BWA : Investor Fund Raiser Presentation March 2024

Strictly Private & Confidential

Investor Presentation Q1 2024

AQSE: BWAP

Rutile Sands & Related Heavy Minerals

Disclaimer

The information contained in this document ("Presentation") has been prepared by BWA Group Plc (the "Company"). The Company is a UK company quoted on the AQSE Growth Market, a market operated by the Aquis Stock Exchange Limited. This Presentation has not been fully verified and is subject to material updating, revision and further verification and amendment without notice. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA") and therefore it is being provided for information purposes only.

While the information contained herein has been prepared in good faith, neither the Company nor any of its directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefor is expressly disclaimed. Where approximations are included, they have been made on the basis of the latest publicly available information. Accordingly, neither the Company nor any of its directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. The views of the Company's management/directors and/or its partners set out in this document could ultimately prove to be incorrect. No warranty, express or implied, is given by the presentation of these figures here and investors should place no reliance on the Company's estimates cited in this document.

This Presentation may contain "forward-looking statements" that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward- looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, performance, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation.

This Presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute or form part of any offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or the Presentation or on the completeness, accuracy or fairness thereof. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of South Africa or the United States of America (each a "Restricted Territory"), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

2.

BWA Group Plc - Introduction

• BWA is an investment company founded some 90 years ago focussing on mineral exloration
• The Company has 1,000 + shareholders and is listed on the AQUIS London Stock Market
• There is an experienced board of directors, comprising economists., investment management and lawyers, with public and private company experience over some 4 decades
• It owns two mineral exploration subsidiaries consisting of:-
• 1. BWA Reources (UK) Ltd (90%), which in turn owns 100% BWA Resources (Cameroon) Ltd and BWA Minerals Cameroon Ltd Ltd with 5 licences in Cameroon, West Africa, for Heavy Mineral Sands, predominently rutile, and;
  2. Kings of the North Inc, which owns 2 licence groups in Canada for Copper, nickel, cobalt and gold
• BWA Cameroon licences cover significant areas of extensive river systems prospective for heavy mineral sands deposits
• There have been encouraging results from exploration in Cameroon to date supported by independent JORC CPR with potential for increased land-holding with additional two licences (Song Loulou 1 and 2) in application, for 992 km2
• BWAR has an experienced local management team with mining and commercial experience
• Seeking to achieve initial JORC Mineral Resource Estimates and Preliminary Economic Assessments during Q2/Q3 2024

3.

BWA Group Plc Investment Case

Five Granted (1,421 km2) Heavy Mineral Sands licences in Cameroon

• New supplies required of Rutile sands, Ilmenite and Zircon
• Rutile price increased by near 25% over 2021/2022, and Zircon price increased by approx. 45% in 2021-2022
• BWA licences cover significant areas of extensive river systems prospective for heavy mineral sands deposits
• Numerous explorers within adjacent and upstream/downstream locations containing historic HMS resources
• Encouraging results from exploration to date supported by independent JORC CPR
• Recent Dehane 2 Update considered significant from Preliminary Exploration work
• Potential for increased land-holding with additional two licences (Song Loulou 1 and 2) in application, for 992 km2
• BWAR has an experienced management team with mining and commercial experience
• Seeking to raise up to £0.440M, to achieve initial JORC Mineral Resource Estimates and Preliminary Economic Assessments

4.

90% Subsidiary of BWA Group Plc - Rutile Sands & Related Heavy Minerals in Cameroon

5.

Mineral Sands

What are they, and why are they important?

• Heavy Mineral Sands (HMS), are deposits of sands containing concentration of different types of minerals, such as sources of zircon, titanium, thorium, tungsten, aluminium silicate, rare-earth elements and occasionally precious metals or gemstones
• Mineral Sands have an increasing industrial use as part of consumer goods as pigment for paint, paper and plastics.
• Also used in ceramics, tiles, homewares and refractories
• Wide range of industrial, commercial, electrical and scientific applications
• Market opportunity in building, construction, electric automotive and aerospace industries (Source: Global Rutile Market (2021 to 2026)
• US List of Critical Minerals dated 24-2-2022,includes Titanium, of which Rutile and Ilmenite are a main source
• World Bank-Minerals for Climate Action - World Bank Report shows the production of

minerals could increase by nearly 500% by 2050, to meet the growing demand for clean energy technologies and the World Bank estimates that over 3 Billion tons of minerals & metals will be needed to deploy wind, solar and geothermal power as well as energy storage.

• For Formation and Processing See Appendix Slide 31 and 32

6.

Rutile & Zircon - Forecast Supply & Demand

New Supply is Required

GLOBAL MINERAL SANDS MARKET

• Increasing demand driven by urbanisation, rising living standards, global growth and extensive array of applications
• 'Critical Minerals', vital to the economic wellbeing of the world's major and emerging economies
• Supply restricted by mine closures, declining grades and depleting stockpiles
• Strong long-term market fundamentals - demand growth outpacing supply
• New projects required to meet future demand
• See Additional Zircon & Rutile Market and Pricing Slides at Appendix 33, 34, and 35.

↑2.5-3.0%

Forecast structural supply gap, with demand for Zircon increasing 2.5-3%year-on-year and existing production decreasing at an average of 5% pa

Global supply of Rutile continues to remain tight with demand exceeding available supply and potential supply from

"likely new projects"

The graphs in this slide have not been verified for the purpose of this presentation. The Directors confirm that the source of the graphs is TZMI February 2020 Market
Estimates - Market Study - Coburn	7.

BWA Cameroon Licences

Why Cameroon?

Abundant Natural resources, oil & gas, forestry and agriculture

Investment-friendlyjurisdiction & diversified economy

Availability of well-trained technically competent workforce

Modernisation - On-going projects IMF supported

Stability - Monetary & Political

BWA - High levels of representation - Slide 18,19 and 20.

Nkoteng 2

Nkoteng 1

Song-Loulou 1

	Song-Loulou 2
Dehane 1	Dehane 3

Dehane 2

Licence data from Cameroon Cadastral website. http://portals.flexicadastre.com/Cameroon/en/AMS Map, 2022	8.

Adjacent Properties and Historic Resources

• 1991*, BRGM defined resources within Akonolinga of 160Mt at >1% Rutile (Fox-Davies, July 2012).
• Cameroon Rutile re-reported resources for the Akonolinga project in accordance with JORC (2004) of 162.7Mt at 1.15% Rutile (Fox-Davies, July 2012).
• Between 2014-2015*, Mineralfields, through their own work, defined a non-JORC resource within the NE extension of approximately 40Mt at. 2.45% TiO2 and 0.073% Zr (Mineralfields Group Ltd, 2015).
• Upstream areas of the Nyong System, Mineralfields state a 'high grade' JORC resource re-defined from the earlier BRGM resource of 31.46Mt at 1.63% Rutile (Mineralfields Group Ltd, 2015).
• 2020, Eramet completed Conceptual Study on the resources within the Djaa and Yoo rivers. Reporting a 5 year LOM, 50ktpa Rutile production scenario for each resource, combined total ofapproximatley 22.2Mm3 (38-40Mt), at a strip of 3:1 (Mercator Ingenierie, 2020).
• Archidona Minerals - BRGM outlined two small resources in 1992/1993* along upstream Senaga tributaries (Sele and Tede) of 1Mt at 1.05% TiO2, limited to narrow shallow tributaries rather than

total floodplain, over resistant gneiss as opposed to schists where better thicknesses are typically developed (Gilles & Goodlove, 2019).

*Resources illustrated here are considered historic for the purpose of this presentation and these are not treated as current resources or reserves reported in accordance with JORC 2012, CIM and NI 43-101 reporting standards.

Licence data from Cameroon Cadastral website. http://portals.flexicadastre.com/Cameroon/en/AMS Map, 2022

9.

NKOTENG & DEHANE - BWA work completed

In 2020 and 2021, BWA has completed work in Nkoteng 1 and Dehane 1, as detailed in the following pages:-

• Pre-explorationwork, including, Licence Boundary Marking, ESIA outline plan
• Desktop Data Review, Satellite Image Interpretation, Field Mapping and Target Area Identification
• Continual Village, Community, Stakeholders and Ministry meetings to establish open and good relations and communication channels
• Reconnaissance Pit Sampling Program, followed by Auger geochemical sampling and logging, with selected sample mineral separation testwork, and selected sample quantitative mineralogy
• XRD Analysis of Samples
• Independent JORC 2012 Competent Persons Technical Report (CPR)
• Completion of 1st pass mechanised auger programme to sytematically test area of interest around high grade pits

10.