DJ 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
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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have been replaced by further new challenges created by the escalating conflicts globally, and the uncertainty of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 GBP117,000 (2022: loss of GBP156,000) which mainly related to
regulatory costs and other corporate overheads. The total revenue for the period was GBPNil (2022: GBPNil). As at 31
December 2023, the Company had cash balances of GBP36,000 (2022: GBP208,000).
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) Tel: +44 (0)20 3813 0175
Jim Williams (Chairman) 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
Year ended
31 December 2023 31 December
2022
GBP'000 GBP'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
GBP'000 GBP'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
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Retained
Share Share Share based payment Total
reserve earnings
capital premium
GBP'000 GBP'000 GBP'000 GBP'000 GBP'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
(MORE TO FOLLOW) Dow Jones Newswires
June 28, 2024 07:00 ET (11:00 GMT)
DJ VVV Resources Limited: Annual Report and -2-
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 - 291 - - 291 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 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
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Year ended Year ended
31 Dec 2023 31 Dec 2022
GBP'000 GBP'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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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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