BWA Group plc

Earnings Release • Mar 21, 2025

National Storage Mechanism | Additional information

BWA Group Plc - Half-year Report for the 6 Months to 31 December 2024

PR Newswire

LONDON, United Kingdom, March 21

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

21 March 2025

BWA Group PLC

(" BWA " or the " Company ")        

Interim Financial Results for the Six Months to 31 December 2024

BWA Group Plc [AQSE:   BWAP ], which has mineral exploration licences in both   Cameroon   and   Canada   at various early stages of development and is quoted on London's AQSE Growth Market, announces its unaudited financial results for the Interim Period of six months to 31 December 2024, following the announcement of its Audited Accounts for the year to 30 June made on 19 November 2024.

A copy of this announcement can be viewed on the Company's website,   http://www.bwagroupplc.com/bwa-announcements.html .

Chairman's Statement

In the first half of its financial year, to 31   December 2024, the Company has continued to invest in developing its flagship rutile and other mineral sands exploration permits in Cameroon. The arrival of Peter Taylor to the Board of BWA Group plc in August 2024 has brought a wealth of mining operations experience, both in working in Cameroon and in mineral sands projects, which has spurred programmes of exploratory drilling activity.  

Notably, this resulted in the Company's initial Mineral Resource Estimate (MRE), covering the   Dehane 2 exploration permit, reported on 22   January 2025. Work continues to test   the kyanite, currently reported as an Exploration Target, to determine if it has a RPEEE (Reasonable   Prospect for Eventual Economic Extraction) in which case the Company can reasonably expect to positively restate the initial MRE.  

Elsewhere, we are currently evaluating   results   from the Dehane 1 project and subsequently, those of the Nkoteng 2 and Dehane 3 exploration permits. These will be reported in due course. The   Company is currently progressing renewal applications for two of the five exploration permits in Cameroon.

Mr Taylor also represented the Company at the Cape Town Mining Indaba in February and Toronto PDAC in March. This proved to be fruitful and included meetings with the Cameroon Ministry of Mines, Industry and Technological Development, potential investors, JV/earn-in partners for both our Canadian and Cameroonian assets, and potential opportunities to diversify and add to the Company's   current portfolio.

Jonathan Wearing ,

Chairman

The Board are responsible for the contents of this announcement.

Ends -

For further information:  

BWA Group PLC James Butterfield, Managing Director Jonathan Wearing - Chairman	+44 (0) 7770 225253 [email protected]
Allenby Capital Limited Corporate Adviser   Nick Harris/Lauren Wright	+44 (0) 20 3328 5656

INCOME STATEMENT

	Notes	6 months ended 31 December 2024 Unaudited £		6 months ended 31 December 2023   Unaudited £		12 months ended 30 June 2024 Audited £
Administrative expenses		(162,671)		(213,114)		(393,040)
		(162,671)		(213,114)		(393,040)
Other operating income		160,000		160,000		260,000
Gain/(loss) on revaluation of investments		-		10		(164)
Operating profit/(loss)		(2,671)		(53,104)		(133,204)
Interest receivable and similar income		461		436		1,445
		(2,210)		(52,668)		(131,759)
Interest payable and similar expenses		(3,066)		(14,602)		(24,301)
Profit/(loss) on ordinary activities
before and after taxation and retained
for the period		(5,276)		(67,270)		(156,060)
Earnings/(loss) per ordinary share:
Basic (pence)	2	(0.01)		(0.01)		(0.02)

Diluted (pence)	2	(0.01)		(0.01)		(0.02)

All amounts relate to continuing activities.

STATEMENT OF OTHER COMPREHENSIVE INCOME

	Notes	6 months ended 31 December 2024 Unaudited £		6 months ended 31 December 2023   Unaudited £		12 months ended 30 June 2024 Audited £
Profit/(loss) for the period		(5,276)		(67,270)		(156,060)
Other comprehensive income		-		-		-
Total comprehensive profit/(loss)
for the period		(5,276)		(67,270)		(156,060)

BALANCE SHEET

	Notes	At		At		At
		31 December 2024		31 December 2023		30 June 2024
		Unaudited £		Unaudited £		Audited £
Fixed Assets
Investments		2,744,433		2,273,752		2,443,191
Current Assets
Debtors and prepayments		1,037,092		773,704		872,304
Cash at bank and in hand		55,238		125,185		45,138
		1,092,330		898,889		914,442
Creditors: amounts falling due
within one year		(370,826)		(298,267)		(336,752)
Net current assets/(liabilities)		721,504		600,622		580,690
Total assets less current liabilities		3,465,937		2,874,374		3,023,881
Creditors: amounts falling due
after one year		(26,076)		(33,839)		(28,745)
Net assets		3,439,861		2,840,535		2,995,136
Capital and reserves
Called up share capital	3	4,663,018		3,035,608		4,213,017
Share premium	4	66,288		23,858		66,288
Capital redemption reserve	4	288,625		288,625		288,625
Other reserve	4	(300,541)		(3,306,649)		(300,541)
Equity reserve	4	370,333		4,353,063		370,333
Retained earnings	4	(1,647,862)		(1,553,970)		(1,642,586)
Shareholders' funds		3,439,861		2,840,535		2,995,136

CASH FLOW STATEMENT

	Notes	6 months ended		6 months ended		12 months ended
		31 December 2024		31 December 2023		30 June 2024
		Unaudited £		Unaudited £		Audited £
Cash flows from operating activities		(66,003)		(336,388)		(374,568)
Cash flows from investing activities
Loans to subsidiary undertakings		(471,689)		(140,000)		(389,631)
Interest received		461		436		1,445
Net cash from investing activities		(471,228)		(139,564)		(388,186)
Cash flows from financing activities
New loans in period		100,000		-		50.000
Loans repaid		(2,669)		(3,110)		(11,956)
Issue of shares		450,000		457,000		622,601
Net cash from financing activities		547,331		453,890		660,645
Increase/(decrease) in cash and
cash equivalents		10,100		(22,062)		(102,109)
Cash and cash equivalents at
beginning of period		45,138		147,247		147,247
Cash and cash equivalents at end of period		55,238	125,185		45,138

NOTES TO THE FINANCIAL INFORMATION

1. Status of these accounts

The interim accounts for the period from 1 July 2024 to 31 December 2024 are unaudited. The financial information set out in this statement does not constitute statutory accounts within the meaning of the Companies Act 2006.

2.          Earnings per ordinary share

Basic and diluted earnings per share figures are based on the following profits / (losses) and numbers of shares:

		6 months ended		6 months ended		12 months ended
		31 December 2024		31 December 2023		30 June 2024
		Unaudited £		Unaudited £		Audited £

Profit/ (loss) before tax         £ (5,276)                £ (67,270)                      £ (156,060)        

Weighted average number of shares for

The purpose of basic earnings per share   881,674,545   519,654,805                   629,723,685       

Weighted average number of shares for

the purpose of diluted earnings per share                    881,674,545            519,654,805                   629,723,685

1. Share capital

		At		At		At
		31 December 2024		31 December 2023		30 June 2024
		Unaudited                               £		Unaudited                                 £		Audited                                 £

Allotted, called up and fully paid

932,603,530 ordinary shares of 0.5p

(31 December 2023: 607,121,547;                                                                                       

30 June 2024: 842,603,530)                  4,663,018          3,035,608          4,213,017

4.	Reserves		Capital
		Share premium	redemption reserve	Other reserve	Equity reserve	Retained Earnings	Total
		£	£	£	£	£	£
	At 1 January 2023	23,858	288,625	(3,306,383)	4,310,948	(1,384,938)	(67,890)
	Loss for the period	-	-	-	-	(169,298)	(169,298)
	Loan note interest	-	-	-	42,115	-	42,115
	Reserves transfer	-	-	(266)	-	266	-
	At 31 December 2023	23,858	288,625	(3,306,649)	4,353,063	(1,553,970)	(195,073)
	Loss for the period	-	-	-	-	(88,790)	(88,790)
	Loan note conversion	42,430	-	-	(985,706)	-	(943,276)
	Loan note interest	-	-	-	9,258	-	9,258
	Loan note cancellation	-	-	3,006,282	(3,006,282)	-	-
	Reserves transfer	-	-	(174)	-	174	-
	At 30 June 2024	66,288	288,625	(300,541)	370,333	(1,642,586)	(1,217,881)
	Loss for the period	-	-	-	-	(5,276)	(5,276)
	At 31 December 2024	66,288	288,625	(300,541)	370,333	(1,647,862)	(1,223,157)

5.   Valuation of Investments

The whole of the Company's investment in Cameroon, including loans made to BWA Resources (UK) Limited and BWA Resources (Cameroon) Limited, is carried in the balance sheet at £2,240,331. The Company's investment in Kings of the North Corp (`KOTN') is valued and under review at £1,418,000 plus an intercompany loan account of £120,030. The valuation of unlisted investments requires the Directors to make judgments, estimates and assumptions that are believed to be reasonable under the circumstances, but which affect the reported fair value of those investments. The recoverability of the investments in Cameroon and KOTN is dependent on the future profitability of the underlying businesses. The Directors have reviewed the current position and, after taking into account a number of factors, believe that the valuations at 31 December 2024 remain appropriate.

6.      Related Party Transactions

During the interim period, the Company issued the following shares in new share subscriptions for cash:

Name	Value	Number of Shares
Jonathan Wearing	£450,000	90,000,000

[NH1]

[NH1] Jonathan's purchase in Jan 2025 for the 500k shares was on market so does not constitute a RPT as it was not from the Company.

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