Last checked at 29 Sep 2017 07:00
Great Western Mining Corporation PLC
("Great Western Mining", "GWM", "Group" or the "Company")
Half Yearly Report
Great Western Mining the AIM and ESM quoted mining company, announces its half yearly report for the six months to 30 June 2017.
Highlights:
· The Group reports a loss for the period of €259,674
· Basic and diluted loss per share (cent) 0.001
· M2 JORC Resource Upgrade
· M2 Technical Scoping Study completed
· Placing of new shares for cash
Great Western Mining is currently focused on continued exploration and appraisal of its prospects so is not yet generating revenue. The Group reports a loss for the period of €259,674 (30 June 2016: €252,881, 31 December 2016: €430,205). At 30 June 2017 net-current assets totaled €1,802,544 (30 June 2016: €505,435, 31 December 2016: €768,685) Overheads are tightly controlled and the Group has no debt.
During the period, WT Cohan & Associates ("WTC") of Grand Junction, Colorado provided an updated Mineral Resource estimate on the Company's M2 Copper-Gold target. At a 0.2% cut-off, the WTC estimate of total Indicated and Inferred Mineral Resources is 16,989,570 tonnes of 0.52% copper of which 3,917,490 falls into the Indicated category. In addition, WTC has provided an independent estimate of the Exploration Target beneath the M2 Sharktooth Peak, which was identified by reconnaissance and outcrop mapping, surface sampling and two discovery drill holes in 2014. The low end of the WTC estimate is 87,100,000 tonnes of 1% copper.
Since the period end, WTC has completed an M2 Technical Scoping Study, originally commissioned in 2016. The company is currently evaluating this study and will update shareholders on its conclusions shortly.
During the reporting period, the Great Western Mining field team participated in a drill programme on M1 conducted by Huntoon Cooperation Agreement partner Crown Point Gold & Silver Mining LLC ("Crown Point"). GWM has funded two drill holes, and independent assays, on an area of anomalous mineralistion straddling the border of both companies' properties. The area is a magnetite breccia zone where grades of 400-500 ppb Au have been found in surface soil samples. Crown Point has continued with the drill programme after the period end, and the Company looks forward to analysing all the assay results when these become available.
Great Western has recently completed two placings of new ordinary shares, one during the reporting period and the other shortly after the period-end date, raising combined gross proceeds of £2,600,000 (€3,012,108). This significant injection of new funds is enabling a major acceleration of work on the Company's mineral prospects in Nevada.
The Group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the Group's business remain unchanged from those disclosed on page 6 of the Company's Annual Report for the year ended 31 December 2016. The principal risks include but are not limited to exploration, currency and commodity price.
Certain statements made in this half yearly report are forward-looking and these are based on current expectations which remain subject to a number of risks and uncertainties. As a consequence, events or ultimate results could differ materially from those anticipated in the forward-looking statements.
Looking to the near future, the Group has an ambitious field programme scheduled for the rest of this year and early next year. In the autumn, a discovery level drill programme is planned on the M4 (Target 4) Copper-Gold prospect, immediately followed by a Phase 3 drill programme on M2. As soon as the weather permits in early spring 2018 a discovery level drill programme is planned for the Sharktooth Exploration Target.
As always, the Board and management greatly appreciate shareholder support and look forward to reporting on an active period going forward.
Enquiries:
Great Western Mining Corporation Plc David Fraser, Chief Executive | +44 207 933 8795 (via Walbrook) |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain
| +353 1 679 6363
|
Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance |
+44 207 382 8300 |
Walbrook PR (UK PR and IR) Paul Cornelius Nick Rome | +44 207 933 8795 greatwesternmining@walbrookpr.com
|
Important Information
The group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the group's business remain unchanged from those disclosed on page 7 of the annual report for the year ended 31 December 2016. The principal risks include, but are not limited to exploration risk, currency risk and of commodity price risk.
Certain statements made in this half-yearly report are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from the expected future events or results referred to in these forward-looking statements.
Unaudited Condensed Consolidated Income Statement
For the six months to 30 June 2017
|
|
|
| Notes |
| Unaudited6 months ended30 Jun '17 |
| Unaudited6 months ended30 Jun '16 |
| Auditedyear ended31 Dec '16 |
|
|
|
|
|
| € |
| € |
| € |
|
|
|
|
|
|
|
|
|
|
|
| Administrative expenses |
|
|
| (269,859) |
| (253,064) |
| (430,490) | |
| Finance income |
|
|
| 54 |
| 231 |
| 333 | |
| Finance costs |
|
|
| 10,131 |
| (48) |
| (48) | |
Loss for the year before tax |
|
|
| (259,674) |
| (252,881) |
| (430,205) | ||
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
| 4 |
| - |
| - |
| - | |
Loss for the financial year |
|
|
| (259,674) |
| (252,881) |
| (430,205) | ||
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to: |
|
|
|
|
|
|
|
| ||
| Equity holders of the Company |
| 3 |
| (259,674) |
| (252,881) |
| (430,205) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing |
|
|
|
|
|
|
|
| ||
operations |
|
|
|
|
|
|
|
| ||
| Basic and diluted loss per share (cent) |
| 5 |
| (0.001) |
| (0.001) |
| (0.001) | |
Unaudited Condensed Consolidated Statement of Other Comprehensive Income
For the six months to 30 June 2017
|
|
|
| Notes |
| Unaudited6 months ended30 Jun '17 |
| Unaudited6 months ended30 Jun '16 |
| Auditedyear ended31 Dec '16 |
|
|
|
|
|
| € |
| € |
| € |
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year |
|
|
| (259,674) |
| (252,881) |
| (430,205) | ||
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
| ||
Items that are or may be reclassified to |
|
|
|
|
|
|
|
| ||
profit or loss: |
|
|
|
|
|
|
|
| ||
| Currency translation differences |
|
|
| (247,408) |
| (58,445) |
| 100,497 | |
|
|
|
|
|
| (247,408) |
| (58,445) |
| 100,497 |
Total comprehensive expense for the |
|
|
|
|
|
|
|
| ||
financial year attributable to equity |
|
|
|
|
|
|
|
| ||
holders of the Company |
|
|
| (507,082) |
| (311,326) |
| (329,708) | ||
Unaudited Condensed Consolidated Statement of Financial Position
For the six months to 30 June 2017
|
|
|
| Notes |
| Unaudited6 months ended30 Jun '17 |
| Unaudited6 months ended30 Jun '16 |
| Auditedyear ended31 Dec '16 |
|
Assets |
|
|
| € |
| € |
| € |
| ||
| Non-current assets |
|
|
|
|
|
|
|
|
| |
|
| Intangible assets |
| 6 |
| 3,342,604 |
| 3,278,207 |
| 3,496,297 |
|
| Total non-current assets |
|
|
| 3,342,604 |
| 3,278,207 |
| 3,496,297 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| |
|
| Trade and other receivables |
| 7 |
| 177,340 |
| 229,861 |
| 128,848 |
|
|
| Cash and cash equivalents |
| 8 |
| 1,801,816 |
| 461,698 |
| 712,273 |
|
| Total current assets |
|
|
| 1,979,156 |
| 691,559 |
| 841,121 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
| 5,321,760 |
| 3,969,766 |
| 4,337,418 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity |
|
|
|
|
|
|
|
|
| ||
| Capital and reserves |
|
|
|
|
|
|
|
|
| |
|
| Share capital |
| 10 |
| 2,671,648 |
| 2,648,238 |
| 2,660,738 |
|
|
| Share premium |
| 10 |
| 6,633,239 |
| 4,630,945 |
| 5,173,692 |
|
|
| Share based payment reserve |
|
|
| 113,730 |
| - |
| 44,448 |
|
|
| Foreign currency translation reserve |
|
|
| 463,311 |
| 551,777 |
| 710,719 |
|
|
| Retained earnings |
|
|
| (4,736,780) |
| (4,047,318) |
| (4,324,615) |
|
| Attributable to owners of the Company |
|
|
| 5,145,148 |
| 3,783,642 |
| 4,264,982 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
| 5,145,148 |
| 3,783,642 |
| 4,264,982 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
| ||
| Current liabilities |
|
|
|
|
|
|
|
|
| |
|
| Trade and other payables |
| 9 |
| 176,612 |
| 186,124 |
| 72,436 |
|
|
| Convertible debt |
|
|
| - |
| - |
| - |
|
| Total current liabilities |
|
|
| 176,612 |
| 186,124 |
| 72,436 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
| 176,612 |
| 186,124 |
| 72,436 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities |
|
|
| 5,321,760 |
| 3,969,766 |
| 4,337,418 |
| ||
Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2017
|
|
|
| Notes |
| Sharecapital |
| Sharepremium |
| Share based payment reserve |
| Foreigncurrencytranslationreserve |
| Retainedearnings |
| Total |
|
|
|
|
|
| € |
| € |
| € |
| € |
| € |
| € |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2016 |
|
|
| 2,648,238 |
| 4,630,945 |
| - |
| 610,222 |
| (3,794,437) |
| 4,094,968 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Loss for the period |
|
|
| - |
| - |
| - |
| - |
| (252,881) |
| (252,881) |
|
| Currency translation differences |
|
|
| - |
| - |
| - |
| (58,445) |
| - |
| (58,445) |
| Total comprehensive income for the |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| period |
|
|
| - |
| - |
| - |
| (58,445) |
| (252,881) |
| (311,326) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Shares issued |
|
|
| - |
| - |
| - |
| - |
| - |
| - |
|
| Share warrants granted |
|
|
| - |
| - |
| - |
| - |
| - |
| - |
|
| Share options granted |
|
|
| - |
| - |
| - |
| - |
| - |
| - |
| Total transactions with owners, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| recorded directly in equity |
|
|
| - |
| - |
| - |
| - |
| - |
| - | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2016 |
|
|
| 2,648,238 |
| 4,630,945 |
| - |
| 551,777 |
| (4,047,318) |
| 3,783,642 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statement of Changes in Equity (continued)
For the six months to 30 June 2017
|
|
|
| Notes |
| Sharecapital |
| Sharepremium |
| Share based payment reserve |
| Foreigncurrencytranslationreserve |
| Retainedearnings |
| Total |
|
|
|
|
|
| € |
| € |
| € |
| € |
| € |
| € |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 July 2016 |
|
|
| 2,648,238 |
| 4,630,945 |
| - |
| 551,777 |
| (4,047,318) |
| 3,783,642 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Loss for the period |
|
|
| - |
| - |
| - |
| - |
| (177,324) |
| (177,324) |
|
| Currency translation differences |
|
|
| - |
| - |
| - |
| 158,942 |
| - |
| 158,942 |
| Total comprehensive income for the |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| period |
|
|
| - |
| - |
| - |
| 158,942 |
| (177,324) |
| (18,382) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Shares issued |
|
|
| 12,500 |
| 542,747 |
| - |
| - |
| (55,525) |
| 499,722 |
|
| Share warrants granted |
|
|
| - |
| - |
| 44,448 |
| - |
| (44,448) |
| - |
|
| Share options granted |
|
|
| - |
| - |
| - |
| - |
| - |
| - |
| Total transactions with owners, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| recorded directly in equity |
|
|
| 12,500 |
| 542,747 |
| 44,448 |
| - |
| (99,973) |
| 499,722 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2016 |
|
|
| 2,660,738 |
| 5,173,692 |
| 44,448 |
| 710,719 |
| (4,324,615) |
| 4,264,982 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statement of Changes in Equity (continued)
For the six months to 30 June 2017
|
|
|
| Notes |
| Sharecapital |
| Sharepremium |
| Share based payment reserve |
| Foreigncurrencytranslationreserve |
| Retainedearnings |
| Total |
|
|
|
|
|
| € |
| € |
| € |
| € |
| € |
| € |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2017 |
|
|
| 2,660,738 |
| 5,173,692 |
| 44,448 |
| 710,719 |
| (4,324,615) |
| 4,264,982 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Loss for the period |
|
|
| - |
| - |
| - |
| - |
| (259,674) |
| (259,674) |
|
| Currency translation differences |
|
|
| - |
| - |
| - |
| (247,408) |
| - |
| (247,408) |
| Total comprehensive income for the |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| period |
|
|
| - |
| - |
| - |
| (247,408) |
| (259,674) |
| (507,082) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Shares issued |
|
|
| 10,910 |
| 1,459,547 |
| - |
| - |
| (98,086) |
| 1,372,371 |
|
| Share warrants granted |
|
|
| - |
| - |
| 54,405 |
| - |
| (54,405) |
| - |
|
| Share options granted |
|
|
| - |
| - |
| 14,877 |
| - |
| - |
| 14,877 |
| Total transactions with owners, |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| recorded directly in equity |
|
|
| 10,910 |
| 1,459,547 |
| 69,282 |
| - |
| (152,491) |
| 1,387,248 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2017 |
|
|
| 2,671,648 |
| 6,633,239 |
| 113,730 |
| 463,311 |
| (4,736,780) |
| 5,145,148 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statement of Cash Flows
For the six months to 30 June 2017
|
|
|
| Notes |
| Unaudited6 months ended30 Jun '17 |
| Unaudited6 months ended30 Jun '16 |
| Auditedyear ended31 Dec '16 |
|
|
|
|
|
| € |
| € |
| € |
Cash flows from operating activities |
|
|
|
|
|
|
|
| ||
|
| Loss for the year |
|
|
| (259,674) |
| (252,881) |
| (430,205) |
|
| Interest receivable and similar income |
|
|
| (54) |
| (231) |
| (333) |
|
| Interest payable and similar charges |
|
|
| (10,131) |
| 48 |
| 48 |
|
| Movement in trade and other receivables |
|
|
| (48,492) |
| (55,561) |
| 45,452 |
|
| Movement in trade and other payables |
|
|
| 104,176 |
| 106,809 |
| (6,879) |
|
| Currency translation differences |
|
|
| (247,408) |
| (58,445) |
| 100,497 |
|
| Share options granted |
|
|
| 14,877 |
| - |
| - |
| Net cash flows from operating activities |
|
|
| (446,706) |
| (260,261) |
| (291,420) | |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
|
|
| ||
|
| Expenditure on intangible assets |
|
|
| (79,589) |
| (77,136) |
| (148,268) |
|
| Interest received |
|
|
| 54 |
| 231 |
| 333 |
|
| Interest paid |
|
|
| 10,131 |
| (48) |
| (48) |
| Net cash from investing activities |
|
|
| (69,404) |
| (76,953) |
| (147,983) | |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
| ||
|
| Proceeds from the issue of new shares |
|
|
| 1,470,457 |
| - |
| 555,247 |
|
| Commission paid from the issue of new |
|
|
|
|
|
|
|
|
|
| shares |
|
|
| (98,086) |
| - |
| (55,525) |
|
| Repayment of convertible debt |
|
|
| - |
| (15,000) |
| (15,000) |
| Net cash from financing activities |
|
|
| 1,372,371 |
| (15,000) |
| 484,722 | |
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash |
|
|
|
|
|
|
|
| ||
equivalents |
|
|
| 856,261 |
| (352,214) |
| 45,319 | ||
|
|
|
|
|
|
|
|
|
|
|
Exchange rate adjustment on cash and |
|
|
|
|
|
|
|
| ||
cash equivalents |
| 8 |
| 233,282 |
| 54,531 |
| (92,427) | ||
Cash and cash equivalents at beginning |
|
|
|
|
|
|
|
| ||
of the year |
| 8 |
| 712,273 |
| 759,381 |
| 759,381 | ||
Cash and cash equivalents at end of |
|
|
|
|
|
|
|
| ||
the year |
|
|
| 1,801,816 |
| 461,698 |
| 712,273 | ||
Notes to the Financial Statements
Please click below to view notes to financial statements
http://www.rns-pdf.londonstockexchange.com/rns/1421S_-2017-9-28.pdf