Highlights

  • Great Western Mining raised GBP 3.25 million through an oversubscribed placing at GBX 1.4 per share.
  • Proceeds are allocated to accelerate drilling at the Defender–Pine Crow tungsten project in Nevada.
  • One warrant was issued per placing share, exercisable at GBX 2.0 over three years.

Great Western Mining Corporation Plc (LSE:GWMO) has conditionally raised gross proceeds of GBP 3.25 million through an oversubscribed equity placing aimed at accelerating exploration across its Nevada-based mineral portfolio. The placing was completed at a price of GBX 1.4 per share, reflecting investor demand following recently reported tungsten mineralisation at the Company’s Defender–Pine Crow project.

The Company is focused on the exploration and development of strategic and critical minerals across 100% owned claim groups in Mineral County, Nevada, located within the Walker Lane Trend.

Placing Structure and Terms

Under the placing, Great Western issued 232,142,857 new ordinary shares of EUR 0.0001 each. For every placing share subscribed, investors received one warrant, exercisable at GBX 2.0 per share for a period of three years.

In addition, broker warrants were issued over 15,692,856 ordinary shares, also exercisable at GBX 1.4 for three years. The placing price represented a discount of approximately 8.5% to the closing mid-market share price on 29 January 2026.

If all placing warrants are exercised, the Company would issue a further 232,147,857 shares, generating additional gross proceeds of approximately GBP 4.64 million.

Use of Proceeds and Project Focus

Funds raised will be primarily directed toward advancing exploration at the Defender–Pine Crow tungsten project in Mineral County, Nevada. Recent trenching and channel sampling at the site confirmed scheelite-bearing tungsten mineralisation, including intersections of 16 metres at 0.30% WO₃, with a higher-grade interval of 2 metres at 0.66% WO₃.

The Company has submitted a Notice of Intent to Drill to the U.S. Bureau of Land Management and plans to fast-track drilling, alongside geophysical and gravity surveys. The exploration programme is aimed at progressing the project toward a maiden Mineral Resource Estimate. 

Broader Exploration Portfolio

Beyond Defender–Pine Crow, Great Western continues to advance its wider multi-commodity portfolio across the Walker Lane Trend. At West Huntoon, recent drilling confirmed gold and silver mineralisation in addition to previously identified copper potential. The Company has also progressed geological and geophysical evaluation at the Rhyolite Dome target within its Olympic Gold Project to inform future exploration activity.

Admission and Share Capital

Application has been made for the new shares to be admitted to trading on AIM and Euronext Growth. Admission for 196,428,571 shares is expected on 13 February 2026, with a further 35,714,286 shares expected to be admitted on 27 February 2026.

Following admission, Great Western Mining’s issued share capital will comprise 411,832,131 ordinary shares, with no shares held in treasury.