RNS Number : 8143N
Asiamet Resources Limited
09 May 2024
 

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:

19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved Reserve Category.

21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable Reserve Category; and

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:

An initial 9.2-year life of mine and 19.6ktpa of copper cathode production

Life of Mine ('LOM') revenues of $1.4 billion and EBITDA of $655.3 million.

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

Post tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure costs)   

Payback Period 3.4 years

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

 

 

 

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 2023

 



2023

2022

 

 

 $'000

 $'000

 




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

 

 

$'000

 $'000

Expenses

 

 


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)

 

 


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

 

 

 $'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)

 

 

 


Investing activities


 


Purchases of plant and equipment


(6)

(8)

Net cash flows used in investing activities


(6)

(8)



 


Financing activities


 


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

 






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

 

 

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

 

 

 $'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 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)



 

 

 

 

 

 

 

 

Transactions with owners in their capacity as owners

 

 

 

 

 

 

 

 


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

 -



 

 

 

 

 

 

 

 

Balance at 31 December 2023

25,902

 67,378

 126

(86,972)

 (3,246)

 3,188

 (7)

 3,181

 

 

 

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