25 sep 25   great western mining - half-year report great western mining corp. plc | gwmo | 1.4 -0.08 (-5.8%) | mkt cap: 2.48m    rns number : 7001a great western mining corp. plc 25 september 2025   great western mining corporation plc / aim: gwmo / euronext growth: 8gw 25 september 2025 great western mining corporation plc ("great western", "gwm" or the "company")   half yearly report and unaudited condensed financial statements   driving discovery and value in nevada's walker lane belt   great western mining corporation plc, a strategic and precious minerals exploration and development company, announces its interim results for the six months ended 30 june 2025.   highlights   ·      loss for period €485,576 (30 june 2024: loss of €441,343 and 31 december 2024: loss of €1,741,056) ·      completed a share capital reorganisation ·      raised £1.25 million to progress exploration programmes ·      advancing critical minerals portfolio in nevada aligned with u.s. and global trends ·      drill programmes at flagship huntoon copper project and rhyolite dome gold prospect will commence in october ·    funding discussions to upscale and commission already constructed and permitted mill for processing precious metals ·     high tungsten grades in scheelite-bearing skarn identified at the pine crow/defender tungsten prospects with lab results from detailed summer soil sampling programme expected shortly ·      seeking joint venture partners to accelerate development of copper projects   brian hall, executive chairman, commented:   "we are pleased with the strong progress across our portfolio during the course of this year, with copper, gold, silver and tungsten projects all moving forward in line with our strategy. drilling operations due to start in the next few weeks will mark important steps in unlocking the scale and potential of our assets, whilst our tungsten prospects highlights the growing relevance of our work in the global critical minerals supply chain. there is strong u.s. demand for a secure domestic supply of critical minerals and i am confident in our ability to play a role in this chain. we appreciate the continued support of our shareholders and, as we enter a period of heightened activity, we look forward to providing updates from across our portfolio."   for further information:   great western mining corporation plc  brian hall, chairman c/o st brides  max williams, finance director greatwesternmining@stbridespartners.co.uk davy  nominated adviser, euronext growth adviser & joint broker  brian garrahy       +353 (0)1 679 6363 shard capital partners  joint broker  andrew gutmann / erik woolgar +44 (0)20 7186 9008 st brides partners  financial pr  susie geliher / isabel de salis / will turner greatwesternmining@stbridespartners.co.uk   chairman's statement the past year has been one of steady and disciplined progress for great western as we continue to advance our multi-commodity portfolio in nevada, one of the world's premier mining jurisdictions. against a backdrop of heightened geopolitical uncertainty and increasing pressure on global supply chains, our strategy, focused on copper, gold, silver and tungsten, is aligned with both u.s. domestic priorities and wider global market trends.   the importance of secure, domestic sources of critical minerals has never been more evident. the u.s. is building its first strategic minerals stockpile in decades and copper and silver are due to be formally added to the country's critical minerals list in 2025. this not only reshapes u.s. permitting and finance risk for companies such as ours but also underscores the growing recognition that industrial and precious metals and minerals are fundamental to clean energy and electrification, as well as to defence, technology and national resilience. nevada, already ranked the second most attractive jurisdiction worldwide for mining investment, stands at the heart of this effort and great western is exceptionally well positioned with 100% owned assets across the prolific walker lane belt.   our flagship huntoon copper project continues to demonstrate scale and potential. the m2 deposit, already hosting a jorc-compliant resource, sits at the edge of what we believe to be a large porphyry system that we are now beginning to unlock through systematic exploration. at west huntoon, extensive sampling has confirmed widespread copper mineralisation accompanied by high-grade silver and gold, while recently staked ground at yellow peak has expanded our footprint and provided access to valuable historic drill data. together, these prospects suggest that we are uncovering an extensive copper system in a district that has previously been underexplored. next month we will commence drilling designed to validate surface anomalies at depth and advance our understanding of this emerging resource.   in parallel, we are progressing a pipeline of gold and silver projects focused on the olympic gold project, which includes the historic omco mine. with a rich history of high-grade production, olympic offers both extensions of known mineralisation and significant new potential in undrilled areas such as the rhyolite dome, where a geophysical survey this summer has identified a compelling target. a maiden drilling programme is due to start imminently, representing an important step towards defining a new source of gold in this prolific district.   alongside exploration, our joint venture process mill, western milling llp, is constructed and permitted, designed to treat historic mine waste from olympic and other claims as well as third-party ore. to upscale the project and bring it on to production, an experienced engineering team has been identified to oversee operations and external funding efforts are in progress.    further upside lies in tungsten, a metal of increasing strategic significance to the u.s. initial exploration across the pine crow and defender workings has confirmed scheelite-bearing skarn with grades well above previous historic samples. soil sampling has now been completed across a 1.2 kilometre corridor and results currently awaited should guide a programme of trenching, gravity surveys and drilling designed to assess continuity and grade at depth. with tungsten already prioritised by the u.s. department of defense for domestic supply, our early-stage work places us firmly on the radar of this fast-developing sector.   our exploration strategy is both focused and pragmatic. we are expanding copper resources through systematic drilling, advancing gold and silver projects and fast-tracking tungsten exploration in line with strategic priorities. at the same time, we are actively evaluating joint venture and farm-out opportunities to advance projects while preserving shareholder value. this approach allows us to pursue multiple opportunities across our portfolio without over-extending resources, aiming to ensure that progress is both sustainable and value accretive.   great western benefits from a board that combines technical expertise with capital markets experience, supported by a dedicated operational team on the ground in nevada. this balance of skills enables us to execute a technically robust exploration programme while maintaining the highest standards of governance and financial discipline.   after a share capital reorganisation, during the period the company successfully completed a share placing to raise £1.25 million (before expenses), providing the resources to progress the exploration programmes outlined above. while we continue to manage our funds prudently, as an exploration company, we report a loss of £485,232 (30 june 2024: €443,005 and 31 december 2024: €1,741,056). looking ahead to the second half of 2025, great western is positioned at an exciting juncture, with near-term catalysts including drilling campaigns at rhyolite dome and west huntoon, alongside continuing work on our tungsten prospects. robust market fundamentals, coupled with the u.s.'s increasing focus on domestic supply security, underscore the strategic value of our commodity mix and strengthen our confidence in delivering meaningful value for shareholders.   on behalf of the board, i would like to thank our investors for their continued support as we move into what promises to be a busy period for the company.   brian hall executive chairman            unaudited condensed consolidated income statement for the six months to 30 june 2025        notes   unaudited six months ended 30 jun 2025   unaudited six months ended 30 jun 2023  audited year ended 31 dec 2024       €   €  € continuing operations         administrative expenses        (486,576)       (443,005)      (971,913) impairment of exploration and evaluation assets      -   -  (781,610) finance income  4     1,344     1,662            3,441 loss for the period before tax        (485,232)       (441,343)      (1,750,082)            income tax expense  5                    -                    -   9,026 loss for the financial period        (485,232)       (441,343)      (1,741,056)            loss attributable to:         equity holders of the company  3       (485,232)       (441,343)  (1,741,056)                       loss per share from continuing operations        basic and diluted loss per share (cent)  6   (0.0085)   (0.0001)  (0.0002)   all activities derived from continuing operations. all losses are attributable to the owners of the company.    unaudited condensed consolidated statement of other comprehensive income for the six months to 30 june 2025        notes   unaudited six months ended 30 jun 2025   unaudited six months ended 30 jun 2024  audited year ended 31 dec 2024       €   €  €            loss for the financial period    (485,232)   (441,343)  (1,741,056)            other comprehensive income         items that are or may be reclassified to profit or loss:       currency translation differences    (1,005,729)          271,457        525,087       (1,005,729)    271,457        525,087 total comprehensive expense for the financial      period attributable to equity holders of the company   (1,490,961)   (169,886)  (1,215,969)      unaudited condensed consolidated statement of financial position for the six months to 30 june 2025         notes   unaudited six months ended 30 jun 2025   unaudited six months ended 30 jun 2024  audited year ended 31 dec 2024 assets    €   €  €  non-current assets           property, plant and equipment  7   69,743   76,356    78,679   intangible assets   8   7,880,337   9,047,352  8,740,870   investment in joint venture   9   568,221   541,262  641,020  total non-current assets    8,518,301   9,664,970      9,460,569             current assets           trade and other receivables  10   154,343         285,795        152,749   cash and cash equivalents  11   1,238,490     91,003  299,345  total current assets    1,392,833     376,798    452,094            total assets     9,911,134    10,041,768    9,912,663                       equity          capital and reserves           share capital  14     1,056,285   709,695      1,043,785   share premium  14   17,473,661   15,534,289     16,206,109   share based payment reserve  15        362,123         340,684        337,100   foreign currency translation reserve     155,137      907,236       1,160,866   retained earnings    (9,887,899)   (8,064,520)  (9,289,034)  attributable to owners of the company    9,159,307   9,427,384  9,458,826             total equity    9,159,307   9,427,384  9,458,826            liabilities          current liabilities           trade and other payables  12   629,307               481,360        315,621   decommissioning provision  13   122,520   133,024  138,216  total current liabilities          751,827         614,384        453,837             total liabilities          751,827         614,384        453,837            total equity and liabilities     9,911,134    10,041,768     9,912,663     unaudited condensed consolidated statement of changes in equity for the six months to 30 june 2025            share capital   share premium   share based payment reserve   foreign currency translation reserve   retained earnings   total       €   €   €   €   €   €                  balance at 1 january 2024    548,660       14,875,799        386,005        635,779  (7,614,527)      8,831,416                  comprehensive income for the period                 loss for the period                     -                   -                   -                   -  (441,343)  (441,343)   currency translation differences                     -                   -                   -  271,457                   -  271,457   total comprehensive income for the period                    -                    -                    -   271,457   (441,343)   (169,886)                  transactions with owners, recorded directly in equity              shares issued    161,035  658,790  -  -  (53,971)  765,854   share warrants terminated    -  -  (45,321)  -  45,321  -   total transactions with owners, recorded                 directly in equity       161,035   658,790    (45,321)                    -        (8,650)    765,854                  balance at 30 june 2024          709,695    15,534,289         340,684     907,236   (8,064,520)       9,427,384                         unaudited condensed consolidated statement of changes in equity for the six months to 30 june 2025            share capital   share premium   share based payment reserve   foreign currency translation reserve   retained earnings   total       €   €   €   €   €   €                  balance at 1 july 2024            709,695      15,534,289        340,684        907,236  (8,064,520)      9,427,384                  comprehensive income for the period                 loss for the period                     -                   -                   -                   -  (1,299,713)  (1,299,713)   currency translation differences                     -                   -                   -          253,630                   -          253,630   total comprehensive income for the period                    -                    -                    -       253,630   (1,299,713)   (1,046,083)                  transactions with owners, recorded directly in equity              shares issued    334,090  671,820  -  -  (62,197)  943,713   share warrants terminated    -  -  (137,396)  -  137,396  -   share options charge    -  -  133,812  -  -  133,812   total transactions with owners, recorded                 directly in equity    334,090   671,820   (3,584)                        -    75,199   1,077,525                  balance at 31 december 2024     1,043,785   16,206,109         337,100     1,160,866   (9,289,034)   9,458,826      unaudited condensed consolidated statement of changes in equity for the six months to 30 june 2025            share capital   share premium   share based payment reserve   foreign currency translation reserve   retained earnings   total       €   €   €   €   €   €                  balance at 1 january 2025    1,043,785       16,206,109        337,100      1,160,866  (9,289,034)      9,458,826                  comprehensive income for the period                 loss for the period                     -                   -                   -                   -  (485,232)  (485,232)   currency translation differences                     -                   -                   -  (1,005,729)                   -  (1,005,729)   total comprehensive income for the period                    -                    -                    -   (1,005,729)   (485,232)   (1,490,961)                  transactions with owners, recorded directly in equity              shares issued    12,500  1,267,552  -  -  (88,610)  1,191,442   share warrants granted            -                   -    25,023                   -    (25,023)          -   total transactions with owners, recorded                 directly in equity           12,500   1,267,552    25,023                    -      (113,633)    1,191,442                  balance at 30 june 2025      1,056,285    17,473,661         362,123         155,137   (9,887,899)       9,159,307     unaudited condensed consolidated statement of cash flows for the six months to 30 june 2025        notes   unaudited six months ended 30 jun 2025   unaudited six months ended 30 jun 2024  audited period ended 31 dec 2024       €   €  € cash flows from operating activities           loss for the period    (485,232)   (441,343)  (1,741,056)             adjustments for:           depreciation       -     -  -    interest receivable and similar income    (1,344)   (1,662)  (3,441)   movement in trade and other receivables     (45,719)   (187,509)      20,672   movement in trade and other payables    168,700      33,221        (626)   impairment expense    -   -  781,610   gain on revaluation of share warrants    (15,074)   -  -   tax refunded    32,698   52,321  45,757   equity settled share-based payment            -           -        133,812  net cash flows from operating activities    (345,971)   (544,972)  (763,272)            cash flow from investing activities           expenditure on intangible assets      (91,515)   (236,673)  (468,300)   investment in joint venture      -   -  (274,361)   interest received                1,344             1,662            3,441  net cash from investing activities    (90,171)   (235,011)  (739,220)            cash flow from financing activities           proceeds from the issue of new shares    1,465,932   819,825      1,825,735   commission paid from the issue of new shares         (88,610)                    (53,971)  (116,168)  net cash from financing activities    1,377,322   765,854      1,709,567            increase/(decrease) in cash and cash equivalents    941,180   (14,129)  207,075            exchange rate adjustment on cash and         cash equivalents    (2,035)   9,826  (3,036)            cash and cash equivalents at beginning         of the period   11   299,345     95,306      95,306            cash and cash equivalents at end of         the period   11   1,238,490     91,003        299,345                 unaudited notes to the condensed financial statements for the six months to 30 june 2025   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 2025 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 • september 2025.   basis of preparation the half yearly financial statements for the six months ended 30 june 2025 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 2024 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 2024 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 2024.   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.   material accounting policies and use of estimates and judgements the preparation of interim consolidated financial statements in compliance with ias 34 requires the use of certain critical accounting judgements and key sources of estimation uncertainty. it also requires the exercise of judgement in applying the group's accounting policies.   during the period, the group granted warrants which gave rise to financial liabilities (see note 14).  accounting for financial liabilities arising from the grant of share warrants requires the use of valuation models to estimate the future share price performance of the company.  assumptions for the share price volatility, risk free rate and expected life of awards in order to determine the fair values of the options at the date of grant.  the financial liabilities are revalued at each period end using restated assumptions.   other than the financial liabilities arising on the grant of share warrants in the period, there have been no material revisions to the nature and the assumptions used in estimating amounts reported in the annual audited financial statements of great western mining corporation plc for the period ended 31 december 2024.   the accounting policies, presentation and methods of computation in the audited financial statements have been followed in the condensed set of financial statements.     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 2025, the directors have considered a time period of at least twelve months from the date of approval of these financial statements.    the group incurred an operating loss during the six months ended 30 june 2025.  at the balance sheet date, the group had cash and cash equivalents amounting to €1.24 million.  the future of the company is dependent on the successful outcome of its exploration activities and implementation of revenue-generating operations. the directors believe that the group's ability to make additional capital expenditure on its lode claims in nevada will be assisted by the generation of first revenues from the reprocessing of historical spoil heaps and tailings.  in 2024 the company entered into a pooling agreement which incorporates the eastside mine with a company holding neighbouring claims to enable both companies to attract a larger funding partner to accelerate further exploration activity.  in addition, the directors are seeking a joint venture partner to provide funding to enable the acceleration of the group's huntoon copper project.  the directors also believe that the group's cash flow can be further assisted, if necessary, by raising additional capital, the deferral of planned expenditure and other cost saving actions, loan facilities for revenue-generating operations or from future revenues. the directors have taken into consideration the company's successful completion of placings in recent years, including placings completed in june 2025, to provide additional cash resources.    the directors concluded that the group will have sufficient resources to continue as a going concern for the future, that is for a period of not less than 12 months from the date of approval of the consolidated financial statements.   however, there exists a material uncertainty that may cast significant doubt over the ability of the group to continue as a going concern.  the group may be unable to realise its assets and discharge its liabilities in the normal course of business if it is unable either to enter into joint venture arrangements or to raise funds for further exploration on and development of its exploration assets. the condensed consolidated statements have been prepared on a going concern basis and do not include any adjustments that would be necessary if this basis were inappropriate.   3.         segment information   the group has one principal reportable segment, nevada, usa, which represents the exploration for and development of copper, silver, gold and other minerals in nevada, usa.   other operations "corporate activities" includes cash resources held by the group and other operational expenditure incurred by the group. these assets and activities are not within the definition of an operating segment.   in the opinion of the directors the operations of the group comprise one class of business, being the exploration and related activities including development, processing and production of copper, silver, gold and other minerals. the group's main operations are located within nevada, usa. the information reported to the group's chief executive officer (the executive chairman), who is the chief operating decision maker, for the purposes of resource allocation and assessment of segmental performance is particularly focussed on the exploration activity in nevada.                 information regarding the group's results, assets and liabilities is presented below.   segment results   unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        exploration and related activities - nevada  (6,894)  (4,786)  (786,073) corporate activities  (478,338)  (436,557)  (964,009) consolidated loss before tax  (485,232)  (441,353)  (1,750,082)        segment assets   unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        exploration and related activities - nevada  8,621,575  9,948,079  9,570,649 corporate activities  1,289,559  93,689  341,984 consolidated total assets  9,911,134  10,041,768  9,912,663   segment liabilities   unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        exploration and related activities - nevada  292,769  472,522  330,575 corporate activities  459,059  141,862  123,262 consolidated total liabilities  751,828  614,384  453,837   geographical information the group operates in three principal geographical areas - ireland (country of residence of great western mining corporation plc), nevada, usa (country of residence of great western mining corporation, a wholly owned subsidiary of great western mining corporation plc and western milling llc in which the group has a 50% interest) 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 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        exploration and related activities - nevada  8,518,301  9,664,970  9,460,569 republic of ireland  -  -  - united kingdom  -  -  -   8,518,301  9,664,970  9,460,569   4.         finance income    unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        bank interest receivable  1,344  1,662  3,441   1,344  1,662  3,441   5.         income tax   the group has not provided any tax charge for the six months periods ended 30 june 2025.  there was no tax charge for the six months ended 30 june 2025. for the year ended 31 december 2024, the group benefited from research and development corporation tax credits claimed by a subsidiary company. 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 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        loss for the period  (485,232)  (441,343)  (1,741,056)        number of ordinary shares at start of period  52,189,274  5,486,600,919  5,486,600,919 number of ordinary shares issued during the period    125,000,000    1,610,344,827    4,951,253,917 number of ordinary shares at end of period  177,189,274  7,096,945,746  10,437,854,836        weighted average number of ordinary shares for the purposes of basic earnings per share      57,050,385      6,560,164,137      7,627,797,366        basic loss per ordinary share (cent)  (0.0085)  (0.0001)  (0.0002)   in march 2025, the share capital of the company was subject to a share capital reorganisation as set out in note 15.   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 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 € cost       opening cost  102,089  95,982  95,982 exchange rate adjustment  (11,594)  3,093  6,107   90,495  99,075  102,089 depreciation       opening depreciation  23,410  22,010  22,010 charge for period  -  -  - exchange rate adjustment  (2,658)  709  1,400   20,752  22,719  23,410 net book value       closing net book value  69,743  76,356  78,679        opening net book value  78,679  73,972  73,972   8.         intangible assets    unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 € cost       opening cost  8,740,870  8,603,289  8,603,289 additions  76,477  180,663  405,555 own employment costs capitalised  6,797  -  24,983 impairment expense  -  -  (781,610) increase in decommissioning cost  -  -  1,145 exchange rate adjustment  (943,807)  263,400  487,508   7,880,337  9,047,352  8,740,870 amortisation       opening amortisation  -  -  - charge for period  -  -  - exchange rate adjustment  -  -  -   -  -  - net book value       closing net book value  7,880,337   9,047,352   8,740,870        opening net book value  8,740,870  8,603,289  8,603,289   the directors have reviewed the carrying value of the exploration and evaluation assets. these assets are carried at historical cost and have been assessed for impairment in particular with regards to specific requirements as set out in ifrs 6 'exploration for and evaluation of mineral resources' relating to remaining licence or claim terms, likelihood of renewal, likelihood of further expenditures, possible discontinuation of activities over specific claims and available data which may suggest that the recoverable value of an exploration and evaluation asset is less than carrying amount. the directors considered other factors in assessing potential impairment including cash available to the group, commodity prices and markets, taxation and regulatory regime, and access to equipment and services.  the directors are satisfied that no impairment is required as at 30 june 2025. the realisation of the intangible assets is dependent on the successful identification and exploitation of copper, silver, gold and other mineral in the group's licence area, including the potential to reprocess historical spoil heaps and tailings. this is dependent on several variables including the existence of commercial mineral deposits, availability of finance and mineral prices.   during 2024, great western relinquished 33 claims as part of its strategy to relinquish claims as new claims are staked.  this gave rise to an impairment expense of €88,709. in june 2025, the company reviewed its claims for the 2025 renewal.  after the significant work undertaken over the claim groups in recent years, the directors identified certain claims which could be relinquished to enable the company to focus on progressing higher priority projects.  the directors decided to relinquish approximately 250 claims across five claim groups which has given rise to an impairment of €692,901. the total impairment expense for the year ended 31 december 2024 amounted to €781,610. the directors considered it appropriate to impair the cost of the claims relinquished in 2025 as at 31 december 2024 as the company acknowledged that no further exploration work will be undertaken on those claims.    9.         investment in joint venture   during 2024, the group assumed a 50% equity interest in western milling llc ("western milling"), a processing mill business incorporated in nevada, usa, over which it exercises joint control. the costs incurred to date were transferred from prepayments to investment in joint venture as at 29 february 2024. western milling owns all the assets it uses to provide its services and is legally responsible for settling its liabilities. western milling has not commenced operations but will provide services to its shareholders and is expected to provide services to third parties. the group has concluded that western milling is a joint venture under ifrs 11 - "joint arrangements" and the group has therefore applied equity accounting for its interest.  the investment was reviewed for indicators of impairment at the period end. no impairment indicator was identified for the period ended 30 june 2025.       unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        opening cost  641,020  -  - reclassification of cost from prepayments  -  534,958  534,958 additions  -  258  102,280 foreign exchange movement  (72,799)  6,046  3,782   568,221  541,262  641,020        10.       trade and other receivables    unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 € amounts falling due within one year:       other debtors  79,115  98,278  87,326 tax refunded  21,250  44,865  55,141 prepayments  53,978  142,652  10,282   154,343  285,795  152,749        all amounts above are current and there have been no impairment losses during the period (30 june 2024: €nil, 31 december 2024: €nil).       11.       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 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        cash in bank and in hand  1,210,025  45,823  18,305 short term bank deposits  28,465  45,180  281,040   1,238,490  91,003  299,345        12.       trade and other payables   unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 € amounts falling die within one year:       trade payables  116,712  381,879  25,021 other payables  48,086  384  - accruals  54,977  82,647  73,279 other taxation and social security  71,280  16,450  28,424 share warrant provision  170,807  -  - amounts payable to joint venture  167,445  -  188,897   629,307  481,360  315,621        the group has financial risk management policies in place to ensure that payables are paid within the pre-agreed credit terms.   13.       decommissioning provision    unaudited 6 months ended 30 jun 2025 €  unaudited 6 months ended 30 jun 2024 €    audited year ended 31 dec 2024 €        decommissioning provision  122,520  133,024  138,216   122,520  133,024  138,216   the decommissioning provisions relate to undertakings by the group to carry our reclamation work after the completion of planned work permitted by the regulator.  the cost of the reclamation work is estimated by the regulator in advance and the notice permitting operations to be conducted, together with the associated reclamation work, is effective for two years, subject to certain variations.  as the group applies for approval of operations to be conducted within the current year where possible, the cost of decommissioning provision is treated as a current liability.                 14.       share warrants - financial liability   the share warrants have been granted as rights to acquire additional new ordinary share of €0.0001 in accordance with the terms of placings completed in june 2025.   the warrants are classified and accounted for as financial liabilities using level 3 fair value measurement, with any change in fair value recorded in the consolidated income statement.  level 3 fair value recognises that the inputs for any asset or liability valuation are not based on observable market data.   number of warrants  level 3 fair value    € fair value of warrants at grant 62,500,000  185,880 movement in fair value of warrant liabilities   (15,073) outstanding at 30 june 2025 62,500,000  170,807   in june 2025, the group granted warrants in connection with a share placing. 62,500,000 warrants were granted exercisable at £0.013 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.  expected volatility has been based on an evaluation of the historical volatility of the company's share price. the expected life is based on the contractual life of the warrants.   in order to revalue the level 3 fair value, the principal changes to the input assumptions relate to the expected volatility, which has been recalculated at the period-end, and the life expected life of each grant, which has been reduced to the remaining life of each grant from the period-end date.  accordingly the expected volatility on revaluation has decreased to a range for the grants of between 86.6% and the range of expected life has remained unchanged.  other input assumptions remained in line with those at the original date of grant.  no sensitivity analysis has been provided as the results are not deemed material.   the inputs used in the measurement of the fair values at grant date of the warrants were as follows:     24 jun 2025    fair value at grant date  €0.002536 share price at grant date                        €0.009750                       exercise price  €0.013 number of options granted  62,500,000 vesting conditions  immediate sub-optimal exercise factor  1.5x expected life  2 years expected dividend  0% risk free interest rate  1.85%                      15.       share capital    number of shares   value of shares     € authorised at 1 january 2024  9,000,000,000  900,000   increase in authorised share capital  2,000,000,000  200,000 authorised at 30 june 2024  11,000,000,000  1,100,000      authorised at 1 july 2024  11,000,000,000  1,100,000 authorised at 31 december 2024  11,000,000,000  1,100,000      authorised at 1 january 2025  11,000,000,000  1,100,000      on 31 march 2025       share consolidation and subdivision:       ordinary shares of €0.0001 per share  55,000,000  5,500   deferred shares of €0.0199 per share  55,000,000  1,094,500   110,000,000  1,100,000   increase in authorised ordinary share capital  145,000,000  14,500 authorised at 30 june 2025  255,000,000  1,114,500    number of ordinary shares of €0.0001 each       share capital       share premium       total capital       €   €   € issued, called up and fully paid:         at 1 january 2024  5,486,600,919  548,660  14,875,499  15,424,159 ordinary shares issued  1,610,344,827  161,035  658,790  819,825 at 30 june 2024  7,096,945,746  709,695  15,534,289  16,243,984          issued, called up and fully paid:         at 1 july 2024  7,096,945,746  709,695  15,534,289  16,243,984 ordinary shares issued  3,340,909,090  334,090  671,820  1,005,910 at 31 december 2024  10,437,854,836   1,043,785   16,206,109   17,249,894          issued, called up and fully paid:         at 1 january 2025  10,437,854,836  1,043,785  16,206,109  17,249,894          on 31 march 2025         ordinary shares of €0.0001  52,189,274  10,438  -  - deferred shares of €0.0199  52,189,274  1,033,347  -  - ordinary shares issued  125,000,000  12,500  1,267,522  1,280,052 at 30 june 2025  229,378,548   1,056,285   17,473,661   18,529,946                 comprised of:               ordinary shares of €0.0001  177,189,274             deferred shares of €0.0199  52,189,274               229,378,548               at an extraordinary general meeting held on 20 march 2025, a share capital reorganisation was approved by shareholders.  the share capital reorganisation comprised (i) the consolidation of its ordinary share capital on the basis of 1 consolidated ordinary share pf €0.02 each for every 200 existing ordinary shares of €0.0001 each and (ii) the sub-division of each consolidated ordinary share of €0.02 into a new ordinary share of €0.0001 nominal value and a deferred share of €0.0199 nominal value.  in addition, the company increased its share capital to €1,114,500 made up of 200,000,000 ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each.    on 19 march 2024, the company completed a subscription for 1,610,344,827 new ordinary shares of €0.0001 ("the subscription share").  each subscription share was issued at a price of £0.000435 (€0.000509) raising gross proceeds of £700,500 (€819,826) and increasing share capital by €161,034. the premium arising on the issue amounted to €658,791.   on 1 july 2024, the company completed a placing for 1,250,000,000 new ordinary shares of €0.0001 ("the placing share").  each placing share was issued at a price of £0.000400 (€0.000472) raising gross proceeds of £500,000 (€589,692) and increasing share capital by €125,000. the premium arising on the issue amounted to €464,692.   on 2 december 2024, the company completed a placing for 1,818,181,818 new ordinary shares of €0.0001 ("the placing share").  each placing share was issued at a price of £0.000165 (€0.000199) raising gross proceeds of £300,000 (€361,891) and increasing share capital by €181,818. the premium arising on the issue amounted to €180,072.   on 4 december 2024, the company completed a retail offer for 272,727,272 new ordinary shares of €0.0001 ("the retail offer share").  each retail offer share was issued at a price of £0.000165 (€0.000199) raising gross proceeds of £45,000 (€54,328) and increasing share capital by €27,273. the premium arising on the issue amounted to €27,055.   on 24 june 2025, the company completed a placing for 125,000,000 new ordinary shares of €0.0001 with 62,500,000 warrants, whereby the placee received one new ordinary share and, for every two ordinary shares received, a warrant giving the right to one additional new ordinary shares of €0.0001 ("the placing share").  each placing share was issued at a price of £0.01 (€0.0117) raising gross proceeds of £1.25 million (€1,465,932) and increasing share capital by €12,500. the premium arising on the issue amounted to €1,267,552. the warrants were granted with an exercise price of £0.013 and a fair value of €185,880.   after the period end, the authorised share capital of the company was increased to €1,154,500, consisting of 600,000,000 ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinary resolution at the company's annual general meeting on 14 august 2025.    transaction expenses including commission arising on the issue of shares during the period ended 30 june 2025 amounted to €88,610 (30 june 2024: €53,971 and 31 december 2024: €116,168).   16.       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.  at the annual general meeting held on 5 june 2024, the shareholders approved the extension of the share option plan for a further five years.   measure of fair values of options the fair value of the options granted has been measured using the binomial lattice option pricing model. the input used in the measurement of the fair value at grant date of the options were as follows:           20 aug 2024    fair value at grant date  €0.00028 share price at grant date                        €0.00041                       exercise price  €0.00040 number of options granted  400,000,000 vesting conditions  immediate expected volatility  94% sub-optimal exercise factor  4x expected life  7 years expected dividend  0% risk free interest rate  2.18%    during the period no expense was recognised in the statement of profit and loss related to share options vesting during the period (30 june 2024: €nil and 31 december 2024: €133,812).    on 26 january 2024, 6,666,667 options granted on 26 january 2017 lapsed at the end of their seven-year life.  on 18 april 2024, a 17,500,000 options lapsed.  on 12 july 2024, a further 11,000,000 options lapsed. an amount of €182,717 relating to the lapsed options has been transferred from the share based payment reserve to retained earnings.   number of options  average exercise price     outstanding at 1 january 2024 195,166,667  stg0.24 p lapsed (24,166,667)  stg0.09 p outstanding at 30 june 2024 171,000,000  stg0.24 p granted 400,000,000  stg0.04 p lapsed (11,000,000)  stg1.60 p outstanding at 31 december 2024 560,000,000  stg0.07 p granted -  - outstanding at 30 june 2025 560,000,000  stg 0.07 p   on 30 june 2025, there were options outstanding over 560,000,000 (30 june 2024: 171,000,000 and 31 december 2024: 560,000,000) ordinary shares which are exercisable at prices ranging from stg 0.04 pence to stg 0.8 pence per share and which expire at various dates up to august 2031.  the weighted average contractual life of the options outstanding is 5 years 4 months (30 june 2024: 4 years 2 months and 31 december 2024: 5 years 9 months).   equity-settled warrants   in june 2025, the group granted broker warrants over 7,500,000 shares in connection with a share placing.  the warrants were granted exercisable at £0.0 1 each with immediate vesting and a contractual life of 2 years.  the fair value of the broker warrants amounted to €25,023.     24 jun 2025    fair value at grant date  €0.002845 share price at grant date                        €0.009750                       exercise price  €0.010 number of options granted  7,500,000 vesting conditions  immediate expected volatility  87.7% sub-optimal exercise factor  1.5x expected life  2 years expected dividend  0% risk free interest rate  1.85%    at 30 june 2025, the balance on the share-based payment reserve amounted to €362,123 (30 june 2024: €340,684 and 31 december 2024: €337,100).   17.       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.   18.       post balance sheet events   the authorised share capital of the company was increased to €1,154,500, consisting of 600,000,000 ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinary resolution at the company's annual general meeting on 14 august 2025.    there were other no significant post balance sheet events which would require amendment to or disclosure in the half yearly financial statements.   19.       approval of financial statements   the half yearly financial statements were approved by the board of directors on 24 september 2025.   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   ir blgdcgbddgus return to news summary

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