from VVV Resources Limited (isin : VGG9470B1004)
VVV Resources Limited: Interim Results for the six months ended 30 June 2023
VVV Resources Limited (VVV)
VVV Resources Limited ("VVV” or the “Company”)
Interim Results for the six months ended 30 June 2023
VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited interim results for the six months ended 30 June 2023.
OVERVIEW
The Company’s goals for the six months to 30 June 2023 were to continue its endeavours to acquire suitable mineral projects in user-friendly jurisdictions The Company has reviewed a number of exploration opportunities during the reporting period; some of these do not fit our investment strategy; others do. An update on this is expected shortly.
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.
The Company’s only current asset continues to be a 51% holding in the Shangri La polymetallic project in Western Australia. All work commitments for this project are currently up to date.
Director changes have occurred during the past six months; Jim Williams became Executive Chairman during June and Malcolm Macleod departed the Board in August. Currently the Board comprises two directors, Mahesh Pulandaran as a Non-Executive and Jim Williams as an Executive.
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 2023 was £62,000 (30 June 2022 - £ 77,000 and 31 December 2022 - £156,000 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 2023, the Company had cash balances of £159,000 (30 June 2022 - £ 17,000 and 31 December 2022 - £208,000). The interim accounts to 30 June 2023 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:
Unaudited Condensed Group Statement of Comprehensive Income |
|
| Consolidated | Company | Company |
|
| 6 months to | 6 months to | Year ended |
|
| 30 June 2023 | 30 June 2022 | 31 December 2022 |
|
| Unaudited | Unaudited | Audited |
| Notes | £’000 | £’000 | £’000 |
Continuing operations |
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Revenue |
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Investment income |
| - | - | - |
Total gains on AFS investments |
| - | - | - |
|
|
|
|
|
Administrative costs |
| (62) | (77) | (139) |
Loss Allowance for loan |
| - | - | (17) |
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Operating (loss) |
| (62) | (77) | (156) |
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Finance costs |
| - | - | - |
(Loss) before tax |
| (62) | (77) | (156) |
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Taxation |
| - | - | - |
(Loss) for the period |
| (62) | (77) | (156) |
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Other comprehensive income |
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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 parent company |
| (62) | (77) | (156) |
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(Loss) per share: |
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Basic and diluted (loss) per share (pence) | 2 | (1.98) | (4.09) | (7.46) |
Unaudited Condensed Group Statement of Financial Position
as at 30 June 2023
|
| Group | Company | Company |
|
| 30 June 2023 | 30 June 2022 | 31 December 2022 |
|
| Unaudited | Unaudited | Audited |
| Notes | £’000 | £’000 | £’000 |
ASSETS |
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Non-current assets |
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Investments accounted for using the equity method |
| 136 | 136 | 136 |
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| 136 | 136 | 136 |
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Current assets |
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Trade and other receivables |
| 19 | 34 | 23 |
Cash and cash equivalents |
| 159 | 17 | 208 |
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| 178 | 51 | 231 |
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Total assets |