Half-year Report for the 6 Months to 31 December 2024
21/03/2025 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
21 March 2025
BWA Group PLC
("BWA" or the "Company")
Interim Financial Results for the Six Months to 31 December 2024
BWA Group Plc [AQSE: BWAP], which has mineral exploration licences in both Cameroon and Canada at various early stages of development and is quoted on London's AQSE Growth Market, announces its unaudited financial results for the Interim Period of six months to 31 December 2024, following the announcement of its Audited Accounts for the year to 30 June made on 19 November 2024.
A copy of this announcement can be viewed on the Company's website, http://www.bwagroupplc.com/bwa-announcements.html.
Chairman's Statement
In the first half of its financial year, to 31 December 2024, the Company has continued to invest in developing its flagship rutile and other mineral sands exploration permits in Cameroon. The arrival of Peter Taylor to the Board of BWA Group plc in August 2024 has brought a wealth of mining operations experience, both in working in Cameroon and in mineral sands projects, which has spurred programmes of exploratory drilling activity.
Notably, this resulted in the Company's initial Mineral Resource Estimate (MRE), covering the Dehane 2 exploration permit, reported on 22 January 2025. Work continues to test the kyanite, currently reported as an Exploration Target, to determine if it has a RPEEE (Reasonable Prospect for Eventual Economic Extraction) in which case the Company can reasonably expect to positively restate the initial MRE.
Elsewhere, we are currently evaluating results from the Dehane 1 project and subsequently, those of the Nkoteng 2 and Dehane 3 exploration permits. These will be reported in due course. The Company is currently progressing renewal applications for two of the five exploration permits in Cameroon.
Mr Taylor also represented the Company at the Cape Town Mining Indaba in February and Toronto PDAC in March. This proved to be fruitful and included meetings with the Cameroon Ministry of Mines, Industry and Technological Development, potential investors, JV/earn-in partners for both our Canadian and Cameroonian assets, and potential opportunities to diversify and add to the Company's current portfolio.
Jonathan Wearing,
Chairman
The Board are responsible for the contents of this announcement.
Ends -
For further information:
| BWA Group PLC James Butterfield, Managing Director Jonathan Wearing - Chairman | +44 (0) 7770 225253 enquiries@bwagroupplc.com |
| Allenby Capital Limited Corporate Adviser Nick Harris/Lauren Wright | +44 (0) 20 3328 5656 |
| Notes | 6months ended 31December2024Unaudited £ | 6months ended 31December 2023 Unaudited £ | 12 months ended 30 June2024 Audited £ | |||
| Administrativeexpenses | (162,671) | (213,114) | (393,040) | |||
| (162,671) | (213,114) | (393,040) | ||||
| Otheroperatingincome | 160,000 | 160,000 | 260,000 | |||
| Gain/(loss)onrevaluationofinvestments | - | 10 | (164) | |||
| Operatingprofit/(loss) | (2,671) | (53,104) | (133,204) | |||
| Interestreceivableand similarincome | 461 | 436 | 1,445 | |||
| (2,210) | (52,668) | (131,759) | ||||
| Interestpayableandsimilarexpenses | (3,066) | (14,602) | (24,301) | |||
| Profit/(loss)onordinaryactivities | ||||||
| beforeand aftertaxation and retained | ||||||
| fortheperiod | (5,276) | (67,270) | (156,060) | |||
| Earnings/(loss)perordinaryshare: | ||||||
| Basic(pence) | 2 | (0.01) | (0.01) | (0.02) |
| Diluted(pence) | 2 | (0.01) | (0.01) | (0.02) |
| Notes | 6months ended 31December2024Unaudited £ | 6months ended 31December 2023 Unaudited £ | 12 months ended 30 June2024 Audited £ | |||
| Profit/(loss)fortheperiod | (5,276) | (67,270) | (156,060) | |||
| Othercomprehensiveincome | - | - | - | |||
| Totalcomprehensiveprofit/(loss) | ||||||
| fortheperiod | (5,276) | (67,270) | (156,060) |
| Notes | At | At | At | |||
| 31December 2024 | 31December 2023 | 30June2024 | ||||
| Unaudited £ | Unaudited £ | Audited £ | ||||
| FixedAssets | ||||||
| Investments | 2,744,433 | 2,273,752 | 2,443,191 | |||
| Current Assets | ||||||
| Debtorsandprepayments | 1,037,092 | 773,704 | 872,304 | |||
| Cashat bank andinhand | 55,238 | 125,185 | 45,138 | |||
| 1,092,330 | 898,889 | 914,442 | ||||
| Creditors:amountsfallingdue | ||||||
| withinone year | (370,826) | (298,267) | (336,752) | |||
| Netcurrentassets/(liabilities) | 721,504 | 600,622 | 580,690 | |||
| Totalassetslesscurrentliabilities | 3,465,937 | 2,874,374 | 3,023,881 | |||
| Creditors:amountsfallingdue | ||||||
| after one year | (26,076) | (33,839) | (28,745) | |||
| Netassets | 3,439,861 | 2,840,535 | 2,995,136 | |||
| Capitalandreserves | ||||||
| Calledupsharecapital | 3 | 4,663,018 | 3,035,608 | 4,213,017 | ||
| Sharepremium | 4 | 66,288 | 23,858 | 66,288 | ||
| Capitalredemptionreserve | 4 | 288,625 | 288,625 | 288,625 | ||
| Otherreserve | 4 | (300,541) | (3,306,649) | (300,541) | ||
| Equityreserve | 4 | 370,333 | 4,353,063 | 370,333 | ||
| Retainedearnings | 4 | (1,647,862) | (1,553,970) | (1,642,586) | ||
| Shareholders'funds | 3,439,861 | 2,840,535 | 2,995,136 |
| Notes | 6 monthsended | 6 monthsended | 12 months ended | |||
| 31December 2024 | 31 December 2023 | 30 June 2024 | ||||
| Unaudited £ | Unaudited £ | Audited £ | ||||
| Cashflowsfrom operatingactivities | (66,003) | (336,388) | (374,568) | |||
| Cashflowsfrominvestingactivities | ||||||
| Loanstosubsidiaryundertakings | (471,689) | (140,000) | (389,631) | |||
| Interestreceived | 461 | 436 | 1,445 | |||
| Netcashfrominvestingactivities | (471,228) | (139,564) | (388,186) | |||
| Cashflowsfromfinancingactivities | ||||||
| New loans in period | 100,000 | - | 50.000 | |||
| Loansrepaid | (2,669) | (3,110) | (11,956) | |||
| Issue of shares | 450,000 | 457,000 | 622,601 | |||
| Netcashfromfinancingactivities | 547,331 | 453,890 | 660,645 | |||
| Increase/(decrease)incashand | ||||||
| cashequivalents | 10,100 | (22,062) | (102,109) | |||
| Cashandcashequivalentsat | ||||||
| beginningofperiod | 45,138 | 147,247 | 147,247 | |||
| Cashandcashequivalentsatendofperiod | 55,238 | 125,185 | 45,138 | |||
| 6 monthsended | 6 monthsended | 12 months ended | ||||
| 31December 2024 | 31December2023 | 30June2024 | ||||
| Unaudited £ | Unaudited £ | Audited £ |
| At | At | At | ||||
| 31December 2024 | 31December 2023 | 30 June 2024 | ||||
| Unaudited £ | Unaudited £ | Audited £ |
| 4. | Reserves | Capital | |||||
| Share premium | redemption reserve | Other reserve | Equity reserve | Retained Earnings | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| At1 January2023 | 23,858 | 288,625 | (3,306,383) | 4,310,948 | (1,384,938) | (67,890) | |
| Lossfortheperiod | - | - | - | - | (169,298) | (169,298) | |
| Loannoteinterest | - | - | - | 42,115 | - | 42,115 | |
| Reservestransfer | - | - | (266) | - | 266 | - | |
| At31 December 2023 | 23,858 | 288,625 | (3,306,649) | 4,353,063 | (1,553,970) | (195,073) | |
| Lossfortheperiod | - | - | - | - | (88,790) | (88,790) | |
| Loan note conversion | 42,430 | - | - | (985,706) | - | (943,276) | |
| Loannoteinterest | - | - | - | 9,258 | - | 9,258 | |
| Loan note cancellation | - | - | 3,006,282 | (3,006,282) | - | - | |
| Reservestransfer | - | - | (174) | - | 174 | - | |
| At30 June 2024 | 66,288 | 288,625 | (300,541) | 370,333 | (1,642,586) | (1,217,881) | |
| Lossfortheperiod | - | - | - | - | (5,276) | (5,276) | |
| At31 December2024 | 66,288 | 288,625 | (300,541) | 370,333 | (1,647,862) | (1,223,157) | |
| Name | Value | Number of Shares |
| Jonathan Wearing | £450,000 | 90,000,000 |