2022 Annual Report & Financial Statements

Asiamet Resources Limited

27 April 2023

 

27 April 2023

2022 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 2022 ("Financial Statements") as extracted from the Company's 2022 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 2022 Annual Report which contains the notes to the Financial Statements. 

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

Key 2022 Financial and Operational Highlights Include: 

·    Completed the BKZ drilling program which focussed on resource extensions and delivered a significant uplift in JORC compliant resources of all metals and discovery of a new gold/silver mineralised zone.

·    Completed the first detailed materiality assessment related to Environmental, Social and Governance ("ESG") elements which will deliver the Company's first integrated ESG implementation framework to be utilised to develop appropriate policies and procedures.

·    Appointment of Chief Executive Officer, Mr Darryn McClelland, who is based in Indonesia.

·    Significant BKZ Resource Upgrade including new exploration target identified:

o  50% increase in contained zinc;

o  75% increase in contained copper; and

o  Potential for 100-220koz of gold and 10-20Moz silver in newly discovered Exploration Targets.   

·    Progressed and completed various BKM copper project Feasibility Study (BKM FS) workstreams.

·    Completed a capital placing, raising gross proceeds of approximately $3.0 million with PT Delta Dunia Makmur Tbk. in November 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: [e-mail]

FlowComms Limited - Investor Relations

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]

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 2022

			2022	2021
			$'000	$'000
Assets
Current assets
	Cash		5,185	9,060
	Receivables and other assets		77	33
			5,262	9,093
Non-current assets
	Plant and equipment		36	60
	Right-of-use assets		16	7
	Receivables and other assets		67	71
			119	138
Total assets			5,381	9,231
Liabilities and Equity
Current liabilities
	Trade and other payables		657	537
	Provisions		288	285
	Lease liabilities		59	159
			1,004	981
Non-current liabilities
	Provisions for employee service entitlements		550	794
			1,554	1,775
Equity
	Share capital		21,831	19,393
	Equity reserves		66,921	65,975
	Other comprehensive income		71	49
	Accumulated deficit		(81,743)	(74,708)
	Other reserves		(3,246)	(3,246)
	Parent entity interest		3,834	7,463
	Non-controlling interest		(7)	(7)
			3,827	7,456
Total liabilities and equity			5,381	9,231

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2022

			2022	2021
			$'000	$'000
Expenses
	Exploration and evaluation		(3,611)	(2,414)
	Employee benefits		(2,259)	(2,147)
	Consultants		(216)	(81)
	Legal and Company Secretarial		(90)	(142)
	Accounting and audit		(47)	(46)
	General and administrative		(271)	(287)
	Depreciation		(46)	(45)
	Share-based compensation		(369)	(600)
			(6,909)	(5,762)
Other items
	Foreign exchange gain/(loss)		148	(169)
	Finance costs		(10)	(18)
	Impairment expenses		(268)	(117)
	Other income		4	2
			(126)	(302)
Net loss before tax			(7,035)	(6,064)
Income tax expense			-	-
Net loss for the year			(7,035)	(6,064)
Other comprehensive gain/(loss) that may not be reclassified subsequently to profit or loss:
	Actuarial gain/(loss) on employee service entitlements		22	(34)
Total comprehensive loss for the year			(7,013)	(6,098)
Net loss attributable to:
	Equity holders of the parent		(6,931)	(5,878)
	Non-controlling interests		(104)	(186)
Total comprehensive loss attributable to:
	Equity holders of the parent		(6,909)	(5,912)
	Non-controlling interests		(104)	(186)
Basic and diluted loss per common share (cents per share)			(0.36)	(0.33)

Consolidated Statement of Cash Flows          

For the year ended 31 December 2022

			2022	2021
			$'000	$'000
Operating activities
Loss before tax			(7,035)	(6,064)
Adjustments for:
Depreciation			46	45
Share-based compensation			369	600
Net foreign exchange gain			(7)	(9)
Impairment expenses			268	117
Finance costs			10	18
Adjustment to Provisions			(147)	228
Changes in working capital:
Receivables and other assets			(308)	(133)
Trade and other payables			120	(117)
			(6,684)	(5,315)
Interest payments			(10)	(18)
Net cash flows used in operating activities			(6,694)	(5,333)
Investing activities
Purchases of plant and equipment			(8)	(23)
Net cash flows used in investing activities			(8)	(23)
Financing activities
Payment of principal portion of lease liabilities			(111)	(111)
Proceeds from equity raising			3,015	14,089
Equity raising costs			-	(734)
Net cash flows from financing activities			2,904	13,244
Net (decrease)/increase in cash			(3,798)	7,888
Net foreign exchange differences			(77)	(14)
Cash at beginning of the year			9,060	1,186
Cash at end of the year			5,185	9,060

Consolidated Statement of Changes in Equity

For the year ended 31 December 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 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

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022

							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 2022		19,393	65,975	49	(74,708)	(3,246)	7,463	(7)	7,456
	Loss for the year	-	-	-	(6,931)	-	(6,931)	(104)	(7,035)
	Other comprehensive income	-	-	22	-	-	22	-	22
Total comprehensive loss		-	-	22	(6,931)	-	(6,909)	(104)	(7,013)
Transactions with owners in their capacity as owners
	Equity raising	2,304	711	-	-	-	3,015	-	3,015
	Reclassify shares issued to directors	81	(81)	-	-	-	-	-	-
	Share-based compensation	53	316	-	-	-	369	-	369
	Contribution by parent in NCI	-	-	-	(104)	-	(104)	104	-
Balance at 31 December 2022		21,831	66,921	71	(81,743)	(3,246)	3,834	(7)	3,827

 

END