Great Western Mining : Final Results for the year ended 31 December 2022

GREAT WESTERN MINING CORPORATION PLC

("Great Western" or the "Company")

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), which is exploring and developing multiple early-stage gold, silver and copper targets in Nevada, USA, announces its results for the year ended 31 December 2022. The Company is in the exploration, appraisal and development phase and currently has no revenues.

Financial Highlights:

• Loss for year €792,263 (2021: loss of €535,960)
• Basic and diluted loss per share 0.0002 (cent): (2021: 0.001 cent)
• Net assets at year-end: €8.6 million (2021: €8.9 million)
• Cash at 31 December 2022: €0.15 million (2021: €2.0 million)

Operational Highlights

• Formed a joint venture for construction of a mill to process precious metals from shallow ore and a large inventory of pre-mined material
• Constructed a 14 km road to the high-altitude Mineral Jackpot properties, providing access to spoil material and drilling locations
• Conducted reverse circulation ("RC") drill programme on several prospects:

• 1. establishing an extension to the gold vein at the historic OMCO Mine o Intercepting high grades of shallow depth silver at Mineral Jackpot
     o revealing the longest zone of consistently anomalous gold yet identified at Trafalgar Hill
• Conducted drone magnetometry and orthophotography over Huntoon and Tun prospects
• Commissioned an independent resource estimate of tailings available for processing at the OMCO mine site - Inferred JORC Resource Estimate 31,000 tonnes grading 1.6 grams/ton gold

Post Period End:

• Raised £800,000 (€913,242) before expenses through placing of new shares
• Filed a permit application for operation of the processing mill
• Commenced construction at the mill site
• Tested the concept of diamond core drilling at the OMCO Mine prospect
• Modelled the potential of a significant copper prospect beyond the JORC-compliant Indicated and Inferred resource at M2

Great Western Executive Chairman Brian Hall commented: "2022 was a period of intense activity for the Company, during which we not only accelerated a fruitful exploration programme including drilling on three of our prospects but also created a processing joint venture from scratch for production of precious metals. The mill is now under construction and due to be processing material from Mineral Jackpot and the OMCO Mine this year. We have an exciting inventory of prospects for copper, gold and silver that continue to provide increasing levels of upside, while first revenues from production will significantly change our profile and further prove our value proposition."

Executive Chairman's Statement

For the year ended 31 December 2022

Dear Shareholder,

Set out herewith are Great Western Corporation PLC's Annual Report and Financial Statements for the year ended 31 December 2022.

Great Western explores for, appraises and develops mineral resources on its claims in the state of Nevada, USA and currently has no revenues from its operations. Accordingly, it is reporting a loss for the financial year of €792,293 for 2022 (2021: €535,960). At the end of the year Great Western's net current assets were €8,618,024 (2021: €8,945,631) with no debt apart from trade creditors in the normal course of business.

2022 was an active year for Great Western during which significant goals were accomplished.

Early in the year we constructed a 14 km road to the high-altitude Mineral Jackpot Group of properties, enabling access for rigs, trucks and associated equipment. Until then, access to the five historic gold and silver mines which make up Mineral Jackpot had been by a mule path, suitable only for quad bikes and very small tracked- vehicles. This road now provides access to numerous spoil heaps which we propose to exploit for secondary recovery of precious metals and it also allowed us to bring in a rig and drill four holes last summer, the first ever drilled in these historic mines. Significantly, hole MJRC004 intercepted high grades of silver at a shallow depth and further drilling is planned to delineate a shallow vein which, if successful, could provide ore suitable for processing in a relatively short time.

During the year, our plans for constructing a mill to produce gold and silver concentrates took a major step forward when we signed a 50-50 joint venture agreement with Muletown Enterprizes LLC ("Muletown") to construct a mill on land owned by Muletown in the settlement of Mina, close to a main highway and mid-way between our two main claim areas. There has been a mill on this site in the past and it has a natural slope which is ideal for gravity separation. A second phase will involve a contained chemical leaching process for further recovery of gold and silver. Muletown will provide the land at a peppercorn rent and virtually all the milling equipment will come from its own inventory. Great Western will fund site construction, upgrade and modification of equipment and installation and commissioning of the plant. The mill will operate as a profit centre in its own right and each partner will batch-process its own material with no commingling, paying a throughput charge to the joint venture. Great Western has spoil material for processing available at Mineral Jackpot and Olympic Gold, as well as significant tailings and a large unprocessed stockpile at Olympic Gold. It is likely that the joint venture will subsequently buy in material from third parties as there is no other mill of this type serving the area. Part of the new capital raised by the Company since the year end is being used for construction of the mill, delayed by severe weather conditions and an extended winter but now under way.

Before the year-end, our work on processing gold and silver from tailings and spoil heaps was further supported by a JORC-compliant inferred resource report, commissioned for the OMCO Mine tailings, together with Exploration Targets for other material at both Olympic Gold and at Mineral Jackpot, further details of which are set out in the Operations Report on page 6.

During spring and summer 2022, we conducted a reverse circulation ("RC") drill programme on several of our prospects. In addition to success at Mineral Jackpot, we carried out follow-up drilling at Rock House (Southern Alteration Zone), Trafalgar Hill and the OMCO Mine (the latter two both at Olympic Gold). At Trafalgar Hill and Rock House, we were attempting to establish vein continuity from the gold intercepts encountered in 2021 but we have yet to achieve this and more work is needed. Our drilling close to the OMCO Mine was much more successful and we believe that we have encountered an extension to the OMCO Mine vein itself which is an exciting development. The OMCO Mine produced gold at high grades for several decades until the 1940s and operations terminated where the vein met a fault. Although the fault is clearly present, it is a complex piece of fragmented geology and finding a continuation of the vein, on either side of the fault, presents a challenge which we are working hard to overcome. In this regard the successful hole drilled last year may be considered a breakthrough. While the OMCO Mine produced gold at high grades, the mined vein itself is only about 200 metres long. Within the envelope we have been drilling, there is easily scope for one or two more productive veins of that size and our task is to find them if they exist.

Due to Nevada winter conditions, there is a close period when operations are not feasible. At Great Western, we use this winter period for desktop work and over the past winter we greatly increased our knowledge, not only for gold and silver but also for the prospectivity of our copper assets which have been parked over the last three years but not forgotten.

Since the year-end, we have (1) raised new capital of £800,000 (€913,242) before expenses, our first funding for nearly two years (2) drilled a diamond core follow-up hole at the OMCO Mine prospect (3) filed a final permit application for the construction of the processing mill with the Nevada Department of Environmental Protection (NDEP) after prior consultation with NDEP on the critical issues and (4) began construction at the mill site.

For our reported 2022 financial statements, we are pleased to welcome PKF O'Connor, Leddy & Holmes Limited as auditors to the company, who replace KPMG. PKF's appointment will be put to shareholders for approval at the forthcoming AGM. We have enjoyed excellent working relations with KPMG over several years and I would like to take this opportunity to thank them for their services.

Looking ahead, Great Western has three arms to its business:

Firstly, the process mill which is due to be online in 2023 and producing the Company's first ever revenues from the sale of gold and silver concentrates. This will be an ongoing business which should also attract material for processing from third party sources in due course. Until we have commissioned the plant and gained some operating experience, we do not propose to publish any revenue forecasts, but the objective of the mill is to provide revenues which, at a first stage, will fund the day-to-day operations of the company, while aiming for a greatly expanded business model. Each joint venture partner will have its own material batch-processed separately through the mill, so participation in the joint venture will not result in any dilution in ownership of material from the Company's own claims.

Secondly, we are aiming to develop a commercial gold and silver play from one or more of the numerous prospects which we have identified and drilled up in the last few work seasons. The leading candidates are (1) extensions to the vein at the OMCO Mine and (2) the shallow silver intercept encountered at Mineral Jackpot. We are also exploring other gold and silver prospects, with ongoing work at Trafalgar Hill and Rock House, so priorities may change.

Finally, recent modelling work by the Company indicates that we may have a significant copper prospect on our claims beyond our JORC-compliant indicated and inferred resource. Through extensive drilling, we have already established a resource of 4.28 million tonnes at a grade of 0.45% copper on our M2 claims in the Black Mountains group. This discovery trends in a NE-SW axis, open at both ends, but there is also scope for an additional, undrilled resource within the area of resources already identified. Copper is likely to become a significant industrial material in the years ahead and our copper prospects merit further drilling. Establishing a resource two to three or four times larger than already identified would, on a rule of thumb basis, be large enough for a commercial development but doing justice to this prospect will require funding beyond Great Western's current capabilities. Therefore, funding options comprising the introduction of a joint venture partner, be it a direct investor at the project level or an industry partner, are being actively evaluated.

Shareholders should note that Canada's highly reputed Fraser Institute has recently published the results of a worldwide industry survey which concludes that the state of Nevada is the most attractive jurisdiction in the world for mining investment.

In closing, on behalf of the Great Western team, I would like to thank you, our shareholders, for your support and particularly those shareholders who have been taking an active interest in our projects. We will keep you informed on progress and hope to welcome you to the AGM in Dublin at 10 a.m. on 13 June 2023.

Yours sincerely,

Brian Hall

Executive Chairman

Operations Report

For the year ended 31 December 2022

Principal activities, strategy and business model

The principal activity of Great Western is to explore for and develop gold, silver, copper and other minerals. The Board aims to increase shareholder value by the systematic evaluation and exploitation of its existing assets in Mineral County, Nevada, USA and elsewhere as may become applicable.

Great Western's near-term objective is to develop small-scale, short lead-time gold and silver projects which can potentially be brought into production under the control of the Group. These projects include both in situ mineralisation and waste reprocessing opportunities. Great Western has entered into a joint venture with a local partner to enable near-term production.

The Group is also focused on progressing the copper projects which it has already identified and enhanced through extensive drilling. Such projects have potential for the discovery of large mineralised systems which can be monetised over the longer term, possibly through joint ventures with third parties.

Business development and performance

During the twelve months ended 31 December 2022, Great Western carried out exploration across its entire portfolio of seven claim groups (six of which are 100% owned, one of which is held under an option agreement) in Nevada.

As part of the annual claim renewal procedure, the Group renewed all its claims with effect from 1 September 2022. Following renewal, the land position held by Great Western in Mineral County consists of 741 full and fractional unpatented claims, covering a total land area of approximately 61km².

Review by Claim Group

Olympic

In 2020, the Company acquired an option to purchase the Olympic Gold Project, a group of 48 claims, located approximately 50 miles from Great Western's original concessions but still within Mineral County. The purchase consideration of $150,000 is spread over four years during which time Great Western has full rights to all data and to conduct exploration and appraisal work. Great Western may elect to bring forward the closing of the purchase by early-paying the schedule in full or it may exit the project at any time without penalty and without completing the payment schedule. Work is in progress on several potential prospects over this 800-acre site.

The Olympic Gold Project lies on the northern flanks of the Cedar Mountain Range, on the eastern edge of Mineral County. It lies within the Walker Lane Fault Belt, at the intersection of two major mineral trends - the Rawhide-Paradise Peak trend and the Aurora-Round Mountain Trend. The mineral deposit style at Olympic is low-sulphidation epithermal banded quartz-gold vein. Historic production from the former Olympic Gold Mine totalled approximately 35,000 tonnes, at a grade of 25 grams/ton gold and 30 grams/ton silver, in the interwar period of 1918 to 1939. Based on its review of the historical data, Great Western believes that faulted offsets of the high-grade Olympic Vein remain to be discovered in the area and this forms one of the numerous target zones on the prospect.

During 2022 several targets at Olympic were addressed with reverse circulation ("RC") drilling near to the OMCO mine site and at the Trafalgar Hill prospect. In addition to the drilling, a drone orthophotography survey was flown to produce a precise digital topographic model, and bulk surface and auger samples were taken from various mine waste stores at the OMCO mine site.

Drilling around the OMCO mine site was focused on possible unmined continuations of the vein on the west side of the fault. This proved successful, as hole OMRC015 intercepted compatible vein material, proving up a continuation of the OMCO vein. OMCR0015 intercepted 6.10 metres grading at 2.682 grams/ton Au average starting at 38.10 metres in the hole, including 8.110 grams/ton Au over 1.52 metres from 39.62 metres and 1.747 grams/ton Au over 1.52 metres from 41.15 metres. Pursuing this vein will be a primary objective of the next drill campaign.