BWA Group Plc Final Results for the 18 Months to 30 June 2023

 
TIDMBWAP 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. 
 
24 November 2023 
 
BWA Group PLC 
 
("BWA" or the "Company") 
 
Final Results for the 18 Months to 30 June 2023 
 
BWA Group plc [AQSE:BWAP], which has mineral exploration licences in 
bothCameroonandCanadaat various stages of development and is quoted on London's 
AQSE Growth Market, announces its audited financial results for the eighteen 
months to 30 June 2023 (the "Audited Accounts"), following the announcement of 
the extension of its financial reporting period to 30 June made on 19 June 
2023. 
 
The Company has previously announced its unaudited financial results for the 
first interim period of the six months to 30 June 2022 on 29 September 2022, and 
the second interim period of six months to 31 December 2022 on 28 June 2023. 
 
The Company also announced the publication of its annual report incorporating 
the Audited Accounts (the "Annual Report"). A copy of the Annual Report has been 
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. 
 
Key elements of the Audited Accounts can be viewed below. 
 
The Company's Annual General Meeting for 2023 will be held at No.1 Bow 
Churchyard, London, EC4M 9DQ on 20 December 2023 at 12.00pm (the "AGM"). The 
notice of the AGM (the "Notice") will be posted to shareholders today, and a 
copy of the Notice will be added to the Company's website. 
 
The Board are responsible for the contents of this announcement. 
 
Ends - 
 
For further information: 
 
BWA Group PLC               [phone] 
James Butterfield           [e-mail] 
Interim Chairman 
Allenby Capital Limited     [phone] 
Corporate Adviser 
Nick Harriss/Lauren Wright 
 
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 period under review there have 
been significant developments in the Cameroon operations. 
 
BWA Cameroon Limited has now been granted a further three exploration licences 
for Heavy Mineral Sands, (primary Rutile), in Cameroon, taking its total to 
five.  The licensed areas lie along and in the estuary of the Nyong and Sanaga 
rivers, covering a total licence area of 1,421 sq. kms.  BWA Minerals Cameroon 
Limited has applied for, but not yet granted, two similar licences each covering 
up to 500 sq. kms each. 
 
Over the 18 month period, activity in Cameroon has been directed towards 
continuing exploration work in the two, original, licence areas and preliminary 
work on the three new licence areas.  At the start of the period, a JORC 
compliant Competent Persons Report on the Nkoteng 1 and Dehane licences areas 
stated:- 
 
"Tecoma are encouraged by the level of grade and extent of all the target 
minerals throughout the Nkoteng and Dehane licences. 
 
Geological setting including observed basement geology and depositional 
environment are considered highly prospective for alluvial heavy mineral sands 
development. 
 
The results to date are considered positive and demonstrate the grades and 
thicknesses of potential economic interest over significant lateral extents, and 
warrant further investigation and advanced exploration work, including drill 
testing, mineral resource estimation leading to preliminary conceptual mining 
studies and economic evaluation." 
 
Over the following 18 months to 30 June 2023, BWA has continued to work on and 
develop its five licence sites, which have been reported in the following 
announcements: 
 
 1. Positive Mineral Results for Nkoteng & Dehane Projects (1 February 2022) 
 2. Completion of mechanised Auger Sampling at Nkoteng 1 of 107 holes drilled, 
over 193 meters with 171 primary samples (29 June 2022) 
 3. Results of Granulometric Test-Work at Nkoteng Project (7 September 2022) 
 4. Grant of Licences & Access for 3 Exploration Licences (13 December 2022) 
 5. Reconnaissance Site Visit to Dehane 2 (6 April 2023) 
 
The above announcements can be viewed on the company's website: 
http://www.bwagroupplc.com/bwa-announcements.html. 
 
The Directors are pleased with the results to date while post period-end 
announced an Offer for Subscription to raise up to £900,000 to finance working 
capital and the provision of a Mineral Resource Estimate and Preliminary 
Economic Assessment for the Dehane 1 area, where investigations to date have 
produced encouraging results. 
 
In Canada the two licence areas in Quebec, Winterhouse and Isoukustouc, have 
received care and maintenance attention only, pending settlement of litigation 
with St Georges Eco-Mining Corp.  A proposed settlement offer has been received 
and is under negotiation. 
 
INCOME STATEMENT 
 
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 
 
                      Period 1.1.22 to 30.6.23  Year ended 31.12.21 
                      £                         £ 
TURNOVER              0                         0 
 
Administrative        432,882                   747,430 
expenses 
 
                      -432,882                  -747,430 
 
Other operating       480,000                   240,000 
income - management 
fees 
(Loss)/gain on        -586                      56,760 
revaluation of 
investments 
(Loss)/gain on        -23,911                   567,529 
disposal of 
investments 
 
OPERATING PROFIT      22,621                    116,859 
 
Interest receivable   24                        5,707 
and similar income 
Interest payable and  -75,847                   -42,876 
similar charges 
 
(LOSS)/PROFIT BEFORE  -53,202                   79,690 
TAXATION 
 
Tax on (loss)/profit  0                         0 
 
(LOSS)/PROFIT FOR     -53,202                   79,690 
THE FINANCIAL PERIOD 
 
(Loss)/profit per 
share expressed 
in pence per share: 
Basic                 -0.01                     0.03 
Diluted               -0.01                     0.01 
 
BALANCE SHEET 
 
30 JUNE 2023 
 
                                              30.6.23     31.12.21 
                                              £           £ 
FIXED ASSETS 
Investments                                   2,053,724   1,980,034 
 
CURRENT ASSETS 
Debtors                                       641,957     48,402 
Cash at bank                                  147,247     49,952 
 
                                              789,204     98,354 
CREDITORS 
Amounts falling due within one year           -467,384    -120,809 
 
                                              321,820     -22,455 
 
TOTAL ASSETS LESS CURRENT LIABILITIES         2,375,544   1,957,579 
 
CREDITORS 
Amounts falling due after more than one year  -34,170     -45,021 
 
NET ASSETS                                    2,341,374   1,912,558 
 
CAPITAL AND RESERVES 
Called up share capital                       2,483,292   1,972,239 
Share premium                                 23,858      23,858 
Other reserve                                 -3,306,659  -3,243,709 
Capital redemption reserve                    288,625     288,625 
Equity reserve                                4,338,948   4,367,983 
Retained earnings                             -1,486,690  -1,496,438 
 
SHAREHOLDERS' FUNDS                           2,341,374   1,912,558 
 
CASH FLOW STATEMENT 
 
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 
 
                         Period 1.1.22 to 30.6.23  Year ended 31.12.21 
                         £                         £ 
Cash flows from 
operating activities 
Cash generated from      -237,643                  -366,287 
operations 
Interest paid            -1,638                    -18,644 
 
Net cash used in         -239,281                  -384,931 
operating activities 
 
Cash flows from 
investing activities 
Purchase of fixed asset  0                         -321,785 
investments 
Proceeds from sale of    81,358                    1,018,595 
fixed asset investments 
Loans to subsidiary      -179,545                  -273,017 
undertakings 
Interest received        24                        5,707 
 
Net cash (used in)/from  -98,163                   429,500 
investing activities 
 
Cash flows from 
financing activities 
New loans in period      86,000                    0 
Loan repayments in       -10,724                   -41,000 
period 
Loan note proceeds       200,000                   45,000 
received 
Proceeds from share      159,463                   0 
issue 
 
Net cash from financing  434,739                   4,000 
activities 
 
Increase in cash and     97,295                    48,569 
cash equivalents 
 
Cash and cash            49,952                    1,383 
equivalents at 
beginning of year 
 
Cash and cash            147,247                   49,952 
equivalents at end of 
year 
 
 
This information was brought to you by Cision http://news.cision.com 
The following files are available for download: 
https://mb.cision.com/Main/22539/3882565/2453785.pdf BWA Group plc Report and Accounts 2023 
 
 
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November 24, 2023 13:29 ET (18:29 GMT)