2023 Interim Report & Financial Statements

Asiamet Resources Limited

27 September 2023

 

27 September 2023

2023 Interim Report & Financial Statements

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the six months ended 30 June 2023 ("Financial Statements") as extracted from the Company's 2023 Half Year 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 Half Year Report which contains the notes to the Financial Statements. 

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

Interim Highlights Include: 

·    Update to the Beruang Kanan Main ("BKM") Copper Project [Ore] Reserve statement (JORC 2012):

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

o  21.8Mt @ 0.6% Cu for 135kt of contained copper in the Probable Reserve category

o  40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proven and Probable Ore Reserves category

o  Low strip ratio of 1.2:1

o  Ore Reserves are reported based on extraction by open-pit mining and processing by heap-leach and solvent extraction / electro-winning ("SX-EW")

·    Update to the BKM Feasibility Study:

o  Initial 9.2 year mine life producing up to 20ktpa of copper cathode per annum

o  Life of Mine ("LOM") Revenue of $1.4 billion and EBITDA of $655.3 million

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

o  Post Tax NPV8 $162.8 million, IRR 21.0% (post tax, excluding closure costs)

o  Payback Period 3.4 years

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

o  Base case uses consensus long-term copper price of $3.98/lb

Post-Period End Highlights

·    Non-Executive Director Changes

o  Appointment of Mr Matthew Doube and Non-Executive Director

o  Retirement of Non-Executive Director, Mr Faldi Ismail

·    Project Financing

o  Site visits completed as part of senior debt finance due diligence process by proposed lead bank and Independent Technical Expert (ITE) retained as part of bank due diligence process

o  Several leading international metals trading groups are undertaking detailed due diligence for financing tied to copper cathode offtake

o  Growing interest from Chinese Engineering, Procurement and Construction ("EPC") contractor.

ON BEHALF OF THE BOARD OF DIRECTORS

Darryn McClelland, Chief Executive Officer

-Ends-

For further information, please contact:

Darryn McClelland

Chief Executive Officer, Asiamet Resources Limited

Email: [e-mail]

Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: [e-mail]

FlowComms Limited

Sasha Sethi

Telephone: [phone]

Email: [e-mail]

Nominated & Financial Adviser
Strand Hanson Limited

James Spinney / James Dance / Rob Patrick

Telephone: [phone]

Email: [e-mail]

Optiva Securities Limited
Christian Dennis

Telephone: [phone]

Email: [e-mail]

Interim condensed consolidated statement of financial position

As at 30 June 2023

			30-Jun	31-Dec
			2023	2022
			Unaudited	Audited
			$'000	$'000
Assets
Current assets
	Cash		2,259	5,185
	Receivables and other assets		60	77
			2,319	5,262
Non-current assets
	Plant and equipment		34	36
	Right-of-use asset		8	16
	Receivables and other assets		65	67
			107	119
Total assets			2,426	5,381
Liabilities and Equity
Current liabilities
	Trade and other payables		343	657
	Provisions		294	288
	Lease liabilities		-	59
			637	1,004
Non-current liabilities
	Provisions		551	550
			1,188	1,554
Equity
	Share capital		21,831	21,831
	Equity reserves		67,303	66,921
	Other comprehensive income		72	71
	Accumulated deficit		(84,715)	(81,743)
	Other reserves		(3,246)	(3,246)
	Parent entity interest		1,245	3,834
	Non-controlling interest		(7)	(7)
			1,238	3,827
Total liabilities and equity			2,426	5,381

Note all references to $ are US dollars

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June

			2023	2022
			$'000	$'000
Expenses
	Exploration and evaluation		(951)	(2,236)
	Employee benefits		(1,282)	(1,073)
	Consultants		(55)	(185)
	Legal and Company Secretarial		(60)	(64)
	Accounting and audit		(2)	(4)
	General and administrative		(134)	(153)
	Depreciation		(16)	(20)
	Share-based compensation		(382)	(104)
			(2,882)	(3,839)
Other Items
	Foreign exchange losses		(8)	(54)
	Finance costs		-	(5)
	Impairment expense		(82)	(146)
	Other income		-	1
			(90)	(204)
Net loss for the half year			(2,972)	(4,043)
Items that may not be reclassified subsequently
to profit or loss:
	Actuarial gain on employee service entitlements		1	-
Total comprehensive loss for the half year			(2,971)	(4,043)
Net loss attributable to:
	Equity holders of the parent		(2,945)	(3,937)
	Non-controlling interests		(27)	(106)
Total comprehensive loss attributable to:
	Equity holders of the parent		(2,945)	(3,937)
	Non-controlling interests		(27)	(106)
Basic and diluted loss per common share (cents per share)			(0.15)	(0.21)
Weighted average number of shares outstanding (thousands)			1,942,542	1,942,542

Interim condensed consolidated statement of cash flows (unaudited)

For the six months ended 30 June   

			2023	2022
			$'000	$'000
Operating activities
	Loss for the half year		(2,971)	(4,043)
Adjustment for:
	Depreciation		16	20
	Share-based compensation		382	104
	Net foreign exchange gain		(3)	(4)
	Impairment expense		82	146
	Finance cost		1	5
	Movements in provisions		7	(80)
Changes in working capital:
	Receivables and other assets		(63)	(145)
	Trade and other payables		(314)	180
Other adjustments:
	Interest payments		(1)	(5)
Net cash flows used in operating activities			(2,864)	(3,822)
Investing activities
	Purchase of property, plant and equipment		(6)	(6)
Net cash flows used in investing activities			(6)	(6)
Financing activities
	Payment of principal portion of lease liabilities		(58)	(50)
Net cash flows from (used in) financing activities			(58)	(50)
Net decrease in cash			(2,928)	(3,878)
Net foreign exchange differences			2	-
Cash at beginning of the period			5,185	9,060
Cash at 30 June			2,259	5,182

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 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 half year	-	-	-	(2,945)	-	(2,945)	(27)	(2,972)
	Other comprehensive income			1	-	-	1	-	1
Total comprehensive income		-	-	1	(2,944)	-	(2,944)	(27)	(2,971)
Transactions with owners in their capacity as owners
	Contribution by parent in NCI	-	-	-	(27)	-	(27)	27	-
	Share based compensation	-	382	-	-	-	382	-	382
Balance at 30 June 2023		21,831	67,303	72	(84,715)	(3,246)	1,245	(7)	1,238

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 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 half year	-	-	-	(3,937)	-	(3,937)	(106)	(4,043)
Total comprehensive loss		-	-	-	(3,937)	-	(3,937)	(106)	(4,043)
Transactions with owners in their capacity as owners
	Contribution by parent in NCI	-	-	-	(106)	-	(106)	106	-
Balance at 30 June 2022		19,393	65,975	49	(78,752)	(3,246)	3,419	(7)	3,412

 

END