Last checked at 27 Apr 2018 09:00
For Immediate Release London AIM
27 April 2018 Symbol: ARS
2017 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 2017 ("Financial Statements") as extracted from the Company's 2017 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 should be read in conjunction with the 2017 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Financial highlights include:
· 2017 net loss $7.5 million (2016: net loss 3.8 million)
· Closing cash as at 31 December $3.079 million (2016: $1.748 million)
· The Company has no debt.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
-Ends-
Peter BirdDeputy Chairman and CEO, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: peter.bird@asiametresources.com
Tony ManiniExecutive Chairman, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated AdviserRFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
LiberumNeil Elliot, Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Neil.Elliot@Liberum.com
Optiva Securities LimitedChristian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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 2017
|
|
| 2017 | 2016 |
|
|
| $'000 | $'000 |
ASSETS |
|
|
| |
Current assets |
|
|
| |
| Cash |
| 3,079 | 1,748 |
| Receivables and other assets |
| 586 | 254 |
| Share subscription receivable |
| - | 802 |
|
|
| 3,665 | 2,804 |
Non-current assets |
|
|
| |
| Equipment |
| 41 | 37 |
| Security deposit |
| 74 | 94 |
|
|
| 115 | 131 |
TOTAL ASSETS |
| 3,780 | 2,935 | |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| |
Current liabilities |
|
|
| |
| Trade and other payables |
| 1,054 | 1,017 |
| Related party borrowings |
| - | 233 |
|
|
| 1,054 | 1,250 |
Non-current liabilities |
|
|
| |
| Provision for employee service entitlements |
| 156 | 102 |
|
|
| 1,210 | 1,352 |
|
|
|
|
|
Equity |
|
|
| |
| Share capital |
| 8,528 | 7,060 |
| Equity reserves |
| 40,354 | 33,323 |
| Other comprehensive loss |
| (12) | (2) |
| Accumulated Deficit |
| (46,293) | (38,791) |
| Parent entity interest |
| 2,577 | 1,590 |
| Non-controlling interest |
| (7) | (7) |
|
|
| 2,570 | 1,583 |
TOTAL LIABILITIES AND EQUITY |
| 3,780 | 2,935 | |
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2017
|
|
| 2017 | 2016 |
|
|
| $'000 | $'000 |
Expenses |
|
|
| |
| Accounting and audit |
| (109) | (100) |
| Consultants |
| (668) | (730) |
| Exploration and evaluation |
| (4,628) | (1,401) |
| Legal and Company Secretarial |
| (139) | (115) |
| General and administrative |
| (249) | (68) |
| Depreciation |
| (24) | (79) |
| Employee benefits |
| (1,561) | (1,121) |
| Share-based compensation |
| (914) | (300) |
|
|
| (8,292) | (3,914) |
Other items |
|
|
| |
| Taxation expense |
| - | (7) |
| Foreign exchange gain |
| 81 | 25 |
| Gain on sale of subsidiary |
| 708 | 100 |
| Interest income |
| 1 | 2 |
|
|
| 790 | 120 |
Net loss |
| (7,502) | (3,794) | |
Items that may not be reclassified subsequently to profit or loss: |
|
|
| |
| Actuarial loss on employee service entitlements |
| (10) | (2) |
Total comprehensive loss for the year |
| (7,512) | (3,796) | |
|
|
|
|
|
Net loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (7,244) | (3,794) |
| Non-controlling interests |
| (258) | - |
|
|
|
| |
Total comprehensive loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (7,254) | (3,794) |
| Non-controlling interests |
| (258) | - |
|
|
|
|
|
Basic and diluted loss per common share |
| (0.01) | (0.01) | |
Weighted average number of shares outstanding (thousands) |
| 772,537 | 609,750 | |
Consolidated Statement of Cash Flows
For the year ended 31 December 2017
|
|
| 2017 | 2016 |
|
|
| $'000 | $'000 |
Cash provided from (used for): |
|
|
| |
|
|
|
|
|
Operating activities |
|
|
| |
Loss for the year |
| (7,512) | (3,794) | |
Adjustment for: |
|
|
| |
| Depreciation |
| 24 | 79 |
| Share-based compensation |
| 914 | 300 |
| Unrealised foreign exchange gain |
| - | (4) |
| Gain on sale of subsidiary |
| (708) | - |
Changes in non-cash working capital: |
|
|
| |
| Receivables and other assets |
| (93) | 24 |
| Value Added Tax ("VAT") |
| (242) | (178) |
| Trade and other payables |
| 61 | 667 |
| Provision for employee service entitlements |
| 59 | 59 |
|
|
| (7,497) | (2,847) |
Investing activities |
|
|
| |
| Purchase of equipment |
| (26) | (24) |
| Proceeds on sale of subsidiary, net of cash sold |
| 699 | - |
|
|
| 673 | (24) |
Financing activities |
|
|
| |
| (Repayment of) Proceeds from related party loans |
| (233) | 233 |
| Proceeds from share subscription |
| 802 | - |
| Proceeds from equity raising |
| 8,018 | 3,831 |
| Equity raising costs |
| (432) | (224) |
|
|
| 8,155 | 3,840 |
Increase in cash |
| 1,331 | 969 | |
|
|
|
|
|
Cash at beginning of the year |
| 1,748 | 779 | |
|
|
|
|
|
Cash at end of the year |
| 3,079 | 1,748 | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2017
|
|
| Attributable to equity holders of the parent |
|
| ||||
|
| Number of shares | Share capital | Equity reserves | Other Comprehensive Loss | Accumulated Deficit | Total | Non-Controlling Interests | Total |
|
| '000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Balance at 1 January 2016 | 574,597 | 5,707 | 29,968 | - | (34,997) | 678 | (7) | 671 | |
| Equity raising | 135,344 | 1,353 | 3,280 | - | - | 4,633 | - | 4,633 |
| Warrant issues - brokers | - | - | 165 | - | - | 165 | - | 165 |
| Equity raising costs | - | - | (390) | - | - | (390) | - | (390) |
| Share based compensation | - | - | 300 | - | - | 300 | - | 300 |
| Loss for the year | - | - | - | - | (3,794) | (3,794) | - | (3,794) |
| Actuarial loss on employee service entitlements | - | - | - | (2) | - | (2) | - | (2) |
Balance at 31 December 2016 | 709,941 | 7,060 | 33,323 | (2) | (38,791) | 1,590 | (7) | 1,583 | |
|
|
|
|
|
|
|
|
|
|
| Equity raising | 144,952 | 1,395 | 6,346 | - | - | 7,741 | - | 7,741 |
| Warrant exercises - brokers | 1,874 | 73 | 203 | - | - | 276 | - | 276 |
| Equity raising costs | - | - | (432) | - | - | (432) | - | (432) |
| Share based compensation | - | - | 914 | - | - | 914 | - | 914 |
| Cancelled shares | (3) | - | - | - | - | - | - | - |
| Loss for the year | - | - | - | - | (7,244) | (7,244) | (258) | (7,502) |
| Actuarial loss on employee service entitlements | - | - | - | (10) | - | (10) | - | (10) |
| Contribution by parent in NCI | - | - | - | - | (258) | (258) | 258 | - |
Balance at 31 December 2017 | 856,764 | 8,528 | 40,354 | (12) | (46,293) | 2,577 | (7) | 2,570 | |