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 Ben Hill	+44 (0) 7774 274836 +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 2024	30 June 2023	31 December 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 for loan		-	-	17
Expenses settled by issuance of shares		(100)	-	(13)
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 the owners of the parent company		(191)	(62)	(117)
(Loss) per share:
Basic and diluted (loss) per share (pence)	2	(6.02)	(1.98)	(4.24)

 

Unaudited Condensed Group Statement of Financial Position
as at 30 June 2024

 

		Group	Group	Group
		30 June 2024	30 June 2023	31 December 2023
		Unaudited	Unaudited	Audited
	Notes	£’000	£’000	£’000
ASSETS
Non-current assets
Intangible assets		350	-	350
Investments accounted for using the equity method		136	136	136
		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 2024	30 June 2023	31 December 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 liabilities	100	-	-
Decrease/(increase) in trade and other receivables	14	3	(5)
Increase/(decrease) in trade and other payables	50	10	8
Net cash used in operating activities	(27)	(49)	(139)
Investing activities
Finance Costs	-	-	-
Investment in intangible assets	-	-	(33)
Net cash outflow in investing activities	-	-	(33)
Financing activities
Issue of share capital	-	-	-
Net cash from financing activities	-	-	-
Net change in cash and cash equivalents	(27)	(49)	(172)
Cash and cash equivalents at beginning of period	36	208	208
Cash and cash equivalents at end of period	9	159	36

 

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 2024	30 June 2023	31 December 2023
	(Unaudited)	(Unaudited)	(Audited)
	(£’000)	(£’000)	(£’000)
Net loss attributable to equity holders of the company	(191)	(62)	(117)
Number of shares Weighted average number of ordinary Shares for the purposes of basic loss per share	3,174,735	3,126,757	2,769,255
Basic and diluted loss per share (pence)	(6.02)	(1.98)	(4.24)

 

3.              Events after the reporting date

 

There are no events after the end of the reporting date to disclose.