RNS Number : 7556X
Asiamet Resources Limited
27 April 2023
 

27 April 2023

 

 

2022 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 2022 ("Financial Statements") as extracted from the Company's 2022 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 2022 Annual Report which contains the notes to the Financial Statements. 

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

Key 2022 Financial and Operational Highlights Include: 

·    Completed the BKZ drilling program which focussed on resource extensions and delivered a significant uplift in JORC compliant resources of all metals and discovery of a new gold/silver mineralised zone.

·    Completed the first detailed materiality assessment related to Environmental, Social and Governance ("ESG") elements which will deliver the Company's first integrated ESG implementation framework to be utilised to develop appropriate policies and procedures.

·    Appointment of Chief Executive Officer, Mr Darryn McClelland, who is based in Indonesia.

·    Significant BKZ Resource Upgrade including new exploration target identified:

50% increase in contained zinc;

75% increase in contained copper; and

Potential for 100-220koz of gold and 10-20Moz silver in newly discovered Exploration Targets.   

·    Progressed and completed various BKM copper project Feasibility Study (BKM FS) workstreams.

·    Completed a capital placing, raising gross proceeds of approximately $3.0 million with PT Delta Dunia Makmur Tbk. in November 2022.

  

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:
tony.manini@asiametresources.com

 

FlowComms Limited - Investor Relations

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: +61 8 9480 2500

Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com

 

 

 

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 2022

 

 



 

2022

2021

 

 

 

 $'000

 $'000

Assets

 



Current assets

 




Cash


5,185

9,060


Receivables and other assets

 

77

33




5,262

9,093

Non-current assets

 

 



Plant and equipment

 

36

60


Right-of-use assets

 

16

7


Receivables and other assets

 

67

71




119

138

Total assets

 

5,381

9,231

Liabilities and Equity

 

 


Current liabilities

 

 



Trade and other payables


657

537


Provisions

 

288

285


Lease liabilities

 

59

159




1,004

981


 

Non-current liabilities

 

 



Provisions for employee service entitlements

 

550

794

 

 

1,554

1,775

 

 

 


Equity

 

 



Share capital

 

21,831

19,393


Equity reserves


66,921

65,975


Other comprehensive income


71

49


Accumulated deficit


(81,743)

(74,708)


Other reserves


(3,246)

(3,246)


Parent entity interest


3,834

7,463


Non-controlling interest


(7)

(7)




3,827

7,456

Total liabilities and equity

 

5,381

9,231

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2022

 



 

2022

2021

 

 

 

 $'000

 $'000

Expenses

 

 

 


Exploration and evaluation

 

(3,611)

(2,414)


Employee benefits

 

(2,259)

(2,147)


Consultants


(216)

(81)


Legal and Company Secretarial


(90)

(142)


Accounting and audit


(47)

(46)


General and administrative

 

(271)

(287)


Depreciation

 

(46)

(45)


Share-based compensation

 

(369)

(600)



 

(6,909)

(5,762)

Other items

 

 



Foreign exchange gain/(loss)

 

148

(169)


Finance costs

 

(10)

(18)


Impairment expenses

 

(268)

(117)


Other income

 

4

2



 

(126)

(302)

Net loss before tax

 

(7,035)

(6,064)

Income tax expense


-

-

Net loss for the year

 

(7,035)

(6,064)

Other comprehensive gain/(loss) that may not be reclassified subsequently to profit or loss:

 

 

 


Actuarial gain/(loss) on employee service entitlements

 

22

(34)

Total comprehensive loss for the year

 

(7,013)

(6,098)

 

 

 


Net loss attributable to:

 

 



Equity holders of the parent


(6,931)

(5,878)


Non-controlling interests


(104)

(186)

Total comprehensive loss attributable to:

 

 



Equity holders of the parent


(6,909)

(5,912)


Non-controlling interests


(104)

(186)




 


Basic and diluted loss per common share (cents per share)


(0.36)

(0.33)

 

Consolidated Statement of Cash Flows          

For the year ended 31 December 2022

 

 

 

2022

2021

 

 

 

 $'000

 $'000

Operating activities



 




(7,035)

(6,064)



 




46

45

 


369

600



(7)

(9)

 


268

117

 


10

18

 


(147)

228



 




(308)

(133)



120

(117)



(6,684)

(5,315)



(10)

(18)



(6,694)

(5,333)


 

 


 


 


 


(8)

(23)



(8)

(23)



 




 


 


(111)

(111)

 


3,015

14,089



-

(734)

 

 

2,904

13,244



(3,798)

7,888


 

(77)

(14)



9,060

1,186

Cash at end of the year



5,185

9,060

 

 


 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2021

 








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 2021

14,752

 56,661

 83

 (68,644)

 (3,246)

 (394)

 (7)

 (401)

 











Loss for the year

-

-

-

(5,878)

-

(5,878)

(186)

(6,064)

 

Other comprehensive loss

-

-

(34)

-

-

(34)

-

(34)

Total comprehensive loss

-

-

(34)

(5,878)

-

(5,912)

(186)

(6,098)

 










Transactions with owners in their capacity

as owners









 

Equity raising

4,574

9,515

-

-

-

14,089

-

14,089

 

Equity raising costs

-

(734)

-

-

-

(734)

-

(734)

 

Reclassify shares issued to directors

52

(52)

-

-

-

-


-

 

Share-based compensation

15

585

-

-

-

600

-

600

 

Contribution by parent in NCI

-

-

-

(186)

-

(186)

186

-

 










Balance at 31 December 2021

19,393

65,975

49

(74,708)

(3,246)

7,463

(7)

7,456

 

 

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FR DZGZDDNFGFZM