Great Western Mining (8GW.IR) Q2 2024 Earnings Report

Great Western Mining Corporation PLC reported a QQ2 2024 quarter with no revenue and a material operating loss of 221.50 EUR (likely thousands given the reporting scale). The loss was driven by ongoing administrative expenses and depreciation/amortization, totaling 221.50 EUR, with a modest offset from non-operating income of 831.00 EUR that leaves pre-tax results at -220.67 EUR and net income at -220.67 EUR. Earnings per share stood at -0.0000066 EUR, reflecting a meaningful earnings dilution given a weighted average share count of 33.435 million. On the cash flow line, operating activities consumed 272 EUR (thousand), with investing activities modestly outflowing 118 and financing activities providing 383, yielding a net cash change of -2. The balance sheet shows total assets of 10.0418 million EUR, with substantial intangible assets of 9.047 million EUR and a negative retained earnings balance of -8.0645 million EUR. The equity base stands at 9.4278 million EUR against total liabilities of 0.6144 million EUR, and a net debt position of -91.003 thousand EUR indicates a net cash stance on the books. The current ratio and quick ratio stand at 0.613, signaling near-term liquidity pressures if operating cash flows do not improve, despite no short-term debt being reported. Overall, QQ2 2024 underscores the high-risk, high-variance nature of a junior exploration company: revenue visibility remains unclear, near-term catalysts hinge on future drilling outcomes and strategic financing, and the investment thesis rests on the potential for value realization from mineral discoveries or partnerships rather than current operating profitability.