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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
BWA Group plc | AQSE:BWAP | Aquis Stock Exchange | Ordinary Share | GB0033877555 | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 2.15% | 0.475 | 0.45 | 0.50 | 0.00 | 08:00:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMBWAP THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310. 28 June 2023 BWA Group PLC ("BWA" or the "Company") Second Interim Financial Results for the Six Months to 31 December 2022 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 unaudited financial results for the second interim period of six months to 31 December 2022, following the announcement of the extension of its financial reporting period to 30 June made on 19 June 2023. The Company announced its unaudited financial results for the first interim period of the six months to 30 June 2022 on 29 September 2022, and expects to publish its audited financial results and report for the 18 months to 30 June 2023 during 4Q2023. A version of this announcement including maps and photographs can be viewed on the Company's website,http://www.bwagroupplc.com/bwa-announcements.html Chairman's Statement The Company has continued to invest in the rutile sands project inCameroonthrough our 90 per cent owned subsidiary, BWA Resources (UK) Limited ("BWAR"), and its two Cameroon domiciled subsidiaries, as announcements over the last 12 months attest. Whereas activity in the other 100 per cent subsidiary company inCanada, Kings of the North Corporation Inc. ("KOTN"), has been limited to maintaining the licences in the two remaining claim areas, Winterhouse and Isoukustouc, in the registered ownership of KOTN, with the Canadian government mining registry and ensuring that all licence fees are paid and the claims in good order. Significantly, since the pervious First Interim Results announcement, BWAR through its two Cameroon subsidiaries has been awarded three additional licences for heavy mineral sands, primarily rutile, taking the total to five licences, totalling 1,269 sq. kms, and now hold licences to: Nkoteng 1 Nkoteng 2, Dehane 1, Dehane 2, and Dehane 3. There are two additional permits currently applied for: Songloulou 1 and Songloulou 2, totalling a further 1,000 sq. kms. BWAR has carried out further exploration work on the two claims at Nkoteng and Dehane to which it has been granted exploration rights. The initial results from the first surveys have been announced to the market and are published on the Company website,www.bwagroupplc.com/announcements. Due to the encouraging results from the original wide spaced reconnaissance pitting work, follow up closer-spaced mechanised auger drilling was carried out inCameroonin the spring, primarily on Nkoteng 1 licence, testing an approximate 5km long target area for the potential development of initial heavy mineral resource estimates. The results of granulometric and size fractioning studies completed by BWA on 20 selected samples from this exploration work were published in late June 2022, the highlights of which are: · Rutile is most abundant mineral, especially concentrated within the sand size fraction -600 to +180 µm. · Major ilmenite was also observed. · Minor HMS also observed in -150 µm size fraction. · Minor kyanite observed in weathered clays. · Plastic clays contain elevated ilmenite in select areas. · Implications of the granulometric studies are not yet fully recognised, although suggest distinctive mineralised size fractions and preferred host strata. Duplicate portions of samples used in granulometric studies, have been selected and shipped for submission to a specialist laboratory inGermanyfor heavy mineral separation and mineral composition test work, with results expected Q2 2023. On 6 April 2023, BWA announced the results of its reconnaissance site visit on its recently approved Dehane 2 rutile sands Licence, located inCentral Cameroon("Dehane 2" or the "Dehane Project"). The Dehane 2 licence covers an area of 54 km2and includes an additional 14 km of strike length of the Nyong river system, an area known to be prospective for Ilmenite, Rutile, Zircon and Kyanite heavy mineral sand mineralisation. Moreover, the licence covers some 20 km of the mouth of the Nyong River and estuarine environment as it empties into the Gulf ofGuinea. A river mouth can lead to a change in flow conditions that can cause the fluvial system to deposit any supplementary sediment including heavy mineral sand (HMS) it is carrying, where potentially economic accumulations of HMS are found within the lowest energy zone on the beach, the swash zone. The field party observed coarse and medium grained rutile, ilmenite and kyanite in numerous thin continuous horizons, stacked upon each other throughout the riverbanks and beach sands. The prolific amount of heavy sand mineralisation along the riverbeds and towards the mouth of the Nyong River was very noticeable and provides encouraging evidence for the potentially economic accumulations of heavy mineral sands within this marine/estuarine environment and certainly justifies the licence acquisition and further follow up exploration. On 27 April 2023 BWA announced positive results from its Dehane 2 licence area. The auger sample (DH2_001) from the RNS of 6 April 2023 underwent granulometric testwork involving sieve sized fraction studies and panned concentration, completed by BWA using the facilities at Afrigeolabs, Yaoundé,Cameroon. From field observations, sand is logged for the entirety of the 1.90 m deep auger hole. The particle size analysis is presented in the table below and shows that this sample is composed of six particle size fractions. Some 93% of the grains have a size between 180 and 600 microns, defined byWentworth(1922) as medium to fine sand. Mineralogically, rutile is the dominant heavy mineral in the coarse fractions and is in most of the fractions above 1000 microns, 600 microns and 355 microns, i.e., up to approximately 40% of the sieved sample. Kyanite crystals are also visible in this grain size range. In the (+) 180-micron fractions, ilmenite becomes the dominant mineral although rutile is still clearly visible, and in the smaller fractions (+ 150 microns and + 75 microns) ilmenite is predominant. Using a high-resolution camera, a yellow mineral in this grain size range was also observed, which could potentially be monazite. However, further studies and analytical testwork is required to confirm the presence of monazite. Highlights: · Rutile most dominant (heavy) mineral in fractions above 1000 microns, 600 microns and 355 microns, i.e., up to approximately 40% of the sample. · Ilmenite and rutile observed in smaller fractions. · Implications of the granulometric studies are as yet not fully recognised, although are encouraging and certainly justifies the licence acquisition and follow up exploration and testwork. · Abundance of heavy minerals observed in panned concentrates (presented in table below). · Possible monazite observed and is found (like rutile) in the fractions above 1000, 600 and 355 µm. Further studies and analytical testwork is required to verify the observations. During the period covered by these Interim results, BWA has raised an additional £74,000 in the form of Convertible Loan Notes and Short-Term Loans, to continue itsCameroonexploration program. Also, BWA has continued also to realise its shareholding in St-Georges Eco-Mining Corp ("St Georges") from KOTN and the proceeds from realising part of its portfolio of investments has provided funds for the development of activities inCanada,Cameroonand the UK. InCanadawe continue to consult with our legal advisers regarding potential claims against St Georges, its directors, staff, and others and it is noted that at the end of these Interims period, SX has subsequently commenced a related action against BWA in the UK for performance against BWA to enforce a conversion notice of Convertible loan Notes into BWA ordinary shares. BWA is defending the action on the grounds that these securities are the subject of its action against SX in Canada and the SX litigation will fall away on settlement of the Canadian claim. Notwithstanding that, BWA and SX are continuing with discussions between directors and their respective solicitors. After the period under review, BWA has been granted 2 additional HMS licences inCameroon, designated as Nkoteng 2 and Dehane 2, virtually doubling its total exploration area from 721 Sq. Km to 1,269 Sq. Km. It is the Board's intention to seek the necessary funding to undertake field exploration and complete an initial JORC Mineral Resource Estimate and Preliminary Economic Assessment on theDehane 1 permit, by end-Q1 2024, and commence reconnaissance exploration work on the newly granted licences. In view of the granting of the two additional licence areas the board has released provisions totalling £270,000 made against the investment inCameroonat the last year end. The Board continues to show their confidence in the future direction of the Company by capitalising one-half of their fees into new Ordinary Shares. Richard Battersby, who has been Chairman of BWA for many years, indicated to the Board that he wished to retire and as a result, stood down as Chairman on 29 July 2022 and retired from the Board on 1 December 2022. The Board takes this opportunity to thank him for all his efforts on the Group's behalf and wishes him well in his retirement. I have been appointed Interim Chairman, pending further changes to the Board in due course. James Butterfield, Interim Chairman The Board are responsible for the contents of this announcement. Ends - For further information: BWA Group PLC +44 7770 225253 James Butterfield enquiries@bwagroupplc.com Interim Chairman Allenby Capital Limited +44 20 3328 5656 Corporate Adviser Nick Harriss/Lauren Wright INCOME STATEMENT
Notes 6 months 6 months ended Year ended ended 30 June 2022 31 December Unaudited 31 2022 December Unaudited £ 2021 £ Audited £ Administrative (265,729) (268,370) (747,430) expenses Administrative - 270,000 - expenses - release of provision (265,729) (747,430) 1,630 Other 160,000 200,880 240,000 operating income Gain/(loss) on (256) (22,069) 56,760 disposal of investments Gain/(loss) on 242 (2,090) 567,529 revaluation of investments Operating (105,743) 178,351 116,859 profit/(loss) Interest 1 2 5,707 receivable and similar income (105,742) 178,353 122,566 Interest (19,994) (3,791) (42,876) payable and similar expenses Profit/(loss) on ordinary activities before and after taxation and retained for the period (125,736) 174,562 79,690 Earnings/(loss) per ordinary share: Basic (pence) 2 (0.03) 0.04 0.03 Diluted 2 (0.01) 0.02 0.01 (pence) All amounts relate to continuing activities. STATEMENT OF OTHER COMPREHENSIVE INCOME Notes 6 months 6 months Year ended ended ended 31 December 2021 31 December 30 June 2022 2022 Audited Unaudited Unaudited £ £ £ Profit/(loss) (125,736) 174,562 79,690 for the period Other - - - comprehensive income Total comprehensive profit/(loss) for the period (125,736) 174,562 79,690 BALANCE SHEET Notes At At At 31 December 30 June 2022 31 December 2021 2022 Unaudited Unaudited Audited £ £ £ Fixed Assets Investments 2,515,600 2,381,769 1,980,034 Current Assets Debtors and 52,943 57,347 48,402 prepayments Cash at bank and 4,438 61,470 49,952 in hand 57,381 118,817 98,354 Creditors: amounts falling due within one year (324,466) (140,521) (120,809) Net current (267,085) (21,704) (22,455) assets/(liabilities ) Total assets less 2,248,515 2,360,065 1,957,579 current liabilities Creditors: amounts falling due after one year (36,921) (39,485) (45,021) Net assets 2,211,594 2,320,580 1,912,558 Capital and reserves Called up share 3 2,279,484 2,002,489 1,972,239 capital Share premium 4 23,858 23,858 23,858 Capital redemption 4 288,625 288,625 288,625 reserve Other reserve 4 (3,306,383) (3,305,823) (3,243,709) Equity reserve 4 4,310,948 4,571,193 4,367,983 Retained earnings 4 (1,384,938) (1,259,762) (1,496,438) Shareholders' 2,211,594 2,320,580 1,912,558 funds CASH FLOW STATEMENT Notes 6 months 6 months ended Year ended ended 31 30 June 2022 31 December December 2022 2021 Unaudited Unaudited Audited £ £ £ Cash flows from (39,028) (163,506) (384,931) operating activities Cash flows from investing activities Purchase of fixed - (321,785) asset investments - Sale of fixed 2,105 79,253 1,018,595 asset investments Loans to (33,000) (98,669) (273,017) subsidiary undertakings Interest received 1 2 5,707 Net cash from (30,894) (19,414) 429,500 investing activities Cash flows from financing activities New loans in 16,000 - - period Loans repaid (3,110) (5,562) (41,000) Loan note proceeds - 200,000 45,000 received Net cash from 12,890 194,438 4,000 financing activities Increase in cash and cash equivalents (57,032) 11,518 48,569 Cash and cash equivalents at beginning of 61,470 49,952 1,383 period Cash and cash 4,438 61,470 49,952 equivalents at end of period Notes to the Financial Statements 1. Status of these accounts The interim accounts for the period from 1 July 2022 to 31 December 2022 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 Year ended 31 December 2022 30 June 2022 31 December 2021 Unaudited Unaudited Audited £ £ £ Profit/(loss) before £(125,736) £174,562 £79,690 tax Weighted average 438,165,065 398,032,145 310,318,603 number of shares for the purpose of basic earnings per share Effect of dilutive 635,351,085 635,611,330 602,277,997 securities Weighted average 1,073,516,150 1,033,643,475 912,596,600 number of shares for the purpose of diluted earnings per share Share capital At At At 31 December 2022 30 June 2022 31 December 2021 Unaudited Unaudited Audited Allotted, called £2,279,484 £2,002,489 £1,972,239 up and fully paid Number of 455,896,891 400,497,891 394,447,891 ordinary shares of 0.5p At At At 31 December 2022 30 June 2022 31 December 2021 Unaudited Unaudited Audited £ £ £ 4. Reserves Capital Share redemption Other Equity Retained Total premium reserve reserve reserve Earnings £ £ £ £ £ £ At 1 15,608 288,625 (3,300,724) 4,742,058 (1,519,113) 226,454 January 2021 Profit for - - - - 79,690 the period 79,690 Issue of 8,250 - - - - 8,250 share capital - - - 30,100 - 30,100 Loan note interest Conversion - - - (404,175) - (404,175) of loan notes Reserves - - 57,015 - (57,015) - transfer At 31 23,858 288,625 (3,243,709) 4,367,983 (1,496,438) (59,681) December 2021 Profit for - - - - 174,562 174,562 the period Loan notes - - - 200,000 - 200,000 issued Loan note - - - 3,210 - 3,210 interest Reserves - - (62,114) - 62,114 - transfer At 30 June 23,858 288,625 (3,305,823) 4,571,193 (1,259,762) 318,091 2022 Loss for - - - - (125,736) (125,736) the period Conversion - - - (260,245) - (260,245) of loan notes Reserves - - (560) - 560 - transfer At 31 23,858 288,625 (3,306,383) 4,310,948 (1,384,938) (67,890) December 2022 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 £1,097,020. The Company's investment in Kings of the North Corp
(`KOTN') is valued at £1,418,000. The valuation of unlisted investments requires the Directors to make judgements, 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 2022 remain appropriate. 6.Related Party Transactions During the second interim period, the Company issued the following shares in part settlement of director fees. +-------------+------+----------------+ |Name |Value |Number of Shares| +-------------+------+----------------+ |R Battersby |£5,250|1,050,000 | +-------------+------+----------------+ |A Borrelli |£3,125|625,000 | +-------------+------+----------------+ |J Butterfield|£5,250|1,050,000 | +-------------+------+----------------+ |J Hogg |£3,125|625,000 | +-------------+------+----------------+ In addition, the Company was advanced the following amounts on a short-term basis during the second interim period by its directors and a subsidiary director. +-------------+------+ |Name |Value | +-------------+------+ |R Battersby |£4,500| +-------------+------+ |A Borrelli |£3,500| +-------------+------+ |J Butterfield|£4,500| +-------------+------+ |J Hogg |£3,500| +-------------+------+ |R Howe |£3,000| +-------------+------+ This information was brought to you by Cision http://news.cision.com END
(END) Dow Jones Newswires
June 28, 2023 02:30 ET (06:30 GMT)
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