DJ Hot Rocks Investments plc: Final Results
Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Final Results
01-Oct-2024 / 07:00 GMT/BST
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1 October 2024
HOT ROCKS INVESTMENTS PLC
(the "Company")
Audited Final Results to 31 March 2024
Managing Director's Statement
I hereby present the financial results for the Company for the year ended 31 March 2024. The Company has been an
active investor primarily in junior natural resources companies. The Company also reviews opportunities to invest in
other sectors, particularly technology, and generally seeks to invest in exciting companies where our valuation entry
point reflects the early-stage nature of their business or sector which, although carrying higher risk, gives us
exposure to considerable upside.
We have continued to build and nurture our investment portfolio and we are generally pleased with performance,
particularly in light of difficult market conditions in the space in which we operate. We also have a favourable cash
position enabling us to take advantage of situations as they arise.
The Company made a profit for the year of GBP46,984, and a loss of GBP367,811 in the prior year. The Company will not be
paying a dividend for the foreseeable future (2023: GBPNil) as we seek to reinvest any profits in opportunities with the
potential for significant capital growth.
Cash and cash equivalents as at the year end of 31 March 2024 were GBP5,386 (2023: GBP21,928).
In May 2024 we announced with sadness the passing of our Chairman, Brian Rowbotham. Brian qualified as a Chartered
Accountant with Deloitte & Touche and had a long career in the City including at Save and Prosper and F&C Management
Ltd. Brian joined Teather and Greenwood in 1997 and was involved as partner and then Finance Director in the Company's
flotation on AIM and subsequent move to the Official List. He ran his own consultancy specialising in turnarounds and
start-ups until joining Hichens, Harrison & Co plc in 2005 - sold to Religare Enterprises in May 2008. Aside from being
a colleague, Brian was a good friend and he is missed greatly.
Post the year end we sold approximately 94% of our holding in Phoenix Digital Assets plc in a tender offer for the sum
of GBP235,125.
We also sold our holding in Impact Oil & Gas Limited, to Africa Oil Corp, receiving the sum of GBP142,250, a 5.6X return
on the Company's investment.
Elephant Oil Corp, where we hold 659,091 shares, has been seeking to list on an exchange at a price of USD4-USD5 per share.
It has to date not achieved this flotation but we are pleased to note that the company has recently acquired 3 oil
exploration blocks in Cote D'Ivoire to complement its portfolio in Benin and Namibia.
Mosi Copper Limited, an Africa-focused copper exploration company where we are a founder shareholder, continues to make
good progress, has recently commissioned magnetics on its licence interests and plans to float on a stock exchange in
the near term.
Golden Shield Resources has announced a non-binding letter of intent with Tucano Gold Inc. ("Tucano Gold") pursuant to
which it will acquire all of the issued and outstanding securities of Tucano Gold in exchange for securities in Golden
Shield.
We now hold cash of approximately GBP340,000 and ordinary shares and/or convertible loans and/or warrants in the
following entities:
D3 Energy
Electrum Discovery Corp
Elephant Oil Corp
Laiva Gold Inc
Mafula Energy Limited
Minergy Limited
Mosi Copper Limited
New Horizon Oil & Gas Limited
Orcadian Energy plc
Phoenix Digital Assets plc
Pilar Gold Inc
Rift Resources Limited
Royal Road Minerals Limited
Supernova Digital Assets plc
Trigon Metals Inc
Tucano Gold Inc
Unicorn Mineral Resources plc
We look forward to updating the market on further new investments in the coming months.
Gavin Burnell
Managing Director
For further details please contact:
Hot Rocks Investments plc
Gavin Burnell Tel: 0207 2644 546
Optiva Securities Limited
Vishal Balasingham Tel: 0203 981 4174
HOT ROCKS INVESTMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
2024 2023
GBP GBP
Continuing Operations
Revenue - -
Operating expenses (67,902) (78,206)
Other profit/(loss) - sale of financial assets at fair value through profit and loss account 775 (62,462)
Foreign exchange loss on financial assets - (30,108)
Movement in fair value of financial assets through profit
113,928 (197,063)
and loss
OPERATING PROFIT/(LOSS) 46,801 (367,839)
Finance income 183 28
PROFIT/(LOSS) BEFORE INCOME TAX 46,984 (367,811)
Income tax - -
PROFIT/(LOSS) AFTER INCOME TAX 46,984 (367,811)
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Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss - -
Fair value change in value on financial assets - -
Total Comprehensive income/(loss) for the year 46,984 (367,811)
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Basic Earnings per share (pence) 0.03 (0.21)
Diluted Earnings per share (pence) 0.02 (0.19)
HOT ROCKS INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance at 1 April 2024 173,602 1,174,631 115,600 (989,460) 474,373
Profit for the year - - - 46,984 46,984
173,602 1,174,631 115,600 (942,476) 521,357
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Issued capital Share premium Other reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance at 1 April 173,602 1,174,631 115,600 (621,650) 842,183
2023
(367,811)
Loss for the year - - - (367,811)
173,602 (989,460)
1,174,631 115,600 474,373
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HOT ROCKS INVESTMENTS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
Notes 2024 2023
GBP GBP
ASSETS
NON-CURRENT ASSETS
Financial assets designated as fair value through profit or loss 408,583 385,171
CURRENT ASSETS
Financial assets designated as fair value through profit or loss 416,240 344,393
Trade and other receivables 117 606
Cash and cash equivalents 5,386 21,928
421,743 366,928
TOTAL ASSETS 830,326 752,098
EQUITY
ISSUED CAPITAL AND RESERVES
Issued share capital 173,602 173,602
Share premium 1,174,631 1,174,631
Reserves 115,600 115,600
Retained loss (942,476) (989,460)
TOTAL EQUITY 512,357 474,373
CURRENT LIABILITIES
Trade and other payables 308,969 277,725
TOTAL EQUITY AND LIABILITIES 830,326 752,098
----------------------------------------------------------------------------------------------------------------------- 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: GB00B1WV3198 Category Code: FR TIDM: HRIP LEI Code: 213800JNSRPMZVREEO51 Sequence No.: 350005 EQS News ID: 1999023 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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