TIDMBWAP
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11
OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS 2019/310.
29 September 2022
BWA Group PLC
("BWA" or the "Company")
Half-Yearly Results for the Six Months to 30 June 2022
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 unaudited financial results for the six-month
period to 30 June 2022.
Chairman's Statement
Dear Shareholder
The Board presents the results for the six months ended 30 June 2022. The
Company has continued to invest in the rutile sands project in Cameroon through
our 90 per cent owned subsidiary BWA Resources Cameroon Limited ("BWARC").
Activity in the other 100 per cent subsidiary company in Canada, 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.
BWARC 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
in Cameroon in 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.
These are duplicate portions of samples, which have been selected and shipped
for submission to a specialist laboratory in Germany for heavy mineral
separation and mineral composition test work, with results expected Q4 2022.
During the period covered by these Interim results, BWA has raised an
additional £200,000 in the form of Convertible Loan Notes, to continue its
Cameroon exploration program. These Convertible Loan Notes will convert into
ordinary shares on the same terms as, and on completion of, BWA's next fund
raise.
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
in Canada, Cameroon and the UK.
In Canada we continue to consult with our legal advisers regarding potential
claims against St Georges, its directors, staff, and others.
After the period under review, BWA has been granted 2 additional HMS licences
in Cameroon, designated as Nkoteng 2 and Dehane 2, virtually doubling its total
exploration area from 629 Sq. Km to 1,177 Sq. Km. It is the Board's intention
to seek the necessary funding to obtain an initial JORC Mineral resource
Estimate and Preliminary Economic Assessment on the 2 initial Cameroon licence
areas of Nkoteng 1 and Dehane 1, by Q1 2023, 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 in Cameroon
at the last year end.
BWARC expects the Dehane 3 permit (an additional 54 Sq. Km) to be finalised
shortly to bring the total licences to five. In addition, BWA has also applied
for 2 new licences (Songloulou 1 and 2) directly adjacent to the Nkoteng
licences, which if issued would bring to 2423 Sq. Km the total area for
exploration in Cameroon.
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,
resulting in 6,050,000 Ordinary Shares being issued during the period at
between 0.5p and 0.6p per share.
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 will retire from the Board within the next couple of months.
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 Directors of BWA are responsible for the contents of this announcement.
The Company's condensed set of financial statements for the six months to 30
June 2022 are set out below.
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/Freddie Wooding
INCOME STATEMENT
Notes 6 months 6 months Year ended
ended ended 31 December
30 June 2022 30 June 2021 2021
Unaudited Unaudited Audited
£ £ £
Administrative expenses (268,370) (159,764) (747,430)
Administrative expenses -
release of provision 270,000 - -
1,630 (159,764) (747,430)
Other operating income 200,880 120,000 240,000
Gain/(loss) on disposal of (22,069) 243,574 56,760
investments
Gain/(loss) on revaluation
of investments (2,090) (144,061) 567,529
Operating profit/(loss) 178,351 59,749 116,859
Interest receivable and 2 2 5,707
similar income
178,353 59,751 122,566
Interest payable and similar (3,791) (21,061) (42,876)
expenses
Profit/(loss) on ordinary
activities
before and after taxation
and retained
for the period 174,562 38,690 79,690
Earnings/(loss) per ordinary
share:
Basic (pence) 2 0.04 0.01 0.03
Diluted (pence) 2 0.02 0.00 0.01
All amounts relate to continuing activities.
STATEMENT OF OTHER COMPREHENSIVE INCOME
Notes 6 months 6 months Year ended
ended ended 31 December
30 June 2022 30 June 2021 2021
Unaudited Unaudited Audited
£ £ £
Profit/(loss) for the 174,562 38,690 79,690
period
Other comprehensive income - - -
Total comprehensive profit
/(loss)
for the period 174,562 38,690 79,690
BALANCE SHEET
Notes At At At
30 June 2022 30 June 2021 31 December
2021
Unaudited Unaudited Audited
£ £ £
Fixed Assets
Investments 2,381,769 2,147,617 1,980,034
Current Assets
Debtors and prepayments 57,347 269,936 48,402
Cash at bank and in hand 61,470 102,017 49,952
118,817 371,953 98,354
Creditors: amounts falling
due
within one year (140,521) (649,545) (120,809)
Net current assets/ (21,704) (277,592) (22,455)
(liabilities)
Total assets less current 2,360,065 1,870,025 1,957,579
liabilities
Creditors: amounts falling
due
after one year (39,485) (40,599) (45,021)
Net assets 2,320,580 1,829,426 1,912,558
Capital and reserves
Called up share capital 3 2,002,489 1,545,564 1,972,239
Share premium 4 23,858 19,358 23,858
Capital redemption reserve 4 288,625 288,625 288,625
Other reserve 4 (3,305,823) (3,444,785) (3,243,709)
Equity reserve 4 4,571,193 4,757,026 4,367,983
Retained earnings 4 (1,259,762) (1,336,362) (1,496,438)
Shareholders' funds 2,320,580 1,829,426 1,912,558
CASH FLOW STATEMENT
Notes 6 months 6 months Year ended
ended ended
30 June 2022 30 June 2021 31 December
2021
Unaudited Unaudited Audited
£ £ £
Cash flows from operating (163,506) (198,631) (384,931)
activities
Cash flows from investing
activities
Purchase of fixed asset - (321,785) (321,785)
investments
Sale of fixed asset 79,253 761,497 1,018,595
investments
Loans to subsidiary (98,669) (140,449) (273,017)
undertakings
Interest received 2 2 5,707
Net cash from investing (19,414) 299,265 429,500
activities
Cash flows from financing
activities
Loans repaid (5,562) - (41,000)
Loan note proceeds received 200,000 - 45,000
Net cash from financing 194,438 - 4,000
activities
Increase in cash and
cash equivalents 11,518 100,634 48,569
Cash and cash equivalents
at
beginning of period 49,952 1,383 1,383
Cash and cash equivalents at end of 61,470 102,017 49,952
period
Notes to the Financial Information
1. Status of these accounts
The interim accounts for the period from 1 January 2022 to 30 June 2022 are
unaudited. The financial information set out in this statement does not
constitute statutory accounts within the meaning of the Companies Act 2006.
1. 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
30 June 2022 30 June 2021 December 2021
Unaudited Unaudited Audited
Profit/(loss) before £174,562 £38,690 £79,690
tax
Weighted average number 398,032,145 307,803,499 310,318,603
of shares for the
purpose of basic
earnings per share
Effect of dilutive 635,611,330 981,391,600 602,277,997
securities
Weighted average number 1,033,643,475 1,289,195,099 912,596,600
of shares for the
purpose of diluted
earnings per share
1. Share capital
At 30 June 2022 At 30 June 2021 At 31 December 2021
Unaudited Unaudited Audited
Allotted, called up and
fully paid ordinary shares
of 0.5p
Number of shares 400,497,891 309,112,891 394,447,891
Nominal value of shares £2,002,489 £1,545,564 £1,972,239
4. Reserves
Capital
Share redemption Other Equity Retained
premium reserve reserve reserve Earnings Total
£ £ £ £ £ £
At 1 January 2021 15,608 288,625 (3,300,724) 4,742,058 (1,519,113) 226,454
Profit for the - - - - 38,690
period 38,690
Issue of share 3,750 - - - - 3,750
capital - - - 14,968 - 14,968
Loan note interest
Reserves transfer - - (144,061) - 144,061 -
At 30 June 2021 19,358 288,625 (3,444,785) 4,757,026 (1,336,362) 283,862
Profit for the - - - - 41,000 41,000
period
Issue of share 4,500 - - - - 4,500
capital
Loan note interest - - - 15,132 - 15,132
Conversion of loan - - - (404,175) - (404,175)
notes
Reserves transfer - - 201,076 - (201,076) -
At 31 December 23,858 288,625 (3,243,709) 4,367,983 (1,496,438) (59,681)
2021
Profit for the - - - - 174,562 174,562
period
Issue of share - - - - - -
capital
Loan notes issued - - - 200,000 - 200,000
Loan note interest - - - 3,210 - 3,210
Reserves transfer - - (62,114) - 62,114 -
At 30 June 2022 23,858 288,625 (3,305,823) 4,571,193 (1,259,762) 318,091
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 £961,020. 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 performance 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 30 June 2022
remain appropriate.
END
(END) Dow Jones Newswires
September 29, 2022 07:32 ET (11:32 GMT)
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