VVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023

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


 

 

 

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problems associated with the previously mentioned devastating COVID-19 pandemic have arguably dissipated, they have been  replaced by further new challenges created by the escalating conflicts globally, and the uncertainty of China’s allegiance have all significantly contributed to  the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
Mahesh S/o Pulandaran (Non-Executive Director)
Jim Williams (Chairman)


Tel: +44 (0)20 3813 0175
Tel: +44 (0)77 7427 4836

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
31 December 2023

Year ended

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 company

 

(117)

(156)

 

 

 

 

Other comprehensive income

 

 

 

Translation exchange (loss)/gain

 

-

-

Other comprehensive income for the period net of taxation

 

-

-

 

 

 

 

Total comprehensive income for the period attributable to equity holders of the company

 

(117)

(156)

 

 

 

 

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

capital

      Share

premium

Share based payment reserve

Retained

earnings

Total

 

£’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 to owners of the Company

-

291

-

-

291

 

 

 

 

 

 

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 Company

-

311

(25)

-

286

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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.


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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