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VVV Resources Limited Earnings Release 2021
10264_rns_2022-06-30_870e2daf-d8ef-464f-846e-0891c37d1aeb.html
Earnings Release
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National Storage Mechanism | Additional information
VVV Resources Limited (VVV)
VVV Resources Limited: Unaudited Preliminary Results for the year ended 31 December 2021
30-Jun-2022 / 17:46 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
VVV Resources Limited
AQSE: VVV
("VVV” or the “Company”)
Unaudited Preliminary Results for the year ended 31 December 2021
VVV Resources Limited (formerly Veni Vidi Vici Limited) announces its unaudited preliminary results for the year end ended 31 December 2021.
The information set out below has been extracted from the Company’s draft report and accounts for the year ended 31 December 2021 and has not been audited. A further announcement will be released by the Company on completion of the audit, expected shortly, and any material changes between the financial information set out below and the audited financial information will be disclosed in that announcement.
“CHAIRMAN’S STATEMENT
Overview
On 30th June 2021 the Company was renamed VVV Resources Limited.
Due to strict COVID-19 restrictions in Australia, the Company advises that it has completed limited physical work on its Shangri La Project.
The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares. The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.
During the first six months, the Company’s activities were limited solely to desk studies, due (as per above) due to the tight COVID-19 travel restrictions imposed in Australia. Since the end of June 2021, the restrictions have however, been eased and the Company commissioned an independent Geologist based out of Perth to carry out a site visit to collect samples from the project area.
Furthermore, the Company reported in June 2021 that Donald Strang resigned as a Director of the Company and Lester Kemp, a Geologist with over 25 years of experience in the resources sector, was elected as the Company’s Chief Operating Officer and later made a Non-Executive Director in 2022.
A number of projects in Western Australia are currently being reviewed, and shareholders will be provided with further news in due course.
FINANCE REVIEW
The loss for the year was £431,000 (2020: loss of £100,000) which mainly related to regulatory costs and other corporate overheads. The total revenue for the period was nil. As at 31 December 2021, the Company had cash balances of £87,000 (2020: £272,000).
The accounts to 31 December 2021 have not been fully reviewed by the Company’s auditors.
Mahesh Pulandaran
Managing Director
30 June 2022
The directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
| The Company David Rigoll |
+44 (0) 7881 778888 |
| AQSE Growth Market Corporate Adviser: Peterhouse Capital Limited Guy Miller/Mark Anwyl |
+44 (0) 20 7469 0936 |
Statement of profit or loss and other comprehensive income for the year ended to 31 December 2021
| Year ended 31 December 2021 |
Period ended 31 December 2020 |
||
| £’000 | £’000 | ||
| Revenue | |||
| Investment income | - | - | |
| Total revenue | - | - | |
| Administration expenses | (431) | (99) | |
| Share based payment charge | - | (1) | |
| Operating loss | (431) | (100) | |
| Finance costs | - | - | |
| Loss before taxation | (431) | (100) | |
| Taxation | - | - | |
| Loss for the period attributable to equity holders of the company | (431) | (100) | |
| Other comprehensive income | |||
| Translation exchange (loss)/gain | - | - | |
| Other comprehensive income for the period net of taxation | - | - | |
| Total comprehensive income for the period attributable to equity holders of the company | (431) | (100) | |
| Loss per share | |||
| Basic and diluted (pence) | (22.87) | (5.74) | |
Statement of financial position as at 31 December 2021
| 31 December | Restated 31 December |
||
| 2021 | 2020 | ||
| £’000 | £’000 | ||
| Non-current assets | |||
| Investments accounted for using the equity method | 136 | 136 | |
| Current assets | |||
| Trade and other receivables | 22 | 18 | |
| Cash and cash equivalents | 87 | 272 | |
| 109 | 290 | ||
| Total assets | 245 | 426 | |
| Current liabilities | |||
| Trade and other payables | (97) | (67) | |
| (97) | (67) | ||
| Net current assets/ (liabilities) | 12 | 223 | |
| Net assets | 148 | 359 | |
| Equity | |||
| Share capital | - | - | |
| Share premium | 863 | 643 | |
| Share based payment reserve | 26 | 26 | |
| Retained earnings | (741) | (310) | |
| Total equity | 148 | 359” |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
| ISIN: | VGG9470B1004 |
| Category Code: | MSCM |
| TIDM: | VVV |
| LEI Code: | 213800OEUSH43X859D83 |
| Sequence No.: | 171899 |
| EQS News ID: | 1388337 |
| End of Announcement | EQS News Service |