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Hot Rocks Investments PLC
Earnings Release • Oct 1, 2024
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Earnings Release
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National Storage Mechanism | Additional information
Hot Rocks Investments plc (HRIP)
Hot Rocks Investments plc: Final Results
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)
(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 | |||
| ══════════ | ══════════ | ||||
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: | GB00B1WV3198 |
| Category Code: | FR |
| TIDM: | HRIP |
| LEI Code: | 213800JNSRPMZVREEO51 |
| Sequence No.: | 350005 |
| EQS News ID: | 1999023 |
| End of Announcement | EQS News Service |