Final Results for the Year Ended 31 December 2016

3 May 2017

W Resources Plc

("W" or the "Company")

Final Results for the Year Ended 31 December 2016

W Resources Plc (AIM: WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, announces its audited financial results for the year ended 31 December 2016.

In 2016, W Resources substantially advanced its tungsten, copper and gold assets in Spain and Portugal.

Highlights

· Increased the La Parrilla JORC compliant resource to 51 million tonnes (Mt) at 0.096% WO3 with an indicated resource up from zero to 36 Mt which equates to 70% of the deposit (February 2016)

· Completed the La Parrilla mine optimisation and Fast Track Mine (FTM) mining schedules, confirming low strip ratio and low cost mine development

· Blasted the first two 10 m hard rock benches at La Parrilla in Q2 2016 in the FTM area

· Commenced plant production Q3 2016 at La Parrilla, running in an initial custom delivery phase for customers to January 2017

· Completed an economic initial Régua mine development plan and completed the Environmental Impact Study (EIS)

· Concluded Copper Gold Resources Plc strategic review which highlighted significant opportunity to accelerate the development of the copper and gold projects and increase the value of the assets

· Completed the São Martinho drilling campaign in September 2016 in order to upgrade the current JORC resource estimate. Initial results delivered strong grades at multiple levels

· Granted the Monforte-Tinoca Portuguese exploration licence containing the Tinoca and Azeiteiros former copper mines by the DGEG in July 2016

· Raised £2.45 million over three placings during 2016

Post year-end

· Awarded the La Parrilla Jig / Mill design and construction contract to allmineral Aufbereitungstechnik GmbH & Co. KG of Germany at a contract price of €4.98m

· Raised £750,000 since the date of the balance sheet

Chairman of W, Michael Masterman commented: "I am pleased to report that W Resources substantially advanced its tungsten, copper and gold assets in 2016, with particularly successful drilling campaigns across both the tungsten and gold projects.

"The immediate focus is to complete the financing in order to develop the expansion of La Parrilla tungsten project to produce 2,500 tpa of tungsten concentrate. The team are also making good progress with development at Régua and planning continues on the spin-off of Copper Gold Resources Plc. The near future is extremely exciting for W Resources across both its tungsten and copper / gold projects and we look forward to an active and productive 2017."

Financial Statements for the Year Ended 31 December 2016

A full copy of the W Resources Consolidated Financial Statements for the year ended 31 December 2016 is available on the Company's website at www.wresources.co.uk and an extract of the Consolidated Financial Statements for the year ended 31 December 2016 is presented below.

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.co.uk

Grant Thornton UK LLP

Colin Aaronson / Harrison Clarke T: +44 (0) 20 7383 5100

SI Capital

Andy Thacker / Nick Emerson T: +44 (0) 1483 413500

www.sicapital.co.uk

Gable Communications

Justine James

T: +44 (0) 20 7193 7463

M: +44 (0) 7525 324431

APPENDIX I - JORC Compliant Mineral Resource Estimates La Parrilla JORC Compliant Mineral Resource Estimate

The La Parrilla JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 5 February 2016. Mr Andrew Weeks (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the La Parrilla deposit.

Régua JORC Compliant Mineral Resource Estimate

The Régua JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 27 October 2015. Mr Sia Khosrowshahi (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the Régua deposit.

São Martinho Maiden JORC Compliant Mineral Resource Estimate

The São Martinho maiden JORC-compliant mineral resource update was fully disclosed, with JORC Table 1 in a Company news release on 8 June 2016. Mr Jorge Peres (Golder Associates Pty Ltd) was the Competent Person responsible for the Mineral Resource Estimate for the São Martinho deposit.

W RESOURCES PLC CHAIRMAN'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2016

Dear Shareholders,

I am pleased to report that during 2016 W substantially advanced its tungsten, copper and gold assets.

La Parrilla, our large-scale flagship Tungsten and Tin project in Spain, advanced on both the development and production fronts in preparation for expansion of the facility to 2 million tonnes per annum (mtpa) of ROM and 2,500 tonnes per annum (tpa) of tungsten concentrate production. Key approvals and authorisations were received, and design, engineering and procurement is now advanced on this large scale, low cost project.

Key milestones at La Parrilla include an upgraded JORC resource estimate, mine plan optimisation, the first blast and mining in the Fast Track Mine (FTM) area, and commencement of production and shipments to USA customers in the December quarter 2016.

Régua, our high-grade tungsten mine in northern Portugal, also advanced and will be ready for development in 2018 at a target production rate of 1,300 tpa of tungsten concentrate.

Success was achieved on the advanced exploration front at Tarouca (Tungsten), São Martinho (Gold) and with the granting of the Monforte-Tinoca licence ("Tinoca" Copper), which holds the Tinoca and Azeiteiros former copper mines.

Tungsten and Tin

La Parrilla - Spain - targeting 2,500 tpa tungsten concentrate

• JORC Resource update: JORC compliant resource increased to 51 million tonnes (Mt) at 0.096% WO3 (February 2016) with an indicated resource up from zero to 36 Mt which equates to 70% of the deposit.

• Full approvals and land access for the FTM confirmed.

• Complete title registered in name of W's 100% owned subsidiary Iberian Resources Spain SL following option exercise in 2015.

• Mine optimisation and FTM mining schedules completed, confirming low strip ratio and low cost mine development.

• Successful RC infill drilling program in FTM and FTM south with very high grades of tungsten and tin in Q2 2016.

• Initial mine blast and hard rock mining Q2 2016 covering the first two 10 m benches.

• Plant production commenced in Q3 2016, running in an initial custom delivery phase for customers to January 2017.

• First production of tin concentrate using newly installed electrostatic separator.

• Phase 1 finance package and tungsten off-take arrangements agreed for the start-up of the La Parrilla FTM, with the first shipment to the USA confirmed in October 2016. Optimised mine plan completed which delivers low strip ratio FTM mine pit. Metallurgical test programme and process engineering and preliminary engineering of the FTM crusher, jig / mill, and concentrator plant were also completed.

The priority in 2016 was to achieve first production and expand La Parrilla. Production commenced in Q3, delivering first tungsten concentrate to the USA in Q4. With a mineral resource of 51 Mt, which can be extracted at very low cost, and positive customer feedback on shipment, the scale up to 2,500 tonnes in 2017 will set us apart from our peers in the tungsten market.

Over the year, we achieved a number of key milestones. Significant tungsten and tin grades were announced in October and these results further reinforced the findings that there is a large lateral extension of the La Parrilla orebody to the south, with excellent grades of tungsten and tin from surface at higher grades than the rest of the orebody.

This new data should increase initial production grades which we are incorporating into the new mine plan.

W awarded the design and construction contract for the La Parrilla Jig / Mill to allmineral Aufbereitungstechnik GmbH & Co. KG (allmineral) of Germany at a contract price of €4.98m in April 2017. allmineral is providing vendor finance for just under 50% of the contract price on very competitive terms. Engineering, procurement and financing of the other La Parrilla plant components is advancing.

W has also applied for grants from the Extremadura Regional Government in Spain for the Crusher and the Jig / Mill and this process is ongoing in line with the application process.

Régua - Portugal - targeting 1,300 tpa tungsten concentrate

• Initial Mine development planning completed with an economic initial mine plan.

• An Environmental Impact Study (EIS) was completed in July and environmental approval for the trial mine is underway.

• Development is on track for production in 2018.

Régua has a current JORC compliant mineral resource of 5.46 Mt at a grade of 0.28% WO3, with an indicated resource of 3.76 Mt at a grade of 0.304% WO3.

The Régua deposit remains open at depth and on all sides, with significant potential to boost the resource growth to the northeast including a 10 m thick tungsten intersection.

Tarouca - Portugal

In 2015, trench sampling at the Tarouca project showed high-grade tungsten results with 15 out of 126 samples exceeding 0.5% WO3, including 0.8 m at 11.4% WO3 (TTR063). Together with the 15 holes drilled in 2014, this confirms an outstanding exploration target in the north-eastern area of the licence.

After successfully completing all work plan obligations, W submitted an application to extend the Tarouca licence for another two-year period, prior to its expiry on 23 March 2017. The DGEG has indicated that it has been approved internally, and the Board is confident that it will shortly receive the final sign-off from the Secretary of State for Energy under the Ministry for the Economy.

Tarouca is 20 km from Régua and has the potential to enhance and expand the Régua development.

Copper Gold Resources

W holds significant advanced gold and copper exploration deposits. Copper Gold Resources Plc is W Resource's holding vehicle for its gold and copper assets. It is the 100% shareholder of Iberian Resources Portugal Lda., and holds the five mining assets in Portugal; Régua, CAA / Portalegre, São Martinho, Tarouca and Monforte-Tinoca. In September 2016, W instigated a strategic review to explore options to better deliver the value of these assets to W shareholders. In March 2017, the conclusion of strategic review highlighted thatthere is a significant opportunity for W to accelerate the development of its copper and gold projects by focusing dedicated funding in this area which will increase the value of these assets. The Board therefore decided to evaluate alternative routes to separate these projects from W and is currently evaluating the spin-off of Copper Gold Resources Plc into a separate vehicle for which W is considering strategies including the option of separately listing on the London Stock Exchange.

CAA Portalegre - Gold

• A maiden JORC resource estimate of 3 Mt at 1.04 g/t gold (equating to 111,987 oz. in contained gold) was completed in June 2016 on the São Martinho deposit.

• Drilling campaign started in September 2016 at São Martinho, to upgrade the current JORC resource estimate. Initial results delivered strong grades at multiple levels.

W commenced a targeted 1,500 m diamond core drilling campaign at the São Martinho project in September 2016.

The results from 6 holes at São Martinho highlighted strong grades at multiple levels and provide a solid base to drive extension drilling with the potential for materially larger resource. This was further verified in January when W revealed exceptional results confirmed an intersection of 56.4 m at 2.34 g/t at a depth of just 2.6 m. Additional holes yielded very positive results providing a solid base to drive extension drilling with the potential for a materially larger resource.

São Martinho currently has a JORC gold resource of over 110,000 oz. The results of the drilling campaign will form part of the update for the upgrade to the JORC compliant mineral resource estimate which will be completed following an infill RC program to be completed in Q3 2017.

Monforte-Tinoca - Copper

In July 2016, the Portuguese Direction General for Energy & Geology (DGEG) under the Ministry for the Economy & the Secretary of State for Energy granted W the Monforte-Tinoca Portuguese exploration licence, containing the Tinoca and Azeiteiros former copper mines. The primary focus in 2016 has been on tungsten and gold projects and we will review activity on the copper projects in 2017.

Commodity Pricing

Tungsten prices were challenging in 2016 and the APT price reference averaged USD198/mtu for the year. Prices have recovered in 2017 to around USD215/mtu. There are emerging shortages of Tungsten concentrate which bodes well for prices for the balance of 2017.

Tin prices have surged from $13,500 per tonne at the beginning of 2016 to around $20,000 per tonne. The prospect of higher tin content and continued strengthening in the tin price provides potential for higher revenues and lower costs after by-product credits in the early years of production at La Parrilla.

Copper prices have recovered well and it is expected that mined copper production will peak in 2018 due to reserve depletion and capacity closures. Analysts are forecasting that copper prices have further room to rise towards US$7,000 per tonne due to this anticipated deficit.

The Gold price has also recovered over the past year with analysts forecasting pricing of around US$1,250 for 2017 with an uplift to over US$1,300 in 2018.

Finance

W raised £2.45 million over three placings in 2016. The funds raised were predominately used to advance approvals, engineering procurement and development for the 2 mtpa ROM / 2,500 tpa concentrate La Parrilla expansion, commence hard rock production at the La Parrilla mine, complete the highly successful São Martinho drilling campaign and general working capital.

The Group recorded an after-tax loss of £854,000 in 2016, compared to a loss of £606,000 in 2015. The increase is mainly due to £149,000 of potentially irrecoverable VAT, arising from a HMRC review of the Company's VAT position resulting in the suspension of the Company's VAT registration number. W has disputed HMRC's decision and the review remains ongoing.

Finance activity is focused on the financing of the development of La Parrilla. Specialist debt advisors have been appointed as part of the process and financing is expected to be completed in Q3 2017.

Outlook

The immediate focus of the Board and Management of W is to conclude the financing and development for the expansion of La Parrilla to produce at 2 mtpa ROM / 2,500 tpa of tungsten concentrate.

In parallel, Régua will be prepared for development in 2018 and strategies are being reviewed to spin-off Copper Gold Resources Plc into a new separate vehicle on the London Stock Exchange.

Mr M Masterman Chairman

W Resources Plc 3 May 2017

W RESOURCES PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016

W RESOURCES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2016

The financial statements were approved by the Board of Directors on 3 May 2017 and were signed on its behalf by:

M G Masterman Chairman

W RESOURCES PLC

COMPANY STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2016

The financial statements were approved by the Board of Directors on 3 May 2017 and were signed on its behalf by:

M G Masterman Chairman

W RESOURCES PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2016

W RESOURCES PLC

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2016

W RESOURCES PLC CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2016

W RESOURCES PLC COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2016

W RESOURCES PLC

NOTES TO THE STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2016

1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

W RESOURCES PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

3. SEGMENTAL REPORTING

4. NET FINANCE ASSETS

5. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging:

£40,000 of M Masterman's consultancy fee, included in directors' remuneration in 2015, was reversed in the 2016 income statement, and capitalised in intangible assets. A total of £ 160,000 relating to M Masterman's consultancy fees were capitalised in intangible assets in 2016.

The exceptional item relates to a review by the HMRC of the Company's VAT position resulting in the suspension of the Company's VAT registration number and a deemed of VAT which has been provided for in the financial statements. The Company has disputed the HMRC's decision and the review remains ongoing.

6. INCOME TAX

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended 31 December 2015.

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

8. LOSS PER SHARE

Basic loss per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted losses per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares. The share options issued during 2016 are considered to be anti-dilutive in accordance with IAS 33 as on conversion they would decrease loss per share from continuing operations.

Reconciliations are set out below.

9. INTANGIBLE ASSETS

Group

The above represents capitalised testing works and concessions costs acquired.

10. PROPERTY, PLANT AND EQUIPMENT -

Group

10. PROPERTY, PLANT AND EQUIPMENT - Continued

Group

11. INVESTMENTS

Company

11. INVESTMENTS Continued

The group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Iberian Resources Spain SL

Registered office: Finca La Parrilla, 10132 Almoharin Caceres, Spain Nature of business: Tungsten mining, production, exploration

Copper Gold Resources Plc (Group)

Registered office: 22 Melton Street, London, NW1 2BW Nature of business: Tungsten mining exploration, development

Iberian Resources Portugal LDA

Registered office: Lugar das Mozes, 5110-159 Armamar, Portugal Nature of business: Mineral Exploration

During the year Caspian USA Inc, incorporated in the United States of America, a company in which W Resources Plc held 100% of Ordinary Shares was dissolved. All assets held within Caspian USA Inc. had previously been fully provided for.

12. TRADE AND OTHER RECEIVABLES

13. CASH AND CASH EQUIVALENTS

14. CALLED UP SHARE CAPITAL

Allotted and issued:

637,558,481 Ordinary Shares of 0.1p were issued during the year for cash as follows:

• On 17 March 2016, 166,666,664 Ordinary Shares of 0.1p each were issued at a premium of 0.35p raising £750,000.

• On 18 March 2016, 22,222,222 Ordinary Shares of 0.1p each were issued at a premium of 0.35p raising £100,000

• On 22 June 2016, 84,933,333 Ordinary Shares of 0.1p each were issued at a premium of 0.20p raising £254,800.

• On 24 August 2016, 171,428,569 Ordinary Shares of 0.1p each were issued at a premium of 0.25p raising £600,000.

• On 7 November 2016, 192,307,693 Ordinary Shares of 0.1p each were issued at a premium of 0.42p raising £1,000,000.

29,000,000 Ordinary Shares of 0.1p were issued during the year as a performance bonuses as follows:

• On 6 July 2016, 29,000,000 Ordinary Shares of 0.1p each were issued at a premium of 0.30p providing a performance bonus of £116,000.

15. RESERVES

Group

15. RESERVES - continued

Group

Company

Company

17. FINANCIAL LIABILITIES - BORROWINGS

In February 2015, a loan of £165,380 was granted by the Banco Bilbao Vizcaya to Iberian Resources Spain SL secured against the VAT receivable at that time. Repayment of this loan in 12 equal instalments commenced in December 2015 and the balance outstanding at 31 December 2016 was £Nil.

On 20 October 2014, Beronia Investments Pty lent Iberian Resources Spain SL a short-term loan of €200,000 to cover VAT receivables. This remains outstanding, is repayable at any time and has an interest rate of 5% per annum. Interest in the year was recognised in the profit and loss account of £15,000 (2015: Nil). The converted balance included in financial liabilities - borrowings at the year-end was £189,000. (2015: £149,000).