VVV Resources Limited VVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023
28/06/2024 12:00
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VVV Resources Limited (VVV)
VVV Resources Limited: Annual Report and Financial Statements for the year ended 31
December 2023
28-Jun-2024 / 11:59 GMT/BST
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VVV Resources Limited
("VVV" or the "Company" or the “Group”)
Annual Report and Financial Statements
for the year ended 31 December 2023
Chairman’s Report (Incorporating the strategic review)
VVV Resources Limited is pleased to take this opportunity to reflect on the period from
January 1st to December 31st, 2023, being the first period end to prepare consolidated
financial statements having acquired 100% ownership of VVV Resources Australia Pty Ltd,
when the company was incorporated in Australia on 18th January 2023.
OPERATIONS REVIEW
This past year has continued to be a period of global uncertainty, volatility, and
subsequent conflict. While the direct problems associated with the previously mentioned
devastating COVID-19 pandemic have arguably dissipated, they have been replaced by
further new challenges created by the escalating conflicts globally, and the uncertainty
of China’s allegiance have all significantly contributed to the impacts on global
security, rampant inflation, energy scarcity and fears of global food shortages.
The COVID-19 pandemic had resulted in negativity with metal prices and corporate market
sentiment; however, a reversal of these trends is becoming apparent, certainly with metal
prices but perhaps less rapid with the latter. Fund raising continues to be problematic
especially with illiquid companies though many metal prices directly relevant to the
Company’s portfolio are reaching all-time highs.
The Company’s current investments comprise 100% of the Mitterberg Copper Project in
Austria and a 51% holding of the Shangri La polymetallic project in Western Australia. The
Mitterberg concessions comprise 198 contiguous licences over some 90 square kilometres
located approximately 60 kilometres south of Salzburg. The Shangri La project comprises 10
contiguous hectares of what appears to be a polymetallic mineral assemblage comprising
gold, silver, and copper.
Due to personal circumstances, one director, Malcolm Macleod, left the Board on the 18th
August 2023 and Mahesh Pulandaran, previously an Executive Director of the Company became
a Non-Executive Director. Benjamin Hill joined the Board as a Non-Executive Director on
the 17thApril, 2024. To satisfy corporate governance, the Board of the Company currently
comprises two non-executives and one executive director.
FINANCE REVIEW
The loss for the period to 31 December 2023 amounted to £117,000 (2022: loss of £156,000)
which mainly related to regulatory costs and other corporate overheads. The total revenue
for the period was £Nil (2022: £Nil). As at 31 December 2023, the Company had cash
balances of £36,000 (2022: £208,000).
The Company does not recommend the payment of a dividend in the current financial year.
OUTLOOK
Going forward, the Company continues to review various mineral projects in several
favourable jurisdictions with a view to increasing investor attraction, and to increase
both the market capitalisation and liquidity.
We would like to thank all our shareholders for their continued support and look forward
to updating you on further news in due course.
Eur. Ing. Jim Williams, MSc, D.I.C., CEng, CGeol, FIMMM
Executive Chairman
27 June 2024
Extract from auditor report:
“Material uncertainty related to going concern
We draw attention to the Going Concern section of Note 1 “General Information” in the
financial statements which indicates that the Directors have prepared cashflow forecasts
which show that, in order for the Company to continue to discharge its liabilities as they
fall due and to continue with its planned exploration expenditure on its two projects,
additional cash will be required. As stated in Note 1, these events or conditions, along
with the other matters as set forth in Note 1, indicate that a material uncertainty exists
that may cast significant doubt on the Company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.”
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
VVV Resources Limited Tel: +44 (0)20 3813 0175
Mahesh S/o Pulandaran (Non-Executive Director) Tel: +44 (0)77 7427 4836
Jim Williams (Chairman)
Peterhouse Capital
Aquis Growth Market Corporate Adviser Tel: +44 (0)20 7469 0936
Statement of profit or loss and other comprehensive income for the year ended to 31
December 2023
Year ended
Year ended
31 December 2023 31 December
2022
£’000 £’000
Revenue
Investment income - -
Total revenue -
Administration expenses (146) (139)
Reversal of loss allowance for loan 17 (17)
Expenses settled by issuance of shares (13) -
Share based payment release 25 -
Operating loss (117) (156)
Finance costs - -
Loss before taxation (117) (156)
Taxation - -
Loss for the period attributable to equity holders of the (117) (156)
company
Other comprehensive income
Translation exchange (loss)/gain - -
Other comprehensive income for the period net of taxation - -
Total comprehensive income for the period attributable to (117) (156)
equity holders of the company
Loss per share
Basic and diluted (pence) (4.24) (7.46)
Statement of financial position as at 31 December 2023
31 December 31 December
2023 2022
£’000 £’000
Restated*
Non-current assets
Intangible assets 350 -
Investments accounted for using the equity method 136 136
486 136
Current assets
Trade and other receivables 25 23
Cash and cash equivalents 36 208
61 231
Total assets 547 367
Current liabilities
Trade and other payables (91) (83)
Amounts owed to directors (1) -
(92) (83)
Net current assets (31) 148
Net assets 453 284
Equity
Share capital - -
Share premium 1,465 1,154
Share based payment reserve 65 90
Retained earnings (1,077) (960)
Total equity 453 284
The financial statements of VVV Resources Limited (registered number 196048) were approved
by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its
behalf by:
Mahesh Pulandaran
Director
Statement of changes in equity for the year ended 31 December 2023
__________________________________________________________________________________________
Share Share Share based payment Retained
reserve Total
capital premium earnings
£’000 £’000 £’000 £’000 £’000
Restated* Restated*
At 31 December 2021 prior to restatement - 863 26 (740) 149
Prior year adjustment - - 64 (64) -
At 31 December 2021 after restatement - 863 90 (804) 149
Loss for the period - - - (156) (156)
Total Comprehensive Income - - - (156) (156)
Issue of share capital - 291 - - 291
Share based payments - - - - -
Total contributions by and distributions - 291 - - 291
to owners of the Company
At 31 December 2022 - 1,154 90 (960) 284
Loss for the period - - - (117) (117)
Total Comprehensive Income (117) (117)
Issue of share capital - 311 - - 311
Share options lapsed - - (25) - (25)
Total contributions by and distributions to owners of the - 311 (25) - 286
Company
At 31 December 2023 - 1,465 65 (1,077) 453
*See Note 2 Prior Year Adjustment paragraph adjustment relating to year ended 31 December
2020
The accompanying accounting policies and notes form part of these financial statements.
Statement of cash flows for the year ended to 31 December 2023
__________________________________________________________________________________________
Year ended Year ended
31 Dec 2023 31 Dec 2022
£’000 £’000
Cash flows from operating activities
Operating loss (117) (156)
Share based payment release (25) -
Issue of shares to settle liabilities - -
(Increase) in trade and other receivables (5) (1)
Increase/(decrease) in trade and other payables 8 (13)
Net cash outflow in operating activities (139) (170)
Cash flows from investing activities
Payments to acquire intangible fixed assets (33) -
Net cash (outflow)/inflow from investing activities (33) -
Financing activities
Issue of share capital - 291
Issue costs - -
Net cash inflow/(outflow) from financing activities - 291
Net decrease in cash and cash equivalents (172) 121
Cash and cash equivalents at beginning of period 208 87
Cash and cash equivalents at end of period 36 208
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Dissemination of a Regulatory Announcement that contains inside information in accordance
with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: VGG9470B1004
Category Code: MSCM
TIDM: VVV
LEI Code: 213800OEUSH43X859D83
Sequence No.: 331018
EQS News ID: 1935847
End of Announcement EQS News Service
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