2021 Interim Report and Financial Statements

RNS Number : 5800J
Asiamet Resources Limited
24 August 2021
 

24 August 2021

 

 

2021 Interim Report and Financial Statements

 

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2021 ("Financial Statements") as extracted from the Company's 2021 Half Year Report. The Report 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 Half Year 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: 

· Termination of the Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") on 25 January 2021 due to PT WIN failing to fulfill its obligations under the binding SPA signed on 24 December 2020.

· Equity financing, raising gross proceeds of approximately $14 million completed in late February 2021.

· Appointment of Eva Armila Djauhari as a Non-executive Director, effective 5 May 2021.

·   Value enhancement activities for the BKM Project continued to evaluate the potential for a concentrate - tank leach processing option (vs heap leach processing) and prepare for drilling to expand resources and mine life. Once complete the Company will update the project economics and progress a preferred processing option to development.

 

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").

 



 

Interim condensed consolidated statement of financial position

As at

 




30-Jun

31-Dec




2021

2020




Unaudited

Audited






Assets




Current assets





Cash


 11,941

 1,179


Receivables and other assets


 28

 4




 11,969

 1,183


Assets classified as held for sale


 -

 125




 11,969

 1,308

Non-current assets





Plant and equipment


 61

 39


Right-of-use asset


4

3


Receivables and other assets


 70

 5




 135

 47

Total assets


 12,104

 1,355











Liabilities and Equity




Current liabilities





Trade and other payables


 552

 391


Provisions


 235

 253


Lease liabilities


 214

 278




 1,001

 922


Liabilities directly associated with the assets classified as held for sale


 -

 753




 1,001

 1,675

Non-current liabilities





Provisions


  569

 81

Total liabilities


 1,570

 1,756

Equity





Share capital


 19,326

 14,752


Equity reserves


 65,442

 56,661


Other comprehensive income


 83

 83


Accumulated deficit


 (71,064)

(68,644)


Other reserves


 (3,246)

 (3,246)


Parent entity interest


 10,541

 (394)


Non-controlling interest


 (7)

 (7)




 10,534

 (401)

Total liabilities and equity


 12,104

 1,355

 

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June

 

 




2021

2020




 $'000

 $'000






Expenses





Exploration and evaluation


 (1,003)

 (571)


Employee benefits


 (912)

 (960)


Consultants


 (41)

 (97)


Legal and Company Secretarial


 (99)

 (148)


Accounting and audit


 (1)

 (3)


General and administrative


 (182)

 (180)


Depreciation


 (20)

 (54)


Share-based compensation


 (92)

 (87)




 (2,350)

 (2,100)

Other items





Other gains


 122

 -


Foreign exchange gain/(loss)


 (150)

 283


Interest income


 -

 1


Finance costs


 (10)

 (16)


Impairment expense


 (33)

 (284)


Other income


 1

 1




 (70)

 (15)

Net loss for the half year


 (2,420)

 (2,115)






Net loss attributable to:





Equity holders of the parent


 (2,335)

 (2,074)


Non-controlling interests


 (85)

 (41)






Total comprehensive loss attributable to:





Equity holders of the parent


 (2,335)

 (2,074)


Non-controlling interests


 (85)

 (41)






Basic and diluted loss per common share


 (0.00)

 (0.00)






Weighted average number of shares outstanding (thousands)

 1,625,081

 1,184,961

 

 

Interim condensed consolidated statement of cash flows (unaudited)

For the six months ended 30 June  

 




2021

2020




 $'000

 $'000






Operating activities





Loss for the half year


 (2,420)

 (2,115)

Adjustment for:





Depreciation


 20

 54


Share-based compensation


 92

 -


Net foreign exchange loss/(gain)


 (18)

 4


Impairment expense


 33

 274


Finance costs


 10

 11


Movements in provisions


 (20)

119






Changes in working capital:





Receivables and other assets


 (12)

 13


Trade and other payables


 (194)

 (112)






Other adjustments:





 Interest payments


(10)

 (11)


 Payment for security deposit


 -

 (50)






Net cash flows used in operating activities


 (2,519)

 (1,813)






Investing activities





Purchases of plant and equipment


 (5)

 -






Net cash flows used in investing activities


 (5)

 -






Financing activities





Payment of principal portion of lease liabilities


 (75)

 (35)


Proceeds from equity raising


 14,089

 3,522


Equity raising costs


 (735)

 (64)






Net cash flows from financing activities


 13,279

 3,423

Increase in cash


 10,755

 1,610





Cash at beginning of the year


 1,186

 418





Cash at 30 June


 11,941

 2,028

 

Interim consolidated statement of changes in equity (unaudited)


For the six months ended 30 June 2021

 








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 half year

 -

 -

 -

 (2,335)

 -

 (2,335)

 (85)

 (2,420)

Total comprehensive income

 -

 -

 -

 (2,335)

 -

 (2,335)

 (85)

 (2,420)











Transactions with owners in their capacity as owners










Equity raising

 4,574

 9,516

 -

 -

 -

 14,090

 -

 14,090


Equity raising costs

 -

 (735)

 -

 -

 -

 (735)

 -

 (735)


Contribution by parent in NCI

 -

 -

 -

 (85)

 -

 (85)

 85

 -











Balance at 30 June 2021

 19,326

 65,442

 83

 (71,064)

 (3,246)

 10,541

 (7)

 10,534

 

 

 

 

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 2020








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 half year

 -

 -

 -

 (2,074)

 -

 (2,074)

 (41)

 (2,115)

Total comprehensive income

 -

 -

 -

 (2,074)

 -

 (2,074)

 (41)

 (2,115)











Transactions with owners in their capacity as owners










Equity raising

 3,734

 164

 -

 -

 -

 3,898

 -

 3,898


Equity raising costs

 -

 (64)

 -

 -

 -

 (64)

 -

 (64)


Contribution by parent in NCI

 -

 -

 -

 (41)

 -

 (41)

 41

 -











Balance at 30 June 2020

 14,703

 56,535

 74

 (66,626)

 (3,246)

 1,440

 (7)

 1,433

 

 


 

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