REG - Asiamet Resources Ld - 2023 Annual Report & Financial Statements

Asiamet ResourcesAnnouncement

09/05/2024 11:45

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RNS Number : 8143N  Asiamet Resources Limited  09 May 2024

9 May 2024

 

 

2023 Annual Report & Financial Statements

 

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present
its audited financial statements for the 12 months ended 31 December 2023
("Financial Statements") as extracted from the Company's 2023 Annual Report
which is now available on the Company website at www.asiametresources.com
(http://www.asiametresources.com) and will be provided to shareholders who
have requested a printed or electronic copy.

The Financial Statements are set out below and should be read in conjunction
with the 2023 Annual Report which contains the notes to the Financial
Statements.

All dollars in the report are US$ unless otherwise stated.

Key 2023 Financial and Operational Highlights Include:

·    Updated Ore Reserve statement issued on 10th May 2023 for BKM
delivered the following:

o  19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved Reserve
Category.

o  21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable Reserve
Category; and

o  40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proved and Probable
Reserve Category.

·    Updated Feasibility Study on the BKM project demonstrating a
technically viable and economic robust copper project with:

o  An initial 9.2-year life of mine and 19.6ktpa of copper cathode production

o  Life of Mine ('LOM') revenues of $1.4 billion and EBITDA of $655.3
million.

o  Capital cost of $208.7 million (excluding growth and contingency $26.7
million)

o  Post tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure
costs)

o  Payback Period 3.4 years

o  C1 cash cost of $1.91/lb and AISC of $2.25/lb

·    Appointment of corporate advisors Grant Samuel Corporate Finance to
support the BKM project finance process and China Zenith Capital Limited to
assist with China sourced funding including offtake, equipment finance,
project construction and strategic sourcing relating to finance.

·    Appointment of Non-Executive Directors, Matthew Doube, based in
Singapore and Peter Chambers, based in Jakarta as representatives of major
shareholder PT Delta Dunia Makmur Tbk.

·    Completed a capital placing, raising gross proceeds of approximately
$4.0 million with PT Delta Dunia Makmur Tbk. in November 2023.

 

 

 

 

 

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

Antony (Tony) Manini, Executive Chairman

For further information, please contact:

-Ends-

Tony Manini
Executive Chairman, Asiamet Resources Limited

Email: tony.manini@ (mailto:tony.manini@asiametresources.com) asiametresources
(mailto:tony.manini@asiametresources.com) .com
(mailto:tony.manini@asiametresources.com)

 

FlowComms Limited - Investor Relations

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com)

Asiamet Resources Nominated Adviser
Strand Hanson Limited

26 Mount Row

London W1K 3SQ

Telephone: +44 20 7409 3494

Email: asiamet@strandhanson.co.uk

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com

 

Follow us on twitter @AsiametTweets

 

FORWARD-LOOKING STATEMENT

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements.   Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices.  There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended.  Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.

 

This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014 ("MAR").

 

 

Consolidated Statement of Financial Position

As at 31 December 2023

 

                                                       2023                                2022
                                                        $'000                               $'000

 Assets
 Current assets
                  Cash                                  4,136                               5,185
                  Receivables and other assets          131                                 77
                                                        4,267                               5,262
 Non-current assets
                  Plant and equipment                   28                                  36
                  Right-of-use asset                   2                                   16
                  Receivables and other assets          65                                  67
                                                        95                                  119
 Total assets                                           4,362                               5,381

 Liabilities and Equity
 Current liabilities
                  Trade and other payables              270                                 657
                  Provisions                            296                                 288
                  Lease liabilities                     -                                   59
                                                        566                                 1,004
 Non-current liabilities
                  Provision for employee entitlements                  615                  550
                                                        1,181                               1,554
 Equity
                  Share capital                         25,902                              21,831
                  Equity reserves                       67,378                              66,921
                  Other comprehensive loss              126                                 71
                  Accumulated Deficit                   (86,972)                            (81,743)
                  Other reserves                        (3,246)                             (3,246)
                  Parent entity interest                3,188                               3,834
                  Non-controlling interest              (7)                                 (7)
                                                        3,181                               3,827
 Total liabilities and equity                           4,362                               5,381

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2023

 

                                             2023                                                 2022
                                             $'000                                                 $'000
 Expenses
                       Exploration and evaluation                  (1,554)                        (3,611)
                       Employee benefits                            (2,520)                       (2,259)
                       Consultants                                  (118)                         (216)
                       Legal and Company Secretarial                (110)                         (90)
                       Accounting and audit                                               (53)    (47)
                       General and administrative                                         (239)   (271)
                       Depreciation                                                       (28)    (46)
                       Share-based compensation                                           (493)   (369)
                                                                                         (5,115)  (6,909)
 Other items
                       Foreign exchange (loss)/gain                                       (11)    148
                       Finance costs                                                      (1)     (10)
                       Impairment expenses                                                (112)   (268)
                       Other income                                                       10      4
                                                                                          (114)   (126)
 Net loss before tax                                                                     (5,229)   (7,035)
 Income tax expense                                                                      -        -
 Net loss for the year                                                                   (5,229)  (7,035)
 Other comprehensive gain that may not be reclassified subsequently to profit
 or loss:
                       Actuarial gain on employee service entitlements                   55       22
 Total comprehensive loss for the year                                                   (5,174)  (7,013)

 Net loss attributable to:
                       Equity holders of the parent                                      (5,179)  (6,931)
                       Non-controlling interests                                         (50)     (104)
 Total comprehensive loss attributable to:
                       Equity holders of the parent                                      (5,124)  (6,909)
                       Non-controlling interests                                         (50)     (104)

 Basic and diluted loss per common share (cents per share)                               (0.23)   (0.36)

 

Consolidated Statement of Cash Flows

For the year ended 31 December 2023

 

                                                        2023     2022
                                                         $'000    $'000
 Operating activities
 Loss before tax                                        (5,229)  (7,035)
 Adjustments for:
 Depreciation                                           28       46
 Share-based compensation                               493      369
 Net foreign exchange (loss)/gain                       5        (7)
 Impairment expenses                                    112      268
 Finance costs                                          1        10
 Adjustment to Provisions                               144      (86)
 Changes in working capital:
 Receivables and other assets                           (164)    (308)
 Trade and other payables                               (387)    120
                                                        (4,997)  (6,623)
 Payment of employee entitlement                        (29)     (61)
 Interest payments                                      (1)      (10)
 Net cash flows used in operating activities            (5,027)  (6,694)

 Investing activities
 Purchases of plant and equipment                       (6)      (8)
 Net cash flows used in investing activities            (6)      (8)

 Financing activities
 Payment of principal portion of lease liabilities      (59)     (111)
 Proceeds from equity raising                           4,044    3,015
 Equity raising costs                                   (9)      -
 Net cash flows from financing activities               3,976    2,904
 Net decrease in cash                                   (1,057)  (3,798)
 Net foreign exchange differences                       8        (77)
 Cash at beginning of the year                          5,185    9,060
 Cash at end of the year                                4,136    5,185

 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022

 

                                                                                                                         Total equity
                                                                                   Other                                 attributable  Non-
                                                                 Share   Equity    comprehensive  Accumulated  Other     to the        controlling
                                                                capital  reserves  income         deficit      reserves  parent        interests    Total
                                                                 $'000   $'000     $'000          $'000        $'000     $'000         $'000        $'000

 Balance at 1 January 2022                                      19,393   65,975    49             (74,708)     (3,246)   7,463         (7)          7,456

                         Loss for the year                      -        -         -              (6,931)      -         (6,931)       (104)        (7,035)
                         Other comprehensive income             -        -         22             -            -         22            -            22
 Total comprehensive loss                                       -        -         22             (6,931)      -         (6,909)       (104)        (7,013)

 Transactions with owners in their capacity

 as owners
                         Equity raising                         2,304    711       -              -            -         3,015         -            3,015
                         Reclassify shares issued to directors  81       (81)      -              -            -         -             -            -
                         Share-based compensation               53       316       -              -            -         369           -            369
                         Contribution by parent in NCI          -        -         -              (104)        -         (104)         104          -

 Balance at 31 December 2022                                    21,831   66,921    71             (81,743)     (3,246)   3,834         (7)          3,827

 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2023

 

                                                                                                                               Total equity
                                                                                        Other                                  attributable  Non-
                                                                      Share   Equity    comprehensive  Accumulated  Other      to the        controlling
                                                                     capital  reserves  income         deficit      reserves   parent        interests    Total
                                                                      $'000   $'000     $'000          $'000        $'000      $'000         $'000        $'000

 Balance at 1 January 2023                                           21,831    66,921    71             (81,743)     (3,246)    3,834         (7)          3,827

                              Loss for the year                       -        -         -              (5,179)      -          (5,179)       (50)         (5,229)
                              Other comprehensive income              -        -         55            -             -          55            -            55
 Total comprehensive loss                                             -        -         55             (5,179)      -          (5,124)       (50)         (5,174)

 Transactions with owners in their capacity as owners
                              Equity raising                          3,710    334       -              -            -          4,044         -            4,044
                              Equity raising costs                    -       (9)        -              -            -         (9)            -            (9)
                              Reclassify shares issued to directors   154      (154)     -              -            -          -             -            -
                              Share-based compensation                207      286       -              -            -          493           -            493
                              Contribution by parent in NCI           -        -         -              (50)         -          (50)          50           -

 Balance at 31 December 2023                                         25,902    67,378    126           (86,972)      (3,246)    3,188         (7)          3,181

 

 

 

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