Half-year Report

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:

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

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

Unaudited Condensed Consolidated Statement of Financial Position

For the six months to 30 June 2025

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2025

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2025

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2025

Unaudited Condensed Consolidated Statement of Cash Flows

For the six months to 30 June 2025

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

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 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:

4. Finance income

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:

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