VVV Resources Limited VVV Resources Limited: Interim Results for the six months ended 30 June 2024
30/09/2024 15:07
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VVV Resources Limited (VVV)
VVV Resources Limited: Interim Results for the six months ended 30 June
2024
30-Sep-2024 / 15:06 GMT/BST
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VVV Resources Limited
("VVV” or the “Group”)
Interim Results for the six months ended 30 June 2024
VVV Resources Limited announces its unaudited interim results for the six
months ended 30 June 2024.
OVERVIEW
The Company’s goals for the six months to 30 June 2024 were to continue
its endeavours to review suitable mineral projects in user-friendly
jurisdictions with a view to increasing investor attraction, and to
increase both the market capitalisation and liquidity.
The past six months has continued to be a period of global uncertainty,
volatility and conflict and the ongoing war
between Russia and Ukraine continues to cause significant direct and
indirect consequences. In addition, the conflict between Israel and her
neighbours has escalated significantly and this inevitably is contributing
to global uncertainty. Perhaps to a lesser extent, there is some concern
in some sectors of the outcome of the forthcoming US elections.
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.
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.
The Board remains confident that the private and pre-IPO markets remain
significantly under-served and as such significant opportunities exist for
the Company going forward.
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
FINANCE REVIEW
The loss for the period to 30 June 2024 was £191,000 (30 June 2023 - £
62,000 and 31 December 2023 - £117,000 loss) which mainly related to share
based payments, regulatory costs and other corporate overheads. The total
revenue for the period was nil. At 30 June 2024, the Company had cash
balances of £9,000 (30 June 2023 - £ 159,000 and 31 December 2023
- £36,000).
The interim accounts to 30 June 2024 have not been reviewed by the
Company’s auditors.
The Directors of the Company accept responsibility for the contents of
this announcement.
For further information please contact:
The Company
Jim Williams
+44 (0) 7774 274836
Ben Hill
+44 (0) 7825 413384
Aquis Growth Market Corporate Adviser:
Peterhouse Capital Limited
+44 (0) 207 469 0936
Unaudited Condensed Group Statement of Comprehensive Income
for the six months ended 30 June 2024
Consolidated Consolidated Consolidated
6 months to 6 months to Year ended
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
Notes £’000 £’000 £’000
Continuing operations
Revenue
Investment income - - -
Total gains on AFS - - -
investments
Administrative costs (91) (62) (146)
Reversal of Loss Allowance - - 17
for loan
Expenses settled by issuance (100) - (13)
of shares
Share based payment release - - 25
Operating (loss) (191) (62) (117)
Finance costs - - -
(Loss) before tax (191) (62) (117)
Taxation - - -
(Loss) for the period (191) (62) (117)
Other comprehensive income
Translation exchange - - -
(loss)/gain
Other comprehensive income
for the period net of - - -
taxation
Total Comprehensive Income
for the year attributable to (191) (62) (117)
the owners of the parent
company
(Loss) per share:
Basic and diluted (loss) per 2 (6.02) (1.98) (4.24)
share (pence)
Unaudited Condensed Group Statement of Financial Position
as at 30 June 2024
Group Group Group
30 June 30 June 31 December
2024 2023 2023
Unaudited Unaudited Audited
Notes £’000 £’000 £’000
ASSETS
Non-current assets
Intangible assets 350 - 350
Investments accounted for using the 136 136 136
equity method
486 136 486
Current assets
Trade and other receivables 12 19 25
Cash and cash equivalents 9 159 36
21 178 61
Total assets 507 314 547
LIABILITIES
Current liabilities
Trade and other payables (141) (93) (94)
Total current liabilities (141) (93) (94)
Total liabilities (141) (93) (94)
Net Assets 366 211 453
EQUITY
Equity attributable to equity
holders of the parent
Share capital - - -
Share premium account 1,565 1,154 1,465
Share based payment reserve 25 26 65
Retained earnings (1,224) (959) (1,077)
Total equity 366 221 453
Unaudited Condensed Group Statement of Cash Flows
for the six months ended 30 June 2024
Consolidated Consolidated Consolidated
6 months to 6 months to Year to
30 June 30 June
31 December 2023
2024 2023
Unaudited Unaudited Audited
£’000 £’000 £’000
Cash flows from operating
activities
Operating (loss) (191) (62) (117)
Adjustments for:
Share based payment release - - (25)
Issue of shares to settle 100 - -
liabilities
Decrease/(increase) in trade 14 3 (5)
and other receivables
Increase/(decrease) in trade 50 10 8
and other payables
Net cash used in operating (27) (49) (139)
activities
Investing activities
Finance Costs - - -
Investment in intangible assets - - (33)
Net cash outflow in investing - - (33)
activities
Financing activities
Issue of share capital - - -
Net cash from financing - - -
activities
Net change in cash and cash (27) (49) (172)
equivalents
Cash and cash equivalents at 36 208 208
beginning of period
Cash and cash equivalents at 9 159 36
end of period
Notes to the condensed interim financial statements
1. General Information
Basis of preparation and accounting
The financial information has been prepared on the historical cost basis.
The Company’s business activities, together with the factors likely to
affect its future development, performance and position are set out in the
Chairman’s Statement. This statement also includes a summary of the
Company’s financial position and its cash flows.
These condensed interim financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union with the exception of International
Accounting Standard (‘IAS’) 34 – Interim Financial Reporting. Accordingly,
the interim financial statements do not include all of the information or
disclosures required in the annual financial statements and should be read
in conjunction with the Company’s 2021 annual financial statements.
2. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year. The calculation of diluted
earnings per share is based on the basic earnings per share, adjusted to
allow for the issue of shares and the post-tax effect of dividends and/or
interest, on the assumed conversion of all dilutive options and other
dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used
are set out below.
Six months to Six months to Year ended
30 June 30 June 31 December
2024 2023 2023
(Unaudited) (Unaudited) (Audited)
(£’000) (£’000) (£’000)
Net loss attributable to equity (191) (62) (117)
holders of the company
Number of shares Weighted average
number of ordinary Shares for the 3,174,735 3,126,757 2,769,255
purposes of basic loss per share
Basic and diluted loss per share (6.02) (1.98) (4.24)
(pence)
3. Events after the reporting date
There are no events after the end of the reporting date to disclose.
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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.: 349995
EQS News ID: 1998849
End of Announcement EQS News Service
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