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  2. Share Prices
  3. Great Western Share Price
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  5. Interim Results

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Interim Results

18 Sep 2014 07:00

RNS Number : 9709R
Great Western Mining Corp. plc
18 September 2014
 



Great Western Mining Corporation PLC

("Great Western Mining", "GWM" or the "Company")

 

 Interim Results for the six months ended 30 June 2014

 

Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral exploration company with 73 sq.kilometresof mineral claims in south-west Nevada USA, is pleased to report its Interim Results for the six months to 30 June 2014.

Highlights:

· Pre Tax Loss €258,730 (€211,833 in H1 2013)

· Basic and Diluted loss per share (cent) 0.11 (0.33 in H1 2014)

· Successful placings raising £2,300,000 (gross) well supported by new and existing shareholders

· 14000 feet Phase 2 Drilling Programme at M2-Smith completed

· Target 4 Phase 1 Drilling Programme permit application submitted

· Initial Field Programme EM Group, JS Group TUN Group completed

· M1 geochemical soil sampling programme planned

David Fraser, Chief Executive of GWM commented:

"We are greatly enthused by the results received thus far from this year's exploration activities, and we look forward to progressing ongoing works towards further results, across our extensive claim area. The Board remains committed to driving shareholder value, and we are confident the next six months will see us report substantial developments."

Chairman and Chief Executive's Statement

The Company is focused on exploration and currently has no operating income, consequently incurring a loss in the reporting period of €258,730 (€211,833 H1 2013). GWM finished the period ending 30 June 2014 with a cash balance of €2,175,640 (€278,475 in H1 2013).

During the first half of 2014 the Company was able to successfully complete two institutional placings, raising total gross proceeds of €2,803,700 (£2,300,000). This enabled GWM to progress two of the Company's major prospects held on a 100% working interest basis in the Marietta District, Mineral County, Nevada.

GWM announced, in August, the completion of a 14,000 feet drilling progamme on the first prospect, M2-Smith, and is awaiting completion of a JORC compliant report, which the Company expects will enable it to establish a maiden JORC Resource.

 

In addition to the drill programme at M2-Smith, the proceeds from the placing have enabled the companyto initiate a drilling programme on its Target 4 (M4-T4) copper-gold prospect. M4-T4 is located approximately three miles south-west from M2-Smith, and is now drill ready. GWM has prepared a drilling programme, with advice from the Company's independent consulting geologist, Donald G Strachan, and Environscientists Inc., Reno, Nevada. Environscientists was appointed to project manage the drill permit application process, which involved conducting baseline studies and producing a Plan of Operations. This has now been submitted to the United States Forestry Service.

 

On the west side of the Huntoon Valley, approximately five miles west of M4-T4, is the former Huntoon mine (M1) where copper-gold ore was mined intermittently from 1906 to 1925. Extensive outcropping copper mineralisation and widespread propylitic alteration occur in and around the old mine. A Phase 1 geochemical soil sampling survey is in the process of being finalised by the Company and work is currently scheduled to commence before the end of 2014. M1 is GWM's third major prospect in the Marietta District,

Mineral County, Nevada.

 

To the south lies the Golconda Thrust group of claims. This contains the TUN Group, the EM group, the RH Group and the JS group, all of which have been identified as interesting anomalies by Aero-magnetic and ASTER surveys. An initial field programme of soil and outcrop sampling was initiated this summer by the GWM field team. The Company is awaiting the final assay results and will report its findings to shareholders shortly.

 

In the reporting period and subsequent months Great Western Mining has made rapid advances on its mineral projects in Nevada, made possible by the successful placing of new shares for cash at the beginning of 2014. The Board and management greatly appreciate this shareholder support and plan to continue moving forward rapidly to bring the Company's prospects closer to commercialisation.

 

 

Brian Hall David Fraser

Chairman Chief Executive

 

 

 

 

 

 

 

Condensed Consolidated Statement of Comprehensive Income

for the period ended 30 June 2014

 

Continuing Operations

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

€

€

€

Notes

Administrative expenses

(258,730)

(211,889)

(442,579)

_________

_________

_________

Results from operating activities

(258,730)

(211,889)

(442,579)

 

Finance income

 

-

 

6

 

-

Finance costs

-

-

(5,740)

_________

_________

_________

Loss before tax

(258,730)

(211,883)

(448,319)

Income tax expense

-

-

-

_________

_________

_________

Loss for the period and total comprehensive income - all attributable to equity holders of the Company

 

(258,730)

 

(211,883)

 

(448,319)

_________

_________

_________

Earnings per share

from continuing operations

Basic and Diluted loss per share (cent)

 

 

 

2

 

 

(0.11)

 

 

(0.33)

 

 

(0.69)

_________

_________

_________

 

 

 

 

 

 

 

Condensed Consolidated Statement of Financial Position

as at 30 June 2014

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

Notes

€

€

€

Assets

Non-Current Assets

Intangible assets

3

1,909,784

1,716,922

1,661,816

_________

_________

_________

Total Non-Current Assets

1,909,784

1,716,922

1,661,816

Current Assets

Trade and other receivables

 

178,666

15,425

80,037

Cash and cash equivalents

2,175,640

278,475

82,860

_________

_________

_________

Total Current Assets

2,354,306

293,900

162,897

_________

_________

_________

Total Assets

4,264,090

2,010,822

1,824,713

______________

__________________

__________________

Equity

Capital and Reserves

Share capital

4

2,648,238

648,238

648,238

Share premium

4

4,770,997

3,978,259

3,978,260

Retained loss

(£3,343,748)

(£2,848,582)

(£3,085,018)

_________

_________

_________

Attributable to owners of the Company

4,075,487

1,777,915

1,541,480

_________

_________

_________

Total Equity

4,075,487

1,777,915

1,541,480

_________

_________

_________

Liabilities

Current Liabilities

Trade and other payables

188,603

232,907

283,233

_________

_________

_________

Total Liabilities

188,603

232,907

283,233

_________

_________

_________

Total Equity and Liabilities

4,264,090

2,010,822

1,824,713

_________

_________

_________

 

 

 

Condensed Consolidated Statement of Cash Flows

for the period ended 30th June 2014

 

 

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

€

€

€

Cash flows from operating activities

Loss for the period

(258,730)

(211,889)

(442,579)

Movement in trade and other receivables

(98,629)

(3,171)

(67,783)

Movement in trade and other payables

(94,630)

(64,658)

(15,933)

_________

_________

_________

Cash flows from operating activities

(451,989)

(279,718)

(526,295)

_________

_________

_________

Cash flows from investing activities

Expenditure on intangible assets

(247,968)

(152,712)

(97,606)

Interest paid

-

6

(5,740)

_________

_________

_________

Cash flow from investing activities

(247,968)

(152,706)

(103,346)

_________

_________

_________

Cash flows from financing activities

Proceeds from the issue of new shares

2,792,737

-

-

Finance income/expense

-

-

-

_________

_________

_________

Net cash used in financing activities

2,792,737

-

-

_________

_________

_________

Movement in cash and cash equivalents

2,092,780

(432,424)

(629,641)

Cash and cash equivalents at beginning of period

82,860

710,899

712,501

_________

_________

_________

Cash and cash equivalents at end of period

2,175,640

278,475

82,860

_________

_________

_______

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Changes in Equity

for the period ended 30 June 2014

 

 

Share

Share

Retained

Total

Capital

Premium

Losses

€

€

€

€

 

 

 

Balance at 1 January 2013

 

Total comprehensive income for the period

 

648,238

3,978,260

(2,636,699)

1,989,799

_________

_________

_________

_________

Loss for the period

-

-

(211,883)

(211,883)

_________

_________

_________

_________

Total comprehensive income for the period

-

-

(211,883)

(211,883)

_________

_________

_________

_________

Transactions with owners, recorded directly in equity

Shares issued

-

-

-

-

_________

_________

_________

_________

Total transactions with owners

-

-

-

-

_________

_________

_________

_________

Balance at 30 June 2013

648,238

3,978,260

(2,848,582)

1,777,916

_________

_________

_________

_________

Total comprehensive income for the period

Loss for the period

-

-

(236,436)

(236,436)

_________

_________

_________

_________

Total comprehensive income for the period

-

-

(236,436)

(236,436)

_________

_________

_________

_________

Transactions with owners, recorded directly in equity

Shares issued

-

-

-

-

_________

_________

_________

_________

Total transactions with owners

-

-

-

-

_________

_________

_________

_________

Balance at 31 December 2013

648,238

3,978,260

(3,085,018)

1,541,480

Total comprehensive income for the period

 

Loss for the period

-

-

(258,730)

(258,730)

Total comprehensive income for the period

 

-

 

-

 

(258,730)

 

(258,730)

 

Transactions with owners, recorded directly in equity

 

Shares issued

2,000,000

792,737

-

2,792,737

_________

_________

_________

_________

Total transactions with owners

2,000,000

792,737

-

2,792,737

 

Balance at 30 June 2014

 

_________

2,648,238

_________

4,770,997

_________

(3,343,748)

_________

4,075,487

 

 

 

 

Notes to the Financial Statements

for the period ended 30 June 2014

 

 

 

1. Segment Information

 

In the opinion of the Directors the operations of the Group comprise one class of business, being the exploration and mining for copper, silver, gold and other minerals. The Group's main operations are located within Nevada, USA. The information reported to the Group's chief operating decision maker for the purposes of resource allocation and assessment of segment is specifically focussed on the exploration areas in Nevada. In the opinion of the Directors the Group has only one reportable segment under IFRS 8 "Operating Segments", which is exploration carried out in Nevada.

 

Segment Loss

Ireland

Nevada

€

€

Loss for period to 30 June 2014

Segment loss for period

-

(258,730)

_________

_________

Loss for period to 30 June 2013

Segment loss for period

-

(211,883)

_________

_________

Loss for period to 31 December 2013

Segment loss for period

-

(448,319)

_________

_________

 

 

 

 

 

 

 

2. Loss per share

 

Basic earnings per share

The basic and weighted average number of ordinary shares used in the calculation of basic

earnings per share are as follows:

 

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

€

€

€

 

Loss for the period attributable to equity holders of the parent

448,319

-258,730

-211,883

_________

_________

_________

Number of ordinary shares at start of year

64,823,809

64,823,809

64,823,809

Ordinary shares issues during the year

200,000,000

-

-

_________

_________

_________

Ordinary shares in issue at end of year

264,823,809

64,823,809

64,823,809

_________

_________

_________

Effect of shares issued during the year

181,436,464

-

-

_________

_________

_________

 

Weighted average number of ordinary shares for the purposes of basic earnings per share

246,260,273

64,823,809

64,823,809

_________

_________

_________

Basic loss per ordinary share (cent)

-0.11

-0.33

-0.69

_________

_________

_________

 

 

 

Diluted earnings per share

There were no potential ordinary shares that would dilute the basic earnings per share.

 

 

 

 

 

 

3. Intangible assets - Group

 

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

€

€

€

Cost

1,909,784

1,716,922

1,661,816

Accumulated amortisation and impairment

-

-

-

_________

_________

_________

1,909,784

1,716,922

1,661,816

_________

_________

_________

Exploration and

Exploration and

Exploration and

Evaluation Assets

Evaluation Assets

Evaluation Assets

€

€

€

Cost

Opening cost

1,661,816

1,564,210

1,564,210

Additions

247,968

152,712

97,606

_________

_________

_________

Closing cost

1,909,784

1,716,922

1,661,816

_________

_________

_________

 

 

 

 

 

 

4. Share Capital

 

 

Unaudited

Unaudited

Full

6 months ended

6 months ended

Year ended

30 Jun '14

30 Jun '13

31 Dec '13

€

€

€

Authorised equity

300,000,000 Ordinary shares of €0.01 each

3,000,000

1,000,000

3,000,000

_________

_________

_________

(2012: 100,000,000 Ordinary shares of €0.01 each)

 

3,000,000

1,000,000

3,000,000

_________

_________

_________

Issued Capital

Share Capital

2,648,238

648,238

648,238

Share Premium

4,770,997

3,978,259

3,978,260

_________

_________

_________

7,419,235

4,626,497

4,626,498

_________

_________

_________

 

5. Events after the reporting date

 

There were no significant post balance sheet events

 

6. Dividend

 

No dividends were paid or proposed in respect of the six months ended 30 June 2014.

 

7. Approval of financial statements

 

The financial statements were approved by the board on 15 September 2014.

The Financial information has been prepared under International Financial Reporting

Standards using accounting policies consistent with those in the last Annual Report.

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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