RNS Number : 8201N
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):

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

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

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

Low strip ratio of 1.2:1

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:

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

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

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

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

Payback Period 3.4 years

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

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

 

Post-Period End Highlights

·    Non-Executive Director Changes

Appointment of Mr Matthew Doube and Non-Executive Director

Retirement of Non-Executive Director, Mr Faldi Ismail

·    Project Financing

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

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

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: darryn.mcclelland@asiametresources.com

 

Tony Manini
Executive Chairman, Asiamet Resources Limited
Email:
tony.manini@asiametresources.com

 

FlowComms Limited

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com

Nominated & Financial Adviser
Strand Hanson Limited

James Spinney / James Dance / Rob Patrick

Telephone: +44 20 7409 3494

Email: asiamet@strandhanson.co.uk

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com

 

 

 

 

 



 

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)

Adjustment for:

 

 



Depreciation

 

 16


Share-based compensation

 

382

 104


Net foreign exchange gain

 

 (3)

 (4)


Impairment expense

 

 82

146


Finance cost

 

1


Movements in provisions

 

 

7

Changes in working capital:

 

 

 

Receivables and other assets

 

 (63)


Trade and other payables


 (314)

 Other adjustments:


 

 

 


 Interest payments


 (1)

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

 

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