Great Western Regulatory News (GWMO)

GREAT WESTERN MINING CORPORATION PLC

("Great Western" or the "Company")

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing multiple early-stage gold, silver and copper targets in Nevada, USA, announces its results for the year ended 31 December 2021. The Company is in the exploration, appraisal and development phase and currently has no revenues.

Financial Highlights:

· Loss for year €535,960 (2020: loss of €852,042)

· Basic and diluted loss per share 0.001 (cent): (2020: 0.001 cent)

· Net assets at year-end: €8.9 million (2020: €7.9 million)

· Cash at 31 December 2021: €2.0 million (2020: €2.3 million)

Operational Highlights

· Successful first drilling for gold and silver at Olympic Gold and Rock House

o Best recorded gold grade of over 8 grams/ton

· Metallurgical testing proved commercial potential of multiple spoil heaps results

· Analysis and augering of OMCO Mine tailings indicated commercial potential for recovery of gold

o High grades exist throughout the tailings volume

o The tailings were found to be thicker than expected.

· Successful Pilot Gravity and Bottle Roll testing on Mineral Jackpot Spoil and OMCO Tailings

· Ground magnetometer surveys conducted at Mineral Jackpot

· Copper potential enhanced at Eastside Mine by IP survey

· Reconnaissance mapping carried out at Huntoon

· Appointment of Exploration Manager

Post Period End

· Completed road upgrade to Mineral Jackpot now provides access for drill rig and spoil heap recovery

o Enabling 20-ton trucks to carry spoil material and for drilling units to explore and appraise the area

· Further augering samples on OMCO tailings currently being assayed

· Mineral Jackpot sampling results indicated broad distribution of mineralised material

o Positioned for next phase of commercialising this significant asset

· Magnetometry and orthophoto drone surveys at Mineral Jackpot, Huntoon, Jack Springs and Tun

· Orthophoto drone survey over the OMCO tailings for better volume calculations

Brian Hall, Executive Chairman, commented: "In 2021 we launched our first drilling campaign expressly for gold and silver with highly encouraging results at both the Rock House Group, never previously drilled or exploited, and the Olympic Gold Project, over which we acquired a purchase option in 2020. This was a very busy period for the Company, during which we made significant progress across our portfolio. Importantly, in addition to enhancing the prospectivity of the region, we made significant strides in proving our ability to move towards a production-led model. During 2022 we are continuing our drill programme - and expect to make strong progress on our project for secondary recovery of gold and silver from mine tailings and ancient spoil heaps."

Executive Chairman's Statement

For the year ended 31 December 2021

Dear Shareholder,

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 of €535,960 for the year ended 31 December 2021 (2020 €852,042). At the end of the year Great Western's net assets were €8,945,631 (2020: €7,919,625) with no debt apart from trade creditors in the normal course of business.

Your Company made strong progress in 2021, launching its first ever drilling campaign aimed specifically at gold and silver. A maiden reverse circulation (RC) drill programme of six holes in the Southern Alteration Zone at the Rock House Group (RH) yielded good grades of gold, the best recording over 8 grams/ton. In 2020 Great Western secured an option to purchase the 800 acre Olympic Gold Project in Mineral County, about 50 miles east of the existing claim groups. Olympic Gold historically hosted the OMCO Mine which produced gold at grades of around 25 grams/ton until the 1940s and includes several other prospects which have only been lightly drilled in the past. In 2021 Great Western drilled six holes on the Trafalgar Hill prospect at Olympic Gold, yielding encouraging grades of gold of 8 grams/ton in one of them and mineralisation in all of them. Five further holes were drilled at Olympic Gold, primarily in and around the productive veins of the former OMCO Mine and to the east of a bounding north-south fault which was the limit of historic mining operations, with good evidence of mineralisation.

Mineral Jackpot (MJ) is the core property in Great Western's original portfolio of gold and silver claims, in the Black Mountain Group, and was the reason for forming the Company in the first place. Drilling by the Company in the Black Mountain Group at M2 has already established a substantial inferred and indicated copper resource for which joint venture partners are being sought to take it to the next stage. The Mineral Jackpot group itself comprises five old gold and silver mines which were worked and then abandoned more than a century ago. These mines are Ming Toy, Silver Moon, Silver Bell, Cabin Rock and the Bass Mine. Geophysical surveys and physical sampling by the Company have established firstly the potential for further recovery of precious metals from around the existing mine workings, secondly connectivity between the five mine sites and thirdly the indications of a southeasterly extension to the original productive veins, together effectively doubling the likely area of mineralisation. In addition, over 50 spoil heaps have been identified which lend themselves to secondary recovery of gold and silver and for which a commercial project is currently being worked up to provide early revenues for the Company.

Great Western considers the potential value of Mineral Jackpot to be very high, both for future mining operations and for the recovery potential from spoil material. However, this is a steep mountainous area with deep gullies which can be difficult to access, particularly when compared to Olympic Gold and Rock House which are both relatively more straightforward. Difficulty of access is undoubtedly the reason that the mines have not been further developed since the days of old, when miners using mules for transport worked the area by hand, driving deep adits into the mountainside. Great Western has recently completed an aerial magnetometer survey with specialist drone units to map parts of the claims which are not easily accessible on foot. Significantly, since the end of the reporting year, the Company has successfully upgraded a 14km mountain access road from its base in the valley at Marietta to the mine sites at Mineral Jackpot, which will open up the area for 20-ton trucks to carry spoil material and for drilling units to explore and appraise the area.

At the very end of 2020, the Company fulfilled a promise to produce a small doré bar of gold and silver from Mineral jackpot spoil material, proving the viability of a small scale secondary recovery operation to generate revenues from the MJ spoil heaps. In 2021, laboratory analysis and a variety of tests were conducted on the spoil material, a consultant metallurgist was brought on to the team and plans drawn up for a simple, gravity-processing operation. However, during the year while drilling at Olympic Gold, we became aware of substantial tailings heaps dating from the abandoned OMCO gold mine which clearly offer commercial possibilities well in excess of the spoil heaps at Mineral Jackpot alone. At the time of writing, analysis and precise quantification of these tailings is still ongoing but there is a clear message that the overall project for generating revenues from pre-mined material is now likely to be on a much larger scale than previously envisaged. Your Board believes that an expanded operation to include Olympic Gold, and probably other spoil material from other properties in the Company's portfolio, offers a much more exciting and profitable short-term revenue-generating future for the Company than could be achieved by simply processing the MJ spoil material. This is a constantly expanding venture which is being given high priority.

During the year, Gemma Cryan, a highly-experienced mineral geologist, was elected a non-executive director and has been making a strong contribution to the Company's affairs. The Board now has a mix of three executive and three non-executive directors and uses best efforts to pursue good corporate governance, fulfilling its environmental and social obligations as well as directing the Company's business affairs. Late in the year, Dr. James Blight joined Great Western as Exploration Manager, has quickly assimilated the Company's projects and is now fully engaged in managing the 2022 exploration programme.

Despite the travel and other severe restrictions imposed by the Covid pandemic in 2021, Great Western had a busy, productive and successful year. Looking ahead, we will commence our firm 2022 drill programme in the coming weeks, details of which have already been set out in an announcement, covering follow-up drilling at Rock House, Olympic Gold and Mineral Jackpot. The newly upgraded road to Mineral Jackpot will open up this exciting area and enable us both to exploit pre-mined material and to explore untapped leads. We are actively working on finding a partner or partners with sufficient resources to help develop the high copper potential of our acreage and take it to the next stage. In the near term we will finalise our plans for recovery of gold and silver from pre-mined material and will share these plans with shareholders. We will also continue to carry out early stage exploration on the many prospects we have under licence which have so far not been fully evaluated. Great Western is funded for its approved 2022 programme and we will keep shareholders informed as we make progress.

The mining industry can be a long game but we are making really good progress and all the members of our small and well-integrated team are ever mindful of the need to deliver results. Continuing shareholder support is greatly appreciated and we will as ever provide progress reports when appropriate.

Yours sincerely,

Brian Hall

Executive Chairman

Operations Report

For the year ended 31 December 2021

Principal activities, strategy and business model

The principal activity of Great Western is to explore for and develop gold, silver, copper and other minerals. The Board aims to increase shareholder value by the systematic evaluation and exploitation of its existing assets in Mineral County, Nevada, USA and elsewhere as may become applicable.

Great Western's near-term objective is to develop small scale, short lead-time gold and silver projects which can potentially be brought into production under the control of the Group. These projects include both in situ mineralisation and waste reprocessing opportunities.

The Group is also focused on progressing the copper projects which it has already identified and enhanced through extensive drilling. Such projects have potential for the discovery of large mineralised systems which can be monetised over the longer term, possibly through joint ventures with third parties.

Business development and performance

During the twelve months ended 31 December 2021, Great Western carried out exploration across all but two of its portfolio of seven claim groups (six of which are 100% owned, one of which is held under an option agreement) in Nevada.

In September 2021 as part of the annual claim renewal procedure, the Group renewed all its claims including the 12 new claims staked earlier in 2021 to the east of the OMCO Mine. Following renewal, the land position held by Great Western in Mineral County consists of 741 full and fractional unpatented claims, covering a total land area of approximately 61km².

Review by Claim Group 

Olympic

In 2020, the Company acquired an option to purchase the Olympic Gold Project, a group of 48 claims, located approximately 50 miles from Great Western's original concessions but still within Mineral County. The purchase consideration of $150,000 is spread over four years during which time Great Western has full rights to all data and to conduct exploration and appraisal work. Great Western may elect to bring forward the closing of the purchase by early-paying the schedule in full or it may exit the project at any time without penalty and without completing the payment schedule. Work is in progress on several potential prospects over this 800-acre site.

The Olympic Gold Project lies on the northern flanks of the Cedar Mountain Range, on the eastern edge of Mineral County. It lies 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 type at Olympic is of low sulphidation epithermal banded quartz-gold vein style. Historic production from the former Olympic Gold Mine totalled approximately 35,000 tonnes, at a grade of 25 g/t gold and 30 g/t silver, in the interwar period of 1918 to 1939. Based on its review of the historical data, Great Western believes that faulted offsets of the high-grade Olympic Vein remain to be discovered in the area and this forms one of the numerous target zones on the prospect.

During 2021 several targets at Olympic were addressed with RC drilling. Six holes were drilled at Trafalgar Hill, a satellite prospect lying in the western parts of the claim group. All these holes contained anomalous values for gold and silver and two intersected grades of economic interest (1.5m at 8.9 g/t Au and 1.5m @ 1.04 g/t Au): these have been modelled together to suggest an easterly dipping mineralised structure lying southeast of Trafalgar Hill. Four holes were drilled southeast of the main OMCO mine site to investigate the potential continuation of the main vein in that area, particularly to the east of the major East Fault structure, where a previous magnetometer survey had identified an anomaly. These holes did not intersect mineralisation comparable with the OMCO vein's grade but each contained considerable intersects of low-grade gold enrichment, suggesting that fluid circulation and mineralisation were at work in this volume. Finally, one hole was drilled at West Ridge without encountering the mineralised structure.

In addition to the in-situ targets, a substantial waste pad of tailings from workings on the OMCO vein remains at surface and is a prime candidate for reprocessing. Surface samples from this material, though likely over-enriched due to weathering processes, indicated the presence of appreciable gold grades and led to an augering programme towards the end of the year, consisting of 12 holes in the tailings material. These holes resulted in 67 individual assays with an average grade of 1.25 g/t, in a range of 0.17 g/t - 3.76 g/t, being highly encouraging results and showing that high grades exist throughout the tailings volume. The tailings were also found to be thicker than expected.

Rock House

The M7 gold-silver prospect lies within the Rock House (RH) group of claims. This area is accessible and lends itself to mining operations but was never mined in the past, its potential having only recently been identified through satellite imagery. It is a circular structure associated with a magnetic low, adjacent to the prolific Golconda thrust fault. The area is characterised by intense argillic and sericitic alteration, along with silicification and oxidation, within basement siltstones and slates. Unlike many of Great Western's other prospects, the RH targets were virgin territory until drilled by the Company in 2021. They are previously unworked. While workings represent an important guide for exploration, a lack of any previous workings does not rule out any mineralisation. Indeed, any discovery made in such ground will have the benefit of being entirely intact as its highest-grade and nearest-surface portions will not have been removed by previous mining operations.

A significant breakthrough occurred at RH in 2021, during drilling at the Southern Alteration Zone ("SAZ"), on a programme designed to target anomalies detected in the earlier soil and trenching programmes. Six holes were drilled at this prospect, with best intercepts of 1.52m at 8.02 g/t Au from 97.53m (RHRC006) and 1.52m at 2.29 g/t Au from 28.95m (RHRC007). These two drillholes are in profile with one another and these intercepts are open to the west and down dip, potentially to the east, depending on the trend of the mineralisation. The highest-grade intercept also occurred 1.5m from the end of hole RHR006. This hole effectively ended in mineralisation and further potential therefore exists across-strike to the north in this area.

Black Mountain

The Black Mountain Group ("BM") lies on a southwest trending spur ridge of the Excelsior Range of mountains and comprises 249 full and fractional claims covering approximately 20.7km². The BM group contains both Great Western's copper resource at M2 and the Mineral Jackpot prospect, where outcropping veins, vein workings and spoil heaps contain high-grade gold and silver.

Results were received from Grinding Solutions in the UK on the MJ sample collected in 2020. These results covered gravity concentration and leaching, including bottle roll and column leach tests. The results of these tests were favourable, indicating that a gravity concentration plant to treat this material would be potentially viable. Leaching tests resulted in higher recoveries, but the viability of a leaching project, which would have higher set up costs and more regulatory burden, depends on what additional feed may be brought into the plant from elsewhere.

An extensively experienced consulting metallurgist was engaged who has written a preliminary report on a potential concentrator plant layout and costings and continues to work with Great Western.

All 51 identified spoil heaps at Mineral Jackpot were sampled, with one sample representing vein material and one of altered vein wall-rock obtained from each heap. The proportions of each, and of unmineralised material were visually estimated for each heap, as an internal guide to the potential gold content. Further sampling is required before any firm statement on tonnage or grade can be made.

The ground magnetometry survey was extended during the year, from the 1,150m2 of coverage in 2,020 to 4,500m2 total coverage. The focus of this work was the core of the soil anomalies and historic workings near the Bass Mine, where the additional survey coverage led to the interpretation of a host of new structures.

Huntoon

A total of 107 full and 12 fractional claims 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 approximately 10km2. Due to the pandemic little work took place at Huntoon during 2021, beyond a short reconnaissance visit. During this visit multiple metre-thick quartz and copper oxide-bearing carbonate veins were identified, trending into Great Western's claim area, with an observed strike of 500m. These structures appear to line up with the copper breccia intersected at M4 on the southeast side of the Huntoon Valley. More work will take place in 2022 at Huntoon, with a drone magnetometer survey planned early in the year and follow up soil and grab sampling planned later in the summer.

Jack Springs

The M5 gold prospect lies within the JS Group in altered siliceous host rock, exposed beneath Tertiary volcaniclastics for 1km. Gold, arsenic and antimony were all anomalous in samples taken along a northeasterly crest of the central ridge at M5 and the coincidence of anomalous pathfinder geochemistry and altered sediments strongly suggests the presence of sediment hosted disseminated gold mineralisation.

The M4 Copper-Gold project also lies within the JS Group. The M4 copper target was identified through geophysical surveys, soil sampling and mapping of mineralised structures on surface. Great Western believes that the breccia vein intercepted in hole M4_05, along with other veins mapped at surface, could be offshoot structures in the roof of a buried sulphide orebody. In 2019 the Group received a drill permit to follow up on the exciting discovery in hole M4_05 and which remains current. The abundance of highly prospective targets in the Company's portfolio, combined with rig availability issues, led to the JS projects being deferred during 2021.

Eastside Mine

The M8 copper prospect lies within the Eastside Mine (EM) claim group, named for the historic Eastside Mine where high-grade copper-oxide ore was mined from shallow underground workings during the First World War. Conoco investigated Eastside as a copper porphyry prospect in the early 1970's, identifying mineralisation consisting of substantial copper and molybdenum values, within a northeast trending graben structure. Drilling by Conoco at the southern end of this structure identified thick successions of alteration together with copper enrichment. Conoco did not follow up on these results. The Company regards the northerly continuation of this structure to be a strong target for buried copper mineralisation, which remains untested.

During 2021 an induced polarization (IP) survey was performed at EM Group and the results were highly encouraging. The key findings of this work were:

• Identification of two main faulted graben structures.

• Fault zones accompanied by high resistivity and chargeability features, correlating with observed surface stockwork veining, silicification, copper mineralisation and copper soil halos.

• Interpretation points towards graben faults as loci of sulphide mineralisation and wall rock silicification, perhaps representing shallow indicators of a deeper porphyry system.

The Tun Group of Claims

The M6 gold-silver prospect lies within the Tun Group. The M6 prospect is a parallel system of multiple, oxide and sulphide, gold-silver veins and veinlet stockworks. Supergene, high-grade ores have been mined in the past at M6 and the potential remains for deposits of shallow, oxidised stockworks in the immediate vicinity of the historic workings.

Due to the competing pressures of other highly prospective projects, no work took place at Tun group during 2021, but magnetometry and field reconnaissance are planned for 2022.

Summary of 2021 Work Programme

• Drilling at Olympic and Rock House

• Metallurgical Test results from Grinding Solutions on MJ sample

• Secured the involvement of a highly experienced metallurgist

• Pilot Gravity and Bottle roll testing on MJ Spoil and OMCO Tails

• MJ spoil heap and OMCO tails sampling and measuring

• MJ ground mag survey

• IP/Res survey at EM Group performed by Zonge

• Reconnaissance mapping at Huntoon

• Mapping of North Olympic

• OMCO tails augering

Forward to 2022

2022 is scheduled to be a busy and exciting year for Great Western with the prospect of fresh drilling, surveys and fieldwork following on from our successes in 2021, running in parallel with several important steps in the reprocessing project.

Drilling

Drilling is scheduled at Rock House and Trafalgar Hill following up on high grades intersected in 2021 and at various targets around the OMCO mine site, investigating potential continuations of the main mineralised structure there, with the possibility of residual unmined wall rock mineralisation around the main workings. With the access road upgrade complete, drilling is also planned at Mineral Jackpot.

Surveys

New drone magnetometry surveys will be flown over Huntoon, Jack Springs and Tun claim groups and over the Mineral Jackpot area within the Black Mountain claim group.

Fieldwork

Once the initial drill programme is complete, field time will be spent at various prospects, extending mapping and soil sampling coverage and ground truthing magnetometry survey results.

Reprocessing

A detailed plan for the reprocessing operations is in the process of being formulated:

• The OMCO tailings have undergone a second phase of auger sampling.

• The new sample material is being assayed and sent for ore characterisation and bottle roll tests.

• The surface of the tailings, and of the Mineral Jackpot spoil heaps, are being surveyed with orthophotography to obtain a high-resolution 3D model.

• The Mineral Jackpot spoil heaps which have the best combination of grade, volume and accessibility are being further sampled.

• New information gleaned from the work detailed above will be used to produce resource reports and scoping studies in collaboration with independent external experts.

• The scoping studies will be used to support the permitting steps required for reprocessing operations.

• A financial model and project plan is being developed, setting out the steps and a timetable for start-up of gold and silver production.

Consolidated Income Statement

For the year ended 31 December 2021

Consolidated Statement of Other Comprehensive Income

For the year ended 31 December 2021

Consolidated Statement of Financial Position

For the year ended 31 December 2021

Consolidated Statement of Changes in Equity

For the year ended 31 December 2021

Consolidated Statement of Cash Flows

For the year ended 31 December 2021

Notes to the Financial Statements PDF link:

http://www.rns-pdf.londonstockexchange.com/rns/6025J_1-2022-4-27.pdf