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LONDON - VVV Resources Limited reported a loss of £427,000 for the year ended December 31, 2024, compared to a £117,000 loss in 2023, according to the company’s annual report released Friday.
The loss primarily stemmed from the impairment of the company’s investment in its Australian subsidiary due to uncertainty about future operations, including whether to renew its license. The company recorded no revenue for the period and held cash balances of £5,000 at year-end, down from £36,000 in 2023.
The company’s auditors issued a qualified opinion on the financial statements, citing inability to obtain financial information for the current year from the company’s Australian subsidiary, VVV Resources Australia Pty Limited.
In post-balance sheet developments, the company secured £1 million in funding between April and June 2025, ending the half-year with approximately £826,000 in cash. This financing coincided with board changes, including the appointment of Jonathan Rowland as Executive Chairman.
On June 18, 2025, the company changed its name to VVV Sports Limited, signaling a strategic shift away from resources toward developing businesses in sports and media, particularly focusing on racket sports such as padel tennis and pickleball, as well as tennis, football, boxing, and motor racing.
The company’s current assets include full ownership of the Mitterberg Copper Project in Austria, comprising 198 contiguous licenses over approximately 90 square kilometers, and a 51% stake in the Shangri La polymetallic project in Western Australia.
The company stated it plans to divest its resource investments as part of its new strategic direction, based on information provided in the press release statement.
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