VVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023
Announcement provided by
VVV Resources Limited · VVV28/06/2024 11:59
VVV Resources Limited (VVV)
VVV Resources Limited
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
OPERATIONS REVIEW
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
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
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 profit or loss and other comprehensive income for the year ended to 31 December 2023
Statement of financial position as at 31 December 2023
The financial statements of VVV Resources Limited (registered number 196048) were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:
Mahesh Pulandaran Director
Statement of changes in equity for the year ended 31 December 2023__________________________________________________________________________________________
*See Note 2 Prior Year Adjustment paragraph adjustment relating to year ended 31 December 2020
The accompanying accounting policies and notes form part of these financial statements. Statement of cash flows for the year ended to 31 December 2023__________________________________________________________________________________________
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ISIN: | VGG9470B1004 |
Category Code: | MSCM |
TIDM: | VVV |
LEI Code: | 213800OEUSH43X859D83 |
Sequence No.: | 331018 |
EQS News ID: | 1935847 |
End of Announcement | EQS News Service |
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