VVV Resources Limited / VGG9470B1004
28.06.2024 - 12:59:48VVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023
| VVV Resources Limited (VVV) 28-Jun-2024 / 11:59 GMT/BST VVV Resources Limited ("VVV" or the "Company" or the “Group”) Annual Report and Financial Statements for the year ended 31 December 2023 Chairman’s Report (Incorporating the strategic review) VVV Resources Limited is pleased to take this opportunity to reflect on the period from January 1st to December 31st, 2023, being the first period end to prepare consolidated financial statements having acquired 100% ownership of VVV Resources Australia Pty Ltd, when the company was incorporated in Australia on 18th January 2023. OPERATIONS REVIEW This past year has continued to be a period of global uncertainty, volatility, and subsequent conflict. While the direct problems associated with the previously mentioned devastating COVID-19 pandemic have arguably dissipated, they have been replaced by further new challenges created by the escalating conflicts globally, and the uncertainty of China’s allegiance have all significantly contributed to the 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. Fund raising continues to be problematic especially with illiquid companies though many metal prices directly relevant to the Company’s portfolio are reaching all-time highs. 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. Due to personal circumstances, one director, Malcolm Macleod, left the Board on the 18th August 2023 and Mahesh Pulandaran, previously an Executive Director of the Company became a Non-Executive Director. 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. FINANCE REVIEW The loss for the period to 31 December 2023 amounted to £117,000 (2022: loss of £156,000) which mainly related to regulatory costs and other corporate overheads. The total revenue for the period was £Nil (2022: £Nil). As at 31 December 2023, the Company had cash balances of £36,000 (2022: £208,000). The Company does not recommend the payment of a dividend in the current financial year. OUTLOOK Going forward, the Company continues to review 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 27 June 2024 Extract from auditor report: “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 on its two projects, 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.” The Directors of the Company accept responsibility for the contents of this announcement.
Statement of cash flows for the year ended to 31 December 2023 __________________________________________________________________________________________
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