Interim report
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Great Western Mining Corporation PLC / AIM: GWMO / Euronext Growth: 8GW / OTCQB: GWMOF 25 September 2026 GREAT WESTERN MINING CORPORATION PLC(“Great Western”, “GWM” or the “Company”) Half-Yearly Report and Unaudited Condensed Financial Statements Advancing Nevada's emerging tungsten corridor towards a maiden MRE Great Western Mining Corporation PLC (AIM: GWMO / Euronext Growth: 8GW / OTCQB: GWMOF), a strategicminerals exploration and development company, announces its interim results for the six months ended 30 June2026. HIGHLIGHTS H1 2026Established tungsten as GWM’s strategic priority, with substantial preparatory fieldwork completedacross the Defender–Pine Crow corridor.Completed detailed geological mapping and gravity geophysical survey to refine understanding of themineralised system and support drill targeting.Completed four machine-cut channel sampling programmes at the historic Dough God, Pine Crow andWidowmaker 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 ExecutiveChairman following the AGM in June 2026.Signed option agreement involving KGHM Polska Miedz S.A. over the Eastside–Tango copper porphyryproject, providing long-term royalty upside for Great Western.Admitted to trading on the OTCQB market in the United States, providing US-based investors with directaccess 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 acceleratedexploration activity, supplemented by warrant exercises during the period. Post-Period EndReceived channel sampling results in July confirmed broad and significant tungsten mineralisationacross the Defender–Pine Crow corridor, supporting an emerging mineralised trend of approximately 3km.Highly encouraging metallurgical flotation test work results: 92.98% of tungsten recovered into arougher concentrate grading 7.21% WO₃ from a starting bulk sample grade of 0.35% WO₃, with penaltyelements recorded at very low levels.Completed a 23-hole drilling programme at Defender designed to test the continuity and grade oftungsten mineralisation across the corridor, with assay results expected over the coming weeks andmonths.Appointed Addison Mining Services as independent Competent Person for the maiden MRE, with itsgeologist embedded on site during the drilling programme. FinancialLoss for the period of €2.63 million (H1 2025: €0.49 million; FY 2025: €1.08 million), including arevaluation 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 thefirst half of 2026 and since period end. Channel sampling has confirmed broad mineralisation across theDefender-Pine Crow corridor, while preliminary metallurgical work has demonstrated strong tungsten recoveryusing established flotation methods. Furthermore, we have completed a 23-hole drilling programme, markinganother 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 thescale and quality of the tungsten mineralisation at Defender and inform the next phase of work.” Forward Looking StatementsThis announcement contains forward looking statements relating to the plans, activities and expectations ofGreat Western Mining Corporation PLC. Such statements include, but are not limited to, those concerningplanned exploration programmes, anticipated timelines and potential mineral resource outcomes. Forwardlooking 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 thatcould cause actual results to differ materially. Factors include geological risk, exploration and drilling results,permitting and regulatory approvals, funding availability, operational challenges, commodity price movementsand general market conditions. No assurance can be given that any forward-looking statements will prove to beaccurate, and shareholders are cautioned not to place undue reliance on them. For further information visit www.greatwesternmining.com or contact:
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Great Western Mining Corporation PLC Brian Hall, Chairman c/o St Brides Ed Loye, Chief Executive Officer greatwesternmining@stbridespartners.co.ukJ&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 STATEMENTFor 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 ourprincipal focus. Having set out our plans earlier in the year, we have made good progress at the DefenderTungsten Project (“Defender”) and remain focused on our key objective of delivering a maiden Mineral ResourceEstimate (“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 theevolution of the Company's leadership. Ed's energy, technical capability and strategic vision have been evidentfrom day one and it has been encouraging to see the pace and quality of work delivered. Following the AnnualGeneral Meeting in June, I was pleased to step back from the Executive Chairman role, while remaining asChairman, 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 Crowtungsten corridor. Detailed geological mapping and a gravity geophysical survey refined our understanding of themineralised system, while four machine-cut channel sampling programmes at the historic Dough God, Pine Crowand 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 consistentgrades 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-treatedmaterial 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 fordownstream processing. Notably, the results compare favourably with similar, rougher test work undertaken byother regional skarn-hosted tungsten projects and confirm the amenability of the Defender mineralisation toestablished flotation methods. Further test work will now focus on cleaner circuit optimisation to upgrade theconcentrate towards potential marketable product specifications and this work will form an important part ofthe 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 havecompleted a drilling programme at Defender comprising 23 holes designed to test the continuity and grade oftungsten mineralisation across the corridor. Assay results are expected over the coming weeks and months. Theengagement of Addison Mining Services as the independent Competent Person, with its geologist on site duringthe drilling programme, provides assurance that the data being captured meets the standards required for aJORC-compliant MRE. Elsewhere in the portfolio, the option agreement involving KGHM Polska Miedz S.A. over the Eastside-Tangocopper porphyry project represents a meaningful validation of our assets and our partnership strategy. KGHM isa major, well-funded mining company and its involvement removes any further financial exposure for GreatWestern 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 ofdomestic critical minerals supply to the United States and the growing awareness of tungsten as a priority metalfor defence, aerospace and advanced manufacturing, we believe this listing will prove increasingly valuable asour story develops. Financially, we entered the period in a strong position following a successful fundraising of £3.25 million inFebruary 2026, supplemented by warrant exercises during the period. As an exploration company, we continueto report a loss for the period of €2,634,357 (30 June 2025: €485,232 and 31 December 2025: €1,077,474). Theresult reflects a loss of €1,855,152 (30 June 2025: gain of €15,073 and 31 December 2025: loss of €182,791) onthe 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 metallurgicaltest results now in hand and drill assay results expected as the chip samples are processed, we hope to deliver amaiden MRE in the coming months. Together, these should provide a much clearer picture of the scale andquality 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-constrainedcritical minerals, with western economies increasingly seeking to reduce their dependence on Chineseproduction, which accounts for the vast majority of global supply. The United States has made clear its intentionto build resilient domestic supply chains for strategic metals and Nevada, already one of the world’s premiermining jurisdictions, sits at the heart of this effort. Great Western is well placed to benefit from these trends,
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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 forwardto demonstrating the value of the work now under way at Defender and across the wider portfolio. Yours sincerely, Brian HallChairman Unaudited Condensed Consolidated Income StatementFor the six months to 30 June 2026 Notes Unauditedsix monthsended30 Jun 2026 Unauditedsix monthsended30 Jun2025 Auditedyear ended31 Dec2025 € € €Continuing operations Administrative expenses (790,910) (501,649) (899,576)(Loss) / gain on revaluation of share warrantprovision 14 (1,855,152) 15,073 (182,791)Impairment of exploration and evaluationassets - -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 IncomeFor the six months to 30 June 2026 Notes Unauditedsix monthsended30 Jun2026 Unauditedsix monthsended30 Jun 2025 Auditedyear ended31 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 PositionFor the six months to 30 June 2026 Notes Unauditedsix monthsended30 Jun 2026 Unauditedsix monthsended30 Jun 2025 Auditedyear ended31 Dec 2025
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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
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Unaudited Condensed Consolidated Statement of Changes in EquityFor the six months to 30 June 2026 Sharecapital Sharepremium Sharebasedpaymentreserve Foreigncurrencytranslationreserve Retainedearnings € € € € € Balance at 1 January 2025 1,043,785 16,206,109 337,100 1,160,866 (9,289,034) Comprehensive income for the period Loss for the period - - - - (485,232) Currency translation differences - - - (1,005,729) - Total comprehensive income for the period - - - (1,005,729) (485,232) Transactions with owners, recorded directly in equity Shares issued 12,500 1,267,552 - - (88,610) Share warrants terminated - - 25,023 - (25,023) Total transactions with owners, recorded directly in equity 12,500 1,267,552 25,023 - (113,633) Balance at 30 June 2025 1,056,285 17,473,661 362,123 155,137 (9,887,899) Unaudited Condensed Consolidated Statement of Changes in EquityFor the six months to 30 June 2026 Sharecapital Sharepremium Sharebasedpaymentreserve Foreigncurrencytranslationreserve Retainedearnings € € € € € Balance at 1 July 2025 1,056,285 17,473,661 362,123 155,137 (9,887,899 Comprehensive income for the period Loss for the period - - - - (592,242 Currency translation differences - - - (28,685) - Total comprehensive income for the period - - - (28,685) (592,242 Transactions with owners, recorded directly in equity Shares issued 250 62,416 - - - 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 Balance at 31 December 2025 1,056,535 17,536,077 240,732 126,452 (10,358,750 Unaudited Condensed Consolidated Statement of Changes in EquityFor the six months to 30 June 2026 Sharecapital Sharepremium Sharebasedpaymentreserve Foreigncurrencytranslationreserve Retainedearnings € € € € € Balance at 1 January 2026 1,056,535 17,536,077 240,732 126,452 (10,358,750) Comprehensive income for the period Loss for the period - - - - (2,634,357) Currency translation differences - - - 283,707 - Total comprehensive income for the period - - - 283,707 (2,634,357) Transactions with owners, recorded directly in equity Shares issued 23,216 2,706,246 - - (261,428) Share warrants granted - - 134,675 - (134,675) Share warrants exercised 2,387 598,002 (10,513) - -
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Share options charge - - 204,626 - - Total transactions with owners, recorded directly in equity 25,603 3,304,248 328,788 - (396,103) Balance at 30 June 2026 1,082,138 20,840,325 569,520 410,159 (13,389,210)
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Unaudited Condensed Consolidated Statement of Cash FlowsFor the six months to 30 June 2026 Notes Unauditedsix monthsended30 Jun 2026 Unauditedsix monthsended30 Jun 2025 Auditedperiodended31 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 andequipment (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 newshares (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 StatementsFor the six months to 30 June 2026 1. General information Great Western Mining Corporation PLC (“the Company”) is a company domiciled in the Republic ofIreland. The Half Yearly Report and Unaudited Condensed Consolidated Financial Statements (‘the halfyearly financial statements’) of the Company for the six months ended 30 June 2026 comprise the resultsand 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 25September 2026. Basis of preparationThe half yearly financial statements for the six months ended 30 June 2026 are unaudited. The financialinformation presented herein does not amount to statutory financial statements that are required byChapter 4 part 6 of the Companies Act 2014 to be annexed to the annual return of the company. Thestatutory financial statements for the financial year ended 31 December 2025 are annexed to the annualreturn when filed with the Registrar of Companies. The audit report on those financial statements wasunqualified. The Group half yearly financial statements have been prepared in accordance with International FinancialReporting Standards (“IFRS”) as adopted by the European Union (“EU”). The financial information contained in the half yearly financial statements have been prepared on thehistorical 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 asfinancial liabilities, at each subsequent reporting period end date. The accounting policies have beenapplied consistently in accordance with the accounting policies set out in the annual report and financialstatements 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 CondensedConsolidated Income Statement to provide more relevant information regarding its financialperformance. The gain or loss on revaluation of share warrant provision, previously included within
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administrative expenses, is now presented separately. Comparative amounts have been reclassifiedaccordingly. The reclassification has no impact on previously reported loss before tax, loss for the period,net assets, or earnings per share. Accounting policiesThe accounting policies adopted are consistent with those of the annual Financial Statements for the yearended 31 December 2025. New and amended standards that became applicable for the Group in the current reporting period havenot resulted in changes to accounting policies or retrospective adjustments. Material accounting policies and use of estimates and judgementsThe preparation of interim consolidated financial statements in compliance with IAS 34 requires the useof certain critical accounting judgements and key sources of estimation uncertainty. It also requires theexercise 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 valuationmodels to estimate the future share price performance of the Company. Assumptions for the share pricevolatility, risk free rate and expected life of awards in order to determine the fair values of the options atthe date of grant. Due to the impact of the dilution effect arising from the grant of warrants in February2026, consideration has been given to the dilution effect in the re-calculation of the fair value. Thefinancial 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 nomaterial revisions to the nature and the assumptions used in estimating amounts reported in the annualaudited financial statements of Great Western Mining Corporation PLC for the period ended 31December 2025. The accounting policies, presentation and methods of computation in the audited financial statementshave 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 statementsfor the six months ended 30 June 2026, the Directors have considered a time period of at least twelvemonths 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 sheetdate, 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 ofapproximately £49,000. The Board considers this will enable the Group to meet continuing operatingexpenditure and the planned work programme. The Directors concluded that the Group will have sufficient resources to continue as a going concern forthe future, that is for a period of not less than 12 months from the date of approval of the consolidatedfinancial statements without material uncertainties. Accordingly, the consolidated financial statementshave been prepared on a going concern basis and do not include any adjustments that would benecessary if this basis were inappropriate. 3. Segment information The Group has one principal reportable segment, Nevada, USA, which represents the exploration for anddevelopment of tungsten, copper, silver, gold and other minerals in Nevada, USA. Other operations “Corporate Activities” includes cash resources held by the Group and other operationalexpenditure incurred by the Group. These assets and activities are not within the definition of anoperating segment. In the opinion of the Directors the operations of the Group comprise one class of business, being theexploration 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. Theinformation reported to the Group’s chief executive officer (the Executive Chairman), who is the chiefoperating decision maker, for the purposes of resource allocation and assessment of segmentalperformance 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 Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€
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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 Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Exploration and related activities – Nevada 10,088,668 8,621,575 9,292,415Corporate activities 2,821,132 1,289,559 79,030Consolidated total assets 12,909,800 9,911,134 9,371,445 Segment liabilities Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Exploration and related activities – Nevada 245,598 292,769 316,253Corporate activities 3,151,270 459,059 454,145Consolidated total liabilities 3,396,868 751,828 770,398 Geographical informationThe Group operates in three principal geographical areas – Ireland (country of residence of GreatWestern Mining Corporation PLC), Nevada, USA (country of residence of Great Western MiningCorporation, a wholly owned subsidiary of Great Western Mining Corporation PLC and Western MillingLLC in which the Group has a 50% interest) and the United Kingdom (country of residence of GWMOperations 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 locationare detailed below: Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Exploration and related activities – Nevada 9,697,035 8,518,301 9,192,209Republic of Ireland - - -United Kingdom - - - 9,697,035 8,518,301 9,192,2094. Finance income Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 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 notax charge for the six months ended 30 June 2026. For the year ended 31 December 2025, the Groupbenefited from research and development corporation tax credits claimed by a subsidiary company. TheGroup has accumulated losses which are expected to exceed profits earned for the foreseeable future. 6. Loss per share Basic earnings per shareThe basic and weighted average number of ordinary shares used in the calculation of basic earnings pershare are as follows: Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 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 52,189,274Number of ordinary shares issued duringthe period 256,027,507 125,000,000 127,500,000Number of ordinary shares at end of period 435,716,781 177,189,274 179,689,274
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Weighted average number of ordinaryshares for the purposes of basic earningsper 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 outin Note 15. Diluted earnings per shareThere were no potentially dilutive ordinary shares that would increase the basic loss per share. 7. Property, plant and equipment Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€Cost Opening cost 90,264 102,089 102,089Additions 24,269 - -Exchange rate adjustment 2,820 (11,594) (11,825) 117,353 90,495 90,264Depreciation Opening depreciation 20,699 23,410 23,410Charge for period 2,633 - -Exchange rate adjustment 710 (2,658) (2,711) 24,042 20,752 20,699Net 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 Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€Cost Opening cost 8,555,874 8,740,870 8,740,870Additions 195,871 76,477 741,243Own employment costs capitalised 27,431 6,797 34,262Impairment expense - - -Increase in decommissioning cost 5,983 - 2,114Exchange rate adjustment 233,779 (943,807) (962,615) 9,018,938 7,880,337 8,555,874Amortisation 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 arecarried at historical cost and have been assessed for impairment in particular with regards to specificrequirements as set out in IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’ relating toremaining licence or claim terms, likelihood of renewal, likelihood of further expenditures, possiblediscontinuation of activities over specific claims and available data which may suggest that therecoverable value of an exploration and evaluation asset is less than carrying amount. The Directorsconsidered 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 oftungsten, copper, silver, gold and other mineral in the Group’s licence area, including the potential toreprocess historical spoil heaps and tailings. This is dependent on several variables including theexistence 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 workundertaken over the claim groups in the current period, and recent years, the Directors approved therenewal of all existing claims.
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9. Investment in joint venture During 2024, the Group assumed a 50% equity interest in Western Milling LLC (“Western Milling”), aprocessing mill business incorporated in Nevada, USA, over which it exercises joint control. The costsincurred to date were transferred from Prepayments to Investment in Joint Venture as at 29 February2024. Western Milling owns all the assets it uses to provide its services and is legally responsible forsettling its liabilities. Western Milling has not commenced operations but will provide services to itsshareholders and is expected to provide services to third parties. The Group has concluded that WesternMilling is a joint venture under IFRS 11 – “Joint Arrangements” and the Group has therefore appliedequity accounting for its interest. The investment was reviewed for indicators of impairment at theperiod end. No impairment indicator was identified for the period ended 30 June 2026. Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Opening cost 566,770 641,020 641,020Additions 307 - 288Foreign exchange movement 17,709 (72,799) (74,538) 584,786 568,221 566,770 10. Trade and other receivables Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€Amounts falling due within one year: Other debtors 89,045 79,115 78,434Tax refunded - 21,250 21,146Prepayments 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 June2025: €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 inhand, in bank and bank deposits with maturity of less than three months. Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Cash in bank and in hand 182,746 1,210,025 14,719Short term bank deposits 2,591,894 28,465 51,005 2,774,640 1,238,490 65,724 12. Trade and other payables Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€Amounts falling die within one year: Trade payables 67,208 116,712 72,367Other payables 5,106 48,086 -Accruals 75,105 54,977 63,721Other 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 thepre-agreed credit terms. 13. Decommissioning provision Unaudited6 monthsended30 Jun 2026€ Unaudited6 monthsended30 Jun 2025€ Auditedyear ended31 Dec 2025€ Decommissioning provision 134,188 122,520 124,321
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134,188 122,520 124,321 The decommissioning provisions relate to undertakings by the Group to carry our reclamation work afterthe completion of planned work permitted by the regulator. The cost of the reclamation work isestimated by the regulator in advance and the notice permitting operations to be conducted, togetherwith the associated reclamation work, is effective for two years, subject to certain variations. As theGroup applies for approval of operations to be conducted within the current year where possible, thecost 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 inaccordance 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 valuerecognises that the inputs for any asset or liability valuation are not based on observable market data. Number ofwarrants Level 3Fair value €Fair value of warrants at grant 62,500,000 185,880Movement 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 - 197,864At 31 December 2025 60,000,000 343,250 Fair value of warrants at grant 232,142,857 1,022,561Released 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 warrantswere 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 of2 years). Measure of fair values of warrantsThe 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 thewarrants are considered to have vested immediately. Expected volatility has been based on an evaluationof the historical volatility of the Company’s share price. The expected life is based on the contractual lifeof the warrants. In order to revalue the Level 3 fair value, the principal changes to the input assumptions relate to theexpected volatility, which has been recalculated at the period-end, the expected life of each grant, whichhas been reduced to the remaining life of each grant from the period-end date, and the movement in theunderlying share price. Accordingly the expected volatility on revaluation has increased to a range for thegrants of between 95.6% and 101.7%, and the underlying share price has increased to £0.0335. Otherinput assumptions remained in line with those at the original date of grant. No sensitivity analysis hasbeen 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 (31December 2025: €343,250). Due to the impact of the dilution effect arising from the grant of warrants inFebruary 2026, the dilution effect has been applied to the revaluation of the fair value of the warrants asat 30 June 2026. As the condition did not exist in 2025, the dilution effect was not included at 31December 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 €0.0030Share price at grant date £0.0165 £0.0098 Exercise price £0.0200 £0.0130Number of options granted 232,142,857 62,500,000Vesting conditions Immediate ImmediateExpected volatility 89.8% 87.7%Sub-optimal exercise factor 2.0x 1.5xExpected life 3 years 2 years
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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 14,500Authorised 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 40,000Authorised 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 40,000Authorised at 30 June 2026 1,055,000,000 1,194,500 15. Share capital (continued) Number ofordinaryshares of€0.0001 each Sharecapital Sharepremium Totalcapital € € €Issued, called up and fullypaid: 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 1,280,052At 30 June 2025 229,378,548 1,056,285 17,473,661 18,529,946 Issued, called up and fullypaid: At 1 July 2025 229,378,548 1,056,285 17,473,661 18,529,946Ordinary shares issued 2,500,000 250 62,416 62,666At 31 December 2025 231,878,548 1,056,535 17,536,077 18,592,612 Issued, called up and fullypaid: At 1 January 2026 231,878,548 1,056,535 17,536,077 18,592,612Ordinary shares issued 256,027,507 25,603 3,304,248 3,329,851At 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 €0.0001with 232,142,857 warrants, whereby the placee received one new ordinary share and, for every oneordinary share received, a warrant giving the right to one additional new ordinary shares of €0.0001 (“thePlacing 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 issueamounted 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).
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During the six months to 30 June 2026, the Company completed the issue of 23,884,650 new ordinaryshares following the exercise of warrants granted in conjunction with the placing in June 2025. Theexercise price was £0.013 (€0.0149) per ordinary share (exercise price of £0.010 (€0.0115) for brokerwarrants), raising gross proceeds of £306,825 (€353,923) and increasing share capital by €2,387. Thepremium 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 theexercise 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 with62,500,000 warrants, whereby the placee received one new ordinary share and, for every two ordinaryshares received, a warrant giving the right to one additional new ordinary shares of €0.0001 (“the PlacingShare”). Each Placing Share was issued at a price of £0.01 (€0.0117) raising gross proceeds of £1.25million (€1,465,932) and increasing share capital by €12,500. The premium arising on the issue amountedto €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 approvedby shareholders. The share capital reorganisation comprised (i) the consolidation of its ordinary sharecapital on the basis of 1 Consolidated Ordinary Share of €0.02 each for every 200 Existing Ordinary Sharesof €0.0001 each and (ii) the sub-division of each consolidated Ordinary Share of €0.02 into a NewOrdinary 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 600,000,000ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinaryresolution 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 1,000,000,000ordinary shares of €0.0001 each and 55,000,000 deferred shares of €0.0199 each by an ordinaryresolution 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 30June 2026 amounted to €261,428 (30 June 2025: €88,610 and 31 December 2025: €86,610). 16. Share based payments Share optionsGreat Western Mining Corporation PLC operates a share option scheme, “Share Option Plan 2014”, whichentitles directors and employees to purchase ordinary shares in the Company at the market value of ashare on the award date, subject to a maximum aggregate of 10% of the issued ordinary share capital ofthe Company on that date. Measure of fair values of optionsThe 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 €0.0087Share price at grant date £0.0333 £0.0158 Exercise price £0.0210 £0.0169Number of options granted 400,000,000 4,000,000 Vesting conditions Immediate ImmediateExpected volatility 90.9% 90.3%Sub-optimal exercise factor 2x 2xExpected life 7 years 7 yearsExpected 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 thecapital of the Company to Ed Loye, Chief Executive Officer. The options have an exercise price of £0.0169per ordinary share and were granted pursuant to the terms of Mr Loye's employment agreement. Theoptions 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 withthe rules of the Company's Share Option Plan 2014. The exercise price of the options is £0.021 perordinary share, representing the average closing price for the ten preceding days. The options are forseven 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 lossrelated to share options vesting during the period (30 June 2025: €nil and 31 December 2025: €nil).
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Number of options Average exercise price Outstanding at 1 January 2025 560,000,000 Stg0.07 pGranted - -Outstanding at 30 June 2025 560,000,000 Stg0.07 pRestated after share capital reorganisation 2,800,000 Stg14 pLapsed (680,000) Stg26.75 pOutstanding at 31 December 2025 2,120,000 Stg11.9 pGranted 11,500,000 Stg1.96 pOutstanding 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 31December 2025: 2,120,000) Ordinary Shares which are exercisable at prices ranging from Stg 1.69 penceto Stg 26 pence per share and which expire at various dates up to April 2033. The weighted averagecontractual life of the options outstanding is 6 years 11 months (30 June 2025: 5 years 4 months and 31December 2025: 4 years 11 months). Equity-settled warrants In February 2026, as part of the £3.25 million placing, the Company issued broker warrants over15,692,856 new ordinary shares in the Company to the Company's brokers. The warrants will beexercisable for a period of three years from the date of admission of the Placing Shares with an exerciseprice 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 shareplacing. The warrants were granted exercisable at £0.0 1 each with immediate vesting and a contractuallife 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 €0.0033Share price at grant date £0.0165 £0.0098 Exercise price £0.0140 £0.0100Number of options granted 15,692,856 7,500,000 Vesting conditions Immediate ImmediateExpected volatility 89.8% 87.7%Sub-optimal exercise factor 2.0x 1.5xExpected life 3 years 2 yearsExpected 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, transactionsbetween 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 hisremuneration for the period February to June 20026 in accordance with the terms of his contract. Inaddition, options over 4 million Ordinary Shares with an exercise price of 3.24 pence per share weregranted to Mr Loye following his election to the Board. On 3 August 2026, the Company issued 2,450,000 Ordinary Shares following the exercise warrantsgranted 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 requireamendment 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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