Final Results
25/11/2024 07:00
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 PLC +44 7770 225253
James Butterfield enquiries@bwagroupplc.com
Managing Director
Allenby Capital Limited +44 20 3328 5656
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 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 STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
Year Period
ended 1.1.22 to
30.6.24 30.6.23
£ £
TURNOVER 0 0
Administrative expenses 393,040 432,882
(393,040) (432,882)
Other operating income - management fees 260,000 480,000
Loss on revaluation of investments (164) (586)
Loss on disposal of investments 0 (23,911)
OPERATING (LOSS)/PROFIT (133,204) 22,621
Interest receivable and similar income 1,445 24
Interest payable and similar expenses (24,301) (75,847)
LOSS BEFORE TAXATION (156,060) (53,202)
Tax on loss 0 0
LOSS FOR THE FINANCIAL PERIOD (156,060) (53,202)
Loss per share expressed
in pence per share
Basic (pence) (0.02) (0.01)
Diluted (pence) (0.02) (0.01)
BALANCE SHEET
AS AT 30 JUNE 2024
30.6.24 30.6.23
£ £
FIXED ASSETS
Investments 2,443,191 2,053,724
CURRENT ASSETS
Debtors 872,304 641,957
Cash at bank 45,138 147,247
917,442 789,204
CREDITORS
Amounts falling due within one year (336,752) (467,384)
NET CURRENT ASSETS 580,690 321,820
TOTAL ASSETS LESS CURRENT LIABILITIES 3,023,881 2,375,544
CREDITORS
Amounts falling due after more than one
year (28,745) (34,170)
NET ASSETS 2,995,136 2,341,374
CAPITAL AND RESERVES
Called up share capital 4,213,017 2,483,292
Share premium 66,288 23,858
Other reserve (300,541) (3,306,659)
Capital redemption reserve 288,625 288,625
Equity reserve 370,333 4,338,948
Retained earnings (1,642,586) (1,486,690)
SHAREHOLDERS' FUNDS 2,995,136 2,341,374
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
Year Period
ended 1.1.22 to
30.6.24 30.6.23
£ £
Cash flows from operating activities
Cash 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 activities
Proceeds from sale of fixed asset investments 0 81,358
Loans to subsidiary undertakings (389,631) (179,545)
Interest received 1,445 24
Net cash used in investing activities (388,186) (98,163)
Cash flows from financing activities
New loans in period 50,000 86,000
Loan repayments in period (11,956) (10,724)
Loan note proceeds received 0 200,000
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 year 147,247 49,952
Cash and cash equivalents at end of year 45,138 147,247
BWA 2024 Annual Report & Accounts (https://mb.cision.com/Main/22539/4070778/3131683.pdf)
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