Last checked at 13 Sep 2019 07:00
13 September 2019
2019 Interim Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited interim financial statements for the 6 months ended 30 June 2019 ("Financial Statements") as extracted from the Company's 2019 Half Year 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 2019 Half Year Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key Operating highlights include:
·; Feasibility Study for the BKM Copper Project in Central Kalimantan completed
·; Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)
·; Updated JORC Mineral Resource estimate for the BKM Copper Project
·; Maiden JORC Ore Reserve estimate for the BKM Copper Project
·; Updated JORC Mineral Resource estimate for Beutong
·; Private Placement of $2 million to long term shareholder ASIPAC Group
Financial highlights for the six months ended 30 June 2019 include:
·; 2019 loss $4.2 million (2018: loss $6.2 million)
·; Closing cash as at 30 June 2019 $0.46 million (31 December 2018: $2.68 million)
·; The Company has no debt
Key events post 30 June 2019 include:
·; On 20 August 2019 the Company completed an equity raise with gross proceeds of $2.1 million
·; On 21 August 2019, a MoU was signed with China NFC for value engineering and Engineering, Procurement and Construction Management (EPCM) Services for the BKM Copper project
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
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 7773 322679
Email: Clayton.Bush@liberum.com
Optiva Securities LimitedChristian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on twitter @AsiametTweets
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").
Interim condensed consolidated statement of financial position
As at 30 June 2019
|
|
| 30 Jun | 31 Dec |
|
|
| 2019 | 2018 |
|
| Note | Unaudited | Audited |
|
|
| $'000 | $'000 |
|
|
|
|
|
ASSETS |
|
|
| |
Current assets |
|
|
| |
| Cash |
| 463 | 2,679 |
| Receivables and other assets | 5 | 88 | 84 |
|
|
| 551 | 2,763 |
Non-current assets |
|
|
| |
| Plant and equipment |
| 220 | 234 |
| Right of use asset | 2.2 | 306 | - |
| Security deposit |
| 85 | 91 |
| Receivables and other assets | 5 | 626 | 536 |
|
|
| 1,237 | 861 |
TOTAL ASSETS |
| 1,788 | 3,624 | |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| |
Current liabilities |
|
|
| |
| Trade and other payables |
| 785 | 980 |
| Provision for employee service entitlements |
| 70 | 50 |
| Lease liabilities | 2.2 | 95 | - |
|
|
| 950 | 1,030 |
|
|
|
|
|
Non-current liabilities |
|
|
| |
| Provision for employee service entitlements |
| 377 | 378 |
| Lease liabilities | 2.2 | 281 | - |
|
|
| 658 | 378 |
TOTAL LIABILITIES |
| 1,608 | 1,408 | |
|
|
|
|
|
Equity |
|
|
| |
| Share capital | 6 | 10,386 | 9,983 |
| Equity reserves |
| 54,574 | 52,804 |
| Other comprehensive gain |
| 10 | 10 |
| Accumulated deficit |
| (61,537) | (57,328) |
| Other reserves |
| (3,246) | (3,246) |
| Parent entity interest |
| 187 | 2,223 |
| Non-controlling interest |
| (7) | (7) |
|
|
| 180 | 2,216 |
TOTAL LIABILITIES AND EQUITY |
| 1,788 | 3,624 | |
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June 2019
|
|
| For the 6 months ended | |
|
| Note | 30 Jun 2019 | 30 Jun 2018 |
|
|
| $'000 | $'000 |
|
|
|
|
|
Expenses |
|
|
| |
| Exploration and evaluation | 4 | (2,528) | (3,700) |
| Employee benefits |
| (1,103) | (1,169) |
| Consultants |
| (112) | (267) |
| Legal and Company Secretarial |
| (154) | (150) |
| Accounting and audit |
| (8) | (47) |
| General and administrative |
| (175) | (252) |
| Depreciation |
| (72) | (9) |
| Share-based compensation | 6.4 | (78) | (242) |
|
|
| (4,230) | (5,836) |
Other items |
|
|
| |
| Foreign exchange gain/(loss) |
| 22 | (355) |
| Finance costs | 2.2 | (3) | - |
| Interest income |
| 2 | - |
|
|
| 21 | (355) |
Loss before tax |
| (4,209) | (6,191) | |
| Tax |
| - | - |
Net loss for the half year |
| (4,209) | (6,191) | |
|
|
|
|
|
Total comprehensive loss for the half year |
| (4,209) | (6,191) | |
|
|
|
|
|
Net loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (4,108) | (6,040) |
| Non-controlling interests |
| (101) | (151) |
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (4,108) | (6,040) |
| Non-controlling interests |
| (101) | (151) |
|
|
|
|
|
Basic and diluted loss per common share |
| (0.00) | (0.01) | |
|
|
|
|
|
Weighted average number of shares outstanding (thousands) | 977,523 | 878,224 | ||
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June 2019
|
|
| For the 6 months ended | |
|
| Note | 30 Jun 2019 | 30 Jun 2018 |
|
|
| $'000 | $'000 |
|
|
|
|
|
Cash provided from (used for): |
|
|
| |
|
|
|
|
|
Operating activities |
|
|
| |
| Net loss for the year |
| (4,209) | (6,191) |
Adjustment for: |
|
|
| |
| Depreciation |
| 32 | 9 |
| Share-based compensation | 6.4 | 78 | 242 |
| Foreign exchange losses |
| 33 | 1 |
| Other non-cash expenses |
| 3 | 5 |
Changes in non-cash working capital: |
|
|
| |
| Receivables and other assets |
| (3) | (30) |
| Value Added Tax ("VAT") |
| (108) | (7) |
| Trade and other payables |
| (110) | 83 |
| Provision for employee service entitlements |
| 19 | 40 |
|
|
| (4,265) | (5,848) |
Investing activities |
|
|
| |
| Purchases of equipment |
| (20) | (198) |
| Security deposits |
| 7 | - |
| Payment for additional investment in Beutong Resources | - | (3,246) | |
|
|
| (13) | (3,444) |
Financing activities |
|
|
| |
| Payment of lease liabilities |
| (33) | - |
| Proceeds from warrant and option exercises |
| 221 | 801 |
| Proceeds from equity raising |
| 2,000 | 10,082 |
| Equity raising costs |
| (126) | (663) |
|
|
| 2,062 | 10,220 |
Increase/(decrease) in cash |
| (2,216) | 928 | |
|
|
|
|
|
Cash at beginning of the year |
| 2,679 | 3,079 | |
|
|
|
|
|
Cash at end of the half year |
| 463 | 4,007 | |
|
|
| Attributable to equity holders of the parent |
|
| |||||
|
|
|
|
| Other |
|
|
| Non- |
|
|
| Number | Share | Equity | Comprehensive | Accumulated | Other | Total | controlling | Total |
|
| of shares | capital | reserves | (loss)/gain | deficit | reserves |
| interests |
|
|
| '000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2018 | 856,764 | 8,528 | 40,354 | (12) | (46,293) | - | 2,577 | (7) | 2,570 | |
| Equity raising | 65,402 | 654 | 9,428 | - | - | - | 10,082 | - | 10,082 |
| Warrant exercises | 1,874 | 21 | 82 | - | - | - | 103 | - | 103 |
| Option exercises | 2,147 | 84 | 306 | - | - | - | 390 | - | 390 |
| Equity raising costs | - | - | (663) | - | - | - | (663) | - | (663) |
| Share based compensation | - |
| 242 | - | - | - | 242 | - | 242 |
| Loss for the year | - | - | - | - | (6,040) | - | (6,040) | (151) | (6,191) |
| Acquisition of NCI | - | - | - | - | - | (3,246) | (3,246) | - | (3,246) |
| Contribution by parent in NCI | - | - | - | - | (151) | - | (151) | 151 | - |
Balance at 30 June 2018 | 926,187 | 9,287 | 49,749 | (12) | (52,484) | (3,246) | 3,294 | (7) | 3,287 | |
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2019 | 998,773 | 9,983 | 52,803 | 10 | (57,328) | (3,246) | 2,222 | (7) | 2,215 | |
| Equity raising |
| 362 | 1,638 | - | - | - | 2,000 | - | 2,000 |
| Warrant exercises |
| 19 | 122 | - | - | - | 141 | - | 141 |
| Option exercises |
| 22 | 59 | - | - | - | 81 | - | 81 |
| Equity raising costs |
| - | (126) | - | - | - | (126) | - | (126) |
| Share based compensation |
| - | 78 | - | - | - | 78 | - | 78 |
| Loss for the year |
| - | - | - | (4,108) | - | (4,108) | (101) | (4,209) |
| Contribution by parent in NCI |
| - | - | - | (101) | - | (101) | 101 | - |
Balance at 30 June 2019 | 998,773 | 10,386 | 54,574 | 10 | (61,537) | (3,246) | 187 | (7) | 180 | |