Great Western Mining annual loss widens on higher costs

(Alliance News) - Great Western Mining Corp PLC on Thursday said its 2023 loss widened as ...

Alliance News 9 May, 2024 | 2:43PM
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(Alliance News) - Great Western Mining Corp PLC on Thursday said its 2023 loss widened as administrative costs grew.

The Nevada-focused gold, silver and copper explorer said pretax loss widened to EUR989,812 in 2023 from EUR950,767 the year before, as administrative expenses increased 4.5% to EUR994,246 from EUR951,294.

Great Western Mining posted no annual revenue.

Chair Brian Hall said: "Progress during the report year and subsequent months has been very encouraging and we have made great strides in proving up the potential of our claims. We are particularly excited about a significant upgrade in the copper potential at West Huntoon where the prospect of a major, commercial copper porphyry on the company's claims offers the sort of upside that should be highly interesting to investors in mineral resources and provide long term value for shareholders.

"Equally, our upcoming transition into a producing company, once all permits are in place, will be an important milestone for the company. We have a busy summer ahead and look forward to providing updates on further developments as we target a number of value inflection points," he added.

Shares in Great Western Mining were down 1.3% to 0.039 pence each in London on Thursday afternoon.

By Sabrina Penty, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Great Western Mining Corp PLC 0.04 GBX 0.00 -

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