Last checked at 25 Sep 2018 11:00
For Immediate Release London AIM
25 September 2018 Symbol: ARS
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2018 ("Interim Results") as extracted from the Company's 2018 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 copy. The Interim Results should be read in conjunction with the full 2018 Half Year Report which contains the notes to the Financial Statements and management comments on the 6 months to 30 June 2018.
All dollars in the report are US$ unless otherwise stated.
Financial highlights for the six months ended 30 June 2018 include:
· Unaudited 2018 net loss $6.19 million (six months to 30 June 2017: net loss 2.01 million)
· Unaudited closing cash as at 30 June 2018 $4.0 million (31 December 2017: $3.079 million)
· The Company has no debt.
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 Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Sara MacGrath
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com
Liberum
Neil Elliot, Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Neil.Elliot@Liberum.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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").
Asiamet Resources Limited - Unaudited Balance Sheet as at 30 June 2018
|
| Note | 30 Jun | 31 Dec |
|
|
| 2018 | 2017 |
|
|
| Unaudited | Audited |
|
|
| $'000 | $'000 |
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|
|
| |
ASSETS | ||||
Current assets |
|
|
| |
| Cash |
| 4,007 | 3,079 |
| Receivables and other assets | 4 | 623 | 586 |
|
|
| 4,630 | 3,665 |
Non-current assets |
|
|
| |
| Property, plant and Equipment |
| 230 | 41 |
| Security deposit | 3b | 70 | 74 |
|
|
| 300 | 115 |
TOTAL ASSETS |
| 4,930 | 3,780 | |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| |
Current liabilities |
|
|
| |
| Trade and other payables | 5 | 1,137 | 1,054 |
| Other financial liabilities | 6 | 310 | - |
|
|
| 1,447 | 1,054 |
Non-current liabilities |
|
|
| |
| Provision for employee service entitlements |
| 196 | 156 |
|
|
| 196 | 156 |
|
|
|
|
|
Equity |
|
|
| |
| Share capital | 7 | 9,287 | 8,528 |
| Equity reserves |
| 49,749 | 40,354 |
| Other comprehensive loss |
| (12) | (12) |
| Accumulated Deficit |
| (52,484) | (46,293) |
| Parent entity interest |
| 6,540 | 2,577 |
| Non-controlling interest |
| (3,253) | (7) |
|
|
| 3,287 | 2,570 |
TOTAL LIABILITIES AND EQUITY |
| 4,930 | 3,780 | |
Asiamet Resources Limited - Unaudited Profit & Loss Statement for the six months ended 30 June 2018
|
|
| For the 6 months ended | |
|
| Note | 30 Jun 18 | 30 Jun 17 |
|
|
| $'000 | $'000 |
|
|
|
|
|
Expenses |
|
|
| |
| Accounting and audit |
| (47) | (6) |
| Consultants |
| (267) | (278) |
| Exploration and evaluation | 3a | (3,700) | (1,412) |
| Legal and Company Secretarial |
| (150) | (3) |
| General and administrative |
| (252) | (203) |
| Depreciation |
| (9) | (18) |
| Employee benefits |
| (1,169) | (668) |
| Share based compensation | 7e | (242) | (97) |
|
|
| (5,836) | (2,685) |
Other items |
|
|
| |
| Foreign exchange loss |
| (355) | (37) |
| Gain on sale of subsidiary | 3c | - | 708 |
|
|
| (355) | 671 |
Net loss |
| (6,191) | (2,014) | |
Total comprehensive loss for the year |
|
(6,191) |
(2,014) | |
|
|
|
|
|
Net loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (6,040) | (2,014) |
| Non-controlling interests |
| (151) | - |
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
| |
| Equity holders of the parent |
| (6,040) | (2,014) |
| Non-controlling interests |
| (151) | - |
|
|
|
|
|
Basic and diluted loss per common share |
| (0.01) | (0.00) | |
Weighted average number of shares outstanding (thousands) |
| 878,224 | 711,765 | |
Asiamet Resources Limited - Unaudited Cash Flow Statement for the six months ended 30 June 2018
|
|
| For the 6 months ended | |
|
| Note | 30 Jun 18 | 30 Jun 17 |
|
|
| $'000 | $'000 |
Cash provided from (used for): |
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|
| |
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|
|
Operating activities |
|
|
| |
Loss for the year |
| (6,191) | (2,014) | |
Adjustment for: |
|
|
| |
| Depreciation |
| 9 | 18 |
| Share based compensation |
| 242 | 97 |
| Unrealised foreign exchange losses |
| 1 | - |
| Gain on sale of subsidiary |
| - | (708) |
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|
|
|
|
Changes in non-cash working capital: |
|
|
| |
| Receivables and other assets |
| (30) | (155) |
| Value Added Tax ("VAT") |
| (7) | - |
| Trade and other payables |
| 83 | (303) |
| Provision for employee service entitlements |
| 40 | - |
|
|
| (5,853) | (3,065) |
Investing activities |
|
|
| |
| Security deposits |
| - | (6) |
| Purchase of property, plant and equipment |
| (198) | (7) |
| Payment for additional investment in Beutong Resources |
| (3,246) | - |
| Proceeds on sale of subsidiary, net of cash sold | 3c | - | 699 |
|
| (3,444) | 686 | |
Financing activities |
|
|
| |
| (Repayment of) Proceeds from related party loans |
| - | (233) |
| Proceeds from exercise of options and warrants |
| 801 | 801 |
| Proceeds from equity raising |
| 10,082 | 201 |
| Equity raising costs |
| (663) | - |
|
|
| 10,220 | 769 |
Increase (Decrease) in cash |
| 928 | (1,610) | |
|
|
|
|
|
Cash at beginning of the year |
| 3,079 | 1,747 | |
|
|
|
|
|
Cash at end of the six months |
| 4,007 | 137 | |
Asiamet Resources Limited - Unaudited Statement of Changes in Equity for the six months ended 30 June 2018
|
|
| Attributable to equity holders of the parent |
|
| ||||
|
| Number of shares | Share capital | Equity reserves | Other Comprehensive Loss | Accumulated Deficit | Total | Non-Controlling Interests | Total |
|
| '000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
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Balance at 1 January 2017 | 709,940 | 7,060 | 33,323 | (2) | (38,791) | 1,590 | (7) | 1,583 | |
| Warrant exercises | 5,416 | 54 | 147 | - | - | 201 | - | 201 |
| Share based compensation | - | - | 97 | - | - | 97 | - | 97 |
| Cancelled shares | (3) | - | - |
|
|
|
|
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| Loss for the year | - | - | - | - | (2,014) | (2,014) | - | (2,014) |
| Contribution by parent in NCI | - | - | - | - | - | - | - | - |
Balance at 30 June 2017 | 715,353 | 7,114 | 33,567 | (2) | (40,805) | (126) | (7) | (133) | |
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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 | 2,147 | 21 | 82 | - | - | 103 | - | 103 |
| Option exercises | 8,350 | 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) |
| Contribution by parent in NCI | - | - | - | - | (151) | (151) | 151 | - |
| Other transactions with NCI | - | - | - | - | - | - | (3,246) | (3,246) |
Balance at 30 June 2018 | 932,663 | 9,287 | 49,749 | (12) | (52,484) | 6,540 | (3,252) | 3,287 | |