Great Western Mining Corporation plc Announces Half-year Report

Advancing Nevada’s emerging tungsten corridor towards a maiden MRE

DUBLIN, IRELAND / ACCESS Newswire / September 25, 2026 / Great Western Mining Corporation PLC (AIM:GWMO)(Euronext Growth:8GW)(OTCQB:GWMOF), a strategic minerals exploration and development company, announces its interim results for the six months ended 30 June 2026.

HIGHLIGHTS

H1 2026

• Established tungsten as GWM’s strategic priority, with substantial preparatory fieldwork completed across the Defender-Pine Crow corridor.
• Completed detailed geological mapping and gravity geophysical survey to refine understanding of the mineralised system and support drill targeting.
• Completed four machine-cut channel sampling programmes at the historic Dough God, Pine Crow and Widowmaker mines, providing data to guide the 2026 drilling programme.
• Dispatched 750 kg representative bulk sample for metallurgical flotation test work.
• Appointed Ed Loye as Chief Executive Officer, with Brian Hall stepping back from the role of Executive Chairman following the AGM in June 2026.
• Signed option agreement involving KGHM Polska Miedz S.A. over the Eastside-Tango copper porphyry project, providing long-term royalty upside for Great Western.
• Admitted to trading on the OTCQB market in the United States, providing US-based investors with direct access to the Company’s shares for the first time.
• Raised £3.25 million (gross) through a placing of new shares in February 2026 to fund accelerated exploration activity, supplemented by warrant exercises during the period.

Post-Period End

• Received channel sampling results in July confirmed broad and significant tungsten mineralisation across the Defender-Pine Crow corridor, supporting an emerging mineralised trend of approximately 3 km.
• Highly encouraging metallurgical flotation test work results: 92.98% of tungsten recovered into a rougher concentrate grading 7.21% WO₃ from a starting bulk sample grade of 0.35% WO₃, with penalty elements recorded at very low levels.
• Completed a 23-hole drilling programme at Defender designed to test the continuity and grade of tungsten mineralisation across the corridor, with assay results expected over the coming weeks and months.
• Appointed Addison Mining Services as independent Competent Person for the maiden MRE, with its geologist embedded on site during the drilling programme.

Financial

• Loss for the period of €2.63 million (H1 2025: €0.49 million; FY 2025: €1.08 million), including a revaluation loss on the share warrant provision of €1.86 million (H1 2025: €15,073 gain; FY 2025: €182,791 loss).
• Cash and cash equivalents at 30 June 2026 of €2.77 million (31 December 2025: €0.07 million).
• Net assets of €9.51 million (31 December 2025: €8.60 million).
• Company fully funded for its planned 2026 exploration and MRE programme.
• Post-period warrant exercises in July and August 2026 generated additional funding of approximately £49,000.

Great Western CEO, Ed Loye, commented:

“With tungsten now Great Western’s strategic priority, we have made significant progress at Defender during the first half of 2026 and since period end. Channel sampling has confirmed broad mineralisation across the Defender-Pine Crow corridor, while preliminary metallurgical work has demonstrated strong tungsten recovery using established flotation methods. Furthermore, we have completed a 23-hole drilling programme, marking another important step as we look to advance the project towards development.

“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.”

Forward Looking Statements

This announcement contains forward looking statements relating to the plans, activities and expectations of Great Western Mining Corporation PLC. Such statements include, but are not limited to, those concerning planned exploration programmes, anticipated timelines and potential mineral resource outcomes. Forward looking statements are typically identified by words such as “plan”, “expect”, “anticipate”, “intend”, “may”, “could”, “potential” or similar expressions.

These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Factors include geological risk, exploration and drilling results, permitting and regulatory approvals, funding availability, operational challenges, commodity price movements and general market conditions. No assurance can be given that any forward-looking statements will prove to be accurate, and shareholders are cautioned not to place undue reliance on them.

For further information visit www.greatwesternmining.com or contact:

Great Western Mining Corporation PLC
Brian Hall, Chairman	c/o St Brides
Ed Loye, Chief Executive Officer	greatwesternmining@stbridespartners.co.uk
J&E Davy
Nominated Adviser, Euronext Growth Adviser & Joint Broker
Brian Garrahy	+353 (0)1 679 6363
Shard Capital Partners
Joint Broker
Andrew Gutmann / Erik Woolgar	+44 (0)20 7186 9008
St Brides Partners
Financial PR
Susie Geliher / Isabel de Salis	greatwesternmining@stbridespartners.co.uk

CHAIRMAN’S STATEMENT

For the six months ended 30 June 2026

Dear Shareholder,

The first half of 2026 has been a period of significant progress for Great Western, with tungsten now our principal focus. Having set out our plans earlier in the year, we have made good progress at the Defender Tungsten Project (“Defender”) and remain focused on our key objective of delivering a maiden Mineral Resource Estimate (“MRE”) in the next few months.

The appointment of Ed Loye as Chief Executive Officer at the start of the year marked a significant step in the evolution of the Company’s leadership. Ed’s energy, technical capability and strategic vision have been evident from day one and it has been encouraging to see the pace and quality of work delivered. Following the Annual General Meeting in June, I was pleased to step back from the Executive Chairman role, while remaining as Chairman, confident that the Company is in excellent hands as it moves into its next phase.

During the period, we completed a substantial body of preparatory fieldwork at the Defender-Pine Crow tungsten corridor. Detailed geological mapping and a gravity geophysical survey refined our understanding of the mineralised system, while four machine-cut channel sampling programmes at the historic Dough God, Pine Crow and Widowmaker mines provided the data needed to guide drill targeting. Results from this channel work, received in July, confirmed broad tungsten mineralisation along the corridor, with notable widths and consistent grades across multiple locations.

In parallel, we dispatched a 750 kg representative bulk sample for metallurgical flotation test work. The results, received post period end, were highly encouraging. 92.98% of the tungsten was recovered from the pre-treated material into a rougher concentrate grading 7.21% WO₃, compared with a starting bulk sample grade of 0.35% WO₃. Penalty elements, including molybdenum, were recorded at very low levels, which is significant for downstream processing. Notably, the results compare favourably with similar, rougher test work undertaken by other regional skarn-hosted tungsten projects and confirm the amenability of the Defender mineralisation to established flotation methods. Further test work will now focus on cleaner circuit optimisation to upgrade the concentrate towards potential marketable product specifications and this work will form an important part of the overall technical picture as we advance towards a resource estimate.

The groundwork completed during the period has now translated into action. Since the period end, we have completed a drilling programme at Defender comprising 23 holes designed to test the continuity and grade of tungsten mineralisation across the corridor. Assay results are expected over the coming weeks and months. The engagement of Addison Mining Services as the independent Competent Person, with its geologist on site during the drilling programme, provides assurance that the data being captured meets the standards required for a JORC-compliant MRE.

Elsewhere in the portfolio, the option agreement involving KGHM Polska Miedz S.A. over the Eastside-Tango copper porphyry project represents a meaningful validation of our assets and our partnership strategy. KGHM is a major, well-funded mining company and its involvement removes any further financial exposure for Great Western while providing long-term royalty upside.

Our admission to trading on the OTCQB market in the United States was another important milestone, giving US-based investors direct access to the Company’s shares for the first time. Given the strategic importance of domestic critical minerals supply to the United States and the growing awareness of tungsten as a priority metal for defence, aerospace and advanced manufacturing, we believe this listing will prove increasingly valuable as our story develops.

Financially, we entered the period in a strong position following a successful fundraising of £3.25 million in February 2026, supplemented by warrant exercises during the period. As an exploration company, we continue to report a loss for the period of €2,634,357 (30 June 2025: €485,232 and 31 December 2025: €1,077,474). The result reflects a loss of €1,855,152 (30 June 2025: gain of €15,073 and 31 December 2025: loss of €182,791) on the movement of the fair value of financial liabilities relating to the issue of share warrants.

For the remainder of 2026, we have several important upcoming milestones. With encouraging metallurgical test results now in hand and drill assay results expected as the chip samples are processed, we hope to deliver a maiden MRE in the coming months. Together, these should provide a much clearer picture of the scale and quality of the tungsten opportunity at Defender and allow us to plan the next stage of its development.

The global backdrop for our work continues to strengthen. Tungsten remains one of the most supply-constrained critical minerals, with western economies increasingly seeking to reduce their dependence on Chinese production, which accounts for the vast majority of global supply. The United States has made clear its intention to build resilient domestic supply chains for strategic metals and Nevada, already one of the world’s premier mining jurisdictions, sits at the heart of this effort. Great Western is well placed to benefit from these trends, with 100%-owned assets across a highly prospective corridor in a jurisdiction that offers security of tenure, established infrastructure and a supportive regulatory environment.

On behalf of the Board, I would like to thank our shareholders for their continued support and we look forward to demonstrating the value of the work now under way at Defender and across the wider portfolio.

Yours sincerely,

Brian Hall
Chairman

Unaudited Condensed Consolidated Income Statement

For the six months to 30 June 2026

		Notes				Unaudited six months ended 30 Jun 2026				Unaudited six months ended 30 Jun 2025				Audited year ended 31 Dec 2025
						€				€				€
Continuing operations
Administrative expenses							(790,910	)			(501,649	)			(899,576	)
(Loss) / gain on revaluation of share warrant provision			14				(1,855,152	)			15,073				(182,791	)
Impairment of exploration and evaluation assets											–				–
Finance income			4				11,705				1,344				4,575
Loss for the period before tax							(2,634,357	)			(485,232	)			(1,077,792	)
Income tax expense			5				–				–				318
Loss for the financial period							(2,634,357	)			(485,232	)			(1,077,474	)
Loss attributable to:
Equity holders of the Company			3				(2,634,357	)			(485,232	)			(1,077,474	)
Loss per share from continuing operations
Basic and diluted loss per share (cent)			6				(0.0069	)			(0.0085	)			(0.0092	)

All activities derived from continuing operations. All losses are attributable to the owners of the Company.

Unaudited Condensed Consolidated Statement of Other Comprehensive Income

For the six months to 30 June 2026

		Notes				Unaudited six months ended 30 Jun 2026				Unaudited six months ended 30 Jun 2025				Audited year ended 31 Dec 2025
						€				€				€
Loss for the financial period							(2,634,357	)			(485,232	)			(1,077,474	)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences							283,707				(1,005,729	)			(1,034,414	)
							283,707				(1,005,729	)			(1,034,414	)
Total comprehensive expense for the financial
period attributable to equity holders of the Company							(2,350,650	)			(1,490,961	)			(2,111,888	)

Unaudited Condensed Consolidated Statement of Financial Position

For the six months to 30 June 2026

		Notes				Unaudited six months ended 30 Jun 2026				Unaudited six months ended 30 Jun 2025				Audited year ended 31 Dec 2025
Assets						€				€				€
Non-current assets
Property, plant and equipment			7				93,311				69,743				69,565
Intangible assets			8				9,018,938				7,880,337				8,555,874
Investment in joint venture			9				584,786				568,221				566,770
Total non-current assets							9,697,035				8,518,301				9,192,209
Current assets
Trade and other receivables			10				438,125				154,343				113,512
Cash and cash equivalents			11				2,774,640				1,238,490				65,724
Total current assets							3,212,765				1,392,833				179,236
Total assets							12,909,800				9,911,134				9,371,445
Equity
Capital and reserves
Share capital			15				1,082,138				1,056,285				1,056,535
Share premium			15				20,840,325				17,473,661				17,536,077
Share based payment reserve			16				569,520				362,123				240,732
Foreign currency translation reserve							410,159				155,137				126,452
Retained earnings							(13,389,210	)			(9,887,899	)			(10,358,750	)
Attributable to owners of the Company							9,512,932				9,159,307				8,601,046
Total equity							9,512,932				9,159,307				8,601,046
Liabilities
Current liabilities
Trade and other payables			12				277,670				458,500				302,828
Decommissioning provision			13				134,188				122,520				124,321
Share warrant provision			14				2,985,010				170,807				343,250
Total current liabilities							3,396,868				751,827				770,399
Total liabilities							3,396,868				751,827				770,399
Total equity and liabilities							12,909,800				9,911,134				9,371,445

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2026

		Share capital				Share premium				Share based payment reserve				Foreign currency translation reserve				Retained earnings				Total
		€				€				€				€				€				€
Balance at 1 January 2025			1,043,785				16,206,109				337,100				1,160,866				(9,289,034	)			9,458,826
Comprehensive income for the period
Loss for the period			–				–				–				–				(485,232	)			(485,232	)
Currency translation differences			–				–				–				(1,005,729	)			–				(1,005,729	)
Total comprehensive income for the period			–				–				–				(1,005,729	)			(485,232	)			(1,490,961	)
Transactions with owners, recorded directly in equity
Shares issued			12,500				1,267,552				–				–				(88,610	)			1,191,442
Share warrants terminated			–				–				25,023				–				(25,023	)			–
Total transactions with owners, recorded
directly in equity			12,500				1,267,552				25,023				–				(113,633	)			1,191,442
Balance at 30 June 2025			1,056,285				17,473,661				362,123				155,137				(9,887,899	)			9,159,307

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2026

		Share capital				Share premium				Share based payment reserve				Foreign currency translation reserve				Retained earnings				Total
		€				€				€				€				€				€
Balance at 1 July 2025			1,056,285				17,473,661				362,123				155,137				(9,887,899	)			9,159,307
Comprehensive income for the period
Loss for the period			–				–				–				–				(592,242	)			(592,242	)
Currency translation differences			–				–				–				(28,685	)			–				(28,685	)
Total comprehensive income for the period			–				–				–				(28,685	)			(592,242	)			(620,927	)
Transactions with owners, recorded directly in equity
Shares issued			250				62,416				–				–				–				62,666
Share warrants terminated			–				–				(121,391	)			–				121,391				–
Share options charge			–				–				–				–				–				–
Total transactions with owners, recorded
directly in equity			250				62,416				(121,391	)			–				121,391				62,666
Balance at 31 December 2025			1,056,535				17,536,077				240,732				126,452				(10,358,750	)			8,601,046

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months to 30 June 2026

		Share capital				Share premium				Share based payment reserve				Foreign currency translation reserve				Retained earnings				Total
		€				€				€				€				€				€
Balance at 1 January 2026			1,056,535				17,536,077				240,732				126,452				(10,358,750	)			8,601,046
Comprehensive income for the period
Loss for the period			–				–				–				–				(2,634,357	)			(2,634,357	)
Currency translation differences			–				–				–				283,707				–				283,707
Total comprehensive income for the period			–				–				–				283,707				(2,634,357	)			(2,350,650	)
Transactions with owners, recorded directly in equity
Shares issued			23,216				2,706,246				–				–				(261,428	)			2,468,034
Share warrants granted			–				–				134,675				–				(134,675	)			–
Share warrants exercised			2,387				598,002				(10,513	)			–				–				589,876
Share options charge			–				–				204,626				–				–				204,626
Total transactions with owners, recorded
directly in equity			25,603				3,304,248				328,788				–				(396,103	)			3,262,536
Balance at 30 June 2026			1,082,138				20,840,325				569,520				410,159				(13,389,210	)			9,512,932

Unaudited Condensed Consolidated Statement of Cash Flows

For the six months to 30 June 2026

		Notes			Unaudited six months ended 30 Jun 2026				Unaudited six months ended 30 Jun 2025				Audited period ended 31 Dec 2025
					€				€				€
Cash flows from operating activities
Loss for the period						(2,634,357	)			(485,232	)			(1,077,474	)
Adjustments for:
Depreciation						2,633				–				–
Interest receivable and similar income						(11,705	)			(1,344	)			(4,575	)
Increase in trade and other receivables						(336,879	)			(45,719	)			(4,993	)
Increase in trade and other payables						29,966				168,700				14,254
(Gain)/loss on revaluation of share warrants						1,855,152				(15,074	)			182,791
Decrease in tax receivable						21,276				32,698				31,827
Equity settled share-based payment						204,626				–				–
Net cash flows from operating activities						(869,288	)			(345,971	)			(858,170	)
Cash flow from investing activities
Expenditure on intangible assets						(198,395	)			(91,515	)			(808,539	)
Acquisition of property, plant and equipment						(23,695	)			–				–
Investment in joint venture						(59,746	)			–				(288	)
Interest received						11,705				1,344				4,575
Net cash from investing activities						(270,131	)			(90,171	)			(804,252	)
Cash flow from financing activities
Proceeds from the issue of new shares						4,105,946				1,465,932				1,503,177
Commission paid from the issue of new shares						(261,428	)			(88,610	)			(88,610	)
Net cash from financing activities						3,844,518				1,377,322				1,414,567
Increase/(Decrease) in cash and cash equivalents						2,705,099				941,180				(247,855	)
Exchange rate adjustment on cash and
cash equivalents						3,817				(2,035	)			14,234
Cash and cash equivalents at beginning
of the period		11				65,724				299,345				299,345
Cash and cash equivalents at end of
the period		11				2,774,640				1,238,490				65,724

Unaudited Notes to the Condensed Financial Statements

For the six months to 30 June 2026

1. General information

Great Western Mining Corporation PLC (“the Company”) is a company domiciled in the Republic of Ireland. The Half Yearly Report and Unaudited Condensed Consolidated Financial Statements (‘the half yearly financial statements’) of the Company for the six months ended 30 June 2026 comprise the results and financial position of company and its subsidiaries (“the Group”).

The Group half yearly financial statements were authorised for issue by the Board of Directors on 25 September 2026.

Basis of preparation

The half yearly financial statements for the six months ended 30 June 2026 are unaudited. The financial information presented herein does not amount to statutory financial statements that are required by Chapter 4 part 6 of the Companies Act 2014 to be annexed to the annual return of the company. The statutory financial statements for the financial year ended 31 December 2025 are annexed to the annual return when filed with the Registrar of Companies. The audit report on those financial statements was unqualified.

The Group half yearly financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”).

The financial information contained in the half yearly financial statements have been prepared on the historical cost basis, except for the decommissioning provision, share-based payments and warrants, which are based on fair values determined at the grant date, and for share warrants, disclosed as financial liabilities, at each subsequent reporting period end date. The accounting policies have been applied consistently in accordance with the accounting policies set out in the annual report and financial statements for the year ended 31 December 2025 except as outlined below.

Reclassification of comparatives

During the period, the Group revised the presentation of certain expenses within the Condensed Consolidated Income Statement to provide more relevant information regarding its financial performance. The gain or loss on revaluation of share warrant provision, previously included within administrative expenses, is now presented separately. Comparative amounts have been reclassified accordingly. The reclassification has no impact on previously reported loss before tax, loss for the period, net assets, or earnings per share.

Accounting policies

The accounting policies adopted are consistent with those of the annual Financial Statements for the year ended 31 December 2025.

New and amended standards that became applicable for the Group in the current reporting period have not resulted in changes to accounting policies or retrospective adjustments.

Material accounting policies and use of estimates and judgements

The preparation of interim consolidated financial statements in compliance with IAS 34 requires the use of certain critical accounting judgements and key sources of estimation uncertainty. It also requires the exercise of judgement in applying the Group’s accounting policies.

During the period, the Group granted warrants which gave rise to financial liabilities (see Note 14). Accounting for financial liabilities arising from the grant of share warrants requires the use of valuation models to estimate the future share price performance of the Company. Assumptions for the share price volatility, risk free rate and expected life of awards in order to determine the fair values of the options at the date of grant. Due to the impact of the dilution effect arising from the grant of warrants in February 2026, consideration has been given to the dilution effect in the re-calculation of the fair value. The financial liabilities are revalued at each period end using restated assumptions.

Other than the financial liabilities arising on the grant of share warrants in the period, there have been no material revisions to the nature and the assumptions used in estimating amounts reported in the annual audited financial statements of Great Western Mining Corporation PLC for the period ended 31 December 2025.

The accounting policies, presentation and methods of computation in the audited financial statements have been followed in the condensed set of financial statements.

2. Going concern

The financial statements of the Group are prepared on a going concern basis.

In order to assess the appropriateness of the going concern basis in preparing the financial statements for the six months ended 30 June 2026, the Directors have considered a time period of at least twelve months from the date of approval of these financial statements.

The Group incurred an operating loss during the six months ended 30 June 2026. At the balance sheet date, the Group had cash and cash equivalents amounting to €2.77 million. In July and August 2026, warrant holders have exercised warrants providing the Company with additional funding of approximately £49,000. The Board considers this will enable the Group to meet continuing operating expenditure and the planned work programme.

The Directors concluded that the Group will have sufficient resources to continue as a going concern for the future, that is for a period of not less than 12 months from the date of approval of the consolidated financial statements without material uncertainties. Accordingly, the consolidated financial statements have been prepared on a going concern basis and do not include any adjustments that would be necessary if this basis were inappropriate.

3. Segment information

The Group has one principal reportable segment, Nevada, USA, which represents the exploration for and development of tungsten, copper, silver, gold and other minerals in Nevada, USA.

Other operations “Corporate Activities” includes cash resources held by the Group and other operational expenditure incurred by the Group. These assets and activities are not within the definition of an operating segment.

In the opinion of the Directors the operations of the Group comprise one class of business, being the exploration and related activities including development, processing and production of tungsten, copper, silver, gold and other minerals. The Group’s main operations are located within Nevada, USA. The information reported to the Group’s chief executive officer (the Executive Chairman), who is the chief operating decision maker, for the purposes of resource allocation and assessment of segmental performance is particularly focussed on the exploration activity in Nevada.

Information regarding the Group’s results, assets and liabilities is presented below.

3. Segment information (continued)

Segment results

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Exploration and related activities – Nevada			(22,044	)			(6,894	)			(24,330	)
Corporate activities			(2,612,313	)			(478,338	)			(1,053,462	)
Consolidated loss before tax			(2,634,357	)			(485,232	)			(1,077,792	)

Segment assets

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Exploration and related activities – Nevada			10,088,668				8,621,575				9,292,415
Corporate activities			2,821,132				1,289,559				79,030
Consolidated total assets			12,909,800				9,911,134				9,371,445

Segment liabilities

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Exploration and related activities – Nevada			245,598				292,769				316,253
Corporate activities			3,151,270				459,059				454,145
Consolidated total liabilities			3,396,868				751,828				770,398

Geographical information

The Group operates in three principal geographical areas – Ireland (country of residence of Great Western Mining Corporation PLC), Nevada, USA (country of residence of Great Western Mining Corporation, a wholly owned subsidiary of Great Western Mining Corporation PLC and Western Milling LLC in which the Group has a 50% interest) and the United Kingdom (country of residence of GWM Operations Limited, a wholly owned subsidiary of Great Western Mining Corporation PLC).

The Group has no revenue. Information about the Group’s non-current assets by geographical location are detailed below:

Unaudited 6 months ended 30 Jun 2026 €

Unaudited 6 months ended 30 Jun 2025 €

Audited year ended 31 Dec 2025 €

Exploration and related activities – Nevada

9,697,035

8,518,301

9,192,209

Republic of Ireland

–

–

–

United Kingdom

–

–

–

9,697,035

8,518,301

9,192,209

4. Finance income

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Bank interest receivable			11,705				1,344				4,575
			11,705				1,344				4,575

5. Income tax

The Group has not provided any tax charge for the six months periods ended 30 June 2026. There was no tax charge for the six months ended 30 June 2026. For the year ended 31 December 2025, the Group benefited from research and development corporation tax credits claimed by a subsidiary company. The Group has accumulated losses which are expected to exceed profits earned for the foreseeable future.

6. 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 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Loss for the period			(2,634,357	)			(485,232	)			(1,077,474	)
Number of ordinary shares at start of period			179,689,274				52,189,274				52,189,274
Number of ordinary shares issued during the period			256,027,507				125,000,000				127,500,000
Number of ordinary shares at end of period			435,716,781				177,189,274				179,689,274
Weighted average number of ordinary shares for the purposes of basic earnings per share			383,124,637				57,050,385				117,583,539
Basic loss per ordinary share (cent)			(0.0069	)			(0.0085	)			(0.0092	)

In March 2025, the share capital of the Company was subject to a share capital reorganisation as set out in Note 15.

Diluted earnings per share

There were no potentially dilutive ordinary shares that would increase the basic loss per share.

7. Property, plant and equipment

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Cost
Opening cost			90,264				102,089				102,089
Additions			24,269				–				–
Exchange rate adjustment			2,820				(11,594	)			(11,825	)
			117,353				90,495				90,264
Depreciation
Opening depreciation			20,699				23,410				23,410
Charge for period			2,633				–				–
Exchange rate adjustment			710				(2,658	)			(2,711	)
			24,042				20,752				20,699
Net book value
Closing net book value			93,311				69,743				69,565
Opening net book value			69,565				78,679				78,679

8. Intangible assets

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Cost
Opening cost			8,555,874				8,740,870				8,740,870
Additions			195,871				76,477				741,243
Own employment costs capitalised			27,431				6,797				34,262
Impairment expense			–				–				–
Increase in decommissioning cost			5,983				–				2,114
Exchange rate adjustment			233,779				(943,807	)			(962,615	)
			9,018,938				7,880,337				8,555,874
Amortisation
Opening amortisation			–				–				–
Charge for period			–				–				–
Exchange rate adjustment			–				–				–
			–				–				–
Net book value
Closing net book value			9,018,938				7,880,337				8,555,874
Opening net book value			8,555,874				8,740,870				8,740,870

The Directors have reviewed the carrying value of the exploration and evaluation assets. These assets are carried at historical cost and have been assessed for impairment in particular with regards to specific requirements as set out in IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’ relating to remaining licence or claim terms, likelihood of renewal, likelihood of further expenditures, possible discontinuation of activities over specific claims and available data which may suggest that the recoverable value of an exploration and evaluation asset is less than carrying amount. The Directors considered other factors in assessing potential impairment including cash available to the Group, commodity prices and markets, taxation and regulatory regime, and access to equipment and services. The Directors are satisfied that no impairment is required as at 30 June 2026.

8. Intangible assets (continued)

The realisation of the intangible assets is dependent on the successful identification and exploitation of tungsten, copper, silver, gold and other mineral in the Group’s licence area, including the potential to reprocess historical spoil heaps and tailings. This is dependent on several variables including the existence of commercial mineral deposits, availability of finance and mineral prices.

During the period, the Company reviewed its claims for the 2026 renewal. After the significant work undertaken over the claim groups in the current period, and recent years, the Directors approved the renewal of all existing claims.

9. Investment in joint venture

During 2024, the Group assumed a 50% equity interest in Western Milling LLC (“Western Milling”), a processing mill business incorporated in Nevada, USA, over which it exercises joint control. The costs incurred to date were transferred from Prepayments to Investment in Joint Venture as at 29 February 2024. Western Milling owns all the assets it uses to provide its services and is legally responsible for settling its liabilities. Western Milling has not commenced operations but will provide services to its shareholders and is expected to provide services to third parties. The Group has concluded that Western Milling is a joint venture under IFRS 11 – “Joint Arrangements” and the Group has therefore applied equity accounting for its interest. The investment was reviewed for indicators of impairment at the period end. No impairment indicator was identified for the period ended 30 June 2026.

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Opening cost			566,770				641,020				641,020
Additions			307				–				288
Foreign exchange movement			17,709				(72,799	)			(74,538	)
			584,786				568,221				566,770

10. Trade and other receivables

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Amounts falling due within one year:
Other debtors			89,045				79,115				78,434
Tax refunded			–				21,250				21,146
Prepayments			349,080				53,978				13,932
			438,125				154,343				113,512

All amounts above are current and there have been no impairment losses during the period (30 June 2025: €Nil, 31 December 2025: €Nil).

11. Cash and cash equivalents

For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash in hand, in bank and bank deposits with maturity of less than three months.

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Cash in bank and in hand			182,746				1,210,025				14,719
Short term bank deposits			2,591,894				28,465				51,005
			2,774,640				1,238,490				65,724

12. Trade and other payables

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Amounts falling die within one year:
Trade payables			67,208				116,712				72,367
Other payables			5,106				48,086				–
Accruals			75,105				54,977				63,721
Other taxation and social security			19,187				71,280				–
Amounts payable to joint venture			111,064				167,445				166,740
			277,670				458,500				302,828

The Group has financial risk management policies in place to ensure that payables are paid within the pre-agreed credit terms.

13. Decommissioning provision

		Unaudited 6 months ended 30 Jun 2026 €				Unaudited 6 months ended 30 Jun 2025 €				Audited year ended 31 Dec 2025 €
Decommissioning provision			134,188				122,520				124,321
			134,188				122,520				124,321

The decommissioning provisions relate to undertakings by the Group to carry our reclamation work after the completion of planned work permitted by the regulator. The cost of the reclamation work is estimated by the regulator in advance and the notice permitting operations to be conducted, together with the associated reclamation work, is effective for two years, subject to certain variations. As the Group applies for approval of operations to be conducted within the current year where possible, the cost of decommissioning provision is treated as a current liability.

14. Share warrants – financial liability

The share warrants have been granted as rights to acquire additional new ordinary share of €0.0001 in accordance with the terms of placings completed in February 2026 and June 2025.

The warrants are classified and accounted for as financial liabilities using Level 3 fair value measurement, with any change in fair value recorded in the Consolidated Income Statement. Level 3 fair value recognises that the inputs for any asset or liability valuation are not based on observable market data.

		Number of warrants				Level 3 Fair value
						€
Fair value of warrants at grant			62,500,000				185,880
Movement in fair value of warrant liabilities			–				(15,073	)
At 30 June 2025			62,500,000				170,807
Released on exercise of warrants			(2,500,000	)			(25,421	)
Movement in fair value of warrant liabilities			–				197,864
At 31 December 2025			60,000,000				343,250
Fair value of warrants at grant			232,142,857				1,022,561
Released on exercise of warrants			(22,026,950	)			(235,953	)
Movement in fair value of warrant liabilities			–				1,855,152
At 30 June 2026			270,115,907				2,985,010

In February 2026, the Group granted warrants in connection with a share placing. 232,142,857 warrants were granted exercisable at £0.020 each with immediate vesting and a contractual life of 3 years (2025: 62,500,000 warrants granted exercisable at £0.013 each with immediate vesting and a contractual life of 2 years).

Measure of fair values of warrants

The fair value of the warrants issued has been measured using the binomial lattice option pricing model. There are no service or non-market performance conditions attached to the arrangement and the warrants are considered to have vested immediately. Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price. The expected life is based on the contractual life of the warrants.

In order to revalue the Level 3 fair value, the principal changes to the input assumptions relate to the expected volatility, which has been recalculated at the period-end, the expected life of each grant, which has been reduced to the remaining life of each grant from the period-end date, and the movement in the underlying share price. Accordingly the expected volatility on revaluation has increased to a range for the grants of between 95.6% and 101.7%, and the underlying share price has increased to £0.0335. Other input assumptions remained in line with those at the original date of grant. No sensitivity analysis has been provided as the results are not deemed material.

At 30 June 2026, the total financial liability for the remaining 270,115,907 warrants (31 December 2025: 60,000,000 warrants) not yet exercised was revalued and the balance at that date was €2,985,010 (31 December 2025: €343,250). Due to the impact of the dilution effect arising from the grant of warrants in February 2026, the dilution effect has been applied to the revaluation of the fair value of the warrants as at 30 June 2026. As the condition did not exist in 2025, the dilution effect was not included at 31 December 2025 or 30 June 2025.

14. Share warrants – financial liability (continued)

The inputs used in the measurement of the fair values at grant date of the warrants were as follows:

		19 Feb 2026				24 Jun 2025
Fair value at grant date		€0.0078				€0.0030
Share price at grant date		£0.0165				£0.0098
Exercise price		£0.0200				£0.0130
Number of options granted			232,142,857				62,500,000
Vesting conditions		Immediate				Immediate
Expected volatility			89.8	%			87.7	%
Sub-optimal exercise factor			2.0	x			1.5	x
Expected life		3 years				2 years
Expected dividend			0	%			0	%
Risk free interest rate			2.08	%			1.85	%

15. Share capital

		Number of shares				Value of shares
						€
Authorised at 1 January 2025			11,000,000,000				1,100,000
On 31 March 2025
Share consolidation and subdivision:
Ordinary Shares of €0.0001 per share			55,000,000				5,500
Deferred Shares of €0.0199 per share			55,000,000				1,094,500
			110,000,000				1,100,000
Creation of Ordinary shares €0.0001 each			145,000,000				14,500
Authorised at 30 June 2025			255,000,000				1,114,500
Authorised at 1 July 2025			255,000,000				1,114,500
On 14 August 2025
Creation of Ordinary shares €0.0001 each			400,000,000				40,000
Authorised at 31 December 2025			655,000,000				1,154,500
Authorised at 1 January 2026			655,000,000				1,154,500
On 25 June 2026
Creation of Ordinary shares €0.0001 each			400,000,000				40,000
Authorised at 30 June 2026			1,055,000,000				1,194,500

15. Share capital (continued)

		Number of ordinary shares of €0.0001 each				Share capital				Share premium				Total capital
						€				€				€
Issued, called up and fully paid:
At 1 January 2025			10,437,854,836				1,043,785				16,206,109				17,249,894
On 31 March 2025
Ordinary Shares of €0.0001			52,189,274				10,438				–				–
Deferred Shares of €0.0199			52,189,274				1,033,347				–				–
Ordinary shares issued			125,000,000				12,500				1,267,552				1,280,052
At 30 June 2025			229,378,548				1,056,285				17,473,661				18,529,946
Issued, called up and fully paid:
At 1 July 2025			229,378,548				1,056,285				17,473,661				18,529,946
Ordinary shares issued			2,500,000				250				62,416				62,666
At 31 December 2025			231,878,548				1,056,535				17,536,077				18,592,612
Issued, called up and fully paid:
At 1 January 2026			231,878,548				1,056,535				17,536,077				18,592,612
Ordinary shares issued			256,027,507				25,603				3,304,248				3,329,851
At 30 June 2026			487,906,055				1,082,138				20,840,325				21,922,463
Comprised of:
Ordinary Shares of €0.0001			435,716,781
Deferred Shares of €0.0199			52,189,274
			487,906,055

On 30 January 2026, the Company completed a placing for 232,142,857 new ordinary shares of €0.0001 with 232,142,857 warrants, whereby the placee received one new ordinary share and, for every one ordinary share received, a warrant giving the right to one additional new ordinary shares of €0.0001 (“the Placing Share”). Each Placing Share was issued at a price of £0.014 (€0.0121) raising gross proceeds of £3,250,000 (€3,752,020) and increasing share capital by €23,214. The premium arising on the issue amounted to €2,706,246. The warrants were granted with an exercise price of £0.020 and a fair value of €1,022,561 (see note 14).

During the six months to 30 June 2026, the Company completed the issue of 23,884,650 new ordinary shares following the exercise of warrants granted in conjunction with the placing in June 2025. The exercise price was £0.013 (€0.0149) per ordinary share (exercise price of £0.010 (€0.0115) for broker warrants), raising gross proceeds of £306,825 (€353,923) and increasing share capital by €2,387. The premium arising on the issue amounted to €598,002.

On 24 October 2025, the Company completed the issue of 2,500,000 new ordinary shares following the exercise of warrants granted in conjunction with the placing in June 2025. The exercise price was £0.013 (€0.0149) per ordinary share, raising gross proceeds of £32,500 (€37,245) and increasing share capital by €250. The premium arising on the issue amounted to €36,995.

15. Share capital (continued)

On 24 June 2025, the Company completed a placing for 125,000,000 new ordinary shares of €0.0001 with 62,500,000 warrants, whereby the placee received one new ordinary share and, for every two ordinary shares received, a warrant giving the right to one additional new ordinary shares of €0.0001 (“the Placing Share”). Each Placing Share was issued at a price of £0.01 (€0.0117) raising gross proceeds of £1.25 million (€1,465,932) and increasing share capital by €12,500. The premium arising on the issue amounted to €1,267,552. The warrants were granted with an exercise price of £0.013 and a fair value of €185,880.

At an Extraordinary General Meeting held on 20 March 2025, a share capital reorganisation was approved by shareholders. The share capital reorganisation comprised (i) the consolidation of its ordinary share capital on the basis of 1 Consolidated Ordinary Share of €0.02 each for every 200 Existing Ordinary Shares of €0.0001 each and (ii) the sub-division of each consolidated Ordinary Share of €0.02 into a New Ordinary Share of €0.0001 nominal value and a Deferred Share of €0.0199 nominal value. In addition, the Company increased its share capital to €1,114,500 made up of 200,000,000 Ordinary Shares of €0.0001 each and 55,000,000 Deferred Shares of €0.0199 each.

The authorised share capital of the Company was increased to €1,154,500, consisting of 600,000,000 ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinary resolution at the Company’s Annual General Meeting on 14 August 2025.

The authorised share capital of the Company was increased to €1,194,500, consisting of 1,000,000,000 ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinary resolution at the Company’s Annual General Meeting on 25 June 2026.

Transaction expenses including commission arising on the issue of shares during the period ended 30 June 2026 amounted to €261,428 (30 June 2025: €88,610 and 31 December 2025: €86,610).

Share based payments

Share options

Great Western Mining Corporation PLC operates a share option scheme, “Share Option Plan 2014”, which entitles directors and employees to purchase ordinary shares in the Company at the market value of a share on the award date, subject to a maximum aggregate of 10% of the issued ordinary share capital of the Company on that date.

Measure of fair values of options

The fair value of the options granted has been measured using the binomial lattice option pricing model. The input used in the measurement of the fair value at grant date of the options were as follows:

		17 Apr 2026				13 Mar 2026
Fair value at grant date		€0.0190				€0.0087
Share price at grant date		£0.0333				£0.0158
Exercise price		£0.0210				£0.0169
Number of options granted			400,000,000				4,000,000
Vesting conditions		Immediate				Immediate
Expected volatility			90.9	%			90.3	%
Sub-optimal exercise factor			2	x			2	x
Expected life		7 years				7 years
Expected dividend			0	%			0	%
Risk free interest rate			2.77	%			2.76	%

16. Share based payments (continued)

On 13 March 2026, the Company granted options over 4,000,000 ordinary shares of €0.0001 each in the capital of the Company to Ed Loye, Chief Executive Officer. The options have an exercise price of £0.0169 per ordinary share and were granted pursuant to the terms of Mr Loye’s employment agreement. The options are exercisable in accordance with the terms of the Company’s share option scheme.

On 17 April 2026, the Company granted a total of 7,500,000 share options to directors in accordance with the rules of the Company’s Share Option Plan 2014. The exercise price of the options is £0.021 per ordinary share, representing the average closing price for the ten preceding days. The options are for seven years and vest immediately with exercise subject to performance conditions being a minimum 50% uplift in the share price.

During the period, the Group recognised a total expense of €204,626 in the statement of profit and loss related to share options vesting during the period (30 June 2025: €nil and 31 December 2025: €nil).

		Number of options				Average exercise price
Outstanding at 1 January 2025			560,000,000			Stg0.07 p
Granted			–				–
Outstanding at 30 June 2025			560,000,000			Stg0.07 p
Restated after share capital reorganisation			2,800,000			Stg14 p
Lapsed			(680,000	)		Stg26.75 p
Outstanding at 31 December 2025			2,120,000			Stg11.9 p
Granted			11,500,000			Stg1.96 p
Outstanding at 30 June 2026			13,620,000			Stg 3.51 p

On 30 June 2026, there were options outstanding over 13,620,000 (30 June 2025: 560,000,000 and 31 December 2025: 2,120,000) Ordinary Shares which are exercisable at prices ranging from Stg 1.69 pence to Stg 26 pence per share and which expire at various dates up to April 2033. The weighted average contractual life of the options outstanding is 6 years 11 months (30 June 2025: 5 years 4 months and 31 December 2025: 4 years 11 months).

Equity-settled warrants

In February 2026, as part of the £3.25 million placing, the Company issued broker warrants over 15,692,856 new ordinary shares in the Company to the Company’s brokers. The warrants will be exercisable for a period of three years from the date of admission of the Placing Shares with an exercise price of 1.4 pence per new ordinary share. The fair value of the broker warrants amounted to €134,675.

In June 2025, the Group granted broker warrants over 7,500,000 shares in connection with a share placing. The warrants were granted exercisable at £0.0 1 each with immediate vesting and a contractual life of 2 years. The fair value of the broker warrants amounted to €25,023.

		13 Feb 2026				24 Jun 2025
Fair value at grant date		€0.0086				€0.0033
Share price at grant date		£0.0165				£0.0098
Exercise price		£0.0140				£0.0100
Number of options granted			15,692,856				7,500,000
Vesting conditions		Immediate				Immediate
Expected volatility			89.8	%			87.7	%
Sub-optimal exercise factor			2.0	x			1.5	x
Expected life		3 years				2 years
Expected dividend			0	%			0	%
Risk free interest rate			2.08	%			1.85	%

16. Share based payments (continued)

At 30 June 2026, the balance on the share-based payment reserve amounted to €569,520 (30 June 2025: €362,123 and 31 December 2025: €240,732).

17. Related party transactions

In accordance with International Accounting Standards 24 – Related Party Disclosures, transactions between group entities that have been eliminated on consolidation are not disclosed.

18. Post balance sheet events

On 10 July 2026, the Company issued 204,546 Ordinary Shares to Mr Ed Loye in settlement of part of his remuneration for the period February to June 20026 in accordance with the terms of his contract. In addition, options over 4 million Ordinary Shares with an exercise price of 3.24 pence per share were granted to Mr Loye following his election to the Board.

On 3 August 2026, the Company issued 2,450,000 Ordinary Shares following the exercise warrants granted with an exercise price of 2 pence per share with gross proceeds amounting to £49,000.

Other than these matters, there were no significant post balance sheet events which would require amendment to or disclosure in the half yearly financial statements.

19. Approval of financial statements

The half yearly financial statements were approved by the Board of Directors on 25 September 2026.

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SOURCE: Great Western Mining Corporation PLC

View the original press release on ACCESS Newswire