Final Results for the Year Ended 31 December 2025

Great Western Mining Corporation PLC / AIM: GWMO / Euronext Growth: 8GW

29 May 2026

GREAT WESTERN MINING CORPORATION PLC

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

Final Results for the Year Ended 31 December 2025

Great Western, a strategic minerals exploration and development company, is pleased to announce its results for the year ended 31 December 2025.

HIGHLIGHTS

2025 Operational Highlights

· Tungsten exploration prioritised across the Defender-Pine Crow corridor following encouraging field results and independent geological review.

· Expanded the Company's land position through additional claim staking at Defender-Pine Crow and Yellow Peak.

· Reconnaissance sampling programme at Defender-Pine Crow returned multiple selective samples over 1% WO3 (tungsten trioxide), with a maximum of 1.75% WO3.

· Advanced the West Huntoon copper-gold project through RC drilling and surface sampling, confirming gold and silver mineralisation associated with the Crown Point granite.

· Continued advancement of the Huntoon Copper Project, where the existing M2 copper resource remains open along strike with further camp-scale porphyry potential identified.

· Completed six IP survey lines and maiden RC drill programme at the Rhyolite Dome gold prospect within the Olympic Gold Project.

· Construction completed at the Western Milling gravity separation plant at Sodaville, with discussions ongoing regarding strategic partners to support commercial scale-up.

Post-Period Highlights

· Appointed Ed Loye as Chief Executive Officer to lead the next phase of the Company's development.

· Raised £3.25 million (gross) through a placing of new shares to fund accelerated exploration activity, prioritising tungsten exploration and drill activity at Defender-Pine Crow.

· Commenced detailed geological mapping and gravity survey work to refine drill targeting across the tungsten corridor.

· Secured drilling contractor and commenced groundwork ahead of planned tungsten drilling programme at Defender-Pine Crow.

· Option agreement involving KGHM Polska Miedz S.A. relating to the Eastside Mine copper porphyry project - validates Great Western's partnership strategy and provides exposure to long term royalty income.

· Applied for cross-trading of the Company's shares on the OTCID market in the United States.

Financial Highlights

· Loss for the year of €1.08 million (2024: loss of €1.74 million).

· Net assets at year-end of €8.6 million (2024: €9.5 million).

· Cash at 31 December 2025 of €0.07 million.

· Post year-end fundraising and warrant exercises generated gross proceeds of approximately £3.5 million.

Great Western CEO, Ed Loye, commented:

"Having worked closely with Great Western for the past year in a consulting capacity before joining as Chief Executive Officer in January 2026, I have had the opportunity not only to assess the portfolio in depth alongside our technical team, but also to begin putting in place the operational and strategic foundations needed to advance the Company's next phase of growth. What has become increasingly evident to me is that Great Western holds a highly compelling position within a region of growing strategic importance to the United States, particularly in relation to critical minerals supply.

"What stands out most is the scale and potential of the tungsten opportunity emerging at Defender-Pine Crow. Tungsten has rapidly become recognised as a strategically important metal, essential to defence, aerospace, manufacturing and advanced technologies, yet western domestic supply remains extremely limited. The combination of encouraging tungsten grades, extensive mineralised strike length and proximity to existing infrastructure gives us a strong platform from which to build. I believe these assets are becoming increasingly relevant not only to investors, but also to industrial and strategic partners seeking secure long-term supply chains within the United States.

"Our priority now is to advance the Defender-Pine Crow programme through drilling and technical evaluation while continuing to unlock value across the wider portfolio. At the same time, we intend to raise the Company's profile significantly within North American capital markets and among potential strategic partners. With fresh funding secured, an experienced technical team in place and multiple catalysts ahead, I believe Great Western is entering a particularly exciting phase of its development and I look forward to updating shareholders on our progress in the months ahead."

Forward Looking Statements

This announcement contains forward looking statements relating to the plans, activities and expectations of Great Western Mining Corporation PLC. Such statements include, but are not limited to, those concerning planned exploration programmes, anticipated timelines and potential mineral resource outcomes. Forward looking statements are typically identified by words such as "plan", "expect", "anticipate", "intend", "may", "could", "potential" or similar expressions.

These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Factors include geological risk, exploration and drilling results, permitting and regulatory approvals, funding availability, operational challenges, commodity price movements and general market conditions. No assurance can be given that any forward looking statements will prove to be accurate, and shareholders are cautioned not to place undue reliance on them.

For further information visit www.greatwesternmining.com or contact:

CHAIRMAN'S STATEMENT

For the year ended 31 December 2025

Dear Shareholder,

2025 has been a year of clear progress for the Company, as we have both strengthened our understanding of the geology across our portfolio and sharpened our focus on where best to deploy capital. With a substantial land position in the Walker Lane trend of Nevada, one of the most prospective mining regions in the United States, we have concentrated our efforts on those opportunities with the clearest potential to create near-term value.

A key development during the year has been the growing emphasis on our tungsten assets at Defender and Pine Crow. As tungsten prices strengthened and its importance as a strategic metal became more widely recognised, we took a fresh and more detailed look at these historic workings located close to our M2 copper resource.

Results to date have been encouraging. Fieldwork and sampling have confirmed tungsten mineralisation over meaningful widths and point to the possibility of a broader system extending across the area. This has led us to the view that Defender and Pine Crow may form part of a coherent mineralised corridor, which is now a central focus of our work.

To support this work, we commissioned an independent review of our prospects in the Walker Lane. The recommendation was clear: prioritise tungsten. We have acted on that advice. Additional claims have been staked post period end to strengthen our position, surface work has continued to deliver positive results, and we have now secured a drilling contractor to begin testing the system at depth in the coming months.

This shift in focus does not come at the expense of the rest of the portfolio. At the Huntoon Copper Project, we see strong potential for a significant camp-scale porphyry target, supported by an existing resource at M2, which remains open along strike, together with the recently confirmed presence of gold and silver mineralisation associated with the Crown Point granite at West Huntoon, adding an important new dimension to the project.

In recent days we have announced our participation in the signing of an option agreement between KGHM Polska Miedz S.A. (KGHM) and Elemental Royalty Corporation for exploration and development of our copper porphyry prospect at the Eastside Mine group of claims, part of a pooling agreement with Elemental Royalty Corporation which holds the adjoining Tango claims. KGHM can earn the right to acquire a 100% interest in this exciting project over time and we are very pleased to have a well-funded major mining company involved, with no further financial exposure for Great Western.

Further east, at the Olympic Gold Project, initial work at the Rhyolite Dome prospect has improved our understanding of the geological setting and confirmed that we are operating within a hydrothermal system. While early drilling has been modest in grade, it has provided a sound technical basis for refining our targeting going forward.

Commodity markets have been supportive throughout the period. Tungsten has emerged as an increasingly important strategic resource, while gold and silver have reached record levels and copper continues to benefit from its designation as a critical metal. This backdrop reinforces our decision to prioritise work at Defender-Pine Crow while continuing to advance our broader portfolio.

Our 50%-owned Western Milling joint venture has completed construction of a gravity separation mill at Sodaville. While the plant is permitted and has passed inspection, it will require additional scale and investment to reach commercial production. We are therefore in discussions with potential partners who can bring the technical and financial capacity needed to move the project forward.

As an exploration company, we do not yet generate revenue and have reported a loss for the year of €1,077,474 (2024: €1,741,056). At the year end, net assets stood at €8,601,046 (2024: €9,458,826). We remain disciplined in how we allocate capital, focusing on those areas where we believe it can deliver the greatest return.

Since the year end, we have strengthened our position further. A successful fundraising of £3.25 million has provided the resources needed to advance the tungsten programme, including the upcoming drilling campaign at Defender-Pine Crow. We have also applied for our shares to be cross traded on the OTCID market in the United States, which we believe will broaden our investor base and improve access to North American capital.

There have also been changes to the leadership of the Company. Ed Loye has been appointed as Chief Executive Officer and will lead the next phase of development. Furthermore, he will be proposed for election to the Board at the forthcoming AGM, at which point I will step down as Executive Chair and return to the role of Non-Executive Chair. I look forward to supporting Ed and the team as they take the Company forward.

Looking ahead, our priorities are clear. We will advance the tungsten opportunity at Defender-Pine Crow through drilling and ongoing technical work, while continuing to build our understanding of the copper and precious metals potential across the wider portfolio. The work we have carried out over the past year has given us a stronger foundation and a clearer sense of direction.

On behalf of the Board, I would like to thank our shareholders for their continued support. We look forward to updating the market as our programmes progress.

Yours sincerely,

Brian Hall

Executive Chairman

Date: 28 May 2026

Operations Report

For the year ended 31 December 2025

Principal activities, strategy and business model

Great Western explores mineral opportunities in the Walker Lane belt of Nevada, USA, including gold, silver, copper and tungsten, over a broad portfolio of claims and aims to enhance shareholder value through systematic evaluation and exploitation of its assets. Current activity consists of:

· Critical minerals exploration, prioritising tungsten exploration to align with US strategic supply goals.

· Advance flagship copper asset, growing existing JORC resource.

· Accelerate exploration on precious metals assets for commercially viable gold and silver deposits.

· Unlock value through partnerships to fund growth and reduce dilution.

Great Western holds interests in the following claim groups (with projects within the Huntoon Copper Project (HCP)):

During the year ended 31 December 2025, a review of all existing claims was undertaken and it was decided to reduce holdings where no clear prospectivity was identified, while staking new claims in areas that support the Company's exploration plans. At 31 December 2025, the Company held 534 claims and since the year-end has staked an additional 8 claims. 

In addition to exploration activities, Great Western established and is a 50% owner of the Western Milling LLC joint venture which has constructed a mill at Sodaville, Nevada to process historical mine waste, including tailings, spoil heaps and stockpiles from Great Western's claims, into precious metal concentrates.

EXPLORATION - Precious Metals Projects

Olympic Gold Project

At the year-end, Great Western held 60 claims at Olympic Gold, located approximately 50 miles from Great Western's other concessions and still within the Walker Lane trend in Mineral County, Nevada.

The Olympic Gold Project is located on the northern flank of the Cedar Mountain Range in eastern Mineral County, Nevada, within the Walker Lane Fault Belt at the intersection of the Rawhide-Paradise Peak and Aurora-Round Mountain mineral trends. The Project holds numerous exploration targets and in 2025 Great Western's primary focus was on the Rhyolite Dome area.

Rhyolite Dome is located along the Olympic Gold fault zone, approximately 1.5km southeast of the OMCO Mine, a mine which produced high-grade gold between the two world wars. The project lies within a prolific low‑sulphidation epithermal gold district characterised by gold-quartz veining, brecciation and silica flooding.

During 2025 Great Western successfully completed six induced polarisation (IP) survey lines at Rhyolite Dome. Data inversions identified a near-surface zone of anomalous resistivity that coincides with a mapped fault zone, as well as a chargeable feature at depth of approximately 25mrad located more than 300 m below surface.

Four shallow RC drill holes were completed at Rhyolite Dome in November 2025 totalling 2,315 ft (706 m). Drilling primarily targeted the near-surface resistivity anomaly defined by the IP survey.

Several intervals of silicified rhyolite were intercepted, with locally common pyrite together with hydrothermally altered volcanic rocks. Low concentrations of gold were encountered, with maximum intercepts of 5 ft (1.5 m) at 0.12 g/t Au and 5 ft (1.5 m) at 0.11 g/t Au in hole RDRC005. More significant silver intercepts were returned, including 70 ft (21.3 m) at 1.64 g/t Ag and 0.03 g/t Au in hole RDRC004, as well as 15 ft (4.6 m) at 1.13 g/t Ag and 0.05 g/t Au. The geological model for the Olympic Gold Project will now be reassessed to refine future exploration targets.

West Huntoon

At the end of 2025, Great Western held 103 claims at West Huntoon around the historic underground Huntoon gold mine and they are prospective for gold, silver and copper mineralisation. The claims are located on the northwest side of the Huntoon Valley, covering 10 km2.

The West Huntoon Gold-Silver-Copper Project is part of the Huntoon Copper Project, located in Mineral County, Nevada, within the Walker Lane Structural Belt. The Cretaceous "Crown Point" granite, recently discovered and mapped by the Company, contains textural evidence for having hosted magmatic-hydrothermal fluid flow and mineralisation.

With copper the main focus at West Huntoon (see below Copper Projects section), the area also contains high-grade, potentially epithermal, precious metal veins which were the target of the old Huntoon mine workings. Following up on these encouraging results, Great Western conducted a selective surface sampling programme at West Huntoon focused on potentially mineralised ground in the Crown Point granite area, to which it holds rights under the previously announced Huntoon Mine Cooperation Agreement.

Assay results returned in early 2025 showed a very high silver grade of 455 g/t Ag together with elevated gold of 1.07 g/t Au, from a sample taken in the southern parts of the Crown Point granite. Previous samples from this area included one with 2,438 g/t Ag & 5.53 g/t Au, situated 40 m to the southwest, and one with 102 g/t Ag & 4.51 g/t Au, taken a further 40 m to the southwest. These three samples together form an 80 m trend.

A first sample from the far northern end of the Crown Point granite returned 2.16 g/t gold, 34.2 g/t silver and 1.58% copper, which showed potential for an elevated precious metals zone at a considerable distance from the established zone in the southeastern portion.

Multiple samples returned elevated gold and silver values (0.1-0.2 g/t Au and 5-20 g/t Ag), mainly located adjacent to the high-grade samples in the southern tip of the Crown Point granite. Results also showed widespread copper anomalism in the granite, with seven samples in the range 0.18 - 0.31% Cu and an outlier at 0.68% Cu. These samples were selected from local surface showings of copper oxide mineralisation.

In 2025 a RC drilling programme at the West Huntoon Prospect was designed to test the potential for magmatic-hydrothermal type mineralisation associated with coincident geological mapping, soil and rock chip Cu-Au-Ag geochemical anomalies and IP geophysical targets. Six RC drill holes were successfully drilled at West Huntoon in 2025, totalling 3,630 ft (1,106.4 metres) providing valuable new insights into the precious and base metal mineralisation of the Project.

Two drill holes out of the total six planned for the West Huntoon area targeted the Crown Point granite contact. Samples were sent for gold and multi-element analysis to a lab in Reno, Nevada. Results returned from the drilling showed that precious metal Au-Ag mineralisation is now found to be associated with the Cretaceous Crown Point granite. Highlights of the results include: 25 ft @ 1.01 g/t Au and 11.00 g/t Ag (including 5 ft @ 2.55 g/t Au and 19.00 g/t Ag); 15 ft @ 1.67 g/t Au and 2.34 g/t Ag (including 5ft @ 4.01 g/t Au and 2.74 g/t Ag); 5 ft at @ 1.06 g/t Au and 8.54 g/t Ag; and 85 ft @ 3.00 g/t Ag. 

EXPLORATION - Copper Projects

At M2 in the Black Mountains Group, Great Western has already discovered and drilled a partly inferred, partly indicated copper resource of 4.3 million tonnes at a grade of 0.45% Cu in a skarn setting. The work carried out to date shows potential for expansion to a much larger copper resource. Great Western believes that there is untested potential in both directions along strike, on a structure of up to 5 km, supported by historical mine workings to the northeast and an IP anomaly to the southwest. Grabs from this area have returned positive grades for copper, with one returning a grade of 1,470 g/t Ag. This is the highest silver value recorded at M2. Further work will be undertaken for a better understanding of the silver enrichment in this area.

West Huntoon, situated 7 km west of M4, and 10 km southwest of M2, is primarily a copper prospect on which the Company has previously drilled a single hole, assaying at 0.35% Cu over 27.4 metres. West Huntoon also contains a sizeable copper anomaly in soils, part of which is coincident with a clear magnetic signature identified on drone magnetometry conducted in early 2022. Induced polarisation (IP) surveys conducted at West Huntoon in 2024, detected chargeability anomalies, associated with known surface expressions of copper oxide mineralisation in the core of the prospect and plunging away from these zones to the southeast. The copper-in-soils anomaly at West Huntoon was expanded from around 2 km2 to 3 km2.

During the reporting period Great Western also gained access to historical drill material from the area, both RC and diamond core, carried out by previous claim holders. The Company's technical team is currently evaluating the material, with results being integrated into the geological database.

Smith Mine

Reconnaissance soil samples were taken covering 3 km2 and these were the Company's first systematic sampling undertaken at the prospect. Eleven lines were sampled with line spacing of 250 m and sample spacing of 100 m. Assay results returned this year for the 84 samples taken show mild copper anomalism (>50 ppm Cu) proximal to the Smith Mine workings and several samples in the south of the grid returned anomalous copper grades, including a maximum outlier of 341 ppm Cu. These samples were taken proximal to surface showings and, along with new and previously reported grabs, help define a 400 m trend of copper anomalism. Separately, one sample high on the flank of the hills to the southwest returned a markedly anomalous 29 ppb Au. A follow-up programme of in-fill sampling on a tighter spaced grid will be carried out in due course.

Yellow Peak Prospect

Early in 2025, Great Western staked 20 strategic new claims at Yellow Peak, located north of and on trend with West Huntoon's porphyry potential. The decision to stake Yellow Peak was driven by the identification of extensive outcropping phyllic alteration, a recognised indicator of porphyry copper mineralisation, and the presence of a key highly evolved granite phase that has never previously been recorded in this region.

In addition, Great Western's technical team identified a distinct, highly evolved granite phase within the Yellow Peak area, which likely correlates with the Crown Point granite mapped by the Company at the centre of the West Huntoon copper prospect now understood to be associated with alteration and mineralisation over a number of sites on Great Western's claims in the northeastern end of the Huntoon and Little Huntoon Valleys.

Other copper projects

The M8 copper prospect lies within the Eastside Mine ("EM") claims group, where high-grade copper-oxide ore was mined from shallow underground workings during World War I. The Company regards the northerly continuation of this structure as a strong, untested target for buried copper mineralisation.

In 2024, Great Western entered into a pooling agreement with Bronco Creek Exploration (BCE), a wholly owned subsidiary of Elemental Royalty Corp., under which the Company's Eastside Mine claims were pooled with BCE's adjoining ground (the "Tango" claims) to create a larger unit which consolidates a primary porphyry copper target. Eastside/Tango is located approximately 18 km southeast of Great Western's Huntoon Copper Project.

In 2025, following a review of data, BCE decided to stake 78 claims in an agreed Area of Mutual Interest consisting of a one-kilometre halo around the pooled Eastside Mine/Tango area and GWM exercised its option to have the additional 78 claims form part of the properties covered by the pooling agreement in which Great Western has 30%. 

TUNGSTEN PROSPECTIVITY

Black Mountain

Defender-Pine Crow

The Black Mountain Group ("BM") lies on a southwest trending spur ridge of the Excelsior Range of mountains and comprised 188 claims at the year-end. The BM group contains both Great Western's copper resource at M2, the Mineral Jackpot prospect, where outcropping veins, vein workings and spoil heaps contain high-grade gold and silver and the recently developed Defender-Pine Crow tungsten target.

Work during this reporting period focused on the Defender-Pine Crow tungsten target area.

The Defender and Pine Crow skarns, which produced tungsten during World War II, lie approximately 2 km northeast of and on trend with the Company's M2 skarn copper resource. These outcropping skarns occur at the contact zones of Cretaceous granitic intrusions with limestones of the Jurassic Dunlap Formation. Earlier field mapping and rock chip sampling confirmed scheelite-bearing skarns at both Defender and Pine Crow, with rock chip samples recording up to 1.75% tungsten trioxide (WO3) in previous year's work.

A systematic soil sampling programme has been carried out over the area's two historical tungsten workings, Defender and Pine Crow, where previous grab samples had returned high tungsten grades. 98 soil samples were collected across 198 acres (0.8 km2) between Defender/Pine Crow and the Company's previous soil sample grid at M2. Lab analysis of the results showed elevated tungsten (W), copper (Cu) and zinc (Zn) in soil, traced for approximately 1.4 km along the granite-limestone contact zone. Five samples from the contact zone were greater than 75 ppm Cu, with one sample containing 385 ppm Cu. Zn in soil showed elevated levels, up to 81 ppm Zn, in the contact zone, compared to <40 ppm away from the contact. W in soil shows elevated levels, up to 6 ppm in the contact zone, compared to background values of <1 ppm W in soil away from the contact zone. Due to its refractory nature, W concentration is also likely to have been under-represented by the aqua regia digest method used in the lab analysis. When correlating trends with the Company's historically reported soil sample grid in the M2 area, elevated W, Cu and Zn in soils can now be traced for over 3 km in strike length, from south of the M2 resource to Pine Crow.

The spatial extent of these results highlights the potential scale of the mineralising system and indicates correlation between the M2 copper skarn resource and the tungsten rich skarns in the Defender-Pine Crow area.

In December 2025, two channels were machine-cut to assess mineralisation by collecting samples at 1 m intervals. Channel A was excavated across an existing trench, while Channel B was cut across historic surface workings. The samples were analysed for multi-element analysis, including specific processing and analysis for tungsten.

Post reporting period

Results returned in early 2026 for the trenching programme delivered strong tungsten showings from both channels. Channel A returned 6 m (20ft) at 0.17% WO₃, including a high-grade interval of 1 m (3ft) at 0.43% WO₃. Channel B produced an even stronger result of 16 m (52ft) at 0.30% WO₃, including 2 m (7ft) at 0.66% WO₃.

Channel B also demonstrated silver mineralisation, intersecting 2 m (7ft) at 2.95 g/t Ag within garnet skarn and 3 m (10ft) at 1.55 g/t Ag within granite. Importantly, elements that could act as processing penalties for WO₃ were recorded at only very low concentrations. Great Western has staked eight new claims around the Defender-Pine Crow prospects since the end of the reporting year and now holds 542 claims in total.

Detailed geological mapping commenced in March 2026 to assess the mineralised trend between Defender and Great Western's existing Maiden Resource Estimate (MRE) at M2. This will refine the geological model and support drill targeting, initially at the eastern end of the trend. A gravity survey commenced over the soil anomaly area will further add to the understanding of the lithological boundaries and structural features of the area and help with future drill targeting over the larger zone. Groundwork has commenced in April 2026 to prepare the drill pads, ahead of planned drilling in July 2026. In parallel, additional channel cutting has been carried out, the results of which will be incorporated into the exploration model.

PROCESSING OPERATIONS

The Western Milling LLC 50-50 joint venture, owned by Great Western and local mine contractor Muletown Resources, has completed construction of a gravity separation mill at Sodaville. While the plant is now permitted and has passed state inspection, it will require additional investment to reach commercial production. Discussions are ongoing with prospective partners who would bring the technical and financial capacity needed to upscale the project to an economic level and move it forward.

Consolidated Income Statement

For the year ended 31 December 2025

All activities are derived from continuing operations. All losses are attributable to the owners of the Company.

Consolidated Statement of Other Comprehensive Income

For the year ended 31 December 2025

Consolidated Statement of Financial Position

For the year ended 31 December 2025

Company Statement of Financial Position

For the year ended 31 December 2025

Consolidated Statement of Changes in Equity

For the year ended 31 December 2025

Company Statement of Changes in Equity

For the year ended 31 December 2025

Consolidated Statement of Cash Flows

For the year ended 31 December 2025

Company Statement of Cash Flows

For the year ended 31 December 2025

Notes to the Financial Statements

For the year ended 31 December 2025

1. Accounting policies

Great Western Mining Corporation PLC ("the Company") is a Company domiciled and incorporated in Ireland. The Company is listed on the Euronext Growth Market in Dublin and on AIM in London. The Group financial statements consolidate the individual financial statements of the Company and its subsidiaries ("the Group").

Basis of preparation

The Group and the Company financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

Statement of compliance

The Group financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards and their interpretations as adopted by the European Union ("EU IFRSs"). The individual financial statements of the Company have been prepared and approved by the Directors in accordance with EU IFRSs and as applied in accordance with the provisions of the Companies Act 2014 which permits a Company that publishes its Company and Group financial statements together, to take advantage of the exemption in Section 304 of the Companies Act 2014 from presenting to its members its Company income statement and related notes that form part of the approved Company financial statements.

The EU IFRSs applied by the Company and the Group in the preparation of these financial statements are those that were effective for accounting periods ending on or before 31 December 2025.

New accounting standards and interpretations adopted

Below is a list of standards and interpretations that were required to be applied in the year ended 31 December 2025. There was no material impact on the financial statements in the current year from the standards set out below:

New accounting standards and interpretations not adopted

Standards endorsed by the EU that are not yet required to be applied but can be early adopted are set out below. None of these standards have been applied in the current period. The Group is currently assessing whether these standards will have a material impact in the financial statements.

Functional and Presentation Currency

The presentation currency of the Group and the functional currency of Great Western Mining Corporation PLC is the Euro ("€") representing the currency of the primary economic environment in which the Group operates. 

Use of Judgements and Estimates

In preparing these consolidated financial statements, judgements and estimates have been made about the future that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group's risk management. Revisions to estimates are recognised prospectively.

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:

Judgments

The Directors have made the following judgements in applying the accounting policies which are considered to have the most significant effects on the amounts recognised in the financial statement:

Carrying value of intangible assets and impairment (Note 11)

The capitalisation of costs in relation to exploration activities requires judgement over the costs incurred, including: obtaining exploration data through geological, geochemical, geophysical and other studies; the review of historical data; conducting soil and grab samples, trenching and drilling activities; preparation of third party reports on the Company's activities including resource reports; the renewal of claims, staking of new claims and the maintenance of all claims in accordance with regulations; and salary costs and general administration costs. The Group considers the need for an impairment provision in and takes into account the exploration activity undertaken on each group of claims. If an indication of impairment exists, a formal estimate of recoverable amounts is performed and an impairment loss recognised.

Amounts owed by subsidiary companies (Note 13)

The Parent Company assesses the recoverability of loans from subsidiary companies and any impairment which may arise. In applying the expected credit loss (ECL) model under IFRS 9 the Parent Company makes assumptions when implementing the forward-looking ECL model including estimations for the amount expected the percentage loss given a default and the probability of default. The Directors make judgements on the expected likelihood and probable loss which are applied to the loan balances.

Decommissioning provision (Note 17)

Provisions for decommissioning are made based on the best estimate of likely cash outflows. Under regulatory requirements, the Group must provide bonds for the value of expected costs as calculated by the relevant regulatory body, to remediate any ground disturbance. The bonds have to be provided in advance of any work being undertaken. The Directors consider that the amounts calculated for each bond is the best estimate for the costs of decommissioning prior to the work being undertaken.

Assumptions and estimation uncertainties

Assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes

Share warrants - financial liability (Note 18)

Accounting for share warrants financial liabilities 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 assumptions are updated at period ends and at the time of events including exercise of warrants.

Share-based payments (Note 20)

Accounting for equity-settled share-based payments 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

Basis of Consolidation

The consolidated financial statements comprise the financial statements of Great Western Mining Corporation PLC and its subsidiary undertakings for the year ended 31 December 2025.

Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Financial statements of subsidiaries are prepared for the same reporting year as the parent company.

Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, and no controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in the income statement. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for an equity-accounted investee or as an available for sale financial asset, depending on the level of influence retained.

Intragroup balances and transactions, including any unrealised gains arising from intragroup transactions, are eliminated in preparing the Group financial statements. Unrealised losses are eliminated in the same manner as unrealised gains except to the extent that there is evidence of impairment.

Investments in Subsidiaries

In the Company's own statement of financial position, investments in subsidiaries are stated at cost less provisions for any impairment.

Intangible Assets - Exploration and Evaluation Assets

The Directors have designated that an individual exploration and evaluation asset is a group of claims which provide separate areas of interest in different geographic locations. Each group of claims may comprise more than one area of exploration interest. Exploration expenditure in respect of properties and licences not in production is capitalised and is carried forward in the statement of financial position under intangible assets in respect of each area of interest where:

(i) the operations are ongoing in the area of interest and exploration or evaluation activities have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves; and

(ii) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its realisation.

Exploration costs include licence costs, survey, geophysical and geological analysis and evaluation costs, costs of drilling and project-related overheads. Where the Company undertakes the evaluation and appraisal of historical waste material at surface, the costs of evaluation are capitalised in exploration and evaluation assets. Capitalised exploration and evaluation expenditures are not amortised prior to the conclusion of exploration and appraisal activity.

Exploration and evaluation assets will be reclassified to property, plant and equipment as a cash-generating unit when a commercially viable reserve has been determined, all approvals and permits have been obtained. On reclassification, the carrying value of the asset will be assessed for impairment and, where appropriate, the carrying value will be adjusted. If, after completion of exploration, evaluation and appraisal activities the conditions for achieving a cash-generating unit are not met, the associated expenditures are written off to the income statement.

Decommissioning Provision

There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many factors, including changes to the relevant legal requirements, the emergence of new technology or experience at other assets. The expected timing, work scope and amount and currency mix of expenditure required may also change. Therefore, significant estimates and assumptions are made in determining the provision for decommissioning. Provision for environmental clean-up and remediation costs is based on current legal and contractual requirements, technology and management's estimate of costs with reference to current price levels and the estimated costs calculated by the regulatory authorities.

Impairment

The carrying amounts of the Group's non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the amount recoverable from the assets is estimated. For intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date.

Under IFRS 6, the following indicators are set out to determine whether an exploration and evaluation asset is required to be tested for impairment:

· the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;

· substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;

· exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and

· sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

The list is not exhaustive, and the Group also considers the following additional tests: current cash available to the Group and its capacity to raise additional funds; commodity prices and markets; taxation and the regulatory regime; access to equipment, materials and services; and the comparison of the Group's net assets with the market capitalisation of the Company. When claims within a claim group are relinquished during annual renewal process, consideration is given to the estimated carrying value of the relinquished claims and the cost is expensed accordingly.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset Group that is expected to generate cash flows that is largely independent from other assets and Groups of assets. Impairment losses are recognised in the Statement of Comprehensive Income. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.

The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset.

Taxation

Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit and loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or equity respectively.

Current corporation tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Special tax deductions for qualifying expenditure claimed by the Group are in accordance with the Research and Development Tax Incentive regime in the UK. The Group accounts for such allowances as tax credits, which reduces income tax payable and current tax expense.

Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. 

Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividends is recognised.

Employee Benefits

Equity-Settled Share-Based Payments

For equity-settled share-based payment transactions (i.e. the issuance of share options in accordance with the Group's share option scheme or share warrants granted in relation to services provided), the Group measures the services received by reference to the value of the option or other financial instrument at fair value at the measurement date (which is the grant date) using a recognised valuation methodology for the pricing of financial instruments (the binomial option pricing model). If the share options granted do not vest until the completion of a specified period of service, the fair value assessed at the grant date is recognised in the income statement over the vesting period as the services are rendered by employees with a corresponding increase in equity. For options granted with no vesting period, the fair value is recognised in the income statement at the date of the grant. For share warrants granted in relation to services provided, the fair value is an issue cost and is accordingly recognised in retained earnings. The fair value of equity-settled share-based payments on exercise is released to the share premium account. When equity settled share-based payments which have not been exercised reach the end of the original contractual life, whether share options or share warrants, the value is transferred from the share option reserve to retained earnings.

Foreign Currencies

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the exchange rate ruling at the reporting date, unless specifically covered by foreign exchange contracts whereupon the contract rate is used. All translation differences are taken to the income statement with the exception of foreign currency differences arising on net investment in a foreign operation. These are recognised in other comprehensive income.

Results and cash flows of non-Euro subsidiary undertakings are translated into Euro at average exchange rates for the year and the related assets and liabilities are translated at the rates of exchange ruling at the reporting date. Adjustments arising on translation of the results of non-Euro subsidiary undertakings at average rates, and on the restatement of the opening net assets at closing rates, are dealt with in a separate translation reserve within equity. Proceeds from the issue of share capital are recognised at the prevailing exchange rate on the date that the Board of Directors ratifies such issuance; and foreign exchange movement arising between the date of issue and the date of receipt of funds is credited or charged to the income statement.

The principal exchange rates used for the translation of results, cash flows and balance sheets into Euro were as follows:

On loss of control of a foreign operation, accumulated currency translation differences are recognised in the income statement as part of the overall gain or loss on disposal.

Property, plant and equipment

Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Land and property - 0%

Plant & machinery - 33.33% straight line

Motor vehicles - 33.33% straight line

On disposal of property, plant and equipment, the cost and related accumulated depreciation and impairments are removed from the financial statements and the net amounts less any proceeds are taken to the income statement.

The carrying amounts of property, plant and equipment are reviewed at each balance sheet date to determine whether there is any indication of impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

Subsequent costs are included in an asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the replaced item can be measured reliably. All other repair and maintenance costs are charged to the income statement during the financial period in which they are incurred.

Financial Instruments

Cash and Cash Equivalents

Cash and cash equivalents in the Statement of Financial Position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of Statement of Cash Flows.

Trade and Other Receivables / Payables

Except for the decommissioning provision and financial liabilities arising on the grant of share warrants, trade and other receivables and payables are stated at cost less impairment, which approximates fair value given the short-dated nature of these assets and liabilities. There are no expected credit losses on amounts due from subsidiaries and therefore no expected credit loss provision has been recognised.

Financial assets - amounts owed by subsidiary undertakings

Financial assets are classified as measured at amortised cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired and when interest is recognised using the effective interest rate method. This category of financial assets includes trade and other receivables and loans provided to subsidiary undertakings of the Company.

Impairment of financial assets

The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost. The loss allowance for the financial asset is measured at an amount equal to the life-time expected credit losses. Changes in loss allowances are recognised in profit and loss.

Share Warrant Provision

The fair value of an equity classified warrant is measured using the binomial option pricing model. As the warrant price is in a different currency to the functional currency of the Company, the share warrant provision creates a financial liability. The fair value is remeasured at each period end and any movement charged or credited to the income statement. The fair value of the liability settled by the issue of shares is credited to the share premium account. The fair value on exercise is credited to the share premium account. 

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of this obligation. Where the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Consolidated Statement of Comprehensive Income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingencies

A contingent liability is disclosed where the existence of an obligation will only be confirmed by future events or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefit is probable.

2. Going concern

The financial statements of the Group and Parent Company 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 year ended 31 December 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 year ended 31 December 2025. At the balance sheet date, the Group had cash and cash equivalents amounting to €0.07 million. In February 2026, the Company completed a fundraising for £3.25 million before transaction expenses. In addition, in April 2026, warrant holders have exercised warrants providing the Company with additional funding of approximately £277,000. The Board considers this will enable the Group to meet continuing operating expenditure and the planned work programme.

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 without material uncertainties. Accordingly, the 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 tungsten, copper, silver, gold and other minerals in Nevada, USA.

Other operations "Corporate Activities" includes cash resources held by the Group and other operational expenditure incurred by the Group. These assets and activities are not within the definition of an operating segment.

In the opinion of the Directors the operations of the Group comprise one class of business, being the exploration and development of tungsten, 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.

Segment results

Segment assets

Segment liabilities

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 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:

4. Finance income

5. Statutory and other disclosures

6. Employment

Number of employees

The average number of employees, including executive Directors, during the year was:

Employees costs

The employment costs, including executive Directors, during the year were charged to the income statement:

7. Income tax - expense

The income tax expense for the year can be reconciled to the accounting loss as follows:

The tax rate used for the year end reconciliations above is the corporation rate of 12.5% payable by corporate entities in Ireland on taxable profits under tax law in the jurisdiction of Ireland.

At the statement of financial position date, the Group had unused tax losses of €9,591,157 (2024: €9,132,800) available for offset against future profits. No deferred tax asset has been recognised due to the unpredictability of future profit streams. Unused tax losses may be carried forward indefinitely.

8. 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:

Diluted earnings per share

There were no potentially dilutive ordinary shares that would increase the basic loss per share.

9. Investments in subsidiaries