Great Western Mining posts narrower loss as it sharpens tungsten focus

(Sharecast News) - Great Western Mining reported a narrower annual loss for 2025 on Friday, as the Nevada-focused explorer sharpened its focus on tungsten exploration, with the company saying its Defender-Pine Crow corridor had emerged as the main priority for near-term value creation.

The AIM-traded company said its loss for the year ended 31 December narrowed to €1.08m from €1.74m in 2024, when results included a €0.78m impairment of exploration and evaluation assets.

Great Western generated no revenue during the period, in line with its status as an exploration and development company.

Administrative expenses rose to €1.08m from €0.97m, while net assets at year end fell to €8.6m from €9.5m.

Cash at 31 December stood at €65,724, down from €299,345 a year earlier.

Since the year end, Great Western raised £3.25m before expenses through a placing and received about £277,000 from warrant exercises, leaving it funded to advance an accelerated exploration programme.

The company said the fundraising would prioritise tungsten exploration and drilling at Defender-Pine Crow.

Operationally, Great Western said tungsten exploration was prioritised across the Defender-Pine Crow corridor following encouraging field results and an independent geological review.

Reconnaissance sampling returned multiple selective samples above 1% tungsten trioxide, with a maximum of 1.75%.

The company also expanded its land position through additional claim staking at Defender-Pine Crow and Yellow Peak, and said post-period work included detailed geological mapping, gravity surveying and groundwork for a planned tungsten drilling programme.

A drilling contractor had been secured, with drilling at Defender-Pine Crow planned for July.

At Defender-Pine Crow, post-period trenching returned 6 metres at 0.17% tungsten trioxide in Channel A, including 1 metre at 0.43%, while Channel B returned 16 metres at 0.30%, including 2 metres at 0.66%.

The company said elevated tungsten, copper and zinc in soils could now be traced for more than 3 kilometres from south of its M2 copper resource to Pine Crow.

Chief executive Ed Loye said the scale and potential of the tungsten opportunity was "what stands out most" in the portfolio.

"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," he said.

"The combination of encouraging tungsten grades, extensive mineralised strike length and proximity to existing infrastructure gives us a strong platform from which to build."

Great Western also advanced its West Huntoon copper-gold project during 2025 through reverse-circulation drilling and surface sampling, confirming gold and silver mineralisation associated with the Crown Point granite.

Drill highlights included 25 feet at 1.01 grams of gold per tonne and 11 grams of silver, including 5 feet at 2.55 grams of gold and 19 grams of silver, as well as 15 feet at 1.67 grams of gold and 2.34 grams of silver.

At its M2 copper project, Great Western said the existing JORC resource of 4.3 million tonnes at 0.45% copper remained open along strike, with further camp-scale porphyry potential identified across the Huntoon Copper Project.

The company also completed six induced polarisation survey lines and a maiden RC drilling programme at the Rhyolite Dome gold prospect within the Olympic Gold Project.

While early gold grades were modest, the drilling confirmed hydrothermal alteration and provided a basis for refining future targets.

Great Western said construction had been completed at the Western Milling gravity separation plant at Sodaville, held through its 50%-owned joint venture.

The plant was permitted and had passed inspection, but the company said additional scale and investment would be required to reach commercial production, with discussions ongoing with potential strategic partners.

After the year end, Great Western announced an option agreement involving KGHM Polska Miedz over the Eastside-Tango copper porphyry project, in which Great Western holds a 30% participating interest.

Under the agreement, KGHM could earn up to 100% of the project, while Great Western would retain exposure to staged payments and a 0.6% net smelter royalty.

Chairman Brian Hall said 2025 had been a year of "clear progress" as the company strengthened its geological understanding and sharpened its capital allocation.

"Looking ahead, our priorities are clear," he said.

"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."

Great Western said it had also applied for its shares to be cross-traded on the OTCID market in the United States, which it expected to broaden its investor base and improve access to North American capital.

At 1352 BST, shares in Great Western Mining Corporation were up 1.59% at 4.22p.

Reporting by Josh White for Sharecast.com.

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Great Western Mining Corporation PLC