spoil heap recovery
o Enabling 20-ton trucks to carry spoil material and for
drilling units to explore and appraise the area
-- Further augering samples on OMCO tailings currently being assayed
-- Mineral Jackpot sampling results indicated broad distribution of mineralised material
o Positioned for next phase of commercialising this significant
asset
-- Magnetometry and orthophoto drone surveys at Mineral Jackpot,
Huntoon, Jack Springs and Tun
-- Orthophoto drone survey over the OMCO tailings for better volume calculations
Brian Hall, Executive Chairman, commented: "In 2021 we launched
our first drilling campaign expressly for gold and silver with
highly encouraging results at both the Rock House Group, never
previously drilled or exploited, and the Olympic Gold Project, over
which we acquired a purchase option in 2020. This was a very busy
period for the Company, during which we made significant progress
across our portfolio. Importantly, in addition to enhancing the
prospectivity of the region, we made significant strides in proving
our ability to move towards a production-led model. During 2022 we
are continuing our drill programme - and expect to make strong
progress on our project for secondary recovery of gold and silver
from mine tailings and ancient spoil heaps."
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Adviser
& Joint Broker)
John Frain +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
Walbrook PR (PR advisers)
Nick Rome +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2021
Dear Shareholder,
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 of
EUR535,960 for the year ended 31 December 2021 (2020 EUR852,042).
At the end of the year Great Western's net assets were EUR8,945,631
(2020: EUR7,919,625) with no debt apart from trade creditors in the
normal course of business.
Your Company made strong progress in 2021, launching its first
ever drilling campaign aimed specifically at gold and silver. A
maiden reverse circulation (RC) drill programme of six holes in the
Southern Alteration Zone at the Rock House Group (RH) yielded good
grades of gold, the best recording over 8 grams/ton. In 2020 Great
Western secured an option to purchase the 800 acre Olympic Gold
Project in Mineral County, about 50 miles east of the existing
claim groups. Olympic Gold historically hosted the OMCO Mine which
produced gold at grades of around 25 grams/ton until the 1940s and
includes several other prospects which have only been lightly
drilled in the past. In 2021 Great Western drilled six holes on the
Trafalgar Hill prospect at Olympic Gold, yielding encouraging
grades of gold of 8 grams/ton in one of them and mineralisation in
all of them. Five further holes were drilled at Olympic Gold,
primarily in and around the productive veins of the former OMCO
Mine and to the east of a bounding north-south fault which was the
limit of historic mining operations, with good evidence of
mineralisation.
Mineral Jackpot (MJ) is the core property in Great Western's
original portfolio of gold and silver claims, in the Black Mountain
Group, and was the reason for forming the Company in the first
place. Drilling by the Company in the Black Mountain Group at M2
has already established a substantial inferred and indicated copper
resource for which joint venture partners are being sought to take
it to the next stage. The Mineral Jackpot group itself comprises
five old gold and silver mines which were worked and then abandoned
more than a century ago. These mines are Ming Toy, Silver Moon,
Silver Bell, Cabin Rock and the Bass Mine. Geophysical surveys and
physical sampling by the Company have established firstly the
potential for further recovery of precious metals from around the
existing mine workings, secondly connectivity between the five mine
sites and thirdly the indications of a southeasterly extension to
the original productive veins, together effectively doubling the
likely area of mineralisation. In addition, over 50 spoil heaps
have been identified which lend themselves to secondary recovery of
gold and silver and for which a commercial project is currently
being worked up to provide early revenues for the Company.
Great Western considers the potential value of Mineral Jackpot
to be very high, both for future mining operations and for the
recovery potential from spoil material. However, this is a steep
mountainous area with deep gullies which can be difficult to
access, particularly when compared to Olympic Gold and Rock House
which are both relatively more straightforward. Difficulty of
access is undoubtedly the reason that the mines have not been
further developed since the days of old, when miners using mules
for transport worked the area by hand, driving deep adits into the
mountainside. Great Western has recently completed an aerial
magnetometer survey with specialist drone units to map parts of the
claims which are not easily accessible on foot. Significantly,
since the end of the reporting year, the Company has successfully
upgraded a 14km mountain access road from its base in the valley at
Marietta to the mine sites at Mineral Jackpot, which will open up
the area for 20-ton trucks to carry spoil material and for drilling
units to explore and appraise the area.
At the very end of 2020, the Company fulfilled a promise to
produce a small doré bar of gold and silver from Mineral jackpot
spoil material, proving the viability of a small scale secondary
recovery operation to generate revenues from the MJ spoil heaps. In
2021, laboratory analysis and a variety of tests were conducted on
the spoil material, a consultant metallurgist was brought on to the
team and plans drawn up for a simple, gravity-processing operation.
However, during the year while drilling at Olympic Gold, we became
aware of substantial tailings heaps dating from the abandoned OMCO
gold mine which clearly offer commercial possibilities well in
excess of the spoil heaps at Mineral Jackpot alone. At the time of
writing, analysis and precise quantification of these tailings is
still ongoing but there is a clear message that the overall project
for generating revenues from pre-mined material is now likely to be
on a much larger scale than previously envisaged. Your Board
believes that an expanded operation to include Olympic Gold, and
probably other spoil material from other properties in the
Company's portfolio, offers a much more exciting and profitable
short-term revenue-generating future for the Company than could be
achieved by simply processing the MJ spoil material. This is a
constantly expanding venture which is being given high
priority.
During the year, Gemma Cryan, a highly-experienced mineral
geologist, was elected a non-executive director and has been making
a strong contribution to the Company's affairs. The Board now has a
mix of three executive and three non-executive directors and uses
best efforts to pursue good corporate governance, fulfilling its
environmental and social obligations as well as directing the
Company's business affairs. Late in the year, Dr. James Blight
joined Great Western as Exploration Manager, has quickly
assimilated the Company's projects and is now fully engaged in
managing the 2022 exploration programme.
Despite the travel and other severe restrictions imposed by the
Covid pandemic in 2021, Great Western had a busy, productive and
successful year. Looking ahead, we will commence our firm 2022
drill programme in the coming weeks, details of which have already
been set out in an announcement, covering follow-up drilling at
Rock House, Olympic Gold and Mineral Jackpot. The newly upgraded
road to Mineral Jackpot will open up this exciting area and enable
us both to exploit pre-mined material and to explore untapped
leads. We are actively working on finding a partner or partners
with sufficient resources to help develop the high copper potential
of our acreage and take it to the next stage. In the near term we
will finalise our plans for recovery of gold and silver from
pre-mined material and will share these plans with shareholders. We
will also continue to carry out early stage exploration on the many
prospects we have under licence which have so far not been fully
evaluated. Great Western is funded for its approved 2022 programme
and we will keep shareholders informed as we make progress.
The mining industry can be a long game but we are making really
good progress and all the members of our small and well-integrated
team are ever mindful of the need to deliver results. Continuing
shareholder support is greatly appreciated and we will as ever
provide progress reports when appropriate.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2021
Principal activities, strategy and business model
The principal activity of Great Western is to explore for and
develop gold, silver, copper and other minerals. The Board aims to
increase shareholder value by the systematic evaluation and
exploitation of its existing assets in Mineral County, Nevada, USA
and elsewhere as may become applicable.
Great Western's near-term objective is to develop small scale,
short lead-time gold and silver projects which can potentially be
brought into production under the control of the Group. These
projects include both in situ mineralisation and waste reprocessing
opportunities.
The Group is also focused on progressing the copper projects
which it has already identified and enhanced through extensive
drilling. Such projects have potential for the discovery of large
mineralised systems which can be monetised over the longer term,
possibly through joint ventures with third parties.
Business development and performance
During the twelve months ended 31 December 2021, Great Western
carried out exploration across all but two of its portfolio of
seven claim groups (six of which are 100% owned, one of which is
held under an option agreement) in Nevada.
In September 2021 as part of the annual claim renewal procedure,
the Group renewed all its claims including the 12 new claims staked
earlier in 2021 to the east of the OMCO Mine. Following renewal,
the land position held by Great Western in Mineral County consists
of 741 full and fractional unpatented claims, covering a total land
area of approximately 61km(2).
Review by Claim Group
Olympic
In 2020, the Company acquired an option to purchase the Olympic
Gold Project, a group of 48 claims, located approximately 50 miles
from Great Western's original concessions but still within Mineral
County. The purchase consideration of $150,000 is spread over four
years during which time Great Western has full rights to all data
and to conduct exploration and appraisal work. Great Western may
elect to bring forward the closing of the purchase by early-paying
the schedule in full or it may exit the project at any time without
penalty and without completing the payment schedule. Work is in
progress on several potential prospects over this 800-acre
site.
The Olympic Gold Project lies on the northern flanks of the
Cedar Mountain Range, on the eastern edge of Mineral County. It
lies within the Walker Lane Fault Belt, at the intersection of two
major mineral trends - the Rawhide-Paradise Peak trend and the
Aurora-Round Mountain Trend. The mineral deposit type at Olympic is
of low sulphidation epithermal banded quartz-gold vein style.
Historic production from the former Olympic Gold Mine totalled
approximately 35,000 tonnes, at a grade of 25 g/t gold and 30 g/t
silver, in the interwar period of 1918 to 1939. Based on its review
of the historical data, Great Western believes that faulted offsets
of the high-grade Olympic Vein remain to be discovered in the area
and this forms one of the numerous target zones on the
prospect.
During 2021 several targets at Olympic were addressed with RC
drilling. Six holes were drilled at Trafalgar Hill, a satellite
prospect lying in the western parts of the claim group. All these
holes contained anomalous values for gold and silver and two
intersected grades of economic interest (1.5m at 8.9 g/t Au and
1.5m @ 1.04 g/t Au): these have been modelled together to suggest
an easterly dipping mineralised structure lying southeast of
Trafalgar Hill. Four holes were drilled southeast of the main OMCO
mine site to investigate the potential continuation of the main
vein in that area, particularly to the east of the major East Fault
structure, where a previous magnetometer survey had identified an
anomaly. These holes did not intersect mineralisation comparable
with the OMCO vein's grade but each contained considerable
intersects of low-grade gold enrichment, suggesting that fluid
circulation and mineralisation were at work in this volume.
Finally, one hole was drilled at West Ridge without encountering
the mineralised structure.
In addition to the in-situ targets, a substantial waste pad of
tailings from workings on the OMCO vein remains at surface and is a
prime candidate for reprocessing. Surface samples from this
material, though likely over-enriched due to weathering processes,
indicated the presence of appreciable gold grades and led to an
augering programme towards the end of the year, consisting of 12
holes in the tailings material. These holes resulted in 67
individual assays with an average grade of 1.25 g/t, in a range of
0.17 g/t - 3.76 g/t, being highly encouraging results and showing
that high grades exist throughout the tailings volume. The tailings
were also found to be thicker than expected.
Rock House
The M7 gold-silver prospect lies within the Rock House (RH)
group of claims. This area is accessible and lends itself to mining
operations but was never mined in the past, its potential having
only recently been identified through satellite imagery. It is a
circular structure associated with a magnetic low, adjacent to the
prolific Golconda thrust fault. The area is characterised by
intense argillic and sericitic alteration, along with
silicification and oxidation, within basement siltstones and
slates. Unlike many of Great Western's other prospects, the RH
targets were virgin territory until drilled by the Company in 2021.
They are previously unworked. While workings represent an important
guide for exploration, a lack of any previous workings does not
rule out any mineralisation. Indeed, any discovery made in such
ground will have the benefit of being entirely intact as its
highest-grade and nearest-surface portions will not have been
removed by previous mining operations.
A significant breakthrough occurred at RH in 2021, during
drilling at the Southern Alteration Zone ("SAZ"), on a programme
designed to target anomalies detected in the earlier soil and
trenching programmes. Six holes were drilled at this prospect, with
best intercepts of 1.52m at 8.02 g/t Au from 97.53m (RHRC006) and
1.52m at 2.29 g/t Au from 28.95m (RHRC007). These two drillholes
are in profile with one another and these intercepts are open to
the west and down dip, potentially to the east, depending on the
trend of the mineralisation. The highest-grade intercept also
occurred 1.5m from the end of hole RHR006. This hole effectively
ended in mineralisation and further potential therefore exists
across-strike to the north in this area.
Black Mountain
The Black Mountain Group ("BM") lies on a southwest trending
spur ridge of the Excelsior Range of mountains and comprises 249
full and fractional claims covering approximately 20.7km(2). The BM
group contains both Great Western's copper resource at M2 and the
Mineral Jackpot prospect, where outcropping veins, vein workings
and spoil heaps contain high-grade gold and silver.
Results were received from Grinding Solutions in the UK on the
MJ sample collected in 2020. These results covered gravity
concentration and leaching, including bottle roll and column leach
tests. The results of these tests were favourable, indicating that
a gravity concentration plant to treat this material would be
potentially viable. Leaching tests resulted in higher recoveries,
but the viability of a leaching project, which would have higher
set up costs and more regulatory burden, depends on what additional
feed may be brought into the plant from elsewhere.
An extensively experienced consulting metallurgist was engaged
who has written a preliminary report on a potential concentrator
plant layout and costings and continues to work with Great
Western.
All 51 identified spoil heaps at Mineral Jackpot were sampled,
with one sample representing vein material and one of altered vein
wall-rock obtained from each heap. The proportions of each, and of
unmineralised material were visually estimated for each heap, as an
internal guide to the potential gold content. Further sampling is
required before any firm statement on tonnage or grade can be
made.
The ground magnetometry survey was extended during the year,
from the 1,150m2 of coverage in 2,020 to 4,500m2 total coverage.
The focus of this work was the core of the soil anomalies and
historic workings near the Bass Mine, where the additional survey
coverage led to the interpretation of a host of new structures.
Huntoon
A total of 107 full and 12 fractional claims surround the
workings of the historic underground Huntoon gold mine and are
prospective for gold, silver and copper mineralisation. The claims
are located on the northwest side of the Huntoon Valley, covering
approximately 10km2. Due to the pandemic little work took place at
Huntoon during 2021, beyond a short reconnaissance visit. During
this visit multiple metre-thick quartz and copper oxide-bearing
carbonate veins were identified, trending into Great Western's
claim area, with an observed strike of 500m. These structures
appear to line up with the copper breccia intersected at M4 on the
southeast side of the Huntoon Valley. More work will take place in
2022 at Huntoon, with a drone magnetometer survey planned early in
the year and follow up soil and grab sampling planned later in the
summer.
Jack Springs
The M5 gold prospect lies within the JS Group in altered
siliceous host rock, exposed beneath Tertiary volcaniclastics for
1km. Gold, arsenic and antimony were all anomalous in samples taken
along a northeasterly crest of the central ridge at M5 and the
coincidence of anomalous pathfinder geochemistry and altered
sediments strongly suggests the presence of sediment hosted
disseminated gold mineralisation.
The M4 Copper-Gold project also lies within the JS Group. The M4
copper target was identified through geophysical surveys, soil
sampling and mapping of mineralised structures on surface. Great
Western believes that the breccia vein intercepted in hole M4_05,
along with other veins mapped at surface, could be offshoot
structures in the roof of a buried sulphide orebody. In 2019 the
Group received a drill permit to follow up on the exciting
discovery in hole M4_05 and which remains current. The abundance of
highly prospective targets in the Company's portfolio, combined
with rig availability issues, led to the JS projects being deferred
during 2021.
Eastside Mine
The M8 copper prospect lies within the Eastside Mine (EM) claim
group, named for the historic Eastside Mine where high-grade
copper-oxide ore was mined from shallow underground workings during
the First World War. Conoco investigated Eastside as a copper
porphyry prospect in the early 1970's, identifying mineralisation
consisting of substantial copper and molybdenum values, within a
northeast trending graben structure. Drilling by Conoco at the
southern end of this structure identified thick successions of
alteration together with copper enrichment. Conoco did not follow
up on these results. The Company regards the northerly continuation
of this structure to be a strong target for buried copper
mineralisation, which remains untested.
During 2021 an induced polarization (IP) survey was performed at
EM Group and the results were highly encouraging. The key findings
of this work were:
-- Identification of two main faulted graben structures.
-- Fault zones accompanied by high resistivity and chargeability
features, correlating with observed surface stockwork veining,
silicification, copper mineralisation and copper soil halos.
-- Interpretation points towards graben faults as loci of sulphide mineralisation and wall rock silicification, perhaps representing shallow indicators of a deeper porphyry system.
The Tun Group of Claims
The M6 gold-silver prospect lies within the Tun Group. The M6
prospect is a parallel system of multiple, oxide and sulphide,
gold-silver veins and veinlet stockworks. Supergene, high-grade
ores have been mined in the past at M6 and the potential remains
for deposits of shallow, oxidised stockworks in the immediate
vicinity of the historic workings.
Due to the competing pressures of other highly prospective
projects, no work took place at Tun group during 2021, but
magnetometry and field reconnaissance are planned for 2022.
Summary of 2021 Work Programme
-- Drilling at Olympic and Rock House
-- Metallurgical Test results from Grinding Solutions on MJ sample
-- Secured the involvement of a highly experienced metallurgist
-- Pilot Gravity and Bottle roll testing on MJ Spoil and OMCO Tails
-- MJ spoil heap and OMCO tails sampling and measuring
-- MJ ground mag survey
-- IP/Res survey at EM Group performed by Zonge
-- Reconnaissance mapping at Huntoon
-- Mapping of North Olympic
-- OMCO tails augering
Forward to 2022
2022 is scheduled to be a busy and exciting year for Great
Western with the prospect of fresh drilling, surveys and fieldwork
following on from our successes in 2021, running in parallel with
several important steps in the reprocessing project.
Drilling
Drilling is scheduled at Rock House and Trafalgar Hill following
up on high grades intersected in 2021 and at various targets around
the OMCO mine site, investigating potential continuations of the
main mineralised structure there, with the possibility of residual
unmined wall rock mineralisation around the main workings. With the
access road upgrade complete, drilling is also planned at Mineral
Jackpot.
Surveys
New drone magnetometry surveys will be flown over Huntoon, Jack
Springs and Tun claim groups and over the Mineral Jackpot area
within the Black Mountain claim group.
Fieldwork
Once the initial drill programme is complete, field time will be
spent at various prospects, extending mapping and soil sampling
coverage and ground truthing magnetometry survey results.
Reprocessing
A detailed plan for the reprocessing operations is in the
process of being formulated:
-- The OMCO tailings have undergone a second phase of auger sampling.
-- The new sample material is being assayed and sent for ore
characterisation and bottle roll tests.
-- The surface of the tailings, and of the Mineral Jackpot spoil heaps, are being surveyed with orthophotography to obtain a high-resolution 3D model.
-- The Mineral Jackpot spoil heaps which have the best
combination of grade, volume and accessibility are being further
sampled.
-- New information gleaned from the work detailed above will be
used to produce resource reports and scoping studies in
collaboration with independent external experts.
-- The scoping studies will be used to support the permitting
steps required for reprocessing operations.
-- A financial model and project plan is being developed,
setting out the steps and a timetable for start-up of gold and
silver production.
Consolidated Income Statement
For the year ended 31 December 2021
Notes 2021 2020
EUR EUR
Continuing operations
Administrative expenses 4 (536,178) (852,270)
Finance income 5 218 228
------------------ ------------------
Loss for the year before tax (535,960) (852,042)
Income tax expense 7 - -
------------------ ------------------
Loss for the financial year (535,960) (852,042)
Loss attributable to:
Equity holders of the Company (535,960) (852,042)
================== ==================
Loss per share from continuing
operations
Basic and diluted loss per share
(cent) (0.001) (0.002)
================== ==================
Consolidated Statement of Other Comprehensive Income
For the year ended 31 December 2021
Notes 2021 2020
EUR EUR
Loss for the financial year (535,960) (852,042)
Other comprehensive income
Items that are or may be reclassified
to profit or loss:
Currency translation differences 498,070 (512,730)
----------- ---------------
498,070 (512,730)
Total comprehensive expense
for the financial year
attributable to equity holders
of the Company (37,890) (1,364,772)
=========== ===============
Consolidated Statement of Financial Position
For the year ended 31 December 2021
Notes 2021 2020
Assets EUR EUR
Non-current assets
Property, plant and equipment 10 72,170 66,612
Intangible assets 11 7,086,254 5,898,940
--------------- ----------------
Total non-current assets 7,158,424 5,965,552
Current assets
Trade and other receivables 13 110,940 99,904
Cash and cash equivalents 14 2,042,547 2,287,172
--------------- ----------------
Total current assets 2,153,487 2,387,076
Total assets 9,311,911 8,352,628
=============== ================
Equity
Capital and reserves
Share capital 18 357,751 307,071
Share premium 18 13,572,027 12,543,606
Share based payment reserve 19 318,621 559,420
Foreign currency translation
reserve 519,243 21,173
Retained earnings (5,822,011) (5,511,645)
--------------- ----------------
Attributable to owners of the
Company 8,945,631 7,919,625
Total equity 8,945,631 7,919,625
Liabilities
Current liabilities
Trade and other payables 15 146,642 102,062
Decommissioning provision 16 123,344 75,287
Share warrant provision 17 96,294 255,654
--------------- ----------------
Total current liabilities 366,280 433,003
Total liabilities 366,280 433,003
Total equity and liabilities 9,311,911 8,352,628
=============== ================
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
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
Total
comprehensive
income
Loss for the
year - - - - (852,042) (852,042)
Currency
translation
differences - - - (512,730) - (512,730)
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total
comprehensive
income for
the year - - - (512,730) (852,042) (1,364,772)
Transactions
with
owners,
recorded
directly in
equity
Shares issued 153,591 1,964,204 - - (140,490) 1,977,305
Share warrants
granted
on issue of
shares - - 25,521 - (25,521) -
Share warrants
exercised 41,275 892,251 (11,815) - - 921,711
Share warrants
terminated - - (41,542) - 41,542 -
Share options
charge - - 151,294 - - 151,294
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total
transactions
with owners,
recorded
directly in
equity 194,866 2,856,455 123,458 - (124,469) 3,050,310
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Balance at 31
December
2020 307,071 12,543,606 559,420 21,173 (5,511,645) 7,919,625
Total
comprehensive
income
Loss for the
year - - - - (535,960) (535,960)
Currency
translation
differences - - - 498,070 - 498,070
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total
comprehensive
income for
the year - - - 498,070 (535,960) (37,890)
Transactions
with
owners,
recorded
directly in
equity
Shares issued 45,455 916,610 - - (69,206) 892,859
Share warrants
granted
on issue of
shares - - 20,709 - (20,709) -
Share warrants
exercised 4,625 106,220 - - - 110,845
Share warrants
terminated - - (13,865) - 13,865 -
Share options
exercised 600 5,591 (4,777) - 4,777 6,191
Share options
terminated - - (296,867) - 296,867 -
Share options
charge - - 54,001 - - 54,001
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total
transactions
with owners,
recorded
directly in
equity 50,680 1,028,421 (240,799) - 225,594 1,063,896
----------------- ----------------- ----------------- ----------------- ----------------- -------------
Balance at 31
December
2021 357,751 13,572,027 318,621 519,243 (5,822,011) 8,945,631
================= ================= ================= ================= ================= =============
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
Notes 2021 2020
EUR EUR
Cash flows from operating activities
Loss for the year (535,960) (852,042)
Adjustments for:
Depreciation 10 - 3,733
Interest receivable and similar
income 4 (218) (228)
Increase in trade and other
receivables (11,036) (4,961)
Increase/(Decrease) in trade
and other payables 13,055 (72,067)
Gain on revaluation of share
warrants (330,708) -
Equity settled share-based payment 19 54,001 151,294
---------- -----------------
Net cash flows from operating
activities (810,866) (774,271)
Cash flow from investing activities
Expenditure on intangible assets 11 (657,727) (196,982)
Interest received 4 218 228
---------- -----------------
Net cash from investing activities (657,509) (196,754)
Cash flow from financing activities
Proceeds from the issue of new
shares 18 1,059,085 3,130,705
Share warrants granted 17 191,364 -
Commission paid from the issue
of new shares 18 (69,206) (140,490)
---------- -----------------
Net cash from financing activities 1,181,243 2,990,215
Decrease in cash and cash equivalents (287,132) 2,019,190
Exchange rate adjustment on
cash and cash
equivalents 42,507 (38,693)
Cash and cash equivalents at
beginning of the year 14 2,287,172 306,675
---------- -----------------
Cash and cash equivalents at
end of the year 14 2,042,547 2,287,172
========== =================
Notes to the Financial Statements PDF link:
http://www.rns-pdf.londonstockexchange.com/rns/6025J_1-2022-4-27.pdf
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR SEIFMWEESEIL
(END) Dow Jones Newswires
April 28, 2022 02:00 ET (06:00 GMT)
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Great Western Mining (LSE:GWMO)
Historical Stock Chart
From Apr 2023 to Apr 2024
