TIDMARS
RNS Number : 6115Z
Asiamet Resources Limited
24 May 2021
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 Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@ asiametresources .com
FlowComms Limited - Investor Relations
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Optiva Securities Limited
Christian 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 20 20
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 20 20
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 20 20
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 20 20
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 20 20
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)
---------------- -------- --------- -------------- ------------ --------- ------------- ------------ ---------
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END
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May 24, 2021 07:45 ET (11:45 GMT)
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