Final Results for the 18 Months to 30 June 2023
24/11/2023 18:29
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
both Cameroon and Canada at 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 +44 7770 225253
James Butterfield enquiries@bwagroupplc.com
Interim Chairman
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 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 expenses 432,882 747,430
-432,882 -747,430
Other operating income – management fees 480,000 240,000
(Loss)/gain on revaluation of investments -586 56,760
(Loss)/gain on disposal of investments -23,911 567,529
OPERATING PROFIT 22,621 116,859
Interest receivable and similar income 24 5,707
Interest payable and similar charges -75,847 -42,876
(LOSS)/PROFIT BEFORE TAXATION -53,202 79,690
Tax on (loss)/profit 0 0
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD -53,202 79,690
(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 operations -237,643 -366,287
Interest paid -1,638 -18,644
Net cash used in operating activities -239,281 -384,931
Cash flows from investing activities
Purchase of fixed asset investments 0 -321,785
Proceeds from sale of fixed asset investments 81,358 1,018,595
Loans to subsidiary undertakings -179,545 -273,017
Interest received 24 5,707
Net cash (used in)/from investing activities -98,163 429,500
Cash flows from financing activities
New loans in period 86,000 0
Loan repayments in period -10,724 -41,000
Loan note proceeds received 200,000 45,000
Proceeds from share issue 159,463 0
Net cash from financing activities 434,739 4,000
Increase in cash and cash equivalents 97,295 48,569
Cash and cash equivalents at beginning of year 49,952 1,383
Cash and cash equivalents at end of year 147,247 49,952
BWA Group plc Report and Accounts 2023 (https://mb.cision.com/Main/22539/3882565/2453785.pdf)
Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved