28 Sep 2023 14:00
VVV Resources Limited (VVV) VVV Resources Limited: Interim Results for the six months ended 30 June 2023 28-Sep-2023 / 14:00 GMT/BST
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 Incomefor the six months ended 30 June 2023
Unaudited Condensed Group Statement of Financial Positionas at 30 June 2023
Unaudited Condensed Group Statement of Cash Flowsfor the six months ended 30 June 2023
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.
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.: | 274682 |
EQS News ID: | 1737141 |
End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.