2018 Annual Report & Financial Statements

RNS Number : 2963A

Asiamet Resources Limited

28 May 2019

 

28 May 2019

2018 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 2018 ("Financial Statements") as extracted from the Company's 2018 Annual Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy.  The Financial Statements should be read in conjunction with the 2018 Annual Report which contains the notes to the Financial Statements.

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

Financial highlights include:

·      2018 loss $11.0 million (2017: loss $7.5 million)

·      Closing cash as at 31 December $2.679 million (2017: $3.079 million)

·      The Company has no debt.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact:

-Ends-

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: [phone]
Email: [e-mail]

Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: [phone]
Email: [e-mail]

FlowComms Limited

Sasha Sethi

Telephone: [phone]

Email: [e-mail]

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: [phone]

Email: [e-mail] / [e-mail] 

Berenberg

Matthew Armitt, Sara MacGrath

Telephone: [phone]

Email: [e-mail] 

Liberum

Clayton Bush, Kane Collings

Telephone: [phone]

Email: [e-mail] 

Optiva Securities Limited

Christian Dennis

Telephone: [phone]

Email: [e-mail]

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 2018

			2018	2017
			$'000	$'000
ASSETS
Current assets
	Cash		2,679	3,079
	Receivables and other assets		84	143
			2,763	3,222
Non-current assets
	Plant and equipment		234	41
	Security deposit		91	97
	Receivables and other assets		536	420
			861	558
TOTAL ASSETS			3,624	3,780
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade and other payables		980	1,054
	Provision for employee service entitlements		50	-
			1,030	1,054
Non-current liabilities
	Provision for employee service entitlements		378	156
			1,408	1,210
Equity
	Share capital		9,983	8,528
	Equity reserves		52,804	40,354
	Other comprehensive gain/(loss)		10	(12)
	Accumulated losses		(57,328)	(46,293)
	Other reserves		(3,246)	-
	Parent entity interest		2,223	2,577
	Non-controlling interest		(7)	(7)
			2,216	2,570
TOTAL LIABILITIES AND EQUITY			3,624	3,780

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2018

			2018	2017
			$'000	$'000
Expenses
	Exploration and evaluation		(6,218)	(4,628)
	Employee benefits		(2,341)	(1,561)
	Consultants		(503)	(668)
	Legal and Company Secretarial		(308)	(139)
	Accounting and audit		(131)	(109)
	General and administrative		(541)	(249)
	Depreciation		(38)	(24)
	Share-based compensation		(480)	(914)
			(10,560)	(8,292)
Other items
	Foreign exchange gain/(loss)		(479)	81
	Gain on sale of subsidiary		-	708
	Interest income		3	1
	Other income		1	-
			(475)	790
Loss before tax			(11,035)	(7,502)
Tax			-	-
Loss for the year			(11,035)	(7,502)
Items that may not be reclassified subsequently
to profit or loss:
	Actuarial gain/(loss) on employee service entitlements		22	(10)
Total comprehensive loss for the year			(11,013)	(7,512)
Net loss attributable to:
	Equity holders of the parent		(10,681)	(7,244)
	Non-controlling interests		(354)	(258)
Total comprehensive loss attributable to:
	Equity holders of the parent		(10,659)	(7,254)
	Non-controlling interests		(354)	(258)
Basic and diluted loss per common share			(0.01)	(0.01)
Weighted average number of shares outstanding (thousands)			924,394	772,537

Consolidated Statement of Cash Flows          

For the year ended 31 December 2018

			2018	2017
			$'000	$'000
Cash provided from (used for):
Operating activities
	Net loss for the year		(11,013)	(7,512)
Adjustment for:
	Depreciation		38	24
	Share-based compensation		480	914
	Foreign exchange losses/(gains)		33	(10)
	Gain on sale of subsidiary		-	(708)
	Other comprehensive loss (gain)		(22)	10
Changes in non-cash working capital:
	Receivables and other assets		59	(93)
	Value Added Tax ("VAT")		(117)	(242)
	Trade and other payables		(73)	61
	Provision for employee service entitlements		272	59
			(10,343)	(7,497)
Investing activities
	Purchase of plant and equipment		(238)	(26)
	Proceeds from sale of equipment		3	-
	Payment for additional investment in Beutong Resources		(3,246)	-
	Proceeds on sale of subsidiary, net of cash sold		-	699
			(3,481)	673
Financing activities
	Repayment of related party loans		-	(233)
	Proceeds from warrant and option exercises		1,034	802
	Proceeds from equity raising		13,334	8,018
	Equity raising costs		(944)	(432)
			13,424	8,155
Increase/(decrease) in cash			(400)	1,331
Cash at beginning of the year			3,079	1,748
Cash at end of the year			2,679	3,079

Consolidated Statement of Changes in Equity

For the year ended 31 December 2018

			Attributable to equity holders of the parent
					Other				Non-
		Number	Share	Equity	comprehensive	Accumulated	Other	Total	controlling	Total
		of shares	capital	reserves	gain/(loss)	losses	reserves		interests
		'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 1 January 2018		856,764	8,528	40,354	(12)	(46,293)	-	2,577	(7)	2,570
	Equity raising	126,150	1,262	12,072	-	-	-	13,334	-	13,334
	Warrant exercises	2,759	62	214	-	-	-	276	-	276
	Option exercises	13,100	131	628	-	-	-	759	-	759
	Equity raising costs	-	-	(944)	-	-	-	(944)	-	(944)
	Share-based compensation	-	-	480	-	-	-	480	-	480
	Net Loss for the year	-	-	-	-	(10,681)	-	(10,681)	(354)	(11,035)
	Actuarial gain on employee service entitlements	-	-	-	22	-	-	22	-	22
	Acquisition of NCI	-	-	-	-	-	(3,246)	(3,246)	-	(3,246)
	Contribution by parent in NCI	-	-	-	-	(354)	-	(354)	354	-
Balance at 31 December 2018		998,773	9,983	52,804	10	(57,328)	(3,246)	2,223	(7)	2,216

 

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