Great Western Mining (GWMO) H1 2026 earnings summary

Executive summary

• Shifted strategic focus to tungsten, advancing the Defender-Pine Crow corridor with extensive fieldwork and sampling.

• Completed geological mapping, gravity surveys, and channel sampling at historic mines to guide 2026 drilling.

• Appointed Ed Loye as CEO, with Brian Hall stepping back to non-executive Chairman.

• Signed option agreement with KGHM Polska Miedz S.A. for Eastside-Tango copper project, securing long-term royalty potential.

• Admitted to OTCQB market, expanding access for US investors.

Financial highlights

• Loss for H1 2026 was €2.63 million, up from €0.49 million in H1 2025, mainly due to a €1.86 million revaluation loss on share warrant provision.

• Cash and cash equivalents at 30 June 2026 were €2.77 million, up from €0.07 million at 31 December 2025.

• Net assets increased to €9.51 million from €8.60 million at year-end 2025.

• Raised £3.25 million gross via share placing in February 2026, with additional funding from warrant exercises.

Outlook and guidance

• Fully funded for planned 2026 exploration and maiden Mineral Resource Estimate (MRE) programme.

• Focus on assay results from 23-hole Defender drilling and delivery of maiden MRE in coming months.

• Cleaner circuit metallurgical test work to optimize concentrate quality for market specifications.