BWA Group Plc - Preliminary Reconnaissance Exploration & Analytical Results from Nkoteng 2

21 August 2025

BWA Group PLC

("BWA", or the "Company") (AQSE: BWAP)

Preliminary Reconnaissance Exploration and Analytical Results from the Nkoteng 2 Heavy Mineral Sands Project, Cameroon

BWA Group plc [AQSE: BWAP], which has mineral exploration permits in Cameroon, mining claims in Canada, and is quoted on London's AQSE Growth Market, provides results from its recently completed preliminary (first-pass) exploration programme at its Nkoteng 2 heavy mineral sands (HMS) permit, located in the Central Region of Central Cameroon ("Nkoteng 2", "N2" or the "Nkoteng Project").

Nkoteng 2 is approximately 70 km north of Yaoundé and covers an area of 494 km2. The project includes approximately 60 km of strike length of the Sanaga River system, an area known to be prospective for HMS mineralisation.

BWA is pleased to announce the analytical results from a preliminary reconnaissance exploration and shallow auger programme conducted on the N2 licence, completed in accordance with best practice and in line with JORC (2012) reporting code, (see announcement of 27 of March 2025).

The N2 programme utilised both mechanised and manual auger drilling, as well as shallow (10-20 cm) surface grab samples, resulting in 40 collars, with a total drilled depth of 69.45 m, and a maximum depth of 4.25 m. This work produced 93 primary samples, out of which 14 composite samples were dispatched to Scientific Services, Cape Town for Heavy Liquid Separation (HLS) analysis, from which five samples were submitted for X-Ray Diffraction (XRD) analysis.

 

An enhanced version of this announcement, including figures, maps and tables can be viewed on the link below.

 

Highlights

• 40 holes completed for 93 primary samples collected around the Sanaga.
• 14 composite samples from 13 holes sent for HLS and 5 samples (5 holes) for XRD analysis for the first tranche of preliminary testwork, with remainder to follow pending review of these results.
• HMS mineralisation observed in all holes.
• Reconnaissance N2 exploration covers an area of over 100 km2 with average hole depths of around 2.5 m and maximum hole depth was 4.25 m.
• Evidence of HMS mineralisation exists beyond those holes analysed.
• Bedrock was intercepted at varying depths, between 0.5 to 3.3 m, although most holes did not reach base of alluvium/top of bedrock.
• THM content varied from 0.82% (NK2_014) to 6.10% (NK2_022).
• VHM content varied from 0.48% (NK2_037) to 2.36% (NK2_022).
• Significant intercepts include:
  • 3.0 m @ 2.3% THM from 0.0 m in NK2_010.
  • 3.0 m @ 2.8% THM from 0.0 m in NK2_017.
  • 3.7 m @ 6.1% THM from 0.0 m in NK2_022.
  • 0.1 m @ 4.6% THM from 0.0 m in NK2_023.
• Mapping and geological interpretation indicate presence of prospective alluvial, paleo-alluvial units and target areas within the licence.

Jonathan Wearing, Chairman of BWA Group Plc, commented:

"This initial reconnaissance programme returned some anomalous heavy mineral geochemical values. The limited scope and shallow depth, having not fully tested the bedrock, leave numerous potential exploration target areas open and this first pass reconnaissance work will be augmented with further, more methodical, extensive and deeper drilling to obtain a more comprehensive understanding of the deposit. These results highlight opportunities for follow-up work and provide a rationale for more extensive exploration. Moreover, as with the recent Dehane exploration, it has also helped to develop our relationship with the community by employing and including members of the local villages directly in exploring what is proving to be an emerging heavy mineral sands district".

Work Completed

A short first pass reconnaissance exploration programme was completed in Q1 2025, consisting of 40 holes for 69.45 m and 93 primary samples. A selection of 14 composite samples from 13 holes were sent for HLS, from which 5 samples (from 5 holes) were submitted for XRD analysis.

 

The samples were collected using three methods. Simple grab samples taken from active and paleo riverbanks to a depth of approximately 10-20 cm using a shovel, others were obtained through mechanical drilling with the handheld Van Walt percussion drill to an average depth of around 2.5 m, and additional holes were completed using a simple hand-operated auger. Four holes intercepted saprolite/ferricrete. All samples were lithologically logged and imported into Micromine software for 3D visualisation and interpretation.

Fourteen composite sample were submitted to Scientific Services in South Africa for HLS analysis and higher grade THM samples from these 14 submitted for XRD analysis. Samples were selected based on observed HMS mineralisation, lithology and location. The selected samples were dried and split, with one portion remaining as a reference, and the other being consolidated to the whole sample, to give an overall weight of around 4 kg.

Geology and Geological Interpretation

The Nkoteng licences (N1 and N2) are located within the Yaoundé Domain of the Pan African Belt, a large nappe unit that has been thrusted southward onto the Congo Craton and is characterised by low-grade to high-grade garnet bearing metamorphosed schists, gneiss and orthogneisses, the source of heavy minerals.

 

In N2, the Sanaga River runs through the BWA licence area and accommodates approximately 60 km of the river floodplain system and an extensive tributary system, and an even larger paleo-floodplain area, observed in satellite imagery (ground-truthing and mapping planned for follow-up programmes).

 

The geological sequence for the licence generally consists of a thin to moderate clay cover (0-2 m), overlying the target deposit horizon consisting of sands and gravels, generally laying directly on the bedrock of gneiss and ferricrete. Sands vary in thickness from 0.5 to 3.5 m. The N2 deposit is likely to be a trap placer deposit, and the entire stratigraphic column is considered potentially mineralised.

 

A notable observation from the recent sampling is the high proportion of coarse material found in some N2 samples, particularly in very shallow surface samples. This is likely due to surface debris rather than mineral content, but further XRD analysis may be conducted.

 

Mineralisation

Ilmenite, rutile and kyanite were visible during the drilling at N2. Generally, the kyanite is dark bluish and predominantly coarse grained, rutile grains are reddish and medium to coarse-grained compared to the black finer-grained ilmenite.

 

Competent Person's Statement and Technical Sign off

The technical information in this release relates to the Nkoteng 2 Project. It is based upon and fairly represents information reviewed and compiled by Mr Lewis Harvey, MSc. MAIG, Principal Consulting Geologist for Addison Mining Services, who is a Member of the Australian Institute of Geoscientists.

 

The results were reviewed by Mr J. N. Hogg, MSc. MAIG, Principal Geologist for Addison Mining Services (AMS).

 

Mr Harvey and Mr Hogg have sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activity undertaken to qualify as a Competent Person as defined in the JORC Code 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and Qualified Persons under the AIM rules.

 

Mr Harvey and Mr Hogg have reviewed and verified the technical information that forms the basis of and has been used in the preparation of this announcement, including all sampling and analytical data, and analytical techniques where applicable. Mr Harvey and Mr Hogg consent to the inclusion in this announcement of the matters based on the information, in the form and context in which it appears.

 

Forward-Looking Statement

This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. 

 

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