2021 Annual Report & Financial Statements

RNS Number : 2927K

Asiamet Resources Limited

04 May 2022

 

4 May 2022

2021 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 2021 ("Financial Statements") as extracted from the Company's 2021 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 2021 Annual Report which contains the notes to the Financial Statements. 

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

2021 Financial and Operational Highlights Include: 

· Approval of a key environmental permit (AMDAL) for the BKM Project.

· Completed a capital placing, raising gross proceeds of approximately $14.0 million in February 2021.

· Appointment of Eva Armila Djauhari as Non-Executive Director.

· Appointment of Andrew Neale as General Manager for the BKM Project.

· Entered into a Heads of Agreement with PT Delta Dunia Makmur Tbk. ("DOID"), this agreement allows DOID to earn up to 51% interest in the KSK CoW by contributing up to $50 million towards development of the BKM copper mine.

· Commenced a resource extension and exploration drilling program at BKZ project.

Key Subsequent Events Include:

· Extension of the exclusivity period to allow DOID to complete their due diligence.

· Appointment of Mr Darryn McClelland as a Chief Executive Officer ("CEO"), commencing 13 June 2022.

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]  

Optiva Securities Limited
Christian Dennis

Telephone: [phone]

Email: [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 2021

		2021	2020
		$'000	$'000
Assets
Current assets
	Cash	9,060	1,179
	Receivables and other assets	33	4
		9,093	1,183
	Assets classified as held for sale	-	125
		9,093	1,308
Non-current assets
	Plant and equipment	60	39
	Right-of-use assets	7	3
	Receivables and other assets	71	5
		138	47
Total assets		9,231	1,355
Liabilities and Equity
Current liabilities
	Trade and other payables	537	391
	Provisions	285	253
	Lease liabilities	159	278
		981	922
	Liabilities directly associated with the assets classified as held for sale	-	753
		981	1,675
Non-current liabilities
	Provisions for employee service entitlements	794	81
		1,775	1,756
Equity
	Share capital	19,393	14,752
	Equity reserves	65,975	56,661
	Other comprehensive income	49	83
	Accumulated deficit	(74,708)	(68,644)
	Other reserves	(3,246)	(3,246)
	Parent entity interest	7,463	(394)
	Non-controlling interest	(7)	(7)
		7,456	(401)
Total liabilities and equity		9,231	1,355

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2021

			2021	2020 Restated*
			$'000	$'000
Expenses
	Exploration and evaluation		(2,414)	(1,276)
	Employee benefits		(2,147)	(1,837)
	Consultants		(81)	(239)
	Legal and Company Secretarial		(142)	(237)
	Accounting and audit		(46)	(52)
	General and administrative		(287)	(286)
	Depreciation		(45)	(81)
	Share-based compensation		(600)	(175)
			(5,762)	(4,183)
Other items
	Foreign exchange (loss)/gain		(169)	339
	Interest income		-	2
	Finance costs		(18)	(27)
	Impairment expense		(117)	(335)
	Other income		2	71
			(302)	50
Net loss before tax			(6,064)	(4,133)
Income tax expense			-	-
Net loss for the year			(6,064)	(4,133)
Item that may not be reclassified subsequently
to profit or loss:
	Actuarial (loss)/gain on employee service entitlements		(34)	9
Total comprehensive loss for the year			(6,098)	(4,124)
Net loss attributable to:
	Equity holders of the parent		(5,878)	(4,040)
	Non-controlling interests		(186)	(93)
Total comprehensive loss attributable to:
	Equity holders of the parent		(5,912)	(4,031)
	Non-controlling interests		(186)	(93)
Basic and diluted loss per common share (cents per share)			(0.33)	(0.29)
Weighted average number of shares outstanding (thousands)			1,859,029	1,414,666

* Following the termination of the Sale Purchase Agreement with PT Wasesa Indo Nusa on 25 January 2021, the Indokal Group was reclassified from a held for sale group and discontinued operations.

Consolidated Statement of Cash Flows  

For the year ended 31 December 2021

	2021	2020 Restated*
	$'000	$'000
Operating activities
Loss before tax	(6,064)	(4,133)
Adjustments for:
Depreciation	45	81
Share-based compensation	600	175
Net foreign exchange gain	(23)	(18)
Impairment expenses	117	335
Finance costs	18	27
Movements in provisions	228	271
Changes in working capital:
Receivables and other assets	(133)	34
Trade and other payables	(117)	258
	(5,329)	(2,970)
Interest payments	(18)	(27)
Refund of security deposit	-	15
Net cash flows used in operating activities	(5,347)	(2,982)
Investing activity
Purchases of property, plant and equipment	(23)	(4)
Net cash flows used in investing activities	(23)	(4)
Financing activities
Payment of principal portion of lease liabilities	(111)	(80)
Proceeds from related party loans	-	380
Repayment of related party loans	-	(257)
Proceeds from equity raising	14,089	3,775
Equity raising costs	(734)	(64)
Net cash flows from financing activities	13,244	3,754
Increase in cash	7,874	768
Cash at beginning of the year	1,186	418
Cash at end of the year	9,060	1,186

* Following the termination of the Sale Purchase Agreement with PT Wasesa Indo Nusa on 25 January 2021, the Indokal Group was reclassified from a held for sale group and discontinued operations.

Consolidated Statement of Changes in Equity

For the year ended 31 December 20 21

											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/(loss)		-		-		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)

Consolidated Statement of Changes in Equity

For the year ended 31 December 20 21

							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 2021		14,752	56,661	83	(68,644)	(3,246)	(394)	(7)	(401)
	Loss for the year	-	-	-	(5,878)	-	(5,878)	(186)	(6,064)
	Other comprehensive loss	-	-	(34)	-	-	(34)	-	(34)
Total comprehensive loss		-	-	(34)	(5,878)	-	(5,912)	(186)	(6,098)
Transactions with owners in their capacity as owners
	Equity raising	4,574	9,515	-	-	-	14,089	-	14,089
	Equity raising costs	-	(734)	-	-	-	(734)	-	(734)
	Reclassify shares issued to directors	52	(52)	-	-	-	-		-
	Share-based compensation	15	585	-	-	-	600	-	600
	Contribution by parent in NCI	-	-	-	(186)	-	(186)	186	-
Balance at 31 December 2021		19,393	65,975	49	(74,708)	(3,246)	7,463	(7)	7,456

 

END

 

 

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