Great Western Mining Corporation Plc (LON:GWMO, Euronext Growth – 8GW), which is exploring and developing multiple early-stage gold, silver, copper and tungsten targets in Nevada, USA, has announced its results for the year ended 31 December 2024. The Company is in the exploration, appraisal and development phase and currently has no revenues.
Financial Highlights:
| ● | Loss for year €1,741,056 (2023: loss of €952,654) – including an impairment provision of €781,610 for relinquished claims |
| ● | Basic and diluted loss per share 0.0002 cent: (2023: 0.0002 cent) |
| ● | Net assets at year-end: €9.5 million (2023: €8.8 million) |
| ● | Cash at 31 December 2024: €0.30 million (2023: €0.10 million) |
Operational Highlights:
| ● | Staked further tungsten claims to strengthen portfolio |
| ● | Pooling Agreement with Bronco Creek Exploration for developing the copper potential of the Eastside Mine claims – with additional claims staked |
| ● | Option exercised to acquire the Olympic Gold Project |
| ● | Construction of joint venture mill completed and awaiting commissioning |
Post Period Highlights:
| ● | Field work and lab analysis have yielded high grade tungsten results | |
| ● | New claims staked at Yellow Peak where there is further indication of a copper porphyry setting | |
| ● | £1,250,000 new capital raised through placing of new shares before expenses- to facilitate: | |
| ○ | West Huntoon Copper Project (“HCP”) drill programme | |
| ○ | IP survey and maiden drill programme at the Rhyolite Dome gold prospect | |
| ○ | Field work for tungsten at the Pine Crow-Defender prospects | |
| ● | Ongoing discussions with partner companies for development of HCP | |
Brian Hall, Great Western Mining Executive Chairman, commented: “Our broad portfolio of mineral claims in Nevada is prospective for precious metals at a time when gold prices are at record levels, but significantly it is also highly prospective for two base metals, copper and tungsten, which are on the US government’s critical metals list, at a time when international politics and defence requirements demonstrate a strong need for domestic supplies. Late last year we staked new claims around two former tungsten mines on the fringe of our ground and this year have taken grab samples with excellent preliminary results over the area between the two old mines. We will be commencing the next phase of work on the tungsten prospect in July.
“In 2024 we made strong progress on our copper story and are launching a drill programme this summer to prove up the extensive surface work already carried out.
“Also this summer we will be drilling for gold at the previously undrilled Rhyolite Dome, one of our most exciting gold prospects.
“Thanks to a successful placing of new shares since the end of the reporting year, we are now in a position to reset our exploration programme and we are enthusiastic about the potential right across our claims.”
Executive Chairman’s Statement
For the year ended 31 December 2024
Dear Shareholder,
Below are Great Western Mining Corporation PLC’s audited report and financial statements for the year ended 31 December 2024.
Great Western Mining Corporation PLC (‘Great Western’ or the ‘Company’) explores for, appraises and develops mineral resources on its claims in the state of Nevada, USA but currently has no revenues from its operations. Accordingly, it is reporting a loss after tax of €1,741,056 for the year (2023: €952,654) which includes an impairment provision of €781,610 against certain claims relinquished during the year and since the end of the reporting year. At the year end the Company’s net assets were €9,458,826 (2023: €8,831,416).
During the year Great Western operated three separate business streams, comprising (1) appraisal of the copper opportunity in the Huntoon Valley area where a resource has already been established through extensive drilling (2) exploration for precious metals across the Company’s portfolio and (3) construction of a process mill for recovery of precious metals and concentrates from mining waste, coarse stockpiles and shallow-mined ore.
Given strong demand for industrial and defence needs in the USA, in 2024 Great Western’s team reviewed possible tungsten opportunities on its claims and in particular two former World War II tungsten workings known as Pine Crow and Defender. It was seen that these workings lie on the margin of the Company’s existing claims and so, just before the end of the year, further claims were staked to create a halo around the old workings. Field work and lab analysis since the year end have yielded high grade tungsten results, recently announced, with the consequence that tungsten should be considered to be the Company’s fourth business stream, now being actively pursued.
During the year and since the year end, the Great Western team has been actively working on the copper prospects around the Huntoon valley, designated the Huntoon Copper Project (‘HCP’). The Company has already established an inferred resource of 19,000 tons contained copper at M2 in the northeast part of the HCP and is now working on the porphyry setting established in late 2023 close to a major granite extrusion on the other side of the valley, known as West Huntoon. Here, an area of 3 km² has been closely soil-sampled with consistently high copper readings and a geophysical survey shot over the sampling area and beyond shows continuity under sediments on the floor of the valley where copper is not visible at surface. To the north of West Huntoon, new claims have been staked at Yellow Peak where there is further indication of a copper porphyry setting. The overall objective is to establish connectivity across the whole of the HCP and prove up the setting for a full scale, major new copper mine. A drill programme is planned for summer 2025 at West Huntoon with initial results expected late summer. In recent months there has been interest from several larger companies in partnering Great Western in the HCP but, at the time of writing, nothing has been concluded and the Company is therefore proceeding with drilling on its own account.
Gold prices have broken all previous records in recent months and the Company has several significant gold targets. Work done at the Rhyolite Dome prospect in 2023 and 2024, in the southern part of the Olympic Gold Project, makes it stand out as a prime target for early drilling and in the next few weeks a seismic survey (IP) will be conducted over the dome and its surrounds, followed by a maiden drill programme in late summer.
The Operations Report which follows this statement sets out in much more detail the current position on Great Western’s exploration portfolio. Great Western manages its claims portfolio carefully and in 2024 added new claims at (1) Pine Crow and Defender (tungsten) (2) Yellow Peak (HCP) (3) Eastside Mine (potential copper porphyry held under the terms of a pooling agreement with Bronco Creek Exploration) and (4) additional targeted claims at both West Huntoon and Rock House. In reviewing the overall claims, Great Western has also selected 250 claims which are not relevant to its present plans and these will not be renewed when the annual rentals fall due later this year. This will save net approximately $50,000 per annum in rentals but has given rise to an impairment provision in the 2024 financial statements.
In 2024 Great Western and Bronco Creek Exploration (‘BCE’), a division of EMX Royalty Corporation, signed a cooperation agreement pooling BCE’s Tango project and Great Western’s Eastside Mine claims. These projects are adjacent to each other and are believed to comprise a porphyry setting of similar quality to the HCP. BSE and Great Western are cooperating to market this prospect to larger mining companies as one project. Great Western has 30% of this venture based on the percentage of its claims and BCE is the lead partner in marketing the combined project.
The Company is a 50% partner in the Western Milling LLC joint venture, which is constructing a mill to produce gold and silver concentrates from mining waste and shallow-mined ore. At the end of the year construction of the first phase of the mill was virtually complete and in January a state mill inspection was carried out satisfactorily, subject to a check list of relatively minor items. An all-important environmental permit is in place. The mill is operated by the Company’s joint venture partner but it has become apparent that specialised engineering will be required to commission the project and upgrade it so as to become a profitable, commercial operation. Accordingly, the joint venture has identified a firm of mining engineers with the right qualifications and experience to finalise the project and is seeking third party finance to be able to employ this firm and upscale the project.
As an exploration company, Great Western depends on the equity markets. Since the year end a placing of new shares raised £1,250,000 before expenses in the London market and, looking forward, this will facilitate a drilling programme for copper at West Huntoon, a seismic survey and drilling programme for gold at Rhyolite Dome and field work for tungsten at the Pine Crow-Defender prospects.
The Board of Great Western would like to thank shareholders for their support and patience while the Company’s projects are moved forward to the next stage.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2024
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:
· Exploration for gold and silver on its claims to establish commercial resources.
· Exploitation of pre-mined material containing residual gold and silver to generate revenues.
· Expanding the search for both precious and critical metals into new prospects.
· Developing a major copper play based on an established inferred resource.
Great Western holds interests in the following claim groups:
| Claim Group | Ownership | Projects | Target mineral | |
| 1 | Black Mountain | 100% | Mineral Jackpot | Silver, Gold |
| 100% | M2 (HCP) | Copper | ||
| 100% | Pine Crow and Defender | Tungsten | ||
| 2 | Huntoon | 100% | West Huntoon (HCP) | Copper, Gold |
| 3 | Jack Springs | 100% | M4 (HCP) | Copper, Gold |
| 100% | M5 | Gold, Silver, Copper | ||
| 4 | Rock House | 100% | Rock House | Gold, Silver, Copper |
| 5 | Eastside Mine | 100% | Eastside Mine | Copper |
| 6 | TUN | 100% | TUN | Gold, Silver |
| 7 | Olympic Gold | 100% | OMCO Mine | Gold |
| 100% | Trafalgar Hill | Gold | ||
| 100% | West Ridge | Gold | ||
| 100% | Rhyolite Dome | Gold | ||
| 8 | Yellow Peak | 100% | Yellow Peak | Copper |
During 2024, the Company staked 43 additional claims and, after review, renewed all its existing claims except for 33 no longer considered to be prospective. At 31 December 2024, the Company held 770 claims and since the year-end has staked an additional 4 claims.
In addition to exploration activities, Great Western is a 50% owner of the Western Milling LLC joint venture which has constructed a mill at Sodaville, Nevada to process historical mine waste into precious metal concentrates, including tailings, spoil heaps and stockpiles from Great Western’s claims.
EXPLORATION – Precious Metals Projects
Olympic Gold Project
In 2020, the Company acquired an option to purchase the Olympic Gold Project, a group of 48 claims located 50 miles from Great Western’s other concessions, for a total consideration of $150,000. In April 2024 Great Western exercised its option to purchase Olympic Gold. Work is in progress on several prospects at this 800-acre site and the Company carried out extensive drilling during the option period. In 2023 field work at the Rhyolite Dome prospect established the strongest anomalism in the claims associated with as yet under-explored features. A geophysical (IP) survey is now planned at Rhyolite Dome to support a summer 2025 drill programme.
The Olympic Gold Project lies on the northern flanks of the Cedar Mountain Range, on the eastern edge of Mineral County and within the Walker Lane Fault Belt at the intersection of two major mineral trends – the Rawhide-Paradise Peak trend and the Aurora-Round Mountain Trend. The mineral deposit style at Olympic is low-sulphidation epithermal banded quartz-gold vein. Production of gold from the Olympic Mine in the interwar period of 1918 to 1939 was 35,000 tonnes at a grade of 25 grams/ton gold and 30 grams/ton silver. Based on a review of the historical data, Great Western believes that faulted offsets of the high-grade Olympic Vein, or other similar zones of discrete mineralisation, remain to be discovered.
Black Mountain
The Black Mountains Group of claims (“BM”) lies on a southwest trending spur ridge of the Excelsior mountains and, at the start of 2024, comprised 249 full and fractional claims covering 20.7 km². BM includes Great Western’s copper resource at M2 (see Copper Projects below) and the Mineral Jackpot prospect, where outcropping veins, vein workings and spoil heaps contain high-grade gold and silver. Late in 2024 six new claims were staked at the northeastern end of the Black Mountains Group, covering the Pine Crow and Defender tungsten workings, (see Tungsten Prospectivity below).
Rock House
The M7 gold-silver prospect lies within the Rock House (“RH”) group of claims. This area is accessible but has never previously been mined, having been identified by Great Western through satellite imagery. It is a roughly circular structure of 450 acres associated with a magnetic low and is an opening, or inlier, of older rock surrounded by younger volcanic cover. It is also adjacent to the highly mineralised Golconda thrust fault and 25 km west along strike from the prolific Candelaria silver district. The area is characterised by intense argillic and sericite alteration, along with silicification and oxidation, within basement siltstones and slates. The RH targets were virgin territory until drilled by the Company in 2021.
During 2024, a resampling of Rock House on a 50 m (N-S) by 100 m (E-W) grid was completed. 315 samples were submitted to a lab in early 2025 and final results are currently pending. Outcropping granites were mapped at Rock House for the first time. A small area of granite outcrop occurs to the east of the prospects beneath tertiary cover sequences. Geochemically this granite is highly evolved, and it features thin quartz veinlets locally. Further work is required to assess the distribution of this granite fully and establish its relationship, if any, to the alteration and mineralisation present at Rock House.
West Huntoon
At the end of 2024, Great Western held 122 full and 12 fractional claims at West Huntoon, which surround the workings of the historic underground Huntoon gold mine and are prospective for gold, silver and copper mineralisation. The claims are located on the northwest side of the Huntoon Valley, covering 10km2. While copper is Great Western’s main focus at West Huntoon, and this is covered below under Copper Projects, West Huntoon also contains high-grade, potentially epithermal, precious metal veins, which were the target of the old Huntoon mine workings. Positive precious metal results in selective grabs were taken in 2023 near the old mine workings and in 2024 further grabs from further afield to the southeast. Two samples were taken 65 m apart on a quartz vein trend, the first of which carried conspicuous semi-massive galena along with other sulphide phases and returned grades of 16.17 g/t Au, and 207 g/t Ag. The second had no visible sulphides and returned a grade of 2.01 g/t Au. Additional outcrops of quartz vein within this trend are being sought in the 2025 field season.
EXPLORATION – Copper Projects
Great Western’s copper portfolio has seen significant developments in 2024, with further sampling and reconnaissance at the prospects arrayed round the Huntoon Valley, expanding the Huntoon Copper Project to include a total of five prospects. Continued application of cutting edge geochemical and geochronological approaches have been employed for a better understanding of this emerging, large scale magmatic-hydrothermal system.
The Huntoon Copper Project
The concept of the Huntoon Copper Project (HCP) was developed during 2023, recognising the proximity of and possible connectivity between the existing M2 resource, and the M4 and West Huntoon prospects. Field consultations with porphyry expert Dr Lawrence Carter led to the identification of a previously unmapped granite phase (the Crowne Point Granite), notably exposed as one 22-acre outcrop at the centre of the West Huntoon prospect, but also outcropping at several other locations, suggesting its widespread shallow presence underlying the copper anomaly expressed at surface over West Huntoon.
During 2024 the Huntoon Copper Prospect was expanded to include the Smith Mine and M5 prospects. Geochronology (final results pending at time of writing) and further geochemistry work was undertaken, while additional mapping identified highly evolved granite with prospective fluid release textures which is far more widespread than previously understood.
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. This was a considerable achievement, with the potential to lead to discovery of 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. Fieldwork in 2024 was focused on the northeastern portions of the system and, in an important technical development, mineralised aplite dykes were identified in the hanging wall contact zone above the Fletchers Camp granite which outcrops northeast of the drilled volume. Closer inspection of the upper parts of this granite led to the identification of hydrothermal fluid release features such as unidirectional solidification textures (USTs) and pegmatitic clots beneath host rock volume that features the mineralised aplites. M2 has previously been modelled as a skarn-like zone hosted in a combination of limestones and diorites, with the diorite considered the causative intrusion. However, this recent field evidence suggests that a granite phase played an important role, tying the genesis of M2 more closely to the other prospects of the Huntoon Copper Project.
In early 2025 the Great Western team visited M2. Further examples of evolved granite with fluid release textures were observed near the skarn horizon, as expressed by localised old workings between the northeastern end of the resource and the tungsten workings at Pine Crow (situated 2 km along the trend to the northeast of the M2 resource). New soil samples taken northeast of M2 further support the continuity of the M2 trend in this direction (124 samples were collected in a 50 x 50 m grid, of which 27 were anomalous (>75 ppm Cu) for copper (peak 969 ppm Cu, median 117 ppm Cu). Grabs from this area have returned positive grades for copper and one returned a grade of 1,470 g/t silver, being the highest silver value recorded at M2.
The M4 copper target, in the JS group, approximately 4 km to the south of the M2 resource, was identified through geophysical surveys, soil sampling and mapping of mineralised structures at surface. The Company has previously identified copper in drill intercepts at M4 (21.18 m at 0.35% Cu starting at 106.22 m in hole M4_005, including 5.64 m at 0.48% Cu and 0.105 grams/ton Au starting at 106.22 m). Great Western believes that the breccia zone intercepted in hole M4_005, along with other such features mapped at surface, could be offshoot structures in the roof of a buried orebody.
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 were conducted at West Huntoon early in 2024. Five profiles were run, mainly crossing the hills at West Huntoon and perpendicular to the trend of the Huntoon Valley. Chargeability anomalies were detected, associated with known surface expressions of copper oxide mineralisation in the core of the prospect and plunging away from these zones to the southeast. A stronger anomaly was detected under the Huntoon Valley sediments to the northeast of the main project area. This anomaly is particularly interesting as it considerably expands the area of potential mineralisation.
The copper-in-soils anomaly at West Huntoon was expanded from around 2 km2 to 3 km2 during 2024. Thirty-eight soil samples taken in four parallel traverses across the area of mafic porphyry to the northeast of the original prospect were the main source of this expansion and the majority of these samples were anomalous with values between 140 and 340 ppm Cu and a maximum outlier at 429 ppm Cu. As is the case over much of the West Huntoon soils anomaly, the outer boundary in this area is described by the location of cover sequences, suggesting greater areal extent beneath these sequences. A further 65 soils were taken as infill samples for a better understanding of copper distribution in the core of the prospect and these were also successful, with a peak value of 954 ppm Cu. A plan for a comprehensive gridded infill across the entire prospect has been developed.
West Huntoon now represents the best copper opportunity in the Huntoon Valley area. It comprises a large-scale soils anomaly containing locally very high outlier values, a large area of conspicuous copper oxide showings, co-incident magnetic and chargeability anomalies, together with a single drillhole in the copper zone with a near surface intercept, which has not been followed up to date. Great Western has access for near term drilling, excellent on-site road infrastructure and a local water supply located in one of the most prospective parts of the wider claim group. During 2024 the company also set up a field base in the Huntoon Valley, situated at these claims.
The M5 prospect has now also been placed inside the HCP, due to (a) its proximity to the other prospects – falling within the 6 km radius which contains M2, M4, West Huntoon and Smith Mine, and (b) the occurrence of outcropping sulphide copper veinlets and copper anomalism in the surrounding rocks. Gold, arsenic and antimony were all anomalous in initial scattered reconnaissance samples taken along a northeasterly crest of the central ridge at M5 during the first years of the Company’s operations in the area. Little follow-up occurred until 2023 when an initial soils grid confirmed consistent copper and gold anomalism. During 2024, IP surveys have identified a chargeability-resistivity pair of anomalies aligned with the main M5 ridge and trending northeast under volcanic cover, where soil results have shown continuing anomalism for both copper and gold in a northeasterly direction running to the edge of this cover.
Other copper projects
The M8 copper prospect lies within the Eastside Mine (“EM”) claim group, where high-grade copper-oxide ore was mined from shallow underground workings during the First World War. Drilling by Conoco at the southern end of this structure identified thick successions of alteration together with copper enrichment, but the results were not followed up. The Company regards the northerly continuation of this structure as a strong, untested target for buried copper mineralisation.
In 2024 the Company signed a pooling agreement with Bronco Creek Exploration which controls the neighbouring Tango claims. The agreement pools the respective claims with benefits and liabilities divided 30% Great Western / 70% Bronco Creek, based on the respective land ownership area. Bronco Creek, a subsidiary of EMX Royalty Corporation, is the operator of the pooled project and will market the project to larger companies seeking copper opportunities in the US.
TUNGSTEN PROSPECTIVITY
The United States has an urgent need for new domestic tungsten and has declared it a critical metal. Great Western has therefore reviewed the tungsten prospectivity on and adjoining its claims, with positive results. In late 2024 the Company staked and registered six new claims covering two separate former tungsten workings, historically known as Pine Crow and Defender, at the northeastern end of the Black Mountains claim group. Since the year end, a field consultation took place at the Pine Crow and Defender workings and new grab samples were taken, selected with the aid of a UV lamp to identify the fluorescent phases scheelite and powellite. Separately, a 600 m long east-west tungsten-in-soils anomaly is evident in the southern part of the Jack Springs claim group, approximately 9 km to the southwest of the workings described above. This anomaly is parallel to and overlies a linear magnetic high. Both the presence of tungsten and the magnetic anomaly point towards the presence skarn style mineralisation.
PROCESSING OPERATIONS
Western Milling LLC is a 50-50 joint venture owned by Great Western and local mine contractor Muletown Resources. The JV has constructed a mill site with associated equipment for producing precious metal concentrates from mining waste, coarse stockpiles and new-mined shallow ore. Great Western’s objective is to produce first revenues for the Company from this mill by monetising a large inventory of mining waste which is available across its previously-mined claims. The mill is substantially ready to commission but it has become apparent that it should be upscaled to be economic and that it will require focused expertise on site to become profitable and effective. An impressive development has been economically achieved to date but the partners consider that some new external capital will be necessary to finance completion and this is currently being sought. A firm of independent mining engineers has been identified to take over completion, commissioning and running of the mill once the finance has been arranged.
Summary of 2024 Work Programme
Precious Metals Projects
· Olympic Gold Project
o Exercised option to purchase Olympic Gold and made final option payment.
· Rock House
o Resampling of soils on 50 m (N-S) by 100 m (E-W) grid with 315 samples taken (results pending).
o Outcropping granites mapped; granite identified as highly evolved with thin quartz veinlets.
· West Huntoon
o Grabs taken to the southeast of the main copper zone in apparently epithermal style veins returned notable grades of 16.17 g/t Au and 207 g/t Ag from a sample with visible galena and 2.01 g/t Au from a sample with no visible sulphides.
o Soil sampling identified local high grade gold results, including highest outlier of 231 ppb from a sample taken over the Crowne Point granite.
· Tun
o Full reconnaissance soil grid deployed (92 samples on a 300 m x 100 m grid).
o Elevated gold surrounding old workings and along two parallel trends extending 1 km west.
o New grab sample from a quartz vein ~900 m west of old workings returned 1.17 g/t Au.
o Results guided prioritisation of Tun claims, with plans for denser soils grid over anomalous zones.
Copper Projects
· Huntoon Copper Project
o Expanded to include Smith Mine and M5 prospects.
o Geochronology and additional geochemistry undertaken (results pending).
o Mapping identified highly evolved granite with fluid release textures in far wider distribution than previously understood.
· M2
o Identified mineralised aplite dykes in the hanging wall contact zone above Fletchers Camp granite.
o Soil sampling northeast of M2 collected 124 samples, with 27 anomalous samples (>75 ppm Cu; peak 969 ppm Cu).
o Grabs from this area included one sample with 1,470 g/t Ag, the highest Ag value recorded at M2.
· West Huntoon
o Induced polarisation (IP) surveys conducted across five profiles.
o Chargeability anomalies identified, expanding the area of interest under shallow cover sequences.
o Soil sampling expanded the copper anomaly from 2.5 km² to 3.0 km² with 38 new soil samples in four traverses northeast of the original prospect. Majority of samples anomalous (140-340 ppm Cu, peak 429 ppm Cu). Additional 65 infill soil samples collected, with peak value of 954 ppm Cu.
o Plans developed for a comprehensive gridded infill across the entire prospect.
o Adjustments made to claim holdings at West Huntoon in light of new field observations.
· Smith Mine
o Identified copper-bearing alteration halo in footwall of a felsic dyke during site visits, supporting inclusion in the Huntoon Copper Project.
o ‘Neo’ Workings mapped to northeast of Smith Mine. Single quartz vein float grab sample returned 6.51 g/t Au and 41.9 g/t Ag.
· Tungsten Prospects
o Three tungsten targets identified after data review. Six new claims staked
