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DJ Hot Rocks Investments PLC Half-yearly Report

 
TIDMHRIP 
 
4 January 2016 
 
                           HOT ROCKS INVESTMENTS PLC 
 
                        ("Hot Rocks" or the "Company") 
 
UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2015 
 
CHAIRMAN'S STATEMENT 
 
I hereby present the interim results for the Company for the six months ended 
30 September 2015. 
 
The Company is an active investor in junior natural resources companies. The 
difficult market conditions for the commodities sector have continued during 
and post this interim stage. 
 
The Company made a total comprehensive loss of GBP394 for the period, compared to 
a loss of GBP360,266 for the same period last year. The Company will not be 
paying a dividend. 
 
Cash at bank as at 30 September 2015 was GBP13,603 (31 March 2015: GBP39,984). 
 
During the period, Elephant Oil Limited an oil exploration company with a focus 
on West Africa raised further capital at 25.3p per share from AIM-traded Red 
Rock Resources plc and in turn subscribed for some equity in Red Rock. We hold 
1,977,272 ordinary shares in Elephant Oil. 
 
Taoudeni Resources Limited, of which we are co-founder, acquired the Asheba 
gold exploration project from AIM-traded Hummingbird Resources ("HUM") on 30 
June 2015. HUM had previously acquired the Asheba Project from Gold Fields as 
part of the acquisition of their Yanfolila Gold Project. Based on historical 
estimates from Gold Fields, Asheba has an estimated gold inventory of 176,000oz 
gold @ 1.8g/t. Taoudeni is focused on exploration in West Africa on the world 
class Birimian Belts in Ghana (gold) and the highly prospective Taoudeni Basin 
in Mauritania (copper). Taoudeni has a lean, cost effective corporate 
structure, an experienced management team encompassing strong technical and 
capital markets experience and is building a strong portfolio with near term 
value triggers.  Taoudeni focuses on projects with a high degree of geological 
prospectivity that can be explored in a cost effective manner to rapidly build 
value for shareholders and partners with potential for realisation. 
 
Following the period end, Upland Resources Limited in which we hold 3.86million 
shares was admitted to the main market by way of a Standard Listing. They are 
trading at a 25% premium to our entry level. 
 
We hold stakes in the following entities: 
 
Brazil Tungsten Holdings Limited 
Copper Bay plc 
Elephant Oil Limited 
Global Exergy Ltd / Global Exergy Company 
Goldcrest Resources plc 
Impact Oil & Gas Limited 
Mafula Energy Limited 
MedGold Resources Corp 
Minergy Limited 
New Horizon Oil & Gas Limited (trading as T5) 
Onzima Ventures plc 
Prospex Oil & Gas plc 
Rift Resources Limited 
Taoudeni Resources Limited 
Royal Road Minerals Limited (formerly Tigris Resources Limited) 
Upland Resources Limited 
 
Brian Rowbotham 
Non-Executive Chairman 
 
HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2015 
 
                                                             6 months     6 months 
                                                                   To           To 
                                                         30 September 30 September 
                                                                 2015         2014 
                                                            Unaudited    Unaudited 
 
Continuing operations                                               GBP            GBP 
 
Revenue                                                                          - 
 
Operating expenses                                           (33,081)     (48,798) 
 
Impairment of available-for-sale financial                          -    (316,277) 
asset 
 
Other gains                                                    37,521        5,634 
 
                                                              _______      _______ 
 
Profit/(Loss) from operations                                   4,440    (359,441) 
 
Interest payable                                                    -         (13) 
Interest receivable                                             1,548        1,917 
 
                                                              _______      _______ 
 
Profit/(Loss) before taxation                                   5,988    (357,537) 
 
Income tax expense                                                  -     (16,417) 
 
                                                              _______      _______ 
 
Profit/(Loss) for the period                                    5,988    (373,954) 
 
                                                              _______      _______ 
 
Other comprehensive income 
 
Reclassification of cumulative gains on                       (6,382)       (5,846) 
available-for-sale financial asset due to 
disposals 
 
Fair value gains/(losses) on                                        -       19,534 
available-for-sale financial assets 
 
                                                              _______      _______ 
 
Total comprehensive income/(loss) for the                       (394)    (360,266) 
period 
 
                                                              _______      _______ 
 
Earnings per share                                                  -      (0.21)p 
 
                                                              _______      _______ 
 
 
HOT ROCKS INVESTMENTS PLC                       CONDENSED STATEMENT OF 
FINANCIAL POSITION 
 
 
AS AT 30 SEPTEMBER 2015 
 
                                                                As at         As at 
 
                                                         30 September      31 March 
 
                                                                 2015          2015 
 
                                                            Unaudited       Audited 
 
Assets 
 
                                                                    GBP             GBP 
 
Non-current assets 
 
Available for sale financial assets                           773,701       780,083 
 
                                                              _______       _______ 
 
                                                              773,701       780,083 
 
                                                              _______       _______ 
 
Current assets 
 
Other receivables                                              67,952        25,172 
 
Cash and cash equivalents                                      13,603        39,984 
 
                                                              _______       _______ 
 
                                                               81,555        65,156 
 
                                                              _______       _______ 
 
Total assets                                                  855,256       845,239 
 
                                                              _______       _______ 
 
Equity and liabilities 
 
Equity 
 
Called up share capital                                       173,602       173,602 
 
Share premium account                                       1,174,631     1,174,631 
 
Shares to be issued under warrants                             29,738        29,738 
 
Other reserves                                                 57,110        57,110 
 
Retained loss                                               (688,945)     (688,551) 
 
                                                             ________      ________ 
 
                                                              746,136       746,530 
 
                                                              _______       _______ 
 
Current liabilities 
 
Trade and other payables                                      109,120        98,709 
 
                                                              _______       _______ 
 
Total equity and liabilities                                  855,256       845,239 
 
                                                              _______       _______ 
 
 
HOT ROCKS INVESTMENTS PLC                                             CONDENSED 
CASH FLOW STATEMENT 
 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2015 
 
                                                          6 months to    6 months to 
 
                                                         30 September   30 September 
 
                                                                 2015           2014 
 
                                                            Unaudited      Unaudited 
 
                                                                    GBP              GBP 
 
Cash flows from operating activities 
 
Operating profit/(loss)                                         (394)      (357,537) 
 
Adjustments: 
 
Impairment of available-for-sale financial assets                   -        316,277 
 
Gains on disposal of available-for-sale financial               6,382        (5,634) 
assets                                                              -          5,386 
Foreign exchange differences                                  (1,548)        (1,917) 
Finance income 
 
Movements in working capital: 
 
(Increase)/decrease in trade and other receivables           (42,780)        (1,475) 
 
Increase/(decrease) in trade and other payables                10,411         24,132 
 
                                                              _______        _______ 
 
Net cash used in operating activities                        (27,925)       (20,768) 
 
                                                              _______        _______ 
 
Cash flows from investing activities 
 
Purchases of available-for-sale financial assets                    -      (188,836) 
 
Proceeds from disposal of available-for-sale financial              -         89,442 
assets 
 
Loans issued to related parties                                     -        (5,000) 
 
                                                             ________       ________ 
 
Net cash used in investing activities                               -      (104,394) 
 

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DJ Hot Rocks Investments PLC Half-yearly Report -2-

                                                             ________       ________ 
 
Cash flows from financing activities 
 
Proceeds from issuance of ordinary shares                           -              - 
 
Share issue expense paid                                            -              - 
 
Interest received                                               1,548              - 
 
Repayment of loan from related party                                -              - 
 
                                                             ________       ________ 
 
Net cash from financing activities                               1548              - 
 
                                                             ________       ________ 
 
(Decrease)/increase in cash and cash equivalents             (26,381)      (125,162) 
 
                                                             ________       ________ 
 
Cash and cash equivalents at the beginning of the              39,984        187,442 
period 
 
                                                             ________       ________ 
 
Cash and cash equivalents at the end of the period             13,603         62,280 
 
                                                             ________       ________ 
 
HOT ROCKS INVESTMENTS 
PLC 
ACCOUNTING POLICIES 
 
 
FOR THE PERIOD ENDED 30 SEPTEMBER 2015 
 
1    Financial Information 
 
The financial information set out above does not constitute statutory accounts 
within the meaning of Section 434 of the Companies Act 2006. It has been 
prepared on a going concern basis in accordance with the recognition and 
measurement criteria of the International Financial Reporting Standards (IFRS) 
as adopted by the European Union. 
 
The accounting policies used in the preparation of this set of condensed 
interim financial statements are consistent with those set out in the Company's 
annual financial statements for the year ended 31 March 2015. Statutory 
accounts for the year ended 31 March 2015 were approved by the Board of 
Directors on 30 September 2015 and delivered to the Registrar of Companies. The 
report of the independent auditor on those accounts was unqualified. 
 
        The financial information for the six months ended 30 September 2015 
has not been reviewed. As permitted, the Company has chosen not to adopt IAS 34 
"Interim Financial Statements" in preparing this interim financial 
information. 
 
        Risks and Uncertainties 
 
      The Board continuously assesses and monitors the key risks of the 
business. The key risks that could affect the Company's medium term performance 
and the factors that mitigate those risks have not substantially changed from 
those discussed in the Financial Statements to 31 March 2015. 
 
Critical accounting estimates 
 
The preparation of the condensed interim financial statements requires 
management to make estimates and assumptions that affect the reported amounts 
of assets and liabilities and disclosure of contingent assets and liabilities 
at the end of the reporting period. Significant items subject to estimates are 
set out in the accounting policies of the Company's Financial Statements to 31 
March 2015. 
 
The Directors of the issuer are responsible for the content of this 
announcement. 
 
For further information please contact: 
 
Hot Rocks Investments plc 
Gavin Burnell: 01732 366561 
 
Peterhouse Corporate Finance Limited 
Guy Miller: 020 7220 9796 
 
 
 
END 
 

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