Great Western Mining (GWMO ) booked a loss of just over €1 million in the year to 31 December 2025, down substantially from the €1.7 million loss booked a year earlier.
The company closed out the year with just €70,000 in the bank, but post the period end raised a handsome £3.25 million via broker Shard. The subsequent exercise of warrants has further topped up Great Western’s treasury, as it continues to work up its Defender-Pine Crow tungsten project in Nevada.
During the year, Great Western staked additional ground at Defender-Pine Crow, and conducted a reconnaissance sampling programme that returned multiple selective samples grading over 1% WO3 (tungsten trioxide).
The company also continued work on the West Huntoon copper-gold project and the Huntoon copper project, which already boasts a small resource.
Camp-scale porphyry potential has been identified at Huntoon.
“Having worked closely with Great Western for the past year in a consulting capacity before joining as chief executive in January 2026, I have had the opportunity not only to assess the portfolio in depth alongside our technical team, but also to begin putting in place the operational and strategic foundations needed to advance the company’s next phase of growth,” said Great Western’s chief executive Ed Loye.
“What has become increasingly evident to me is that Great Western holds a highly compelling position within a region of growing strategic importance to the United States, particularly in relation to critical minerals supply. What stands out most is the scale and potential of the tungsten opportunity emerging at Defender–Pine Crow. Tungsten has rapidly become recognised as a strategically important metal, essential to defence, aerospace, manufacturing and advanced technologies, yet western domestic supply remains extremely limited. The combination of encouraging tungsten grades, extensive mineralised strike length and proximity to existing infrastructure gives us a strong platform from which to build. I believe these assets are becoming increasingly relevant not only to investors, but also to industrial and strategic partners seeking secure long-term supply chains within the United States.”
View from Vox
The twelve months to end 2025 were transformative for Great Western, as it moved to prioritise its tungsten assets, and set to work on them in earnest. Much work has been achieved this year, too, and drilling is now imminent. In the meantime the shares have responded positively to the latest developments, helped by the substantial rise in the tungsten price, and supported by a growing desire in the US to develop more home-grown assets. With that in mind, Great Western has also listed itself on the OTC, and chief executive Ed Loye has been out marketing in the US. Watch this space.