Last checked at 24 Aug 2021 07:30
24 August 2021
2021 Interim Report and Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2021 ("Financial Statements") as extracted from the Company's 2021 Half Year Report. The Report 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 2021 Half Year Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
2021 Financial and Operational Highlights Include:
· Termination of the Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") on 25 January 2021 due to PT WIN failing to fulfill its obligations under the binding SPA signed on 24 December 2020.
· Equity financing, raising gross proceeds of approximately $14 million completed in late February 2021.
· Appointment of Eva Armila Djauhari as a Non-executive Director, effective 5 May 2021.
· Value enhancement activities for the BKM Project continued to evaluate the potential for a concentrate - tank leach processing option (vs heap leach processing) and prepare for drilling to expand resources and mine life. Once complete the Company will update the project economics and progress a preferred processing option to development.
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").
Interim condensed consolidated statement of financial position
As at
30-Jun | 31-Dec | |||
2021 | 2020 | |||
Unaudited | Audited | |||
$'000 | $'000 | |||
Assets | ||||
Current assets | ||||
Cash | 11,941 | 1,179 | ||
Receivables and other assets | 28 | 4 | ||
11,969 | 1,183 | |||
Assets classified as held for sale | - | 125 | ||
11,969 | 1,308 | |||
Non-current assets | ||||
Plant and equipment | 61 | 39 | ||
Right-of-use asset | 4 | 3 | ||
Receivables and other assets | 70 | 5 | ||
135 | 47 | |||
Total assets | 12,104 | 1,355 | ||
Liabilities and Equity | ||||
Current liabilities | ||||
Trade and other payables | 552 | 391 | ||
Provisions | 235 | 253 | ||
Lease liabilities | 214 | 278 | ||
1,001 | 922 | |||
Liabilities directly associated with the assets classified as held for sale | - | 753 | ||
1,001 | 1,675 | |||
Non-current liabilities | ||||
Provisions | 569 | 81 | ||
Total liabilities | 1,570 | 1,756 | ||
Equity | ||||
Share capital | 19,326 | 14,752 | ||
Equity reserves | 65,442 | 56,661 | ||
Other comprehensive income | 83 | 83 | ||
Accumulated deficit | (71,064) | (68,644) | ||
Other reserves | (3,246) | (3,246) | ||
Parent entity interest | 10,541 | (394) | ||
Non-controlling interest | (7) | (7) | ||
10,534 | (401) | |||
Total liabilities and equity | 12,104 | 1,355 | ||
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June
2021 | 2020 | |||
$'000 | $'000 | |||
Expenses | ||||
Exploration and evaluation | (1,003) | (571) | ||
Employee benefits | (912) | (960) | ||
Consultants | (41) | (97) | ||
Legal and Company Secretarial | (99) | (148) | ||
Accounting and audit | (1) | (3) | ||
General and administrative | (182) | (180) | ||
Depreciation | (20) | (54) | ||
Share-based compensation | (92) | (87) | ||
(2,350) | (2,100) | |||
Other items | ||||
Other gains | 122 | - | ||
Foreign exchange gain/(loss) | (150) | 283 | ||
Interest income | - | 1 | ||
Finance costs | (10) | (16) | ||
Impairment expense | (33) | (284) | ||
Other income | 1 | 1 | ||
(70) | (15) | |||
Net loss for the half year | (2,420) | (2,115) | ||
Net loss attributable to: | ||||
Equity holders of the parent | (2,335) | (2,074) | ||
Non-controlling interests | (85) | (41) | ||
Total comprehensive loss attributable to: | ||||
Equity holders of the parent | (2,335) | (2,074) | ||
Non-controlling interests | (85) | (41) | ||
Basic and diluted loss per common share | (0.00) | (0.00) | ||
Weighted average number of shares outstanding (thousands) | 1,625,081 | 1,184,961 | ||
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June
2021 | 2020 | |||
$'000 | $'000 | |||
Operating activities | ||||
Loss for the half year | (2,420) | (2,115) | ||
Adjustment for: | ||||
Depreciation | 20 | 54 | ||
Share-based compensation | 92 | - | ||
Net foreign exchange loss/(gain) | (18) | 4 | ||
Impairment expense | 33 | 274 | ||
Finance costs | 10 | 11 | ||
Movements in provisions | (20) | 119 | ||
Changes in working capital: | ||||
Receivables and other assets | (12) | 13 | ||
Trade and other payables | (194) | (112) | ||
Other adjustments: | ||||
Interest payments | (10) | (11) | ||
Payment for security deposit | - | (50) | ||
Net cash flows used in operating activities | (2,519) | (1,813) | ||
Investing activities | ||||
Purchases of plant and equipment | (5) | - | ||
Net cash flows used in investing activities | (5) | - | ||
Financing activities | ||||
Payment of principal portion of lease liabilities | (75) | (35) | ||
Proceeds from equity raising | 14,089 | 3,522 | ||
Equity raising costs | (735) | (64) | ||
Net cash flows from financing activities | 13,279 | 3,423 | ||
Increase in cash | 10,755 | 1,610 | ||
Cash at beginning of the year | 1,186 | 418 | ||
Cash at 30 June | 11,941 | 2,028 | ||
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 2021
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 2021 | 14,752 | 56,661 | 83 | (68,644) | (3,246) | (394) | (7) | (401) | |
Loss for the half year | - | - | - | (2,335) | - | (2,335) | (85) | (2,420) | |
Total comprehensive income | - | - | - | (2,335) | - | (2,335) | (85) | (2,420) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 4,574 | 9,516 | - | - | - | 14,090 | - | 14,090 | |
Equity raising costs | - | (735) | - | - | - | (735) | - | (735) | |
Contribution by parent in NCI | - | - | - | (85) | - | (85) | 85 | - | |
Balance at 30 June 2021 | 19,326 | 65,442 | 83 | (71,064) | (3,246) | 10,541 | (7) | 10,534 | |
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 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 half year | - | - | - | (2,074) | - | (2,074) | (41) | (2,115) | |
Total comprehensive income | - | - | - | (2,074) | - | (2,074) | (41) | (2,115) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 3,734 | 164 | - | - | - | 3,898 | - | 3,898 | |
Equity raising costs | - | (64) | - | - | - | (64) | - | (64) | |
Contribution by parent in NCI | - | - | - | (41) | - | (41) | 41 | - | |
Balance at 30 June 2020 | 14,703 | 56,535 | 74 | (66,626) | (3,246) | 1,440 | (7) | 1,433 | |