Last checked at 20 Aug 2020 07:02
20 August 2020
2020 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 2020 ("Financial Statements") as extracted from the Company's 2020 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 2020 Half Year Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
For further information, please contact:-Ends-
Tony ManiniExecutive Chairman, Asiamet Resources LimitedEmail: tony.manini@asiametresources.com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.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").
Interim condensed consolidated statement of financial position
As at
|
|
| 30 Jun | 31 Dec |
|
|
| 2020 | 2019 |
|
|
| Unaudited | Audited |
|
|
| $'000 | $'000 |
|
|
|
|
|
Assets |
|
|
| |
Current assets |
|
|
| |
| Cash |
| 2,028 | 418 |
| Receivables and other assets |
| 414 | 50 |
|
|
| 2,442 | 468 |
Non-current assets |
|
|
| |
| Plant and equipment |
| 93 | 197 |
| Right of use asset |
| - | 236 |
| Receivables and other assets |
| 137 | 86 |
|
|
| 230 | 519 |
Total assets |
| 2,672 | 987 | |
|
|
|
|
|
Liabilities and Equity |
|
|
| |
Current liabilities |
|
|
| |
| Trade and other payables |
| 287 | 396 |
| Provisions |
| 246 | 89 |
| Lease liabilities |
| 272 | 78 |
|
|
| 805 | 563 |
Non-current liabilities |
|
|
| |
| Provisions |
| 434 | 473 |
| Lease liabilities |
| - | 237 |
|
|
| 434 | 710 |
|
|
| 1,239 | 1,273 |
Equity |
|
|
| |
| Share capital |
| 14,703 | 10,969 |
| Equity reserves |
| 56,535 | 56,435 |
| Other comprehensive loss |
| 74 | 74 |
| Accumulated Deficit |
| (66,626) | (64,511) |
| Other reserves |
| (3,246) | (3,246) |
| Parent entity interest |
| 1,440 | (279) |
| Non-controlling interest |
| (7) | (7) |
|
|
| 1,433 | (286) |
Total liabilities and equity |
| 2,672 | 987 | |
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June
|
|
| 2020 | 2019 |
|
|
| $'000 | $'000 |
|
|
|
|
|
Expenses |
|
|
| |
| Exploration and evaluation |
| (571) | (2,528) |
| Employee benefits |
| (960) | (1,103) |
| Consultants |
| (97) | (112) |
| Legal and Company Secretarial |
| (148) | (154) |
| Accounting and audit |
| (3) | (8) |
| General and administrative |
| (180) | (175) |
| Depreciation |
| (54) | (72) |
| Share-based compensation |
| (87) | (78) |
|
|
| (2,100) | (4,230) |
Other items |
|
|
| |
| Foreign exchange gains |
| 283 | 22 |
| Interest income |
| 1 | 2 |
| Finance costs |
| (16) | (3) |
| Impairment expense |
| (284) | - |
| Other income |
| 1 | - |
|
|
| (15) | 21 |
Net loss for the half year |
| (2,115) | (4,209) | |
|
|
|
|
|
Total comprehensive loss for the half year |
| (2,115) | (4,209) | |
|
|
|
|
|
Net loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (2,074) | (4,108) |
| Non-controlling interests |
| (41) | (101) |
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (2,074) | (4,108) |
| Non-controlling interests |
| (41) | (101) |
|
|
|
|
|
Basic and diluted loss per common share |
| (0.00) | (0.00) | |
|
|
|
|
|
Weighted average number of shares outstanding (thousands) | 1,184,961 | 977,523 | ||
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June
|
|
| 2020 | 2019 |
|
|
| $'000 | $'000 |
|
|
|
|
|
Cash provided from (used for): |
|
|
| |
|
|
|
|
|
Operating activities |
|
|
| |
| Loss for the year |
| (2,115) | (4,209) |
Adjustment for non-cash items: |
|
|
| |
| Depreciation |
| 54 | 32 |
| Share-based compensation |
| - | 78 |
| Net foreign exchange loss/(gain) |
| 4 | 33 |
| Impairment expense |
| 274 | - |
| Finance costs |
| 11 | 3 |
Changes in non-cash working capital: |
|
|
| |
| Receivables and other assets |
| 13 | (3) |
| Value Added Tax ("VAT") |
| - | (108) |
| Trade and other payables |
| (112) | (110) |
Other adjustments: |
|
|
| |
| Interest payments on lease liabilities |
| (11) | (3) |
| Receipt / (payment) for security deposits |
| (50) | 7 |
| Movements in provisions |
| 119 | 19 |
|
|
| (1,813) | (4,261) |
Investing activities |
|
|
| |
| Purchase of property, plant and equipment |
| - | (20) |
|
|
| - | (20) |
Financing activities |
|
|
| |
| Payment of principal portion of lease liabilities |
| (35) | (30) |
| Proceeds from warrants and options exercises |
| - | 221 |
| Proceeds from equity raising |
| 3,522 | 2,000 |
| Equity raising costs |
| (64) | (126) |
|
|
| 3,423 | 2,065 |
Increase/(decrease) in cash |
| 1,610 | (2,216) | |
|
|
|
|
|
Cash at beginning of the year |
| 418 | 2,679 | |
|
|
|
|
|
Cash at end of the half year |
| 2,028 | 463 | |
Interim condensed consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 2020
|
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| Total equity |
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| Other |
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| attributable | Non- |
|
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| Share | Equity | comprehensive | Accumulated | Other | to the | controlling |
|
|
| capital | reserves | loss | deficit | reserves | parent | interests | Total |
|
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
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Balance at 1 January 2020 | 10,969 | 56,435 | 74 | (64,511) | (3,246) | (279) | (7) | (286) | |
|
|
|
|
|
|
|
|
|
|
| Loss for the year | - | - | - | (2,074) | - | (2,074) | (41) | (2,115) |
Total comprehensive income | - | - | - | (2,074) | - | (2,074) | (41) | (2,115) | |
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Transactions with owners in their capacity as owners |
|
|
|
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|
|
|
| |
| Equity raising | 3,734 | 164 | - | - | - | 3,898 | - | 3,898 |
| Equity raising costs | - | (64) | - | - | - | (64) | - | (64) |
| Contribution by parent in NCI | - | - | - | (41) | - | (41) | 41 | - |
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Balance at 30 June 2020 | 14,703 | 56,535 | 74 | (66,626) | (3,246) | 1,440 | (7) | 1,433 | |