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

 

 

 

		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)

 

 

 

 

 

 

		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.