Hot Rocks Investments plc (HRIP)
01-Oct-2024 / 07:00 GMT/BST
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 £46,984, and a loss of £367,811 in the prior year. The Company will not be paying a dividend for the foreseeable future (2023: £Nil) 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 £5,386 (2023: £21,928). 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 £235,125. We also sold our holding in Impact Oil & Gas Limited, to Africa Oil Corp, receiving the sum of £142,250, 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 $4-$5 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 £340,000 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 | | | £ | £ | | 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 and loss | 113,928 | (197,063) | | | | ?????????? | ?????????? | | 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) | | | ?????????? | ?????????? | | | | | | | | | | | | | | 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) | | | ?????????? | ?????????? | | | | | | 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 | | | £ | £ | £ | £ | £ | | 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 | | | | | | | | | | ?????????? | ????????????? | ?????????? | ?????????? | ?????????? |
| | | | | | Issued capital | Share premium | Other reserves | Retained earnings | Total equity | | | £ | £ | £ | £ | £ | | Balance at 1 April 2023 | 173,602 | 1,174,631 | 115,600 | (621,650) | 842,183 | | Loss for the year | - | - | - | (367,811) | | | | ?????????? | ????????????? | ?????????? | ?????????? | ?????????? | | | 173,602 | 1,174,631 | 115,600 | (989,460) | 474,373 | | | | | | | | | | ?????????? | ????????????? | ?????????? | ?????????? | ?????????? | | | | | | | | | |
| HOT ROCKS INVESTMENTS PLC | | STATEMENT OF FINANCIAL POSITION | | AS AT 31 MARCH 2024 |
| Notes | 2024 | 2023 | | | £ | £ | | 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 | | | ?????????? | ?????????? | | | | | | | |
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