Interim Results

RNS Number : 8638B

Asiamet Resources Limited

25 September 2018

 

For Immediate Release                          London AIM

25 September 2018                                Symbol: ARS

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2018 ("Interim Results") as extracted from the Company's 2018 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 copy.  The Interim Results should be read in conjunction with the full 2018 Half Year Report which contains the notes to the Financial Statements and management comments on the 6 months to 30 June 2018.

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

Financial highlights for the six months ended 30 June 2018 include:

·     Unaudited 2018 net loss $6.19 million (six months to 30 June 2017: net loss 2.01 million)

·     Unaudited closing cash as at 30 June 2018 $4.0 million (31 December 2017: $3.079 million)

·     The Company has no debt.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact:

-Ends-

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: [phone]
Email: [e-mail]

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

FlowComms Limited

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] 

Berenberg

Matthew Armitt, Sara MacGrath

Telephone: [phone]

Email: [e-mail]

Liberum

Neil Elliot, Clayton Bush, Kane Collings

Telephone: [phone]

Email: [e-mail]

Optiva Securities Limited

Christian Dennis

Telephone: [phone]

Email: [e-mail]

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").

 

Asiamet Resources Limited - Unaudited Balance Sheet as at 30 June 2018

		Note	30 Jun	31 Dec
			2018	2017
			Unaudited	Audited
			$'000	$'000
ASSETS
Current assets
	Cash		4,007	3,079
	Receivables and other assets	4	623	586
			4,630	3,665
Non-current assets
	Property, plant and Equipment		230	41
	Security deposit	3b	70	74
			300	115
TOTAL ASSETS			4,930	3,780
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade and other payables	5	1,137	1,054
	Other financial liabilities	6	310	-
			1,447	1,054
Non-current liabilities
	Provision for employee service entitlements		196	156
			196	156
Equity
	Share capital	7	9,287	8,528
	Equity reserves		49,749	40,354
	Other comprehensive loss		(12)	(12)
	Accumulated Deficit		(52,484)	(46,293)
	Parent entity interest		6,540	2,577
	Non-controlling interest		(3,253)	(7)
			3,287	2,570
TOTAL LIABILITIES AND EQUITY			4,930	3,780

Asiamet Resources Limited - Unaudited Profit & Loss Statement for the six months ended 30 June 2018

			For the 6 months ended
		Note	30 Jun 18	30 Jun 17
			$'000	$'000
Expenses
	Accounting and audit		(47)	(6)
	Consultants		(267)	(278)
	Exploration and evaluation	3a	(3,700)	(1,412)
	Legal and Company Secretarial		(150)	(3)
	General and administrative		(252)	(203)
	Depreciation		(9)	(18)
	Employee benefits		(1,169)	(668)
	Share based compensation	7e	(242)	(97)
			(5,836)	(2,685)
Other items
	Foreign exchange loss		(355)	(37)
	Gain on sale of subsidiary	3c	-	708
			(355)	671
Net loss			(6,191)	(2,014)
Total comprehensive loss for the year			(6,191)	(2,014)
Net loss attributable to:
	Equity holders of the parent		(6,040)	(2,014)
	Non-controlling interests		(151)	-
Total comprehensive loss attributable to:
	Equity holders of the parent		(6,040)	(2,014)
	Non-controlling interests		(151)	-
Basic and diluted loss per common share			(0.01)	(0.00)
Weighted average number of shares outstanding (thousands)			878,224	711,765

Asiamet Resources Limited - Unaudited Cash Flow Statement for the six months ended 30 June 2018

			For the 6 months ended
		Note	30 Jun 18	30 Jun 17
			$'000	$'000
Cash provided from (used for):
Operating activities
Loss for the year			(6,191)	(2,014)
Adjustment for:
	Depreciation		9	18
	Share based compensation		242	97
	Unrealised foreign exchange losses		1	-
	Gain on sale of subsidiary		-	(708)
Changes in non-cash working capital:
	Receivables and other assets		(30)	(155)
	Value Added Tax ("VAT")		(7)	-
	Trade and other payables		83	(303)
	Provision for employee service entitlements		40	-
			(5,853)	(3,065)
Investing activities
	Security deposits		-	(6)
	Purchase of property, plant and equipment		(198)	(7)
	Payment for additional investment in Beutong Resources		(3,246)	-
	Proceeds on sale of subsidiary, net of cash sold	3c	-	699
			(3,444)	686
Financing activities
	(Repayment of) Proceeds from related party loans		-	(233)
	Proceeds from exercise of options and warrants		801	801
	Proceeds from equity raising		10,082	201
	Equity raising costs		(663)	-
			10,220	769
Increase (Decrease) in cash			928	(1,610)
Cash at beginning of the year			3,079	1,747
Cash at end of the six months			4,007	137

Asiamet Resources Limited - Unaudited Statement of Changes in Equity for the six months ended 30 June 2018 

			Attributable to equity holders of the parent
		Number of shares	Share capital	Equity reserves	Other Comprehensive Loss	Accumulated Deficit	Total	Non-Controlling Interests	Total
		'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 1 January 2017		709,940	7,060	33,323	(2)	(38,791)	1,590	(7)	1,583
	Warrant exercises	5,416	54	147	-	-	201	-	201
	Share based compensation	-	-	97	-	-	97	-	97
	Cancelled shares	(3)	-	-
	Loss for the year	-	-	-	-	(2,014)	(2,014)	-	(2,014)
	Contribution by parent in NCI	-	-	-	-	-	-	-	-
Balance at 30 June 2017		715,353	7,114	33,567	(2)	(40,805)	(126)	(7)	(133)
Balance at 1 January 2018		856,764	8,528	40,354	(12)	(46,293)	2,577	(7)	2,570
	Equity raising	65,402	654	9,428	-	-	10,082	-	10,082
	Warrant exercises	2,147	21	82	-	-	103	-	103
	Option exercises	8,350	84	306	-	-	390	-	390
	Equity raising costs	-	-	(663)	-	-	(663)	-	(663)
	Share based compensation	-	-	242	-	-	242	-	242
	Loss for the year	-	-	-	-	(6,040)	(6,040)	(151)	(6,191)
	Contribution by parent in NCI	-	-	-	-	(151)	(151)	151	-
	Other transactions with NCI	-	-	-	-	-	-	(3,246)	(3,246)
Balance at 30 June 2018		932,663	9,287	49,749	(12)	(52,484)	6,540	(3,252)	3,287

 

END

 

 

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