Annual Financial Report

Future Metals NL

29 September 2023

 

29 September 2023

Future Metals NL

Final Results for the Year Ended 30 June 2023 and

Corporate Governance Statement

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's final results for the year ended 30 June 2023.

Please see below extracts from the Company's Annual Report and Accounts for the year ended 30 June 2023, as follows:

·      Consolidated Statement of Profit or Loss and Other Comprehensive Income

·      Consolidated Statement of Financial Position

·      Consolidated Statement of Changes in Equity

·      Consolidated Statement of Cash Flows

Further details on the Company's activities during the year are set out in the Directors' Report, which can be found in the full Report and Accounts available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/0759O_1-2023-9-28.pdf and on the Company's website at https://future-metals.com.au/investor-centre/reports/annual-reports/. 

The Company has also released its Appendix 4G: Key to Disclosures - Corporate Governance Council Principles and Recommendations and its Corporate Governance Statement to the Australian Securities Exchange ("ASX"). Copies of these documents are also available on the Company's website at https://future-metals.com.au/.

This announcement has been approved for release by the Board of Future Metals NL.

For further information, please contact:

Future Metals NL	[phone]
Jardee Kininmonth	[e-mail]
Strand Hanson Limited (Nominated Adviser)	[phone]
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker)	[phone]
John Prior/Hugh Rich/Rauf Munir
FlowComms (UK IR/PR)	[phone]
Sasha Sethi
Future Metals NL		[phone]
Jardee Kininmonth		[e-mail]
Strand Hanson Limited (Nominated Adviser)		[phone]
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker)		[phone]
John Prior/Hugh Rich/Rauf Munir
FlowComms (UK IR/PR)		[phone]
Sasha Sethi

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the year ended 30 June 2023

	Note	30-Jun-23 $	Restated(i) 30-Jun-22 $
Interest received		98,723	6,823
Other income		194,644	552
Employee and Director benefits expense		(705,024)	(574,503)
Professional and Consultants		(304,129)	(438,512)
Exploration expenditure		(4,857,267)	(2,965,147)
ASX and AIM and share registry fees		(438,311)	(1,954,846)
Travel expenditure		(104,197)	(28,835)
Listing expense		-	-
Share based payment expense	18	(607,758)	(877,463)
Amortisation/depreciation expense		(21,459)	(79,538)
Unrealised Foreign exchange gain/(loss)		1,735	1,697
Realised Foreign exchange gain/(loss)		-	(446)
Other expenses		(566,077)	(368,228)
Loss before income tax		(7,309,120)	(7,278,447)
Income tax expense	3	-	-
Loss after income tax		(7,309,120)	(7,278,447)
Other comprehensive loss
Items that may be reclassified to profit or loss
Other comprehensive income/(loss)		-	-
Other comprehensive income/(loss) for the year net of tax		-	-
Total comprehensive loss for the year		(7,309,120)	(7,278,447)
Loss per share for the year attributable to the members of Future Metals NL
Basic and diluted loss per share (cents)	17	(1.82)	(2.07)

⁽ⁱ⁾ Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Financial Position

as at 30 June 2023

	Note	30-Jun-23	Restated(i) 30-Jun-22	Restated(i) 30-Jun-21
		$	$	$
Current Assets
Cash and cash equivalents	4	2,705,754	3,331,607	9,555,684
Trade and other receivables	5	120,519	78,446	175,840
Total Current Assets		2,826,273	3,410,053	9,731,524
Non-Current Assets
Deferred Exploration & Evaluation Expenditure	6, 7	16,609,916	16,435,451	16,653,580
Right of Use Assets		-	-	83,101
Property, plant and equipment		60,761	35,935	-
Total Non-Current Assets		16,670,677	16,471,386	16,736,681
Total Assets		19,496,950	19,881,440	26,468,205
Current Liabilities
Trade and other payables	8	606,213	1,067,868	2,029,502
Lease Liabilities		-	-	72,404
Total Current Liabilities		606,213	1,067,868	2,101,906
Non-Current Liabilities
Lease Liabilities		-	-	12,421
Total Non-Current Liabilities		-	-	12,421
Total Liabilities		606,213	1,067,868	2,114,327
Net Assets		18,890,737	18,813,572	24,353,878
Equity
Issued capital	9	36,524,091	29,689,231	29,238,564
Reserves	10	3,628,232	3,076,807	1,789,333
Accumulated losses	11	(21,261,586)	(13,952,466)	(6,674,019)
Total Equity		18,890,737	18,813,572	24,353,878
	Note	30-Jun-23	Restated(i) 30-Jun-22	Restated(i) 30-Jun-21
		$	$	$
Current Assets
Cash and cash equivalents	4	2,705,754	3,331,607	9,555,684
Trade and other receivables	5	120,519	78,446	175,840
Total Current Assets		2,826,273	3,410,053	9,731,524
Non-Current Assets
Deferred Exploration & Evaluation Expenditure	6, 7	16,609,916	16,435,451	16,653,580
Right of Use Assets		-	-	83,101
Property, plant and equipment		60,761	35,935	-
Total Non-Current Assets		16,670,677	16,471,386	16,736,681
Total Assets		19,496,950	19,881,440	26,468,205
Current Liabilities
Trade and other payables	8	606,213	1,067,868	2,029,502
Lease Liabilities		-	-	72,404
Total Current Liabilities		606,213	1,067,868	2,101,906
Non-Current Liabilities
Lease Liabilities		-	-	12,421
Total Non-Current Liabilities		-	-	12,421
Total Liabilities		606,213	1,067,868	2,114,327
Net Assets		18,890,737	18,813,572	24,353,878
Equity
Issued capital	9	36,524,091	29,689,231	29,238,564
Reserves	10	3,628,232	3,076,807	1,789,333
Accumulated losses	11	(21,261,586)	(13,952,466)	(6,674,019)
Total Equity		18,890,737	18,813,572	24,353,878

⁽ⁱ⁾ Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Changes in Equity

for the year ended 30 June 2023

	Issued capital $	Accumulated losses $	Share based payments reserve $	Total $
Balance at 1 July 2021 restated(i)	29,238,564	(6,674,019)	1,789,333	24,353,878
Total comprehensive loss for the year
Loss for the year(i)	-	(7,278,447)	-	(7,278,447)
Other Comprehensive loss	-	-	-	-
Total comprehensive loss for the year	-	(7,278,447)	-	(7,278,447)
Transactions with owners in their capacity as owners
Shares issued during the year	450,667	-	(450,667)	-
Options issued during the year	-	-	50,000	50,000
Cost of issue	-	-	-	-
Share based payment (note 18)	-	-	1,688,141	1,688,141
Balance at 30 June 2022 restated(i)	29,689,231	(13,952,466)	3,076,807	18,813,572

	Issued capital $	Accumulated losses $	Share based payments reserve $	Total $
Balance at 1 July 2022 restated(i)	29,689,231	(13,952,466)	3,076,807	18,813,572
Total comprehensive loss for the year
Loss for the year	-	(7,309,120)	-	(7,309,120)
Other Comprehensive loss	-	-	-	-
Total comprehensive loss for the year	-	(7,309,120)	-	(7,309,120)
Transactions with owners in their capacity as owners
Shares issued during the year	7,301,344	-	(56,333)	7,245,011
Options issued during the year	-	-	-	-
Cost of issue	(466,484)	-	-	(466,484)
Share based payment (note 18)	-	-	607,758	607,758
Balance at 30 June 2023	36,524,091	(21,261,586)	3,628,232	18,890,737

(i) Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Report and Accounts.

Consolidated Statement of Cash Flow

for the year ended 30 June 2023

	Note	30-Jun-23	Restated(i) 30-Jun-22
		$	$
Cash flows from operating activities
Payments to suppliers and employees		(2,041,123)	(1,696,154)
Payments for exploration and evaluation		(4,778,135)	(2,907,394)
Payments for Offer and ASX/AIM listing costs		-	(1,073,800)
Interest received		98,723	6,823
Other receipts		146,924	1,074
Net cash used in operating activities	4	(6,573,611)	(5,669,451)
Cash flows from investing activities
Payments for tenement acquisition stamp duty	6	(447,115)	(560,415)
Acquisition of property, plant and equipment		(41,723)	(44,241)
Net cash used in investing activities		(488,838)	(604,656)
Cash flows from financing activities
Proceeds from issue of shares	9	6,901,345	-
Proceeds from issue of options		-	50,000
Payments for share issue costs		(466,484)	-
Net cash provided by financing activities		6,434,861	50,000
Net increase/(decrease) in cash and cash equivalents		(627,588)	(6,224,077)
Cash and cash equivalents at beginning of year		3,331,607	9,555,684
Effects on exchange rate changes on cash and cash equivalents		1,735	-
Cash and cash equivalents at the end of the year	4	2,705,754	3,331,607

	Note	30-Jun-23	Restated(i) 30-Jun-22
		$	$
Cash flows from operating activities
Payments to suppliers and employees		(2,041,123)	(1,696,154)
Payments for exploration and evaluation		(4,778,135)	(2,907,394)
Payments for Offer and ASX/AIM listing costs		-	(1,073,800)
Interest received		98,723	6,823
Other receipts		146,924	1,074
Net cash used in operating activities	4	(6,573,611)	(5,669,451)
Cash flows from investing activities
Payments for tenement acquisition stamp duty	6	(447,115)	(560,415)
Acquisition of property, plant and equipment		(41,723)	(44,241)
Net cash used in investing activities		(488,838)	(604,656)
Cash flows from financing activities
Proceeds from issue of shares	9	6,901,345	-
Proceeds from issue of options		-	50,000
Payments for share issue costs		(466,484)	-
Net cash provided by financing activities		6,434,861	50,000
Net increase/(decrease) in cash and cash equivalents		(627,588)	(6,224,077)
Cash and cash equivalents at beginning of year		3,331,607	9,555,684
Effects on exchange rate changes on cash and cash equivalents		1,735	-
Cash and cash equivalents at the end of the year	4	2,705,754	3,331,607

⁽ⁱ⁾ Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.

The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes in the full Report and Accounts.

 

END