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 | +61 8 9480 0414 |
| Patrick Walta | |
| Strand Hanson Limited (Nominated Adviser and UK Broker) | +44 (0) 207 409 3494 |
| James Bellman / Rob Patrick | |
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2024
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| Note | 30 June 2024 | 30 June 2023 |
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| $ | $ |
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| Other income |
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| Interest received |
| 28,720 | 98,723 |
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| Other income |
| 49,673 | 194,644 |
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| Expenses |
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| Employee and director benefits expense |
| (801,495) | (705,024) |
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| Professional and consultants |
| (195,552) | (304,129) |
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| ASX and AIM share registry fees |
| (319,012) | (438,311) |
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| Share-based payments expense | 16 | (600,625) | (607,758) |
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| Travel expenditure |
| (46,488) | (104,197) |
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| Exploration expenditure |
| (1,458,646) | (4,857,267) |
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| Other expense |
| (574,344) | (566,077) |
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| Depreciation and amortisation |
| (9,687) | (21,459) |
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| Unrealised foreign exchange gain / (loss) |
| (12,595) | 1,735 |
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| Loss before income tax expense |
| (3,940,051) | (7,309,120) |
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| Income tax expense | 2 | - | - |
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| Loss after income tax expense for the year attributable to the owners of Future Metals NL | 10 | (3,940,051) | (7,309,120) |
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| Other comprehensive income for the year, net of tax |
| - | - |
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| Total comprehensive (loss)/profit for the year attributable to the owners of Future Metals NL |
| (3,940,051) | (7,309,120) |
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| | Cents | | Cents | |||
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| 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
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| Note | 30 June 2024 | 30 June 2024 |
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| $ | $ |
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| Assets |
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| Current assets |
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| 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 |
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| Non-current assets |
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| 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 |
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| Total assets |
| 20,207,866 | 19,496,950 |
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| Liabilities |
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| Current liabilities |
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| Trade and other payables | 7 | 344,223 | 576,018 |
| Provisions |
| 37,577 | 30,195 |
| Total current liabilities |
| 381,800 | 606,213 |
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| Total liabilities |
| 381,800 | 606,213 |
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| Net assets |
| 19,826,066 | 18,890,737 |
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| Equity |
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| 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) |
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| 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
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| | Total equity |
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| | Issued capital | | Share-based payments reserves | | Accumulated losses | | |
| Consolidated | | $ | | $ | | $ | | $ |
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| Balance at 1 July 2022 | | 29,689,231 | | 3,076,807 | | (13,952,466) | | 18,813,572 |
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| Loss after income tax expense for the year | | - | | - | | (7,309,120) | | (7,309,120) |
| Other comprehensive income for the year, net of tax | | - | | - | | - | | - |
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| Total comprehensive (loss)/profit for the year | | - | | - | | (7,309,120) | | (7,309,120) |
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| Transactions with owners: | |
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| 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 |
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| Balance at 30 June 2023 | | 36,524,091 | | 3,628,232 | | (21,261,586) | | 18,890,737 |
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| | Total equity |
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| | Issued capital | | Share-based payments reserves | | Accumulated losses | | |
| Consolidated | | $ | | $ | | $ | | $ |
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| Balance at 1 July 2023 | | 36,524,091 | | 3,628,232 | | (21,261,586) | | 18,890,737 |
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| Loss after income tax expense for the year | | - | | - | | (3,940,051) | | (3,940,051) |
| Other comprehensive income for the year, net of tax | | - | | - | | - | | - |
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| Total comprehensive (loss)/profit for the year | | - | | - | | (3,940,051) | | (3,940,051) |
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| Transactions with owners in their capacity as owners: | |
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| 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 | | - |
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| 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
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| Note | 30 Jun 2024 | 30 Jun 2023 | |
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| $ | $ | |
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| Cash flows from operating activities |
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| 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 | |
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| Net cash used in operating activities | 20 | (3,391,770) | (6,573,611) | |
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| Cash flows from investing activities |
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| Payments for property, plant and equipment |
| - | (41,723) | |
| Payment for tenement acquisition stamp duty |
| - | (447,115) | |
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| Net cash used in investing activities |
| - | (488,838) | |
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| Cash flows from financing activities |
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| Proceeds from issue of shares | 8 | 3,256,030 | 6,901,345 | |
| Transaction costs on issue of shares | 8 | (266,569) | (466,484) | |
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| Net cash from financing activities |
| 2,989,461 | 6,434,861 | |
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| 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 | |
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| 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.
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