Last checked at 3 Oct 2022 07:00
3 October 2022
Future Metals NL
Final Results for the Year Ended 30 June 2022 and
Corporate Governance Statement
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's final results for the year ended 30 June 2022.
Please see below extracts from the Company's Annual Report and Accounts for the year ended 30 June 2022, as follows:
· Chairman's Statement
· Consolidated Statement of Profit or Loss and Other Comprehensive Income
· Consolidated Statement of Financial Position
· Consolidated Statement of Changes in Equity
· Consolidated Statement of Cash Flows
Further details on the Company's activities during the year are set out in the Directors' Report, which can be found in the full Report and Accounts available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/4577B_1-2022-10-2.pdf and on the Company's website at https://future-metals.com.au/investor-centre/reports/annual-reports/.
The Company has also released its Appendix 4G: Key to Disclosures - Corporate Governance Council Principles and Recommendations and its Corporate Governance Statement to the Australian Securities Exchange ("ASX"). Copies of these documents are also available on the Company's website at https://future-metals.com.au/.
This announcement has been approved for release by the Board of Future Metals NL.
For further information, please contact:
Future Metals NL | +61 8 9480 0414 |
Jardee Kininmonth | info@future-metals.com.au |
Strand Hanson Limited (Nominated Adviser) | +44 (0) 20 7409 3494 |
James Harris/James Bellman | |
W H Ireland Limited (UK Broker) Harry Ansell/Katy Mitchell | +44 (0) 207 220 1670
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| |
White Noise Communications (Australian IR/PR) Fiona Marshall | +61 400 512 109 |
Chairman's Statement
It is my pleasure to present the 2022 Annual Report for Future Metals NL (ASX | AIM: FME) (Future Metals) on behalf of the Board, with this being the first full year of operations for Future Metals'. It has been a very active period for the Company after successfully acquiring the Panton PGM-Ni Project in June 2021 and transforming the Company into an advanced PGM and Ni exploration and development company. The Company's achievements during the past twelve months include:
• Completion of drilling that enabled the modelling and estimation of the bulk PGM-Ni mineralisation and scale potential at Panton
• Significant increase to Panton's JORC Mineral Resource estimate, showing it to be a PGM deposit of global significance with contained PGM(3E) increasing by 108% to 5.0Moz and contained Ni increasing by 526% to 239kt
• Development of a strategy to progress the development of Panton via a staged approach facilitated by the significant discrete, high-grade PGM reef allowing for a capital-lite initial project followed by a larger scale project utilising the bulk PGM-Ni mineralisation
• A new exploration model highlighting the significant potential for a new Ni-Cu-PGE discoveries to be made at Panton in the previously untested basal contact
• Appointment of Mr. Jardee Kininmonth as Chief Executive Officer and Managing Director, along with several other senior management appointments
Recent exploration discoveries and the strong price environment across palladium and platinum has helped highlight the potential for Australia to become a major PGM mining jurisdiction over time. This renewed focus on the PGM sector from investors, offtakers and governments has promoted the exploration for and development of PGM projects, particularly in Western Australia. Panton is one of the most progressed of such projects and we are utilising the significant body of work completed on the project to deliver the first PGM project in Australia. We are fortunate to have built a Board and management team who have prior experience with Panton, allowing us to capitalise on this prior body of work as we take it through development. While Panton's high-grade resource has been well known for some time, we have since proven that it can be an asset of global scale by drilling out the surrounding bulk mineralisation. This has been an incredibly important addition to the project, allowing the Company to undertake a staged approach to Panton's development, an approach informed by capital requirements, permitting and metallurgical progress.
We are leaving no stone unturned when proving Panton's value and this extends to understanding its true exploration potential too. While the focus at Panton by the Company, and its prior owners has always been the high-grade reef, there was plenty of commentary in historical reports and some indications in historical drill hole data of sulphide mineralisation that was not related to the geology of the reef. This led to a review of Panton's structural geology, in combination with the existing exploration database and geophysical data. The ultimate result of that review is that Panton is highly prospective for new Ni-Cu-PGE discoveries, with the basal contact being largely untested despite being the most fertile geology for high grade sulphide accumulations. We are extremely excited to test this potential with a targeted exploration drilling programme supported by new ground geophysical surveys.
I would like to acknowledge the communities in which we operate, in particular, the Malarngowem community. We recognise the importance of a cooperative and trusting relationship with the local communities to form a sustainable, long term and mutually beneficial partnership. I would also like to thank my fellow Board members, and most importantly our relatively new management team, led by Managing Director, Jardee Kininmonth.
Finally, I would like to thank our shareholders for the support shown over the past 12 months. It has been a challenging period in the equity markets over this period however, as highlighted above, we believe the value of the Panton project has never been better and we are looking forward to an exciting and busy year ahead.
Justin Tremain
Non-Executive Chairman
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2022
Note | 30-Jun-22 30-Jun-21 $ $ | ||
Interest received |
6,823 |
820 | |
Other income | 552 | - | |
Employee and Director benefits expense | (574,503) | (20,812) | |
Professional and Consultants | (438,512) | (142,686) | |
ASX and AIM and share registry fees | (1,954,846) | (33,660) | |
Travel expenditure | (28,835) | (12,063) | |
Listing expense | - | (4,064,281) | |
Share based payment expense | 16 | (877,463) | (1,789,333) |
Amortisation/depreciation expense | (79,538) | (5,936) | |
Unrealised Foreign exchange gain/(loss) | 1,697 | 2,229 | |
Realised Foreign exchange gain/(loss) | (446) | - | |
Other expenses | (368,229) | (241,734) | |
Loss before income tax | (4,313,300) | (6,307,456) | |
Income tax expense | 3 | - | |
Loss after income tax | (4,313,300) | (6,307,456) | |
Other comprehensive loss | |||
Items that may be reclassified to profit or | |||
loss | |||
Other comprehensive income/(loss) | - | - | |
Other comprehensive income/(loss) for the |
- | ||
year net of tax | - | ||
Total comprehensive loss for the year | (4,313,300) | (6,307,456) | |
Loss per share for the year attributable to | |||
the members of Future Metals NL Basic and diluted loss per share (cents) |
15 |
(1.23) (4.10) | |
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Financial Position
as at 30 June 2022
Note | 30-June-22 30-Jun-21 $ $ | ||
Current Assets | |||
Cash and cash equivalents | 4 | 3,331,607 | 9,555,684 |
Trade and other receivables | 5 | 78,447 | 175,840 |
Total Current Assets | 3,410,054 | 9,731,524 | |
Non-Current Assets | |||
Right of Use Assets | - | 83,101 | |
Deferred Exploration & Evaluation Expenditure |
6 | 19,767,161 | 17,020,143 |
Property, plant and equipment | 35,935 | - | |
Total Non-Current Assets | 19,803,096 | 17,103,244 | |
Total Assets | 23,213,150 | 26,834,768 | |
Current Liabilities | |||
Trade and other payables | 7 | 1,067,868 | 2,029,502 |
Lease Liabilities | - | 72,404 | |
Total Current Liabilities | 1,067,868 | 2,101,906 | |
Non-Current Liabilities | |||
Lease Liabilities | - | 12,421 | |
Total Non-Current Liabilities | - | 12,421 | |
Total Liabilities | 1,067,868 | 2,114,327 | |
Net Assets | 22,145,282 | 24,720,441 | |
Equity | |||
Issued capital | 8 | 29,689,231 | 29,238,564 |
Reserves | 9 | 3,076,807 | 1,789,333 |
Accumulated losses | 10 | (10,620,756) | (6,307,456) |
Total Equity | 22,145,282 | 24,720,441 | |
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2022
| Issued capital $ | Accumulated losses $ | Share based payments $ | Total $ | |
Balance at 12 November 2020 | - | - | - | - |
Total comprehensive loss for the period | ||||
Loss for the period | - | (6,307,456) | - | (6,307,456) |
Other Comprehensive loss | - | - | - | - |
Total comprehensive loss for the period | - | (6,307,456) | - | (6,307,456) |
Transactions with owners in their | ||||
capacity as owners | ||||
Shares issued during the period | 30,854,125 | - | - | 30,854,125 |
Cost of issue | (1,615,561) | - | - | (1,615,561) |
Share based payment (note 16) | - | - | 1,789,333 | 1,789,333 |
Balance at 30 June 2021 | 29,238,564 | (6,307,456) | 1,789,333 | 24,720,441 |
| Issued capital $ | Accumulated losses $ | Share based payments $ | Total $ | |
Balance at 1 July 2021 | 29,238,564 | (6,307,456) | 1,789,333 | 24,720,441 |
Total comprehensive loss for the year | ||||
Loss for the year | - | (4,313,300) | - | (4,313,300) |
Other Comprehensive loss | - | - | - | - |
Total comprehensive loss for the year | - | (4,313,300) | - | (4,313,300) |
Transactions with owners in their | ||||
capacity as owners | ||||
Shares issued during the year | 450,667 | - | (450,667) | - |
Options issued during the year | - | - | 50,000 | 50,000 |
Cost of issue | - | - | - | - |
Share based payment (note 16) | - | - | 1,688,141 | 1,688,141 |
Balance at 30 June 2022 | 29,689,231 | (10,620,756) | 3,076,807 | 22,145,282 |
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Cash Flow
for the year ended 30 June 2022
Note | 30-Jun-22 30-Jun-21 $ $ | ||
Cash flows from operating activities Payments to suppliers and employees |
(1,696,154) |
(518,124) | |
Payments for Offer and ASX/AIM listing | |||
costs | (1,073,800) | - | |
Interest received | 6,823 | 820 | |
Other receipts | 1,074 | - | |
Net cash used in operating activities | 4 | (2,762,057) | (517,304) |
Cash flows from investing activities | |||
Payments for exploration and evaluation | 6 | (2,907,394) | (15,366,563) |
Payments for tenement acquisition stamp | |||
duty | (560,415) | - | |
Acquisition of property, plant and | |||
equipment | (44,241) | - | |
Proceeds from acquisition of Future Metals | |||
NL | - | 3,555,086 | |
Net cash used in investing activities | (3,512,050) | (11,811,477) | |
Cash flows from financing activities Proceeds from issue of shares |
- |
23,500,026 | |
Proceeds from issue of options | 50,000 | - | |
Payments for share issue costs | - | (1,615,561) | |
Net cash provided by financing | |||
activities | 50,000 | 21,884,465 | |
Net increase/(decrease) in cash and cash | |||
equivalents | (6,224,077) | 9,555,684 | |
Cash and cash equivalents at beginning of | |||
year | 9,555,684 | - | |
Cash and cash equivalents at the end of | 4 |
3,331,607 |
9,555,684 |
the year | |||
The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes in the full Report and Accounts.