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