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BWA Group plc
Annual Report • Nov 17, 2025
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Annual Report
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National Storage Mechanism | Additional information
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
17 November 2025
BWA Group PLC
(“BWA” or the “Company”)
Final Results for the year to 30 June 2025
BWA Group plc [AQSE: BWAP], which has mineral exploration licences in both Cameroon and Canada at various stages of development and is quoted on London’s AQSE Growth Market, announces its annual audited financial accounts and report for the year to 30 June 2024 (the “Annual Report”).
A copy of the Annual Report will be published on the Company’s website, http://www.bwagroupplc.com, in accordance with its articles of association, and can also be viewed through the link below. For those shareholders who receive printed copies of the Annual Report, these will be posted tomorrow.
Key elements of the Audited Accounts can be viewed below.
The Company’s Annual General Meeting for 2025 will be held at No.1 Bow Churchyard, London, EC4M 9DQ on 11 December 2025 at 12.00 noon (the “AGM”). The notice of the AGM (the “Notice”) will be posted to shareholders tomorrow, and a copy of the Notice will be added to the Company's website.
Jonathan Wearing, Non-Executive Chairman, commented, “The period to 30 June 2025 has been characterised by further development of the Company’s mineral sands licenced areas in Cameroon. Significantly, post period end an Option and Earn-In Agreement was signed that provides an opportunity to participate in the development of the Aracari gold project in north Cameroon. An equity interest of up to 70% is available to the Company, depending inter alia on development funding provided by the Company to the project.
Further announcements about exploration work to be undertaken in the Aracari licences will be made shortly.”
The Board are responsible for the contents of this announcement.
Ends -
For further information:
| BWA Group PLC James Butterfield Managing Director |
+44 7770 225253 [email protected] |
| Allenby Capital Limited Corporate Adviser Nick Harriss/Lauren Wright |
+44 20 3328 5656 |
STRATEGIC REPORT – REVIEW OF BUSINESS
The company’s principal investments are in Canada and Cameroon. The Canadian interests are mining licences in the Province of Quebec held through the wholly-owned subsidiary, Kings Of The North Corp. BWA Resources (UK) Limited (90% owned) owns 100% of its subsidiaries in Cameroon: BWA Resources Cameroon Limited and BWA Minerals Cameroon Limited.
During the financial year to 30 June 2025 the focus of activity has been on the development of the company’s investments in Cameroon. Notably, further work in the Dehane 2 licence area culminated in the publication of the company’s maiden Mineral Reserve Estimate, announced on 9 April 2025. Further exploratory drilling took place in Dehane 1 and there was reconnaissance drilling in the Dehane 3, Nkoteng 1 and Nkoteng 2 licence areas. The results of this work can be found on the company’s website: http://www.bwagroupplc.
Post financial year end, agreement was reached with Aurum Discovery Holdings Ltd and Global Acquisition SARL to take an option to join them in the development of the Aracari Gold project in Cameroon. Subject to the terms of the agreement, BWA could build an interest of 70% in the project via an earn-in. The Aracari Project is a portfolio of three exploration permits covering 1,268 sq km in the North Region of Cameroon.
EXTRACT FROM THE INDEPENDENT AUDITOR’S REPORT
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the Company’s ability to continue as a going concern is dependent on future fundraisings within the next twelve months from the approval of the financial statements.
As stated in note 3, this event or condition, indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included:
- Reviewing management's assessment of the going concern basis drawn up to 30 November 2026, including their evaluation of future funding requirements and funding availability, while assessing their key assumptions and inputs to ensure reasonableness and appropriateness;
- Assessing the Company’s liquidity and the impacts on the reliability of the going concern evaluation;
- Assessing whether key assumptions and inputs to the model were reasonable, in light of the Company’s relevant principal risks and uncertainties, and conducting our independent assessment of those risks; and
- Conducting sensitivity analysis on management's key assumptions and inputs against plausible scenarios.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
INCOME STATEMENT
For the year ended 30 June 2025
| 2025 | 2024 | |
| TURNOVER | – | – |
| Administrative expenses | £320,588 | £393,040 |
| Other operating income – management fees | £320,000 | £260,000 |
| Loss on revaluation of investments | £(52) | £(164) |
| OPERATING LOSS | £(640) | £(133,204) |
| Interest receivable and similar income | £735 | £1,445 |
| Interest payable and similar charges | £(6,184) | £(24,301) |
| LOSS BEFORE TAXATION | £(6,089) | £(156,060) |
| Tax on loss | – | – |
| LOSS FOR THE FINANCIAL YEAR | £(6,089) | £(156,060) |
| Loss per share (pence) - Basic | (0.001) | (0.02) |
| Loss per share (pence) - Diluted | (0.001) | (0.02) |
BALANCE SHEET
As at 30 June 2025
| 2025 | 2024 | |
| Fixed Assets (Investments) | £3,045,967 | £2,443,191 |
| Current Assets - Debtors | £1,221,538 | £872,304 |
| Current Assets - Cash at bank | £20,354 | £45,138 |
| Creditors: amounts falling due within one year | £(603,986) | £(336,752) |
| Net Current Assets | £637,906 | £580,690 |
| Total Assets Less Current Liabilities | £3,683,873 | £3,023,881 |
| Creditors: amounts falling due after more than one year | £(23,182) | £(28,745) |
| Net Assets | £3,660,691 | £2,995,136 |
| Capital & Reserves - Called up share capital | £4,851,328 | £4,213,017 |
| Capital & Reserves - Share premium account | £99,621 | £66,288 |
| Capital & Reserves - Other reserve | £(83,125) | £(300,541) |
| Capital & Reserves - Capital redemption reserve | £288,625 | £288,625 |
| Capital & Reserves - Equity reserve | £152,865 | £370,333 |
| Capital & Reserves - Retained earnings | £(1,648,623) | £(1,642,586) |
| Shareholder Funds | £3,660,691 | £2,995,136 |
CASH FLOW STATEMENT
For the year ended 30 June 2025
| 2025 | 2024 | |
| Cash generated from operations | £(347,870) | £(373,639) |
| Interest paid | £(5,309) | £(929) |
| Net cash used in operating activities | £(353,179) | £(374,568) |
| Loans to subsidiary undertakings | £(627,577) | £(389,631) |
| Interest received | £735 | £1,445 |
| Net cash used in investing activities | £(626,842) | £(388,186) |
| New loans in period | £320,000 | £50,000 |
| Loan repayments | £(14,763) | £(11,956) |
| Proceeds from share issue | £650,000 | £622,601 |
| Net cash from financing activities | £955,237 | £660,645 |
| (Decrease)/increase in cash and cash equivalents | £(24,784) | £(102,109) |
| Cash and cash equivalents at beginning of year | £45,138 | £147,247 |
| Cash and cash equivalents at end of year | £20,354 | £45,138 |
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