Great Western Mining (GWMO ) booked a loss of €2.6 million in the six months to June 2026, although €1.8 million of that related to accountancy charges incurred as a result of the earlier issue of warrants.
Cash and cash equivalents as at 30 June stood at €2.77 million.
There was no impairment on any of the company’s Nevada assets, as work on the ground on the Defender-Pine Crow tungsten asset continued apace, both during the period and beyond it.
These results cover the first significant period of operation since Great Western’s pivot to tungsten was executed, and a lot has been achieved.
Notably, machine-cut trenching and sampling led the way during the period to a subsequent drilling programme which wrapped up in mid-September.
In the meantime, metallurgical test results showed strong recoveries from a bulk sample.
The period was also marked by the appointment of a new chief executive, Ed Loye.
“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,” Loye said.
“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.”
View from Vox
It’s been a period of considerable progress for Great Western, as the new focus on tungsten began to bear fruit. The company’s share price has more than doubled since the beginning of January, as the market takes account of the high tungsten price, and the relative scarcity of new, never-before mined assets.