TIDMGWMO
RNS Number : 7888W
Great Western Mining Corp. plc
28 April 2021
GREAT WESTERN MINING CORPORATION PLC
("Great Western" or the "Company")
FINAL RESULTS FOR THE YEARED 31 DECEMBER 2020
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 2020. The
Company is in the exploration, appraisal and development phase and
currently has no revenues.
Financial Highlights:
-- Loss for year EUR852,042 (2019: loss of EUR815,795)
-- Basic and diluted loss per share 0.001 (cent): (2019: 0.001)
-- Net assets at year-end: EUR7.9 million (2019: EUR6.2 million)
-- Cash at 31 December 2020: EUR2.2 million (2019: EUR0.3 million)
Operational Highlights
-- Precious metal poured at the year end proved the concept of
secondary recovery from multiple spoil heaps at Mineral Jackpot
-- 4-year option to acquire the Olympic Gold Project signed and
two geophysical surveys conducted to define drill locations for
2021
-- Soil sampling, rock sampling, trenching and geophysical
survey used to define drill locations at the previously unexploited
Rock House Group
-- Magnetometer survey over the Mineral Jackpot Group
-- Strengthened the Board with the addition of two experienced non-executive directors
Post Period End
-- Drilling programme on Olympic Gold Project commenced April 2021
-- Placing of new shares raised GBP1 million (EUR1.15 million) -
proceeds will be used to accelerate exploitation of gold prospects
and expand the Company's work programme for the current year
-- Independent test results indicated gravity separation as
viable production method for processing material from Mineral
Jackpot spoil heaps
-- Independent metallurgical consultant engaged to prepare
specifications and detailed costing for proposed processing
operations
-- Migration of share settlement system from CREST to Euroclear
Bank successfully completed
Brian Hall, Executive Chairman, commented: "During a difficult
year for everybody, we made strong progress on our projects and
successfully secured funds for our operations. The results of our
work in 2020 have enabled us to initiate a major drilling programme
across our three prime areas of interest, now under way, while
laboratory testing has shown the way forward for secondary recovery
of precious metals from numerous spoil heaps at the historic gold
and silver workings on our extensive inventory of claims, which we
are progressing with vigour.
"Importantly, we are well funded for the current year and are at
an inflexion point for the Company, with a growing portfolio, from
which we have already poured our first gold, and a clear line of
sight to long-term processing as well as the added value of our
copper assets. We have a busy year ahead, with our ongoing drilling
programme and we are extremely excited by our prospects."
For further information:
Great Western Mining Corporation PLC
Brian Hall, Chairman +44 207 933 8780
Max Williams, Finance Director +44 207 933 8780
Davy (NOMAD, Euronext Growth Adviser
& Joint Broker)
John Frain +353 1 679 6363
Novum Securities (Joint Broker)
Jon Belliss +44 207 399 9400
ETX Capital (Joint Broker)
Thomas Smith +44 207 392 1494
Walbrook PR (PR advisers)
Nick Rome/Nicholas Johnson +44 207 933 8783
Executive Chairman's Statement
For the year ended 31 December 2020
Dear Shareholder,
Herewith your Company's Annual Report and audited Financial
Statements for the year ended 31 December 2020. Great Western is an
exploration and development company which does not yet generate
commercial revenues and is reporting a loss for the year of
EUR852,042 (2019: EUR815,795), net assets of EUR7,919,625 (2019:
EUR6,234,087) and net cash of EUR2,287,172 (2019: EUR306,675). The
Company has no debt apart from current creditors arising in the
normal course of business and is not a party to any disputes.
Great Western explores for and exploits precious and base metals
in Mineral County, Nevada, USA where it operates multiple 100%
owned claims and has over 17,000 acres under licence.
During the reporting year we strengthened our cash position
through four placings of new shares; acquired an option to purchase
the Olympic Gold Project in Nevada where we have since carried out
two separate geophysical surveys; evaluated spoil heaps at the
Mineral Jackpot property and, at the very end of the year, poured a
trial quantity of gold and silver as a pilot scheme for processing
operations; doubled the mineralisation footprint at Mineral
Jackpot; and established the potential for gold and silver at the
Rock House ('RH') group of claims which have never before been
explored or exploited.
At the Annual General Meeting in 2020 we were pleased to welcome
two experienced Non-Executive Directors to the Board who have now
been elected by shareholders. Andrew Hay has spent a long career in
banking and finance and is former head of corporate finance at the
Edmond de Rothschild in London. He is now a Senior Adviser at Smith
Square Partners, a leading UK corporate finance advisory firm.
Alastair Ford has spent his entire career in or associated with the
mining industry, at different times as an analyst, journalist and
asset manager. These two appointees have both previously been
directors of listed companies and are making a strong
contribution.
During 2020 our focus was almost entirely on gold and silver.
Our target for gold is a resource of 1.5 million ounces but this is
of course subject to the success of our ongoing exploration
efforts. We have already established an inferred and indicated
copper resource of 4.28 million tonnes of 0.45% copper for 19,000
tonnes of contained copper metal at a 0.2% cut-off grade, which
represents considerable progress but still falls far short of an
economic resource and requires further capital expenditure. The
Company's current policy is to accelerate its numerous and more
accessible gold and silver prospects, while seeking a strong joint
venture partner for development of the copper potential. We have
had two separate approaches from third parties but neither has met
our criteria and we actively continue to seek an appropriate
partner. In the meantime, there are no outstanding work commitments
beyond manageable annual lease rentals.
Our three primary gold and silver prospects are (1) the Mineral
Jackpot claims on the Black Mountain group, consisting of five
historic mines, which we have managed to link together through
mapping and thereby double the area of potential mineralisation;
(2) the RH (Rock House) Group which has never previously been
explored but where we have identified strong indications of gold
and silver, carried out trenching, a geophysical survey and
processed small quantities of gold and silver from float material;
and (3) the Olympic Gold Project where we acquired a 4 year
purchase option in May 2020 and have since carried out two
geophysical surveys which have allowed us to plan a drilling
programme for 2021. More detailed information on all these
prospects is to be found in the operations section of the Annual
Report.
New gold mines are not developed overnight and, as an interim
measure, we are assessing how to exploit the numerous spoil heaps
from past mine workings at Mineral Jackpot and elsewhere for
secondary recovery of precious metals. At Mineral Jackpot alone
there are approximately 38 spoil heaps, estimated to aggregate up
to 12,000 tonnes of material. We set ourselves a challenging target
of pouring first precious metal from a pilot scheme by the end of
2020. This was a difficult exercise, not helped by the
pandemic-related trans-Atlantic travel ban, but at the very end of
the year we achieved this objective with only a day or two to
spare. We therefore proved the concept by producing a single small
doré bar comprising a mix of gold, silver and some other minerals
and we still have a lot of material left to be processed, as our
small team on site is currently multi- tasking over all our
projects and our team members in the UK and Ireland continue to
face travel restrictions at the time of writing. A balancing act
and careful planning is constantly needed to prioritise the tasks
in hand among only a very few people and to make sure we keep our
projects moving ahead. Processing the remaining material together
with additional material from our trenching exercise at RH is
work-in-progress.
During the first quarter of 2021 a metallurgical laboratory in
the UK carried out a full analysis of a sample load of spoil heap
material from Mineral Jackpot, with an initial calculated grade of
1.26 g/t gold and 434 g/t silver, and the results of this were
announced at the beginning of April. This analysis concluded that
gravity separation of the material will be a viable production
method and that a much more complex and expensive cyanide leaching
project, requiring a high level of environmental approvals, would
not significantly increase recovery of precious metals. Under test
conditions at the laboratory, material ground to a diameter of
0.35mm liberated 50% of available gold and 40% of available silver.
This was further improved when the material was ground to 0.25mm
diameter, yielding an enriched concentrate that assayed up to 140
grams gold and 20,000 grams silver per tonne processed. It is
important to stress that while these results are extremely
encouraging, they cannot be directly extrapolated over 38 widely
dispersed spoil heaps which may have varying characteristics.
However, we now have sufficient data from which to evaluate a
potential production project and have contracted an independent
metallurgical consultant who is
preparing specifications and detailed costings.
Looking ahead, with regulatory approvals now in place, we have
this month commenced a 10,000-foot drilling programme with a
Reverse Circulation rig which we have under contract. In addition,
we have contracted a much smaller and more easily transportable
coring rig for accessing difficult mountainous areas and with these
two units we shall be drilling at all three of our primary gold and
silver target areas. Although our main objective is precious
metals, we also aim to drill at least one hole on the M4 prospect
with the aim of defining a copper lead.
Away from field operations, we expect to formulate a workable
plan for exploitation of the spoil heaps in the near future. Our
basic 2021 programme was already funded but In March we undertook a
placing of new shares for cash and raised GBP1 million before
transaction expenses which will enable us to expand our programme
if our drilling yields promising results. In addition to our
existing assets and the recently acquired Olympic Gold Project
option, we are actively seeking further precious metals
opportunities for exploration, to spread our risk and maximise the
opportunity for a company-maker discovery.
Since the year end, we have successfully migrated our share
settlement operations from CREST in London to the Euroclear Bank in
Belgium, being a post-Brexit requirement for Irish public
companies. This was a complicated and lengthy exercise which we
have managed to achieve at minimum cost and which also required the
active voting participation of shareholders in order to succeed,
for whose support we are very grateful.
Details of the Annual General Meeting will be advised to
shareholders in the near future.
We have a very active ongoing programme and a number of
excellent prospects to work on. We cannot assure success on all of
them but believe we have a wide enough spread of really interesting
opportunities to be able to create real value for Great Western's
shareholders. On behalf of our small, dedicated team, I would like
to thank our wide base of nearly 4,000 underlying shareholders for
their continuing support. We will publish operational updates
whenever appropriate throughout the year.
Yours sincerely,
Brian Hall
Executive Chairman
Operations Report
For the year ended 31 December 2020
Principal activities, strategy and business model
The principal activity of the Group 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.
The Group's secondary objective is to progress 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 2020, Great Western
carried out exploration across its portfolio of six 100% owned
claims groups in Nevada and in May 2020 entered an option agreement
over the Olympic Gold group of claims, increasing the Group's claim
position by 48 claims.
In September 2020 as part of the annual claim renewal procedure,
the Group reduced its land position through the relinquishment of
119 claims in the JS, EM and BM Groups which were considered no
longer to have strategic value to the Group. Following renewal, the
land position held by Great Western in Mineral County consists of
728 full and fractional unpatented claims, covering a total land
area of approximately 58.9 km(2).
Review by Project
The Black Mountain Group of Claims
The Black Mountain Group ("BM") lies on a south-west trending
spur ridge of the Excelsior Range of mountains and comprises 249
full and fractional claims covering approximately 20.7 km(2).
During 2020, the Company conducted a magnetometer survey over
the northern apart of the prospect, around the former workings of
the Mineral Jackpot mine. Results were very encouraging - appearing
to show a strong correlation between magnetic signatures and known
vein structures. This should allow for expansion of the survey into
prospective areas where there are currently no known veins in the
search for new structures.
During the autumn, a team was organised to collect prospective
vein material from numerous spoil heaps that are scattered around
the former workings at Mineral Jackpot. Several tonnes of material
were collected and bought down to a small purpose-built gravity
pilot plant erected nearby. 130 kg of this material was split off
and shipped to a professional testing facility in the U.K., to
process in conjunction with the bulk of the material. The U.K.
testing facility was engaged to run leaching amenability tests, as
well as gravity amenability tests, with work ongoing at the year
end. Of the remaining material, the majority was successfully run
through the pilot gravity circuit, and a small doré bar of precious
metal produced with further processing planned for the current
year.
As well as precious metals, the copper potential at M2 is
significant and the M2 Deep Target is buried far beneath the
existing M2 copper oxide resource which was defined by an earlier
geophysical survey. This target could potentially extend the
current copper resource for a further 500m along strike. In 2019
two drill locations were permitted with the BLM in order to drill
test the target and they remain current and valid.
The Olympic Gold Group of Claims
In May, 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 Group of Claims (continued)
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. Great Western
believes that faulted offsets of the high-grade Olympic Vein still
remain to be discovered in the area and this forms one of the
numerous target zones on the prospect.
During 2020 a rock sampling programme verified the historical
results provided as part of the option agreement package,
indicating mineralisation to be present across the claim block. A
magnetometer survey covering the sites of the mineralisation was
undertaken, leading to the discovery of a further buried target to
the east of the Trafalgar Hill prospect. The magnetics survey also
defined an anomaly to the east of the OMCO fault, the target area
containing a projected faulted slice of the Olympic vein.
The RH Group of Claims
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.
During 2020 a trenching programme was enacted over the Eastern
Shear Zone ("ESZ") and the Southern Alteration Zone ("SAZ"),
designed to target the anomalies detected in the earlier soil
programme. The trenches were designed to cross-cut the major
northwest to southeast structure mapped at the ESZ, and to better
expose the alteration assemblage at the SAZ. Best assays of 1.5m @
0.23 g/t Au and 1.5m @ 0.1 g/t Au from trench 5 in the SAZ, within
a sheared and altered carbonate unit, intruded by a felsic
intrusive, point to the promise of the area. Although no reportable
intercepts were encountered in the trenches excavated in the ESZ, a
10kg float sample was recovered from near the area of trench 2 and
assayed, producing a small prill of gold and silver. A magnetometer
survey was conducted over both the ESZ and the SAZ. Although the
survey did not pick up the main structure at the ESZ, a magnetic
high under the alluvium to the east and south of the zone was
defined, potentially indicating a buried intrusive body. The survey
over the SAZ showed a broad magnetic low to the east of the SAZ,
running north east to south west, which is likely related to a
buried fault structure underneath the alluvium. This fault may be a
range front fault, of which similar structures throughout Nevada
are known to host important gold deposits, or it may be related to
the Golconda fault system, an earlier thrust fault system that
hosts the prolific Candelaria silver deposit to the east.
The Huntoon Group of Claims
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 10
km2. The Company is actively planning further exploration and in
parallel identifying opportunities for achieving near-term
production.
The JS Group of Claims
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 north-easterly 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 application to follow up on the
exciting discovery in hole M4_05 and remains current.
The EM Group of Claims
The M8 copper prospect lies within the EM Group which contains
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 north east trending graben
structure. Drilling by Conoco at the southern end of this structure
identified thick successions of alteration, and copper enrichment.
They did no further work to 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.
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.
Summary of 2020 Work Programme
-- Portfolio of claims reorganised by acquiring new claims with
precious metals potential and relinquishing old claims with no
remaining potential.
-- Collection of spoil heap material from the Mineral Jackpot
area, and production of a gold and silver bar.
-- Magnetometer survey over the Mineral Jackpot prospect.
-- Rock sampling over the Olympic Gold Project.
-- Magnetometer survey over the Olympic Gold Project.
-- Trenching and sampling at RH Group.
-- Magnetometer survey at RH Group.
Forward to 2021
2021 is scheduled to be a busy and exciting year for Great
Western, although the ongoing impact of Covid-19 may cause
continued challenges, given the overriding need to safeguard the
Company's employees and contractors and to comply fully with all
government directives. Numerous precious metal targets have been
identified from the 2020 field campaigns where drilling activities
will commence on the most promising of these as soon as
applications for surface disturbance works have been approved.
Approval for drilling at the Olympic project was granted in April
2021, with a drill rig mobilising shortly after. Drilling is also
taking place at the M4 copper project, with a light drill rig
currently set up on one of the eastern drill pads. At the other
prospects, rock and soil sampling will be continued to identify
future targets with a view to accelerating their exploitation. A
contract for a Reverse Circulation rig has been signed and a 10,000
feet (3,000 metre) programme is due to commence at the beginning of
the second quarter, starting at the Olympic property. A lighter,
easily deployable rig has also been identified and signed up with a
capability of drilling up to 90 feet and the Company is upgrading
this to increase its capability to 200 feet. On the processing
side, the Company will process more material through gravity
separation and work on developing a longer-term processing
facility, the specifications of which will be designed with the
help of specialist consultants once the laboratory analysis has
been definitively completed.
Consolidated Income Statement
For the year ended 31 December 2020
Notes 2020 2019
Continuing operations EUR EUR
Administrative expenses (852,270) (816,990)
Finance income 4 228 1,195
-------------------------------------- ------ ------------------ ------------------
Loss for the year before
tax 5 (852,042) (815,795)
Income tax expense 7 - -
--------------------------------------- ------ ------------------ ------------------
Loss for the financial
year (852,042) (815,795)
Loss attributable to:
Equity holders of the
Company (852,042) (815,795)
======================================= ====== ================== ==================
Loss per share from continuing
operations
Basic and diluted loss per share
(cent) 8 (0.001) (0.002)
======================================== ====== ================== ==================
Consolidated Statement of Other Comprehensive Income
For the year ended 31 December 2020
Notes 2020 2019
EUR EUR
Loss for the financial
year (852,042) (815,795)
Other comprehensive
income
Items that are or may be reclassified
to profit or loss:
Currency translation
differences (512,730) 87,052
--------------------------------------------- ------- ------------- --------------
(512,730) 87,052
Total comprehensive expense for the financial
year
attributable to equity holders of
the Company (1,364,772) (728,743)
=============================================== ======= ============= ==============
Consolidated Statement of Financial Position
For the year ended 31 December 2020
Notes 2020 2019
Assets EUR EUR
Non-current assets
Property, plant and
equipment 10 66,612 76,556
Intangible assets 11 5,898,940 6,106,347
---------------------------------- ------ ---------------- ----------------
Total non-current assets 5,965,552 6,182,903
Current assets
Trade and other receivables 12 99,904 94,943
Cash and cash equivalents 13 2,287,172 306,675
----------------------------------- ------ ---------------- ----------------
Total current assets 2,387,076 401,618
Total assets 8,352,628 6,584,521
================================== ====== ================ ================
Equity
Capital and reserves
Share capital 15 307,071 112,205
Share premium 15 12,543,606 9,687,151
Share based payment
reserve 16 559,420 435,962
Foreign currency translation
reserve 21,173 533,903
Retained earnings (5,511,645) (4,535,134)
---------------------------------- ------ ---------------- ----------------
Attributable to owners of the
Company 7,919,625 6,234,087
Total equity 7,919,625 6,234,087
Liabilities
Current liabilities
Trade and other payables 14 433,003 350,434
----------------------------------- ------ ---------------- ----------------
Total current liabilities 433,003 350,434
Total liabilities 433,003 350,434
Total equity and liabilities 8,352,628 6,584,521
=================================== ====== ================ ================
Consolidated Statement of Changes in Equity
For the year ended 31 December 2020
Share Foreign
based currency
Share Share payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1
January
2019 67,767 9,491,437 279,739 446,851 (3,707,653) 6,578,141
Comprehensive
income for
the year
Loss for the
year - - - - (815,795) (815,795)
Currency
translation
differences - - - 87,052 - 87,052
-------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------
Total comprehensive
income
for the year - - - 87,052 (815,795) (728,743)
Transactions with
owners,
recorded
directly in equity
Shares issued 44,438 371,003 - - (11,686) 403,755
Share warrants
granted - (175,289) - - - (175,289)
Share options
charge - - 156,223 - - 156,223
-------------------- ----------------- ----------------- ----------------- ----------------- ----------------- ------------
Total transactions
with owners,
recorded directly
in equity 44,438 195,714 156,223 - (11,686) 384,689
Balance at 31
December 2019 112,205 9,687,151 435,962 533,903 (4,535,134) 6,234,087
==================== ================= ================= ================= ================= ================= ============
Consolidated Statement of Changes in Equity (continued)
For the year ended 31 December 2020
Share Foreign
based currency
Share Share payment translation Retained
capital premium reserve reserve earnings Total
EUR EUR EUR EUR EUR EUR
Balance at 1
January
2020 112,205 9,687,151 435,962 533,903 (4,535,134) 6,234,087
Comprehensive
income for
the year
Loss for the
year - - - - (852,042) (852,042)
Currency
translation
differences - - - (512,730) - (512,730)
-------------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total comprehensive
income
for the year - - - (512,730) (852,042) (1,364,772)
Transactions with
owners,
recorded
directly in equity
Shares issued 194,866 2,680,921 - - (140,490) 2,735,297
Share warrants
granted - - 25,521 - (25,521) -
Share warrants
exercised - 175,534 (11,815) - - 163,719
Share warrants
terminated - - (41,542) - 41,542 -
Share options
charge - - 151,294 - - 151,294
------------------- ----------------- ----------------- ----------------- ----------------- ----------------- -------------
Total transactions
with owners,
recorded directly
in equity 194,866 2,865,455 123,458 - (124,469) 3,050,310
Balance at 31
December 2020 307,071 12,543,606 559,420 21,173 (5,511,645) 7,919,625
==================== ================= ================= ================= ================= ================= =============
Consolidated Statement of Cash Flows
For the year ended 31 December 2020
Notes 2020 2019
EUR EUR
Cash flows from operating activities
Loss for the
year (852,042) (815,795)
Adjustments
for:
Depreciation 10 3,733 7,216
Interest receivable and similar
income 4 (228) (1,195)
(Increase)/Decrease in trade and
other receivables (4,961) 28,231
(Decrease)/Increase in trade and
other payables (72,067) 32,784
Equity settled share-based
payment 16 151,294 156,223
-------------------------------------------- ------ ----------------- -----------------
Net cash flows from operating
activities (774,271) (592,536)
Cash flow from investing activities
Expenditure on intangible
assets 11 (196,982) (206,736)
Interest received 4 228 1,195
------------------------------------------- ------ ----------------- -----------------
Net cash from investing
activities (196,754) (205,541)
Cash flow from financing activities
Proceeds from the issue of new
shares 15 3,130,705 415,441
Share warrants granted 15 - (175,289)
Commission paid from the issue
of new shares 15 (140,490) (11,686)
--------------------------------------------- ------ ----------------- -----------------
Net cash from financing
activities 2,990,215 228,466
Decrease in cash and cash equivalents 2,019,190 (569,611)
Exchange rate adjustment on cash and
cash equivalents (38,693) (8,166)
Cash and cash equivalents at beginning
of the year 13 306,675 884,452
Cash and cash equivalents at end
of the year 13 2,287,172 306,675
============================================== ====== ================= =================
Notes to the Financial Statements PDF link:
http://www.rns-pdf.londonstockexchange.com/rns/7888W_1-2021-4-27.pdf
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