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

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: 

INCOME STATEMENT

All amounts relate to continuing activities.

STATEMENT OF OTHER COMPREHENSIVE INCOME

BALANCE SHEET

CASH FLOW STATEMENT

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:

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

3. Share capital

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

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:

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