Great Western Mining (GWMO) H2 2025 earnings summary

Executive summary

• Achieved significant progress in 2025, focusing on tungsten assets at Defender and Pine Crow due to rising prices and strategic importance, with encouraging fieldwork results and expanded claims.

• Entered an option agreement with KGHM and Elemental Royalty for the Eastside copper porphyry prospect, reducing financial exposure and bringing in a major partner.

• Completed construction of a gravity separation mill at Sodaville via a 50% joint venture, seeking partners for commercial production.

• Raised £3.25 million post year-end to fund tungsten exploration and broadened investor access by applying for OTCID cross-trading.

• Leadership changes: Ed Loye appointed CEO, with Brian Hall transitioning to Non-Executive Chair.

Financial highlights

• Reported a net loss of €1,077,474 for 2025, improved from €1,741,056 in 2024.

• Net assets at year-end were €8,601,046, down from €9,458,826 in 2024.

• No revenue generated as the company remains in the exploration phase.

• Administrative expenses totaled €1,082,367; impairment of exploration assets was €0 (2024: €781,610).

• Cash and cash equivalents at year-end were €65,724, with significant fundraising completed post year-end.

Outlook and guidance

• Prioritizing drilling and technical work at Defender-Pine Crow tungsten project in 2026.

• Continuing to advance copper and precious metals exploration across the portfolio.

• Positive commodity market trends for tungsten, copper, gold, and silver support ongoing strategy.