Business
VVV Resources Limited: Annual Report and Fina...
VVV Resources Limited: Annual Report and Fina....
About this update from Vvv Sports Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nVVV Resources Limited (VVV)\n\n\n\n\n\n\nVVV Resources Limited: Annual Report and Financial Statements for the year ended 31 December 2023 28-Jun-2024 / 11:59 GMT/BST\n\n\n \n\n \n\n \n\nVVV Resources Limited(\"VVV\" or the \"Company\" or the “Group”)\n\n \n\nAnnual Report and Financial Statements\n\nfor the year ended 31 December 2023\n\n \n\nChairman’s Report (Incorporating the strategic review)\n\n \n\nVVV 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 Australia on 18th January 2023.\n\n \n\nOPERATIONS REVIEW\n\nThis past year has continued to be a period of global uncertainty, volatility, and subsequent conflict. While the direct problems associated with the previously mentioned devastating COVID-19 pandemic have arguably dissipated, they have been replaced by further new challenges created by the escalating conflicts globally, and the uncertainty of China’s allegiance have all significantly contributed to the impacts on global security, rampant inflation, energy scarcity and fears of global food shortages.\n\n \n\nThe 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. \n\n \n\nThe Company’s current investments comprise 100% of the Mitterberg Copper Project in Austria and a 51% holding of the Shangri La polymetallic project in Western Australia. The Mitterberg concessions comprise 198 contiguous licences over some 90 square kilometres located approximately 60 kilometres south of Salzburg. The Shangri La project comprises 10 contiguous hectares of what appears to be a polymetallic mineral assemblage comprising gold, silver, and copper. \n\n \n\nDue to personal circumstances, one director, Malcolm Macleod, left the Board on the 18th August 2023 ...