Last checked at 5 May 2020 07:10
5 May 2020
2019 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 2019 ("Financial Statements") as extracted from the Company's 2019 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 2019 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
2019 Financial and Operational Highlights Include:
· Beutong Project Mineral Resource Statement updated to contain metal in Resource on a 100% basis of 2.43Mt (5.3BIb) copper, 2.11Moz gold and 20.9Moz silver (1.95Mt (4.3Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis).
· Environmental Permit and approval of the Indonesian Feasibility Study received for BKM.
· Appointment of Feng (Bruce) Sheng as a Non-Executive Director.
· Updated Mineral Resource and Maiden Ore Reserve Statements delivered for BKM reinforcing the integrity, size and scale of the BKM deposit and providing a solid foundation for our emerging mid-size BKM copper development project.
· Completion of BKM Feasibility Study delivered a robust copper project with post tax NPV8 of $124.8 million, life of mine revenue of $1.27 billion and EBITDA of $563.3 million.
· MOU signed with China Nonferrous Metals for value engineering at BKM.
· Commenced value enhancement activities for the BKM Feasibility Study.
· Capital raisings totalling US$4.1 million (before capital raising costs) completed during the period.
Key Subsequent Events Include:
· A $3.89 million Placement completed in March 2020 with $3.11 million to Singapore commodities trader and strategic investor, Aeturnum Energy Pte LTD to become a 19.9% shareholder in Asiamet with significant support from Asiamet Directors.
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Executive Chairman
For further information, please contact:-Ends-
Tony ManiniExecutive Chairman, Asiamet Resources LimitedEmail: Tony.Manini@asiametresources.com
FlowComms Limited - Investor Relations
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated AdviserRFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3207 7800
Email: Matthew.Armitt@berenberg.com / Detlir.Elezi@berenberg.com
LiberumClayton Bush, Kane Collings
Telephone: +44 20 3100 2000
Email: Clayton.Bush@Liberum.com
Optiva Securities LimitedChristian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Blytheweigh Communications Limited
Tim Blythe / Megan Ray
Telephone: +44 (0)20 7138 3204
Email: Tim.Blythe@blytheweigh.com / Megan.Ray@blytheweigh.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 2019
2019 | 2018 | |||
$'000 | $'000 | |||
Assets | ||||
Current assets | ||||
Cash | 418 | 2,679 | ||
Receivables and other assets | 50 | 84 | ||
468 | 2,763 | |||
Non-current assets | ||||
Plant and equipment | 197 | 234 | ||
Right of use asset | 236 | - | ||
Receivables and other assets | 86 | 627 | ||
519 | 861 | |||
Total assets | 987 | 3,624 | ||
Liabilities and Equity | ||||
Current liabilities | ||||
Trade and other payables | 396 | 980 | ||
Provisions | 89 | 50 | ||
Lease liabilities | 78 | - | ||
563 | 1,030 | |||
Non-current liabilities | ||||
Provisions | 473 | 378 | ||
Lease liabilities | 237 | - | ||
710 | 378 | |||
1,273 | 1,408 | |||
Equity | ||||
Share capital | 10,969 | 9,983 | ||
Equity reserves | 56,435 | 52,804 | ||
Other comprehensive income | 74 | 10 | ||
Accumulated deficit | (64,511) | (57,328) | ||
Other reserves | (3,246) | (3,246) | ||
Parent entity interest | (279) | 2,223 | ||
Non-controlling interest | (7) | (7) | ||
(286) | 2,216 | |||
Total liabilities and equity | 987 | 3,624 | ||
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2019
2019 | 2018 | |||
$'000 | $'000 | |||
Expenses | ||||
Exploration and evaluation | (3,228) | (6,218) | ||
Employee benefits | (2,000) | (2,341) | ||
Consultants | (184) | (503) | ||
Legal and Company Secretarial | (260) | (308) | ||
Accounting and audit | (101) | (131) | ||
General and administrative | (323) | (541) | ||
Depreciation | (133) | (38) | ||
Share-based compensation | (298) | (480) | ||
(6,527) | (10,560) | |||
Other items | ||||
Foreign exchange gain/(loss) | 89 | (479) | ||
Interest income | 3 | 3 | ||
Finance costs | (26) | - | ||
Impairment expense | (724) | - | ||
Other income | 2 | 1 | ||
(656) | (475) | |||
Net loss | (7,183) | (11,035) | ||
Items that may not be reclassified subsequently | ||||
to profit or loss: | ||||
Actuarial gain on employee service entitlements | 64 | 22 | ||
Total comprehensive loss for the year | (7,119) | (11,013) | ||
Net loss attributable to: | ||||
Equity holders of the parent | (6,995) | (10,681) | ||
Non-controlling interests | (188) | (354) | ||
Total comprehensive loss attributable to: | ||||
Equity holders of the parent | (6,931) | (10,659) | ||
Non-controlling interests | (188) | (354) | ||
Basic and diluted loss per common share | (0.01) | (0.01) | ||
Weighted average number of shares outstanding (thousands) | 1,044,185 | 924,394 | ||
Consolidated Statement of Cash Flows
For the year ended 31 December 2019
2019 | 2018 | |||
$'000 | $'000 | |||
Cash provided from (used for): | ||||
Operating activities | ||||
Loss for the year | (7,183) | (11,035) | ||
Adjustment for: | ||||
Depreciation | 133 | 38 | ||
Share-based compensation | 298 | 480 | ||
Settlement of consulting fees via issue of ARS shares | 200 | - | ||
Net foreign exchange loss/(gain) | (32) | 33 | ||
Impairment expense | 724 | - | ||
Finance costs | 26 | - | ||
Movements in provisions | 198 | 272 | ||
Changes in working capital: | ||||
Receivables and other assets | 27 | 59 | ||
Value Added Tax ("VAT") | (154) | (117) | ||
Trade and other payables | (515) | (73) | ||
(6,278) | (10,343) | |||
Interest payments on lease liabilities | (26) | - | ||
Refund of security deposit | 10 | - | ||
(6,294) | (10,343) | |||
Investing activities | ||||
Purchases of property, plant and equipment | (38) | (238) | ||
Proceeds from sale of equipment | - | 3 | ||
Payment for additional investment in Beutong Resources | - | (3,246) | ||
(38) | (3,481) | |||
Financing activities | ||||
Payment of principal portion of lease liabilities | (48) | - | ||
Proceeds from warrants and options exercises | 237 | 1,034 | ||
Proceeds from equity raising | 4,133 | 13,334 | ||
Equity raising costs | (251) | (944) | ||
4,071 | 13,424 | |||
Increase/(decrease) in cash | (2,261) | (400) | ||
Cash at beginning of the year | 2,679 | 3,079 | ||
Cash at end of the year | 418 | 2,679 | ||
Consolidated Statement of Changes in Equity
For the year ended 31 December 2019
Other | Parent | Non- | |||||||
Share | Equity | comprehensive | Accumulated | Other | entity | controlling | |||
capital | reserves | (income)/loss | deficit | reserves | interest | interests | Total | ||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Balance at 1 January 2018 | 8,528 | 40,354 | (12) | (46,293) | - | 2,577 | (7) | 2,570 | |
Loss for the year | - | - | - | (10,681) | - | (10,681) | (354) | (11,035) | |
Other comprehensive income | - | - | 22 | - | - | 22 | - | 22 | |
Total comprehensive income | - | - | 22 | (10,681) | - | (10,659) | (354) | (11,013) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 1,262 | 12,072 | - | - | - | 13,334 | - | 13,334 | |
Warrant exercises | 62 | 214 | - | - | - | 276 | - | 276 | |
Option exercises | 131 | 628 | - | - | - | 759 | - | 759 | |
Equity raising costs | - | (944) | - | - | - | (944) | - | (944) | |
Share based compensation | - | 480 | - | - | - | 480 | - | 480 | |
Acquisition of NCI | - | - | - | - | (3,246) | (3,246) | - | (3,246) | |
Contribution by parent in NCI | - | - | - | (354) | (354) | 354 | - | ||
Balance at 31 December 2018 | 9,983 | 52,804 | 10 | (57,328) | (3,246) | 2,223 | (7) | 2,216 | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2019
Total equity | |||||||||
Other | attributable | Non- | |||||||
Share | Equity | comprehensive | Accumulated | Other | to the | controlling | |||
capital | reserves | (income)/loss | deficit | reserves | parent | interests | Total | ||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
Balance at 1 January 2019 | 9,983 | 52,804 | 10 | (57,328) | (3,246) | 2,223 | (7) | 2,216 | |
Loss for the year | - | - | - | (6,995) | - | (6,995) | (188) | (7,183) | |
Other comprehensive income | - | - | 64 | - | - | 64 | - | 64 | |
Total comprehensive income | - | - | 64 | (6,995) | - | (6,931) | (188) | (7,119) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 873 | 3,260 | - | - | - | 4,133 | - | 4,133 | |
Warrant exercises | 19 | 122 | - | - | - | 141 | - | 141 | |
Option exercises | 26 | 70 | - | - | - | 96 | - | 96 | |
Equity raising costs | - | (251) | - | - | - | (251) | - | (251) | |
Shares issued to consultant | 45 | 155 | - | - | - | 200 | - | 200 | |
Reclass performance rights issued to directors | 23 | (23) | - | - | - | - | - | - | |
Share based compensation | - | 298 | - | - | - | 298 | - | 298 | |
Contribution by parent in NCI | - | - | - | (188) | - | (188) | 188 | - | |
Balance at 31 December 2019 | 10,969 | 56,435 | 74 | (64,511) | (3,246) | (279) | (7) | (286) | |