Great Western Minerals Reports Strong Q2 Results

Critical Metals

This week, Great Western Minerals Group Ltd. (TSXV:GWG) reported its financial results for the second quarter of 2014. The company also provided an update on its activities.

As quoted in the press release:

Second quarter revenue increased 31% to $5.6 million over the prior-year period on strong alloy sales as a result of enhanced capabilities and increased customer demand. Revenue was generated by the Company’s production subsidiary Less Common Metals Limited (“LCM”)
Released the Steenkampskraal project’s feasibility study results during the quarter; Company moving permit process forward and focused on securing financing to develop the project
Company had $13.1 million in cash as of June 30, 2014

Great Western president and CEO, Marc LeVier, said:

Since the conclusion of the feasibility study, we have continued to progress permit applications for the SKK operation and have been actively targeting sources of additional financing which would allow continuation of the Company’s operations and for the development of the Steenkampskraal project. We have also had very preliminary discussions with the Company’s bondholders surrounding the potential restructuring of our current debt.

Click here to read the Great Western Minerals Group Ltd. (TSXV:GWG) press release