Last checked at 24 May 2021 12:45
24 May 2021
2020 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 2020 ("Financial Statements") as extracted from the Company's 2020 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 2020 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
2020 Financial and Operational Highlights Include:
· Relocation of Head Office and Corporate function from Melbourne to Jakarta.
· Capital placing raising gross proceeds of approximately $3.9 million completed in March 2020.
· Final approval of the Further Exploration Permit for the KSK CoW received from Badan Koordinasi Penanaman Modal ("BKPM"), the investment co-ordinating body in Indonesia.
· The Company signed a conditional binding Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") in December 2020. This was subsequently terminated in January 2021 when PT WIN did not fulfil its obligations under the binding SPA.
· Continuation of value enhancement activities for the BKM Project. Metallurgical test work completed during the year and in early 2021 confirmed the opportunity to revise the ore processing method which has the potential to increase life-of-mine copper recoveries by 40% on a relative basis.
Key Subsequent Events Include:
· Capital placing raising gross proceeds of approximately $14 million completed in February 2020.
· Appointment of Eva Armila Djauhari as a Non-executive Director.
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
Optiva Securities LimitedChristian 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 2020
2020 | 2019 | ||
$'000 | $'000 | ||
Assets | |||
Current assets | |||
Cash | 1,179 | 418 | |
Receivables and other assets | 4 | 50 | |
1,183 | 468 | ||
Assets classified as held for sale | 125 | - | |
1,308 | 468 | ||
Non-current assets | |||
Plant and equipment | 39 | 197 | |
Right-of-use assets | 3 | 236 | |
Receivables and other assets | 5 | 86 | |
47 | 519 | ||
Total assets | 1,355 | 987 | |
Liabilities and Equity | |||
Current liabilities | |||
Trade and other payables | 391 | 396 | |
Provisions | 253 | 89 | |
Lease liabilities | 278 | 78 | |
922 | 563 | ||
Liabilities directly associated with the assets classified as held for sale | 753 | - | |
1,675 | 563 | ||
Non-current liabilities | |||
Provisions | 81 | 473 | |
Lease liabilities | - | 237 | |
81 | 710 | ||
Total liabilities | 1,756 | 1,273 | |
Equity | |||
Share capital | 14,752 | 10,969 | |
Equity reserves | 56,661 | 56,435 | |
Other comprehensive income | 83 | 74 | |
Accumulated deficit | (68,644) | (64,511) | |
Other reserves | (3,246) | (3,246) | |
Parent entity interest | (394) | (279) | |
Non-controlling interest | (7) | (7) | |
(401) | (286) | ||
Total liabilities and equity | 1,355 | 987 | |
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2020
2020 | 2019 | ||
$'000 | $'000 | ||
Continuing Operations | |||
Expenses | |||
Exploration and evaluation | (190) | (640) | |
Employee benefits | (960) | (890) | |
Consultants | (453) | (359) | |
Legal and Company Secretarial | (24) | (17) | |
Accounting and audit | (30) | (83) | |
General and administrative | (268) | (383) | |
Depreciation | (55) | (110) | |
Share-based compensation | (175) | (298) | |
(2,155) | (2,780) | ||
Other items | |||
Foreign exchange gain | 354 | 98 | |
Interest income | 1 | 2 | |
Finance costs | (27) | (25) | |
Impairment expense | (305) | (46) | |
Other income | 71 | 2 | |
94 | 31 | ||
Net loss before tax from continuing operations | (2,061) | (2,749) | |
Income tax expense | - | - | |
Net loss for the year from continuing operations | (2,061) | (2,749) | |
Discontinued operations | |||
Loss after tax for the year from discontinued operations | (2,072) | (4,434) | |
Net loss for the year | (4,133) | (7,183) | |
Item that may not be reclassified subsequently | |||
to profit or loss: | |||
Actuarial gain on employee service entitlements | 9 | 64 | |
Total comprehensive loss for the year | (4,124) | (7,119) | |
Net loss attributable to: | |||
Equity holders of the parent | (4,040) | (6,995) | |
Non-controlling interests | (93) | (188) | |
Total comprehensive loss attributable to: | |||
Equity holders of the parent | (4,031) | (6,931) | |
Non-controlling interests | (93) | (188) | |
Basic and diluted loss per common share | (0.00) | (0.01) | |
Weighted average number of shares outstanding (thousands) | 1,414,666 | 1,044,185 | |
Consolidated Statement of Cash Flows
For the year ended 31 December 2020
2020 | 2019 | ||
$'000 | $'000 | ||
Operating activities | |||
Loss before tax from continuing operations | (2,061) | (2,749) | |
Loss before tax from discontinued operations | (2,072) | (4,434) | |
Loss before tax | (4,133) | (7,183) | |
Adjustments for: | |||
Share-based compensation | 175 | 298 | |
Depreciation | 81 | 133 | |
Settlement of consulting fees via issue of ARS shares | - | 200 | |
Net foreign exchange gain | (18) | (32) | |
Impairment expenses | 335 | 724 | |
Finance costs | 27 | 26 | |
Movements in provisions | 271 | 198 | |
Changes in working capital: | |||
Receivables and other assets | 34 | 27 | |
Value Added Tax ("VAT") | - | (154) | |
Trade and other payables | 258 | (515) | |
(2,970) | (6,278) | ||
Interest payments | (27) | (26) | |
Refund of security deposit | 15 | 10 | |
Net cash flows used in operating activities | (2,982) | (6,294) | |
Investing activity | |||
Purchases of property, plant and equipment | (4) | (38) | |
Net cash flows used in investing activities | (4) | (38) | |
Financing activities | |||
Payment of principal portion of lease liabilities | (80) | (48) | |
Proceeds from related party loans | 380 | - | |
Repayment of related party loans | (257) | - | |
Proceeds from warrants and options exercises | - | 237 | |
Proceeds from equity raising | 3,775 | 4,133 | |
Equity raising costs | (64) | (251) | |
Net cash flows from financing activities | 3,754 | 4,071 | |
Increase/(decrease) in cash | 768 | (2,261) | |
Cash at beginning of the year | 418 | 2,679 | |
Cash at end of the year | 1,186 | 418 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2020
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 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 | |
Reclassify shares 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) | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2020
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 2020 | 10,969 | 56,435 | 74 | (64,511) | (3,246) | (279) | (7) | (286) | |
Loss for the year | - | - | - | (4,040) | - | (4,040) | (93) | (4,133) | |
Other comprehensive income | - | - | 9 | - | - | 9 | - | 9 | |
Total comprehensive income | - | - | 9 | (4,040) | - | (4,031) | (93) | (4,124) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 3,617 | 158 | - | - | - | 3,775 | - | 3,775 | |
Related party loans converted to equity | 117 | 6 | - | - | - | 123 | - | 123 | |
Equity raising costs | - | (64) | - | - | - | (64) | - | (64) | |
Reclassify shares issued to directors | 49 | (49) | - | - | - | - | - | - | |
Share-based compensation | - | 175 | - | - | - | 175 | - | 175 | |
Contribution by parent in NCI | - | - | - | (93) | - | (93) | 93 | - | |
Balance at 31 December 2020 | 14,752 | 56,661 | 83 | (68,644) | (3,246) | (394) | (7) | (401) | |