2019 Annual Report & Financial Statements

RNS Number : 9386L

Asiamet Resources Limited

05 May 2020

 

5 May 2020

2019 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 2019 ("Financial Statements") as extracted from the Company's 2019 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 are set out below and should be read in conjunction with the 2019 Annual Report which contains the notes to the Financial Statements. 

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

2019 Financial and Operational Highlights Include: 

· Beutong Project Mineral Resource Statement updated to contain metal in Resource on a 100% basis of 2.43Mt (5.3BIb) copper, 2.11Moz gold and 20.9Moz silver (1.95Mt (4.3Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis).

· Environmental Permit and approval of the Indonesian Feasibility Study received for BKM.

· Appointment of Feng (Bruce) Sheng as a Non-Executive Director.

· Updated Mineral Resource and Maiden Ore Reserve Statements delivered for BKM reinforcing the integrity, size and scale of the BKM deposit and providing a solid foundation for our emerging mid-size BKM copper development project.

· Completion of BKM Feasibility Study delivered a robust copper project with post tax NPV₈ of $124.8 million, life of mine revenue of $1.27 billion and EBITDA of $563.3 million.

· MOU signed with China Nonferrous Metals for value engineering at BKM.

· Commenced value enhancement activities for the BKM Feasibility Study.

· Capital raisings totalling US$4.1 million (before capital raising costs) completed during the period.

Key Subsequent Events Include:

· A $3.89 million Placement completed in March 2020 with $3.11 million to Singapore commodities trader and strategic investor, Aeturnum Energy Pte LTD to become a 19.9% shareholder in Asiamet with significant support from Asiamet Directors.

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@ asiametresources .com

FlowComms Limited - Investor Relations

Sasha Sethi

Telephone: [phone]

Email: [e-mail]

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: [phone]

Email: [e-mail]   / [e-mail]  

Berenberg

Matthew Armitt, Detlir Elezi

Telephone: [phone]

Email:   [e-mail] / [e-mail]

Liberum
Clayton Bush, Kane Collings 

Telephone: [phone]

Email: [e-mail]

Optiva Securities Limited
Christian Dennis

Telephone: [phone]

Email: [e-mail]

Blytheweigh Communications Limited

Tim Blythe / Megan Ray

Telephone: [phone]

Email: [e-mail] / [e-mail]

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 2019

			2019	2018
			$'000	$'000
Assets
Current assets
	Cash		418	2,679
	Receivables and other assets		50	84
			468	2,763
Non-current assets
	Plant and equipment		197	234
	Right of use asset		236	-
	Receivables and other assets		86	627
			519	861
Total assets			987	3,624
Liabilities and Equity
Current liabilities
	Trade and other payables		396	980
	Provisions		89	50
	Lease liabilities		78	-
			563	1,030
Non-current liabilities
	Provisions		473	378
	Lease liabilities		237	-
			710	378
			1,273	1,408
Equity
	Share capital		10,969	9,983
	Equity reserves		56,435	52,804
	Other comprehensive income		74	10
	Accumulated deficit		(64,511)	(57,328)
	Other reserves		(3,246)	(3,246)
	Parent entity interest		(279)	2,223
	Non-controlling interest		(7)	(7)
			(286)	2,216
Total liabilities and equity			987	3,624

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2019

			2019	2018
			$'000	$'000
Expenses
	Exploration and evaluation		(3,228)	(6,218)
	Employee benefits		(2,000)	(2,341)
	Consultants		(184)	(503)
	Legal and Company Secretarial		(260)	(308)
	Accounting and audit		(101)	(131)
	General and administrative		(323)	(541)
	Depreciation		(133)	(38)
	Share-based compensation		(298)	(480)
			(6,527)	(10,560)
Other items
	Foreign exchange gain/(loss)		89	(479)
	Interest income		3	3
	Finance costs		(26)	-
	Impairment expense		(724)	-
	Other income		2	1
			(656)	(475)
Net loss			(7,183)	(11,035)
Items that may not be reclassified subsequently
to profit or loss:
	Actuarial gain on employee service entitlements		64	22
Total comprehensive loss for the year			(7,119)	(11,013)
Net loss attributable to:
	Equity holders of the parent		(6,995)	(10,681)
	Non-controlling interests		(188)	(354)
Total comprehensive loss attributable to:
	Equity holders of the parent		(6,931)	(10,659)
	Non-controlling interests		(188)	(354)
Basic and diluted loss per common share			(0.01)	(0.01)
Weighted average number of shares outstanding (thousands)			1,044,185	924,394

Consolidated Statement of Cash Flows  

For the year ended 31 December 2019

			2019	2018
			$'000	$'000
Cash provided from (used for):
Operating activities
	Loss for the year		(7,183)	(11,035)
Adjustment for:
	Depreciation		133	38
	Share-based compensation		298	480
	Settlement of consulting fees via issue of ARS shares		200	-
	Net foreign exchange loss/(gain)		(32)	33
	Impairment expense		724	-
	Finance costs		26	-
	Movements in provisions		198	272
Changes in working capital:
	Receivables and other assets		27	59
	Value Added Tax ("VAT")		(154)	(117)
	Trade and other payables		(515)	(73)
			(6,278)	(10,343)
	Interest payments on lease liabilities		(26)	-
	Refund of security deposit		10	-
			(6,294)	(10,343)
Investing activities
	Purchases of property, plant and equipment		(38)	(238)
	Proceeds from sale of equipment		-	3
	Payment for additional investment in Beutong Resources		-	(3,246)
			(38)	(3,481)
Financing activities
	Payment of principal portion of lease liabilities		(48)	-
	Proceeds from warrants and options exercises		237	1,034
	Proceeds from equity raising		4,133	13,334
	Equity raising costs		(251)	(944)
			4,071	13,424
Increase/(decrease) in cash			(2,261)	(400)
Cash at beginning of the year			2,679	3,079
Cash at end of the year			418	2,679

Consolidated Statement of Changes in Equity

For the year ended 31 December 2019

				Other			Parent	Non-
		Share	Equity	comprehensive	Accumulated	Other	entity	controlling
		capital	reserves	(income)/loss	deficit	reserves	interest	interests	Total
		$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 1 January 2018		8,528	40,354	(12)	(46,293)	-	2,577	(7)	2,570
	Loss for the year	-	-	-	(10,681)	-	(10,681)	(354)	(11,035)
	Other comprehensive income	-	-	22	-	-	22	-	22
Total comprehensive income		-	-	22	(10,681)	-	(10,659)	(354)	(11,013)
Transactions with owners in their capacity as owners
	Equity raising	1,262	12,072	-	-	-	13,334	-	13,334
	Warrant exercises	62	214	-	-	-	276	-	276
	Option exercises	131	628	-	-	-	759	-	759
	Equity raising costs	-	(944)	-	-	-	(944)	-	(944)
	Share based compensation	-	480	-	-	-	480	-	480
	Acquisition of NCI	-	-	-	-	(3,246)	(3,246)	-	(3,246)
	Contribution by parent in NCI	-	-	-	(354)		(354)	354	-
Balance at 31 December 2018		9,983	52,804	10	(57,328)	(3,246)	2,223	(7)	2,216

Consolidated Statement of Changes in Equity

For the year ended 31 December 2019

							Total equity
				Other			attributable	Non-
		Share	Equity	comprehensive	Accumulated	Other	to the	controlling
		capital	reserves	(income)/loss	deficit	reserves	parent	interests	Total
		$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 1 January 2019		9,983	52,804	10	(57,328)	(3,246)	2,223	(7)	2,216
	Loss for the year	-	-	-	(6,995)	-	(6,995)	(188)	(7,183)
	Other comprehensive income	-	-	64	-	-	64	-	64
Total comprehensive income		-	-	64	(6,995)	-	(6,931)	(188)	(7,119)
Transactions with owners in their capacity as owners
	Equity raising	873	3,260	-	-	-	4,133	-	4,133
	Warrant exercises	19	122	-	-	-	141	-	141
	Option exercises	26	70	-	-	-	96	-	96
	Equity raising costs	-	(251)	-	-	-	(251)	-	(251)
	Shares issued to consultant	45	155	-	-	-	200	-	200
	Reclass performance rights issued to directors	23	(23)	-	-	-	-	-	-
	Share based compensation	-	298	-	-	-	298	-	298
	Contribution by parent in NCI	-	-	-	(188)	-	(188)	188	-
Balance at 31 December 2019		10,969	56,435	74	(64,511)	(3,246)	(279)	(7)	(286)

 

END

 

 

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