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 €989,812 in 2023 from €950,767 the year before, as administrative expenses increased 4.5% to €994,246 from €951,294.
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.
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