Great Western Mining Corporation (LON: GWMO), the AIM-listed exploration company focused on tungsten, copper, silver and gold in Nevada, reported a loss of €2,634,357 for the six months to 30 June, more than five times the €485,232 loss in the same period last year. The company published its unaudited half-year results earlier today, approved by the board on 25 September.
Shares fell 4.3% in early trade, changing hands at 3.35p against Thursday’s close of 3.5p. Most of the widened loss stems from a €1,855,152 non-cash revaluation charge on share warrants, an accounting liability for the right to buy shares later at a fixed price that swings in value each period without any cash moving.
Cash rose to €2,774,640 at the end of June from just €65,724 at the close of 2025, after a £3.25 million placing in February raised funds at 1.4p per share. That cash injection followed the board’s decision earlier in the half to make tungsten at its Defender-Pine Crow corridor its strategic priority, under new chief executive Ed Loye, who took over as Brian Hall stepped back from executive chairman to chairman following June’s annual meeting.
The operational case behind that shift has firmed up since. Geological mapping, a gravity survey and channel sampling across the Dough God, Pine Crow and Widowmaker sites fed into a 750kg bulk sample sent for metallurgical testing. Results confirmed broad tungsten mineralisation along a roughly 3km trend and recovered 92.98% of tungsten into a rougher concentrate, an early-stage processed product, grading 7.21% tungsten trioxide, the standard measure of tungsten content, from a starting grade of just 0.35%.
That groundwork culminated in a 23-hole drilling programme at Defender, now complete, with independent firm Addison Mining Services embedded on site as the competent person required to sign off on the maiden Mineral Resource Estimate, the company’s first formal, verified tally of how much tungsten sits in the ground.
Our focus is now on assay results and delivery of a maiden MRE. This will give us a much clearer picture of the scale and quality of the tungsten mineralisation at Defender and inform the next phase of work.
Ed Loye, Great Western Mining Corporation
Great Western said it is fully funded for the remainder of its 2026 exploration programme, with assay results from the drilling expected over the coming weeks and months ahead of the maiden resource estimate.