9 May 2024
2023 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 2023 ("Financial Statements") as extracted from the Company's 2023 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 2023 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2023 Financial and Operational Highlights Include:
· Updated Ore Reserve statement issued on 10th May 2023 for BKM delivered the following:
o 19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved Reserve Category.
o 21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable Reserve Category; and
o 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proved and Probable Reserve Category.
· Updated Feasibility Study on the BKM project demonstrating a technically viable and economic robust copper project with:
o An initial 9.2-year life of mine and 19.6ktpa of copper cathode production
o Life of Mine ('LOM') revenues of $1.4 billion and EBITDA of $655.3 million.
o Capital cost of $208.7 million (excluding growth and contingency $26.7 million)
o Post tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure costs)
o Payback Period 3.4 years
o C1 cash cost of $1.91/lb and AISC of $2.25/lb
· Appointment of corporate advisors Grant Samuel Corporate Finance to support the BKM project finance process and China Zenith Capital Limited to assist with China sourced funding including offtake, equipment finance, project construction and strategic sourcing relating to finance.
· Appointment of Non-Executive Directors, Matthew Doube, based in Singapore and Peter Chambers, based in Jakarta as representatives of major shareholder PT Delta Dunia Makmur Tbk.
· Completed a capital placing, raising gross proceeds of approximately $4.0 million with PT Delta Dunia Makmur Tbk. in November 2023.
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
Strand Hanson Limited
26 Mount Row
London W1K 3SQ
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
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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 2023
| | | 2023 | 2022 |
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| $'000 | $'000 |
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| | | |
| Assets |
| | |
| Current assets |
| | |
| | Cash | 4,136 | 5,185 |
| | Receivables and other assets | 131 | 77 |
| | | 4,267 | 5,262 |
| Non-current assets |
| | |
| | Plant and equipment | 28 | 36 |
| | Right-of-use asset | 2 | 16 |
| | Receivables and other assets | 65 | 67 |
| | | 95 | 119 |
| Total assets | 4,362 | 5,381 | |
| | | | |
| | | | |
| Liabilities and Equity |
| | |
| Current liabilities |
| | |
| | Trade and other payables | 270 | 657 |
| | Provisions | 296 | 288 |
| | Lease liabilities | - | 59 |
| | | 566 | 1,004 |
| Non-current liabilities |
| | |
| | Provision for employee entitlements | 615 | 550 |
| | | 1,181 | 1,554 |
| Equity |
| | |
| | Share capital | 25,902 | 21,831 |
| | Equity reserves | 67,378 | 66,921 |
| | Other comprehensive loss | 126 | 71 |
| | Accumulated Deficit | (86,972) | (81,743) |
| | Other reserves | (3,246) | (3,246) |
| | Parent entity interest | 3,188 | 3,834 |
| | Non-controlling interest | (7) | (7) |
| | | 3,181 | 3,827 |
| Total liabilities and equity | 4,362 | 5,381 | |
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2023
| | | 2023 | 2022 | ||
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| $'000 | $'000 | ||
| Expenses |
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| |||
| | Exploration and evaluation | (1,554) | (3,611) | ||
| | Employee benefits | (2,520) | (2,259) | ||
| | Consultants | (118) | (216) | ||
| | Legal and Company Secretarial | (110) | (90) | ||
| | Accounting and audit | (53) | (47) | ||
| | General and administrative | (239) | (271) | ||
| | Depreciation | (28) | (46) | ||
| | Share-based compensation | (493) | (369) | ||
| | | (5,115) | (6,909) | ||
| Other items |
| | |||
| | Foreign exchange (loss)/gain | (11) | 148 | ||
| | Finance costs | (1) | (10) | ||
| | Impairment expenses | (112) | (268) | ||
| | Other income | 10 | 4 | ||
| | | (114) | (126) | ||
| Net loss before tax | (5,229) | (7,035) | |||
| Income tax expense | - | - | |||
| Net loss for the year | (5,229) | (7,035) | |||
| Other comprehensive gain that may not be reclassified subsequently to profit or loss: |
|
| |||
| | Actuarial gain on employee service entitlements | 55 | 22 | ||
| Total comprehensive loss for the year | (5,174) | (7,013) | |||
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| | |||
| Net loss attributable to: |
| | |||
| | Equity holders of the parent | (5,179) | (6,931) | ||
| | Non-controlling interests | (50) | (104) | ||
| Total comprehensive loss attributable to: |
| | |||
| | Equity holders of the parent | (5,124) | (6,909) | ||
| | Non-controlling interests | (50) | (104) | ||
| | |
| | ||
| Basic and diluted loss per common share (cents per share) | (0.23) | (0.36) | |||
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
| |
| 2023 | 2022 |
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| $'000 | $'000 |
| Operating activities | |
| |
| Loss before tax | | (5,229) | (7,035) |
| Adjustments for: | |
| |
| Depreciation | | 28 | 46 |
| Share-based compensation | | 493 | 369 |
| Net foreign exchange (loss)/gain | | 5 | (7) |
| Impairment expenses | | 112 | 268 |
| Finance costs | | 1 | 10 |
| Adjustment to Provisions | | 144 | (86) |
| Changes in working capital: | |
| |
| Receivables and other assets | | (164) | (308) |
| Trade and other payables | | (387) | 120 |
| | | (4,997) | (6,623) |
| Payment of employee entitlement | | (29) | (61) |
| Interest payments | | (1) | (10) |
| Net cash flows used in operating activities | | (5,027) | (6,694) |
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| Investing activities | |
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| Purchases of plant and equipment | | (6) | (8) |
| Net cash flows used in investing activities | | (6) | (8) |
| | |
| |
| Financing activities | |
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| Payment of principal portion of lease liabilities | | (59) | (111) |
| Proceeds from equity raising | | 4,044 | 3,015 |
| Equity raising costs | | (9) | - |
| Net cash flows from financing activities |
| 3,976 | 2,904 |
| Net decrease in cash | | (1,057) | (3,798) |
| Net foreign exchange differences |
| 8 | (77) |
| Cash at beginning of the year | | 5,185 | 9,060 |
| Cash at end of the year | | 4,136 | 5,185 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
| | | | | | | | Total equity |
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| | | | | Other |
| | attributable | Non- |
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| | | Share | Equity | comprehensive | Accumulated | Other | to the | controlling |
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| | | capital | reserves | income | deficit | reserves | parent | interests | Total |
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| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
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| | | | | | | | | |
| 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 | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
| | | | | | | | Total equity |
| |
| | | | | Other |
| | attributable | Non- |
|
| | | Share | Equity | comprehensive | Accumulated | Other | to the | controlling |
|
| | | capital | reserves | income | deficit | reserves | parent | interests | Total |
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| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
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| | | | | | | | | |
| Balance at 1 January 2023 | 21,831 | 66,921 | 71 | (81,743) | (3,246) | 3,834 | (7) | 3,827 | |
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| | Loss for the year | - | - | - | (5,179) | - | (5,179) | (50) | (5,229) |
| | Other comprehensive income | - | - | 55 | - | - | 55 | - | 55 |
| Total comprehensive loss | - | - | 55 | (5,179) | - | (5,124) | (50) | (5,174) | |
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| Transactions with owners in their capacity as owners |
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| |
| | Equity raising | 3,710 | 334 | - | - | - | 4,044 | - | 4,044 |
| | Equity raising costs | - | (9) | - | - | - | (9) | - | (9) |
| | Reclassify shares issued to directors | 154 | (154) | - | - | - | - | - | - |
| | Share-based compensation | 207 | 286 | - | - | - | 493 | - | 493 |
| | Contribution by parent in NCI | - | - | - | (50) | - | (50) | 50 | - |
| | |
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| Balance at 31 December 2023 | 25,902 | 67,378 | 126 | (86,972) | (3,246) | 3,188 | (7) | 3,181 | |
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