BWA Group Plc - Final Results

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

25 November 2024

BWA Group PLC

 (“BWA” or the “Company”)    

Final Results for the year to 30 June 2024

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 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.  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 2024 will be held at No.1 Bow Churchyard, London, EC4M 9DQ on 20th December 2024 at 12 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 last financial year has been one of progress for the Company, both in terms of settling the dispute around Kings Of The North and our exploration activities in Cameroon.  Since financial year end Peter Taylor, formerly the CEO of Pathfinder Minerals plc, has joined the board, bringing a wealth of mining experience and knowledge of working in Cameroon. Further exploration drilling has been undertaken in the Dehane 2 licence area and is currently underway in Dehane 1, financed by further equity investment of £450,000 raised towards the target of £1million set by the board.  The results of sample analysis from the Dehane 1 and 2 areas will be announced in due course.”

The Board are responsible for the contents of this announcement.

Ends -

For further information: 

BWA Group PLCJames ButterfieldManaging Director+44 7770 [email protected] Capital LimitedCorporate 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 period under review there have been notable developments affecting Kings Of The North Corp involving the settlement of litigation between BWA Group plc and St George’s Eco-Mining Corp, as well as further reconnaissance drilling in Cameroon.

As announced on 2 February 2024, outline agreement was reached with St George’s Eco-Mining Corp for the settlement of litigation with BWA Group plc. Under the terms of documentation signed on 4 April, St George’s converted loan notes, originally issued under the terms of the Kings Of The North transaction of 2019, to the value of £731,124 into ordinary shares in BWA Group plc and cancelled a further £1,420,285 in value of loan notes. Best endeavours undertakings were given by St George’s to procure the return of a further £1,956,330 in value of loan notes held by parties allied to St George’s. At 30 June 2024 there remained outstanding £370,333 in value of loan notes. Post year end this has reduced to £152,865 in value.

In February 2024 a reconnaissance site visit was made to the Isoukoustuoc licence area in Quebec, announced on 5 March. Encouraging findings of mineralisation were reported in detail in the announcement, which can be found on the company’s website: http://www.bwagroupplc.

In Cameroon there has been further reconnaissance drilling in the Dehane 2 licence area during the 12 month period covered by these accounts. The results of the drilling and analysis of samples was announced on 5 June, reporting that higher than anticipated levels of Valuable Heavy Minerals had been found. In view of these results, a further programme of reconnaissance drilling in the Dehane 2 area has commenced post accounting year end. It is intended to produce a maiden mineral resource estimate before the end of 2024. 

INCOME STATEMENTFOR THE YEAR ENDED 30 JUNE 2024YearPeriodended1.1.22 to30.6.2430.6.23££TURNOVER0 0 Administrative expenses393,040 432,882 (393,040)(432,882)Other operating income - management fees260,000 480,000 Loss on revaluation of investments(164)(586)Loss on disposal of investments0 (23,911)OPERATING (LOSS)/PROFIT(133,204)22,621 Interest receivable and similar income1,445 24 Interest payable and similar expenses(24,301)(75,847)LOSS BEFORE TAXATION(156,060)(53,202)Tax on loss0 0 LOSS FOR THE FINANCIAL PERIOD(156,060)(53,202)Loss per share expressedin pence per shareBasic (pence)(0.02)(0.01)Diluted (pence)(0.02)(0.01)

 

 

BALANCE SHEETAS AT 30 JUNE 202430.6.2430.6.23££FIXED ASSETSInvestments2,443,191 2,053,724 CURRENT ASSETSDebtors872,304 641,957 Cash at bank45,138          147,247 917,442 789,204 CREDITORSAmounts falling due within one year(336,752)(467,384)NET CURRENT ASSETS580,690 321,820 TOTAL ASSETS LESS CURRENT LIABILITIES3,023,881 2,375,544 CREDITORSAmounts falling due after more than oneyear(28,745)(34,170)NET ASSETS2,995,136 2,341,374 CAPITAL AND RESERVESCalled up share capital4,213,017 2,483,292 Share premium66,288 23,858 Other reserve(300,541)(3,306,659)Capital redemption reserve288,625 288,625 Equity reserve370,333 4,338,948 Retained earnings(1,642,586)(1,486,690)SHAREHOLDERS' FUNDS2,995,136 2,341,374

 

CASH FLOW STATEMENTFOR THE YEAR ENDED 30 JUNE 2024YearPeriodended1.1.22 to30.6.2430.6.23££Cash flows from operating activitiesCash generated from operations(373,639)(237,643)Interest paid(929)(1,638)Net cash used in operating activities(374,568)(239,281)Cash flows from investing activitiesProceeds from sale of fixed asset investments0                  81,358 Loans to subsidiary undertakings(389,631)(179,545)Interest received1,445 24 Net cash used in investing activities(388,186)(98,163)Cash flows from financing activitiesNew loans in period                 50,000 86,000 Loan repayments in period(11,956)(10,724)Loan note proceeds received0 200,000 Proceeds from share issue               622,601 159,463 Net cash from financing activities               660,645 434,739 (Decrease)/increase in cash and  cash equivalents(102,109)97,295 Cash and cash equivalents at  beginning of the year147,247 49,952 Cash and cash equivalents at end of year45,138 147,247