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   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 £191,000 (30 June 2023 - £ 62,000 and 31 December 2023 - £117,000 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 £9,000 (30 June 2023 - £ 159,000 and 31 December 2023 - £36,000). 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 Ben Hill     [phone] [phone] Aquis Growth Market Corporate Adviser: Peterhouse Capital Limited     [phone]   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 2024 30 June 2023 31 December 2023     Unaudited Unaudited Audited   Notes £’000 £’000 £’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 parent company   (191) (62) (117)           (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 2024 30 June 2023 31 December 2023     Unaudited Unaudited Audited   Notes £’000 £’000 £’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 2024 30 June 2023 31 December 2023   Unaudited Unaudited Audited   £’000 £’000 £’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 to Six months to Year ended   30 June 2024 30 June 2023 31 December 2023   (Unaudited) (Unaudited) (Audited)   (£’000) (£’000) (£’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 loss per share 3,174,735 3,126,757 2,769,255         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.

ISIN:	VGG9470B1004
Category Code:	MSCM
TIDM:	VVV
LEI Code:	213800OEUSH43X859D83
Sequence No.:	349995
EQS News ID:	1998849

End of Announcement	EQS News Service