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VVV Resources Limited: Interim Results for the six months ended 30 June 2024

Finanznachrichten News

DJ VVV Resources Limited: Interim Results for the six months ended 30 June 2024

VVV Resources Limited (VVV) 
VVV Resources Limited: Interim Results for the six months ended 30 June 2024 
30-Sep-2024 / 15:06 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
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 GBP191,000 (30 June 2023 - GBP 62,000 and 31 December 2023 - GBP117,000 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 GBP9,000 (30 June 2023 - GBP 159,000 and 31 December 
2023 - GBP36,000). 
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 GBP'000    GBP'000    GBP'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    (191)    (62)     (117) 
parent company 
 
(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  30 June  31 December 
 
                             2024   2023   2023 
                             Unaudited Unaudited Audited 
                          Notes GBP'000   GBP'000   GBP'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   30 June 
                                       31 December 2023 
                          2024     2023 
                          Unaudited  Unaudited  Audited 
                          GBP'000    GBP'000    GBP'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 Six months Year 
                                           to     to     ended 
                                           30 June   30 June   31 
                                                       December 
                                           2024    2023 
                                                       2023 
                                           (Unaudited) (Unaudited) (Audited) 
                                           (GBP'000)   (GBP'000)   (GBP'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 3,174,735  3,126,757  2,769,255 
loss per share 
 
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.

----------------------------------------------------------------------------------------------------------------------- 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.: 349995 
EQS News ID:  1998849 
 
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------
 

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(END) Dow Jones Newswires

September 30, 2024 10:07 ET (14:07 GMT)

© 2024 Dow Jones News
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