Final Results for the Year Ended 30 June 2024

Future Metals NL

30 September 2024

 

30 September 2024

Future Metals NL

Final Results for the Year Ended 30 June 2024 and

Corporate Governance Statement

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's final consolidated audited results for the year ended 30 June 2024.

Please see below key extracts from the Company's Annual Report and Accounts for the year ended 30 June 2024, 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/2819G_1-2024-9-30.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]
Patrick Walta	[e-mail]
Strand Hanson Limited (Nominated Adviser and UK Broker)	[phone]
James Bellman / Rob Patrick

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the year ended 30 June 2024

	Note		30 June 2024			30 June 2023
			$			$
Other income
Interest received			28,720			98,723
Other income			49,673			194,644
Expenses
Employee and director benefits expense			(801,495)			(705,024)
Professional and consultants			(195,552)			(304,129)
ASX and AIM share registry fees			(319,012)			(438,311)
Share-based payments expense	16		(600,625)			(607,758)
Travel expenditure			(46,488)			(104,197)
Exploration expenditure			(1,458,646)			(4,857,267)
Other expense			(574,344)			(566,077)
Depreciation and amortisation			(9,687)			(21,459)
Unrealised foreign exchange gain / (loss)			(12,595)			1,735
Loss before income tax expense			(3,940,051)			(7,309,120)
Income tax expense	2		-			-
Loss after income tax expense for the year attributable to the owners of Future Metals NL	10		(3,940,051)			(7,309,120)
Other comprehensive income for the year, net of tax			-			-
Total comprehensive (loss)/profit for the year attributable to the owners of Future Metals NL			(3,940,051)			(7,309,120)
					Cents			Cents
Basic earnings per share		15			(0.91)			(1.82)
Diluted earnings per share		15			(0.91)			(1.82)

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 2024

	Note	30 June 2024	30 June 2024
		$	$
Assets
Current assets
Cash and cash equivalents	3	2,291,466	2,705,754
Other receivables		7,615	120,519
Total current assets		2,299,081	2,826,273
Non-current assets
Property, plant and equipment		51,075	60,761
Deferred exploration and evaluation expenditure	4,6	17,857,710	16,609,916
Total non-current assets		17,908,785	16,670,677
Total assets		20,207,866	19,496,950
Liabilities
Current liabilities
Trade and other payables	7	344,223	576,018
Provisions		37,577	30,195
Total current liabilities		381,800	606,213
Total liabilities		381,800	606,213
Net assets		19,826,066	18,890,737
Equity
Issued capital	8	40,798,846	36,524,091
Reserves	9	2,451,123	3,628,232
Accumulated losses	10	(23,423,903)	(21,261,586)
Total equity		19,826,066	18,890,737

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 2024

								Total equity
		Issued capital		Share-based payments reserves		Accumulated losses
Consolidated		$		$		$		$
Balance at 1 July 2022		29,689,231		3,076,807		(13,952,466)		18,813,572
Loss after income tax expense for the year		-		-		(7,309,120)		(7,309,120)
Other comprehensive income for the year, net of tax		-		-		-		-
Total comprehensive (loss)/profit for the year		-		-		(7,309,120)		(7,309,120)
Transactions with owners:
Share-based payments (note 16)		-		607,758		-		607,758
Shares issued during the year, net of transaction costs (note 8)		6,834,860		(56,333)		-		6,778,527
Balance at 30 June 2023		36,524,091		3,628,232		(21,261,586)		18,890,737

								Total equity
		Issued capital		Share-based payments reserves		Accumulated losses
Consolidated		$		$		$		$
Balance at 1 July 2023		36,524,091		3,628,232		(21,261,586)		18,890,737
Loss after income tax expense for the year		-		-		(3,940,051)		(3,940,051)
Other comprehensive income for the year, net of tax		-		-		-		-
Total comprehensive (loss)/profit for the year		-		-		(3,940,051)		(3,940,051)
Transactions with owners in their capacity as owners:
Share-based payments (note 16)		-		600,625		-		600,625
Shares issued during the year, net of transaction costs (note 8)		4,274,755		-		-		4,274,755
Exercise of performance rights		-		(1,777,734)		1,777,734		-
Balance at 30 June 2024		40,798,846		2,451,123		(23,423,903)		19,826,066

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 2024

	Note	30 Jun 2024	30 Jun 2023
		$	$
Cash flows from operating activities
Payments to suppliers and employees		(1,920,089)	(2,041,123)
Payment for exploration and evaluation		(1,550,074)	(4,778,135)
Interest received		28,720	98,723
Other receipts		49,673	146,924
Net cash used in operating activities	20	(3,391,770)	(6,573,611)
Cash flows from investing activities
Payments for property, plant and equipment		-	(41,723)
Payment for tenement acquisition stamp duty		-	(447,115)
Net cash used in investing activities		-	(488,838)
Cash flows from financing activities
Proceeds from issue of shares	8	3,256,030	6,901,345
Transaction costs on issue of shares	8	(266,569)	(466,484)
Net cash from financing activities		2,989,461	6,434,861
Net decrease in cash and cash equivalents		(402,309)	(627,588)
Cash and cash equivalents at the beginning of the financial year		2,705,754	3,331,607
Effects of exchange rate changes on cash and cash equivalents		(11,979)	1,735
Cash and cash equivalents at the end of the financial year	3	2,291,466	2,705,754

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

 

END