WRES.L Regulatory News (WRES)

30 September 2014

W Resources Plc

("W" or the "Company")

Interim Results for the Six Months Ended 30 June 2014

W Resources Plc (AIM:WRES), the tungsten, copper and gold production, exploration and development company with assets in Spain and Portugal, announces its unaudited financial results for the six months ended 30 June 2014.

Summary

Spain: La Parrilla tungsten tailings deposit

· During Q1 successful completion of pre-concentration and concentration plants and, as planned, initial production commenced in April

· Following further testing and commissioning during June, the plants were consistently producing tungsten (WO3) concentrate at an average content of 60% WO3, in line with target

· On track in H2 to reach target production volumes of 25 tonnes per month of 60%-63% WO3 and scope to increase production beyond current 25 tonne per month target following further assessment

· First shipment made post period end in August and two further shipments made to date during H2

· Further three initiatives planned in Q4:

- Halving of energy input cost

- Produce tin concentrate (approx 7% Tin) through introduction of electrostatic separator

- Improved feed systems with aim to improve overall recoveries

Tarouca - Portugal: tungsten / tin

· April to June 15 hole drilling programme delineated high grade zones close to the surface.

· Currently consolidating and appraising this and earlier data with aim for further targeted drilling in 2015

Régua - Portugal: tungsten

· Awarded 4-year Trial Mining Licence on 23 June 2014 and next stage to continue drilling programme and metallurgy testing

Portalegre / CAA - Portugal: copper-gold exploration

· April 2014, identified a number of encouraging copper-gold surface values in a rock sampling programme in its Crato Assumar Arronches (CAA) area with gold grades included 1.385 g/t and 0.881 g/t and good surface sample grades of copper included 0.77% and 0.43%.

· Soil sampling results also identified a 9.5 km long target structure copper-gold anomaly with encouraging gold values in excess of 1000 ppb.

· Company awaiting assay results and analysis from subsequent trenching work over 9.5 km target

Funding - Raised £2,009,000 of new capital in 2014

Costs - Maintained low costs during H1 2014 with a loss after taxation of £119,000 (2013:£132,000).

Current trading and outlook

· First tungsten off-take agreements achieved with one of Europe's largest consumers - linked to European APT price

· Three stage strategy announced to develop main La Parrilla Mine project with aim to achieve target level of 2,300 tonnes of WO3 per annum. Stage 1 tailings complete and Stage 2 now underway with fast tracking of mine infrastructure

Michael Masterman, Chairman of W Resources, said: "We have continued to maintain the pace of progress across our assets whilst working to utilise the available capital in the most efficient manner which we will continue to do. We were delighted to achieve the level of performance at the Parrilla tailings project which is now delivering revenue with the off-take agreements in place.

"We are excited to now start the process of putting the infrastructure in place to leverage the La Parrilla site ahead of the development of the main mine which is a world class tungsten asset."

A copy of this announcement is available on the Company's website at www.wresources.co.uk

Enquiries:

About W

In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production, exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre gold project in Portugal.

The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.

The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.

The Company was incorporated in England and Wales in 2004

"Some of the technical information contained in this W Resources Plc company announcement was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported."

CHAIRMAN'S STATEMENT

During the first six months of 2014 and the period to date, W Resources Plc ('W' or the 'Company') had great success. The defining milestone was construction completion of its La Parrilla tungsten processing facility in March and shipment of its first tungsten concentrate production in August.

On all other projects substantial progress was made including the grant of a trial mine licence at Régua, exploration success at Tarouca and a highly prospective 9.5km copper gold anomaly was identified at Portalegre / Crato Assumar Arronches (CAA).

La Parrilla Tungsten Production and Mine Development

In Q1 2014, the Company completed the construction of the pre-concentration and concentration plants at its La Parrilla Tailings project and initial production commenced in April. In June, following a testing and commissioning period, the plants were consistently producing tungsten (WO3) concentrate at an average content of 60% WO3 in line with target.

The La Parrilla tailings facility is currently on track to reach target production volumes of 25 tonnes per month of 60% - 63% WO3 and based on performance indications, there may be scope to further increase production beyond the current 25 tonne per month target which will be reassessed in October.

W announced plans to develop the world scale tungsten tailings and mine in a staged program in September, in order to maximise use of existing infrastructure, keeping initial capital costs low and target a high rate of return on invested capital. The plan is to develop La Parrilla in three stages:

- Stage 1: La Parrilla Tailings completed in March 2014 and in production

- Stage 2: Fast Track Mine in the area adjacent to the current pit utilising existing tailings and power, water and road infrastructure

- Stage 3: Large scale La Parrilla Mine development to a current target design level of 2,300 tonnes of WO3 per annum

The Stage 2 - Fast Track Mine definition work is already underway to outline the mine plan, metallurgical process, infrastructure and capital and operating costs. The study is expected to be completed by the end of 2014 with approvals received in 2015.

Regua - Tarouca Hub Tungsten Development and Exploration

Régua Development

Golder completed a Conceptual Mine study for the Régua deposit in March 2013 and the Company was awarded a 4-year Trial Mining Licence on 23 June 2014. The trial mining licence now paves the way for W to continue with its drilling programme and metallurgy testing on the project and commence initial mining.

Tarouca Exploration

Between April and June 2014, W Resources drilled 15 holes at the Tarouca drilling programme which delineated high grade zones close to the surface. Hole TAD021 intersected high grade mineralisation over 3.29 metres at 1.13% WO3 from 54.55 metres.

Initial evaluation of the recent results, together with the results of the early drilling and sampling programmes have highlighted an outstanding exploration target in the North-Eastern area of the licence between Hole TAD007 and Hole TAD021. W will consolidate and appraise the data with the aim for further targeted drilling in the New Year.

Copper Gold Exploration: Portalegre / CAA

In April 2014, the Company identified a number of encouraging copper-gold surface values in a rock sampling programme in its CAA area in Portalegre. Gold grades included 1.385 g/t and 0.881 g/t and good surface sample grades of copper included 0.77% and 0.43%.

The soil sampling results also identified a 9.5 km long target structure copper-gold anomaly from the same CAA area, with encouraging gold values up in excess of 1000 ppb. The Company is awaiting assay results and analysis from subsequent trenching work along the 9.5 km anomaly which will be released in due course.

Finance

During the first six months of 2014, W completed one capital placement totalling £776,000. The funds raised were used as working capital and to finance the construction of the La Parrilla tailings processing facilities.

The Company recorded a loss after taxation of £119,000 in the six months to 30 June 2014, compared to £132,000 in the six months to 30 June 2013.

Current Trading and Outlook

Following the financial reporting period the Company has continued to make very good progress:

· First shipment of tungsten concentrate and receipt of proceeds was achieved on 8 August 2014 - a very significant milestone

· Production at La Parrilla Tailings has continued to increase and is in line to reach target production levels of 25 tonnes per month in October

· A €1.3m trailing payment on the acquisition of the La Parrilla Mine was made in August. W Resources has full title to La Parrilla. This was financed by a £1.2m placement completed in July 2014

· As part of our strategy for the staged development of our La Parrilla asset, mine definition work has commenced on the main 2,300 tonne per annum tungsten mine development

We have continued to maintain the pace of progress across our assets whilst working to utilise the available capital in the most efficient manner which we will continue. We were delighted to achieve the level of performance at the Parrilla tailings project which is now delivering cash flow with the off-take agreements in place.

We are excited to now start the process of putting the infrastructure in place to leverage the La Parrilla site ahead of the development of the main mine which is a world class tungsten asset.

I would like to thank our shareholders for their ongoing support and the hardworking experienced technical teams in both Spain and Portugal for their dedication and commitment during the first half of 2014.

_______________________

Michael Masterman

Chairman

W Resources Plc

30 September 2014

"Some of the technical information contained in the W Resources Plc Chairman's Statement was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported."

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2014

W RESOURCES PLC

GROUP FINANCIAL POSITION

30 JUNE 2014

W RESOURCES PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2014

W RESOURCES PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2014

W RESOURCES PLC

NOTES TO THE INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2014

1. BASIS OF PREPARATION

The financial statements have been prepared under the historical cost convention.

As an AIM listed the Company the company is entitled to exemption from adopting IAS 34 and this exemption has been taken to the effect that segment information is not disclosed.

The financial statements have been prepared using the accounting policies used in the audited Financial Statements for the year ended 31 December 2013, and which will continue to be used for the financial statements for the year ended 31 December 2014.

The interim results are unaudited. The financial statements herein do not amount to full statutory accounts within the meaning of Part 15 of the Companies Act 2006.

These financial statements were approved on 30 September 2014.

Going Concern

The Directors are satisfied that the group has sufficient resources to continue its operations and to meet its commitments in the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

Directors Responsibilities

The Directors are responsible for preparing the Interim Review and the Financial Statements in accordance with applicable law and regulations. The Directors have elected to prepare the Financial Statements in accordance with International Financial Reporting Standards as adapted for use in the European Union.

In preparing these financial statements, the Directors are required to:-

- select suitable accounting policies and apply them consistently

- make judgements and accounting estimates that are reasonable and prudent

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company

- will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group.

2. INCOME TAX

There is no income tax arising on the loss on ordinary activities for the six months ended 30 June 2014.

3. LOSS PER ORDINARY SHARE

4. EVENTS AFTER THE REPORTING PERIOD

A further placement was made in July 2014 of £1.2 million.