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Hot Rocks Investments PLC
Earnings Release • Mar 7, 2023
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Earnings Release
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National Storage Mechanism | Additional information 
RNS Number : 2112S
Hot Rocks Investments PLC
07 March 2023
| 7 March 2023 HOT ROCKS INVESTMENTS PLC |
| Audited Final Results for year ended 31 March 2022 CHAIRMAN'S STATEMENT |
Dear Shareholders,
I hereby present the financial results for the Company for the year ended 31 March 2022. The Company is an active investor primarily in junior natural resources companies.
The Company made a profit for the year of £118,905, compared to a loss of £38,734 in the prior year. The Company will not be paying a dividend at this stage (2021: £Nil) as we seek to reinvest all profits in opportunities with the potential for significant capital growth.
Cash and cash equivalents as at the year end of 31 March 2022 were £36,008 (2021: £109,546).
We have continued to build and nurture our investment portfolio and we are generally pleased with performance. We remain excited about the potential listing on NASDAQ of Elephant Oil Corp at a price of $4-$5 per share where we hold 659,091 shares and Mosi Copper Limited, an Africa-focused copper exploration company where we are a founder shareholder and which we plan to float on a stock exchange when markets permit. In addition, Pilar Gold Inc plans to seek a listing in the near term.
We now hold stakes in the following entities:
· Aqru plc (AQUIS: AQRU)
· Elephant Oil Corp
· Impact Oil & Gas Limited
· Mafula Energy Limited
· MedGold Resources Corp (TSXV:MED)
· Minergy Limited (Botswana SX)
· Mosi Copper Limited
· New Horizon Oil & Gas Limited (trading as T5)
· NFT Investments plc (AQUIS:NFT)
· Pilar Gold Inc
· Roquefort Therapeutics Limited (LSE:ROQ)
· Royal Road Minerals Limited (TSXV:RYR)
· Trigon Metals Inc (TSXV:TM)
The Board of Directors will continue to introduce further equity positions to the Company to enable additional diversification of the portfolio.
Brian Rowbotham
Non-Executive Chairman
For further details please contact:
Hot Rocks Investments plc
Gavin Burnell Tel: 0207 2644 546
Optiva Securities Limited
Daniel Ingram Tel: 0203 981 4178
| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2022 |
Notes
2022
2021
£
£
Continuing Operations
Revenue
-
-
Operating expenses
(65,878)
(65,290)
Other (loss)/profit - sale of financial assets at fair value through profit and loss account
(17,831)
228,857
Movement in fair value of financial assets through profit
and loss
202,614
(202,302)
──────────
──────────
OPERATING PROFIT/(LOSS)
3
118,905
(38,735)
Finance income
-
1
─────────
─────────
PROFIT/(LOSS) BEFORE INCOME TAX
118,905
(38,734)
Income tax 6
-
-
─────────
─────────
PROFIT/(LOSS) AFTER INCOME TAX
118,905
(38,734)
══════════
══════════
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss
-
-
Fair value change in value on available-for-sale financial assets
-
-
| ───────── | ───────── |
─────────
Total Comprehensive income/(loss) for the year
118,905
(38,734)
══════════
══════════
| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Issued capital | Share premium | Other reserves | Retained earnings | Total equity | |
| £ | £ | £ | £ | £ | |
| Balance at 1 April 2021 | 173,602 | 1,174,631 | 115,600 | (740,555) | 723,278 |
| Profit for the year | - | - | - | 118,905 | 118,905 |
| ────────── | ───────────── | ────────── | ────────── | ────────── | |
| 173,602 | 1,174,631 | 115,600 | (621,650) | 842,183 | |
| ══════════ | ═════════════ | ══════════ | ══════════ | ══════════ |
| Issued capital | Share premium | Other reserves | Retained earnings | Total equity | |
| £ | £ | £ | £ | £ | |
| Balance at 1 April 2020 | 173,602 | 1,174,631 | 115,600 | (701,821) | 762,012 |
| Loss for the year | - | - | - | (38,734) | (38,734) |
| ────────── | ───────────── | ────────── | ────────── | ────────── | |
| 173,602 | 1,174,631 | 115,600 | (740,555) | 723,278 | |
| ══════════ | ═════════════ | ══════════ | ══════════ | ══════════ | |
| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF FINANCIAL POSITION |
| AS AT 31 MARCH 2022 |
| Notes | 2022 | 2021 | |||
| £ | £ | ||||
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Financial assets designated as fair value through profit or loss | 389,529 | 239,719 | |||
| CURRENT ASSETS | |||||
| Financial assets designated as fair value through profit or loss | 621,941 | 559,583 | |||
| Trade and other receivables | 40,306 | 25,595 | |||
| Cash and cash equivalents | 36,008 | 109,546 | |||
| ────────── | ────────── | ||||
| 698,255 | 694,724 | ||||
| ────────── | ────────── | ||||
| TOTAL ASSETS | 1,087,784 | 934,443 | |||
| ══════════ | ══════════ | ||||
| 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 | (621,650) | (740,555) | |||
| ───────────── | ───────────── | ||||
| TOTAL EQUITY | 842,183 | 723,278 | |||
| CURRENT LIABILITIES | |||||
| Trade and other payables | 245,601 | 211,165 | |||
| ────────── | ────────── | ||||
| TOTAL EQUITY AND LIABILITIES | 1,087,784 | 934,443 | |||
| ══════════ | ══════════ | ||||
| HOT ROCKS INVESTMENTS PLC |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2022 | 2021 | |||
| £ | £ | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Total operating profit /(loss) | 118,905 | (38,734) | ||
| ADJUSTMENTS TO RECONCILE TO PROFIT FROM OPERATIONS | ||||
| Finance income | - | (1) | ||
| ───────── | ───────── | |||
| ADJUSTMENTS TO RECONCILE PROFIT FROM OPERATIONS | 118,905 | (38,735) | ||
| INCREASE IN WORKING CAPITAL | ||||
| Loss/(gain) on disposal of financial assets held through profit and loss |
17,831 | (228,857) | ||
| Movement in fair value of financial assets through profit and loss | (202,614) | 202,302 | ||
| (Increase) in trade and other receivables | (14,714) | (25,595) | ||
| Return of capital | - | 12,339 | ||
| Increase in trade and other payables | 34,436 | 40,195 | ||
| ───────── | ────────── | |||
| (DECREASE)/INCREASE IN WORKING CAPITAL | (165,061) | 384 | ||
| ────────── | ────────── | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | (46,156) | (38,351) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchases of financial assets through profit and loss | (208,361) | (285,136) | ||
| Proceeds from disposal of financial assets through profit and loss | 180,979 | 413,165 | ||
| ────────── | ───────── | |||
| NET CASH FLOWS FROM INVESTING ACTIVITIES | (27,382) | 128,029 | ||
| ────────── | ───────── | |||
| NET CASH FLOWS FROM INVESTING ACTIVITIES | (73,538) | 89,678 | ||
| Cash and cash equivalents as at 1 April 2021 | 109,546 | 19,868 | ||
| ────────── | ───────── | |||
| CASH AND CASH EQUIVALENTS AS AT 31 MARCH 2022 | 36,008 | 109,546 | ||
| ══════════ | ═════════ | |||
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