2020 Annual Report & Financial Statements

RNS Number : 6115Z
Asiamet Resources Limited
24 May 2021
 

24 May 2021

 

 

2020 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 2020 ("Financial Statements") as extracted from the Company's 2020 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 2020 Annual Report which contains the notes to the Financial Statements. 

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

2020 Financial and Operational Highlights Include: 

· Relocation of Head Office and Corporate function from Melbourne to Jakarta.

· Capital placing raising gross proceeds of approximately $3.9 million completed in March 2020.

· Final approval of the Further Exploration Permit for the KSK CoW received from Badan Koordinasi Penanaman Modal ("BKPM"), the investment co-ordinating body in Indonesia.

· The Company signed a conditional binding Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") in December 2020. This was subsequently terminated in January 2021 when PT WIN did not fulfil its obligations under the binding SPA.

· Continuation of value enhancement activities for the BKM Project. Metallurgical test work completed during the year and in early 2021 confirmed the opportunity to revise the ore processing method which has the potential to increase life-of-mine copper recoveries by 40% on a relative basis.

Key Subsequent Events Include:

· Capital placing raising gross proceeds of approximately $14 million completed in February 2020.

· Appointment of Eva Armila Djauhari as a Non-executive Director.

 

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: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

Email: Bhavesh.Patel@rfcambrian.com   / Stephen.Allen@rfcambrian.com  

 

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 20 20

 



2020

2019



 $'000

 $'000

Assets



Current assets




Cash

 1,179

 418


Receivables and other assets

 4

 50



 1,183

 468


Assets classified as held for sale

 125

 -



 1,308

 468

Non-current assets




Plant and equipment

 39

 197


Right-of-use assets

 3

 236


Receivables and other assets

 5

86



 47

 519

Total assets

 1,355

 987

Liabilities and Equity



Current liabilities




Trade and other payables

 391

 396


Provisions

 253

 89


Lease liabilities

 278

 78



 922

 563


Liabilities directly associated with the assets classified as held for sale

 753

 -



 1,675

 563

Non-current liabilities




Provisions

 81

 473


Lease liabilities

  -

 237



  81

 710

Total liabilities

 1,756

 1,273

Equity




Share capital

 14,752

 10,969


Equity reserves

 56,661

 56,435


Other comprehensive income

 83

 74


Accumulated deficit

 (68,644)

 (64,511)


Other reserves

 (3,246)

 (3,246)


Parent entity interest

 (394)

 (279)


Non-controlling interest

 (7)

 (7)



 (401)

 (286)

Total liabilities and equity

 1,355

 987

 

 

 

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 20 20



2020

2019



 $'000

 $'000

Continuing Operations



Expenses




Exploration and evaluation

 (190)

 (640)


Employee benefits

 (960)

 (890)


Consultants

 (453)

 (359)


Legal and Company Secretarial

 (24)

 (17)


Accounting and audit

 (30)

 (83)


General and administrative

 (268)

 (383)


Depreciation

 (55)

 (110)


Share-based compensation

 (175)

 (298)



 (2,155)

 (2,780)

Other items




Foreign exchange gain

 354

 98


Interest income

 1

 2


Finance costs

 (27)

 (25)


Impairment expense

 (305)

 (46)


Other income

 71

 2



 94

 31

Net loss before tax from continuing operations

 (2,061)

 (2,749)

 -

 -

Net loss for the year from continuing operations

 (2,061)

 (2,749)

Discontinued operations




Loss after tax for the year from discontinued operations

 (2,072)

 (4,434)

Net loss for the year

 (4,133)

 (7,183)

Item that may not be reclassified subsequently



to profit or loss:




Actuarial gain on employee service entitlements

 9

 64

Total comprehensive loss for the year

 (4,124)

 (7,119)




Net loss attributable to:




Equity holders of the parent

 (4,040)

 (6,995)


Non-controlling interests

 (93)

 (188)

Total comprehensive loss attributable to:




Equity holders of the parent

 (4,031)

 (6,931)


Non-controlling interests

 (93)

 (188)





Basic and diluted loss per common share

 (0.00)

 (0.01)





Weighted average number of shares outstanding (thousands)

 1,414,666

 1,044,185

Consolidated Statement of Cash Flows  

For the year ended 31 December 20 20

 



2020

2019



 $'000

 $'000

Operating activities




Loss before tax from continuing operations


  (2,061)

  (2,749)

Loss before tax from discontinued operations


  (2,072)

  (4,434)

Loss before tax


  (4,133)

  (7,183)

Adjustments for:




Share-based compensation


  175

  298

Depreciation


  81

  133

Settlement of consulting fees via issue of ARS shares


  -

  200

Net foreign exchange gain


  (18)

  (32)

Impairment expenses


  335

  724

Finance costs


  27

  26

Movements in provisions


  271

  198

Changes in working capital:




Receivables and other assets


  34

  27

Value Added Tax ("VAT")


  -

  (154)

Trade and other payables


  258

  (515)



  (2,970)

  (6,278)

Interest payments


  (27)

  (26)

Refund of security deposit


  15

  10

Net cash flows used in operating activities


  (2,982)

  (6,294)





Investing activity




Purchases of property, plant and equipment


  (4)

  (38)

Net cash flows used in investing activities


  (4)

  (38)





Financing activities




Payment of principal portion of lease liabilities


  (80)

  (48)

Proceeds from related party loans


380

-

Repayment of related party loans


(257)

-

Proceeds from warrants and options exercises


  -

  237

Proceeds from equity raising


  3,775

  4,133

Equity raising costs


  (64)

  (251)

Net cash flows from financing activities


  3,754

  4,071

Increase/(decrease) in cash


  768

  (2,261)

Cash at beginning of the year


  418

  2,679

Cash at end of the year


  1,186

  418

 


 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 20 20

 








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 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


Reclassify shares 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)

Consolidated Statement of Changes in Equity

For the year ended 31 December 20 20

 








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 2020

 10,969

 56,435

 74

 (64,511)

 (3,246)

 (279)

 (7)

 (286)












Loss for the year

 -

 -

 -

 (4,040)

 -

 (4,040)

 (93)

 (4,133)


Other comprehensive income

 -

 -

 9

 -

 -

 9

 -

 9

Total comprehensive income

 -

 -

 9

 (4,040)

 -

 (4,031)

 (93)

 (4,124)











Transactions with owners in their capacity

as owners










Equity raising

 3,617

158

 -

 -

 -

 3,775

 -

 3,775


Related party loans converted to equity

117

6

-

-

-

123

-

123


Equity raising costs

 -

 (64)

 -

 -

 -

 (64)

 -

 (64)


Reclassify shares issued to directors

 49

 (49)

 -

 -

 -

 -

 -

 -


Share-based compensation

 -

 175

 -

 -

 -

 175

 -

 175


Contribution by parent in NCI

 -

 -

 -

 (93)

 -

 (93)

 93

 -











Balance at 31 December 2020

14,752

 56,661

 83

 (68,644)

 (3,246)

 (394)

 (7)

 (401)

 

 

 

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