VVV Resources Limited: Audited Annual Report to 31 December 2022

VVV Resources Limited

(The “Company” or “VVV”)

Audited Annual Report and Financial Statements

for the year ended 31 December 2022

Chairman’s Report (Incorporating the strategic review)

VVV Resources Limited, formerly Veni Vidi Vici Limited (“The Company”), are pleased to take this opportunity to reflect on the period from January 1st to December 31st, 2022.

OPERATIONS REVIEW

This past year has been a period of global uncertainty, volatility, and subsequent conflict. While the problems associated with the devastating COVID-19 pandemic reduced significantly, they were replaced by new challenges created by the conflict between Russia and Ukraine and the subsequent 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. However, during the reporting period, we were successful in raising proceeds amounting to £291,000 from private individuals.

The Company’s only current investment is a 51% holding of a privately held project in remote Western Australia. This project, known as Shangri La, comprises 10 contiguous hectares of what appears to be a polymetallic mineral assemblage comprising gold, silver, and copper.

On the 24 March 2022, the Company signed a conditional ‘Share Purchase Agreement’ (“SPA”) with Cass Fze and Stella Investments Limited, both incorporated in the UAE, to acquire 100% of the share capital of Anthony Vartkes Resources Limited, incorporated in the BVI. This overly complicated arrangement, on completion, would give the Company a 100% interest in a copper project known as Mitterberg, located in Austria, and the remaining 49% interest in the Shangri La project in Western Australia. However, conditions precedent of the SPA have not been met by the venders and therefore, as per the agreement, the SPA has not been completed and arguably no longer relevant to the Company.

Due to personal circumstances, three key Directors of the Company resigned during 2022 and were replaced by Malcolm Macleod and Jim Williams in September and October respectively to compliment Mahesh Pulandaran. 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 2022 amounted to £156,000 (2021: loss of £431,000) which mainly related to regulatory costs and other corporate overheads. The total revenue for the period was £Nil (2021: £Nil).  As at 31 December 2022, the Company had cash balances of £208,000 (2021: £87,000).

The Company does not recommend the payment of a dividend in the current year, same as the prior year.

No dividends have been paid or proposed in either year.

OUTLOOK

Going forward, the Company is reviewing 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

7 July 2023

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, 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.

Financial statements

Statement of profit or loss and other comprehensive income for the year ended to 31 December 2022

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The accompanying accounting policies and notes form part of these financial statements.

Statement of financial position as at 31 December 2022

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