2023 Annual Report & Financial Statements

Asiamet Resources Limited

09 May 2024

 

9 May 2024

2023 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 2023 ("Financial Statements") as extracted from the Company's 2023 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 2023 Annual Report which contains the notes to the Financial Statements. 

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

Key 2023 Financial and Operational Highlights Include: 

·    Updated Ore Reserve statement issued on 10th May 2023 for BKM delivered the following:

o  19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved Reserve Category.

o  21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable Reserve Category; and

o  40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proved and Probable Reserve Category.   

·    Updated Feasibility Study on the BKM project demonstrating a technically viable and economic robust copper project with:

o  An initial 9.2-year life of mine and 19.6ktpa of copper cathode production

o  Life of Mine ('LOM') revenues of $1.4 billion and EBITDA of $655.3 million.

o  Capital cost of $208.7 million (excluding growth and contingency $26.7 million)

o  Post tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure costs)   

o  Payback Period 3.4 years

o  C1 cash cost of $1.91/lb and AISC of $2.25/lb

·    Appointment of corporate advisors Grant Samuel Corporate Finance to support the BKM project finance process and China Zenith Capital Limited to assist with China sourced funding including offtake, equipment finance, project construction and strategic sourcing relating to finance.  

·    Appointment of Non-Executive Directors, Matthew Doube, based in Singapore and Peter Chambers, based in Jakarta as representatives of major shareholder PT Delta Dunia Makmur Tbk.

·    Completed a capital placing, raising gross proceeds of approximately $4.0 million with PT Delta Dunia Makmur Tbk. in November 2023.

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
Strand Hanson Limited

26 Mount Row

London W1K 3SQ

Telephone: [phone]

Email: [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 2023

		2023	2022
		$'000	$'000
Assets
Current assets
	Cash	4,136	5,185
	Receivables and other assets	131	77
		4,267	5,262
Non-current assets
	Plant and equipment	28	36
	Right-of-use asset	2	16
	Receivables and other assets	65	67
		95	119
Total assets		4,362	5,381
Liabilities and Equity
Current liabilities
	Trade and other payables	270	657
	Provisions	296	288
	Lease liabilities	-	59
		566	1,004
Non-current liabilities
	Provision for employee entitlements	615	550
		1,181	1,554
Equity
	Share capital	25,902	21,831
	Equity reserves	67,378	66,921
	Other comprehensive loss	126	71
	Accumulated Deficit	(86,972)	(81,743)
	Other reserves	(3,246)	(3,246)
	Parent entity interest	3,188	3,834
	Non-controlling interest	(7)	(7)
		3,181	3,827
Total liabilities and equity		4,362	5,381

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2023

		2023			2022
		$'000			$'000
Expenses
	Exploration and evaluation		(1,554)		(3,611)
	Employee benefits		(2,520)		(2,259)
	Consultants		(118)		(216)
	Legal and Company Secretarial		(110)		(90)
	Accounting and audit			(53)	(47)
	General and administrative			(239)	(271)
	Depreciation			(28)	(46)
	Share-based compensation			(493)	(369)
				(5,115)	(6,909)
Other items
	Foreign exchange (loss)/gain			(11)	148
	Finance costs			(1)	(10)
	Impairment expenses			(112)	(268)
	Other income			10	4
				(114)	(126)
Net loss before tax				(5,229)	(7,035)
Income tax expense				-	-
Net loss for the year				(5,229)	(7,035)
Other comprehensive gain that may not be reclassified subsequently to profit or loss:
	Actuarial gain on employee service entitlements			55	22
Total comprehensive loss for the year				(5,174)	(7,013)
Net loss attributable to:
	Equity holders of the parent			(5,179)	(6,931)
	Non-controlling interests			(50)	(104)
Total comprehensive loss attributable to:
	Equity holders of the parent			(5,124)	(6,909)
	Non-controlling interests			(50)	(104)
Basic and diluted loss per common share (cents per share)				(0.23)	(0.36)

Consolidated Statement of Cash Flows          

For the year ended 31 December 2023

		2023	2022
		$'000	$'000
Operating activities
Loss before tax		(5,229)	(7,035)
Adjustments for:
Depreciation		28	46
Share-based compensation		493	369
Net foreign exchange (loss)/gain		5	(7)
Impairment expenses		112	268
Finance costs		1	10
Adjustment to Provisions		144	(86)
Changes in working capital:
Receivables and other assets		(164)	(308)
Trade and other payables		(387)	120
		(4,997)	(6,623)
Payment of employee entitlement		(29)	(61)
Interest payments		(1)	(10)
Net cash flows used in operating activities		(5,027)	(6,694)
Investing activities
Purchases of plant and equipment		(6)	(8)
Net cash flows used in investing activities		(6)	(8)
Financing activities
Payment of principal portion of lease liabilities		(59)	(111)
Proceeds from equity raising		4,044	3,015
Equity raising costs		(9)	-
Net cash flows from financing activities		3,976	2,904
Net decrease in cash		(1,057)	(3,798)
Net foreign exchange differences		8	(77)
Cash at beginning of the year		5,185	9,060
Cash at end of the year		4,136	5,185

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

Consolidated Statement of Changes in Equity

For the year ended 31 December 2023

							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 2023		21,831	66,921	71	(81,743)	(3,246)	3,834	(7)	3,827
	Loss for the year	-	-	-	(5,179)	-	(5,179)	(50)	(5,229)
	Other comprehensive income	-	-	55	-	-	55	-	55
Total comprehensive loss		-	-	55	(5,179)	-	(5,124)	(50)	(5,174)
Transactions with owners in their capacity as owners
	Equity raising	3,710	334	-	-	-	4,044	-	4,044
	Equity raising costs	-	(9)	-	-	-	(9)	-	(9)
	Reclassify shares issued to directors	154	(154)	-	-	-	-	-	-
	Share-based compensation	207	286	-	-	-	493	-	493
	Contribution by parent in NCI	-	-	-	(50)	-	(50)	50	-
Balance at 31 December 2023		25,902	67,378	126	(86,972)	(3,246)	3,188	(7)	3,181

 

END