TIDMARS
RNS Number : 8201N
Asiamet Resources Limited
27 September 2023
27 September 2023
2023 Interim Report & Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is
pleased to present its unaudited financial statements for the six
months ended 30 June 2023 ("Financial Statements") as extracted
from the Company's 2023 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 are set out below and should be read in
conjunction with the 2023 Half Year Report which contains the notes
to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Interim Highlights Include:
-- Update to the Beruang Kanan Main ("BKM") Copper Project [Ore] Reserve statement (JORC 2012):
o 19.0Mt @ 0.7% Cu for 137kt of contained copper in the Proved
Reserve category
o 21.8Mt @ 0.6% Cu for 135kt of contained copper in the Probable
Reserve category
o 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proven
and Probable Ore Reserves category
o Low strip ratio of 1.2:1
o Ore Reserves are reported based on extraction by open-pit
mining and processing by heap-leach and solvent extraction /
electro-winning ("SX-EW")
-- Update to the BKM Feasibility Study:
o Initial 9.2 year mine life producing up to 20ktpa of copper
cathode per annum
o Life of Mine ("LOM") Revenue of $1.4 billion and EBITDA of
$655.3 million
o Capital cost of $208.7 million (excluding growth and
contingency of $26.7 million)
o Post Tax NPV8 $162.8 million, IRR 21.0% (post tax, excluding
closure costs)
o Payback Period 3.4 years
o C1 cash costs of $1.91/lb and AISC of $2.25/lb
o Base case uses consensus long-term copper price of
$3.98/lb
Post-Period End Highlights
-- Non-Executive Director Changes
o Appointment of Mr Matthew Doube and Non-Executive Director
o Retirement of Non-Executive Director, Mr Faldi Ismail
-- Project Financing
o Site visits completed as part of senior debt finance due
diligence process by proposed lead bank and Independent Technical
Expert (ITE) retained as part of bank due diligence process
o Several leading international metals trading groups are
undertaking detailed due diligence for financing tied to copper
cathode offtake
o Growing interest from Chinese Engineering, Procurement and
Construction ("EPC") contractor.
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
-Ends-
For further information, please contact:
Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited
Email: darryn.mcclelland@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@ asiametresources .com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Nominated & Financial Adviser
Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Interim condensed consolidated statement of financial
position
As at 30 June 2023
30-Jun 31-Dec
2023 2022
Unaudited Audited
$'000 $'000
------------------------------ ---------- ----------
Assets
Current assets
Cash 2,259 5,185
Receivables and other assets 60 77
2,319 5,262
Non-current assets
Plant and equipment 34 36
Right-of-use asset 8 16
Receivables and other assets 65 67
107 119
---------- ----------
Total assets 2,426 5,381
------------------------------- ---------- ----------
Liabilities and Equity
Current liabilities
Trade and other payables 343 657
Provisions 294 288
Lease liabilities - 59
---------- ----------
637 1,004
Non-current liabilities
Provisions 551 550
----------
1,188 1,554
---------- ----------
Equity
Share capital 21,831 21,831
Equity reserves 67,303 66,921
Other comprehensive income 72 71
Accumulated deficit (84,715) (81,743)
Other reserves (3,246) (3,246)
Parent entity interest 1,245 3,834
Non-controlling interest (7) (7)
1,238 3,827
Total liabilities and equity 2,426 5,381
------------------------------- ---------- ----------
Note all references to $ are US dollars
Interim condensed consolidated statement of comprehensive loss
(unaudited)
For the six months ended 30 June
2023 2022
$'000 $'000
=========================================================== ======================= ========================
Expenses
Exploration and evaluation (951) (2,236)
Employee benefits (1,282) (1,073)
Consultants (55) (185)
Legal and Company Secretarial (60) (64)
Accounting and audit (2) (4)
General and administrative (134) (153)
Depreciation (16) (20)
Share-based compensation (382) (104)
(2,882) (3,839)
----------------------- ------------------------
Other Items
Foreign exchange losses (8) (54)
Finance costs - (5)
Impairment expense (82) (146)
Other income - 1
(90) (204)
----------------------- ------------------------
Net loss for the half year (2,972) (4,043)
----------------------- ------------------------
Items that may not be reclassified subsequently
to profit or loss:
Actuarial gain on employee service entitlements 1 -
----------------------- ------------------------
Total comprehensive loss for the half year (2,971) (4,043)
------------------------------------------------------------ ----------------------- ------------------------
Net loss attributable to:
Equity holders of the parent (2,945) (3,937)
Non-controlling interests (27) (106)
Total comprehensive loss attributable to:
Equity holders of the parent (2,945) (3,937)
Non-controlling interests (27) (106)
Basic and diluted loss per common share (cents per share) (0.15) (0.21)
Weighted average number of shares outstanding (thousands) 1,942,542 1,942,542
------------------------------------------------------------- ----------------------- ------------------------
Interim condensed consolidated statement of cash flows
(unaudited)
For the six months ended 30 June
2023 2022
$'000 $'000
---------------------------------------------------- --------- ---------
Operating activities
Loss for the half year (2,971) (4,043)
Adjustment for:
Depreciation 16 20
Share-based compensation 382 104
Net foreign exchange gain (3) (4)
Impairment expense 82 146
Finance cost 1 5
Movements in provisions 7 (80)
Changes in working capital:
Receivables and other assets (63) (145)
Trade and other payables (314) 180
Other adjustments:
Interest payments (1) (5)
Net cash flows used in operating activities (2,864) (3,822)
--------- ---------
Investing activities
Purchase of property, plant and equipment (6) (6)
Net cash flows used in investing activities (6) (6)
--------- ---------
Financing activities
Payment of principal portion of lease liabilities (58) (50)
Net cash flows from (used in) financing activities (58) (50)
--------- ---------
Net decrease in cash (2,928) (3,878)
Net foreign exchange differences 2 -
--------- ---------
Cash at beginning of the period 5,185 9,060
--------- ---------
Cash at 30 June 2,259 5,182
----------------------------------------------------- --------- ---------
Interim consolidated statement of changes in equity
(unaudited)
For the six months ended 30 June 2023
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 2023 21,831 66,921 71 (81,743) (3,246) 3,834 (7) 3,827
Loss for the
half year - - - (2,945) - (2,945) (27) (2,972)
Other
comprehensive
income 1 - - 1 - 1
-------- --------- -------------- ------------ --------- ------------- ------------ ---------
Total
comprehensive
income - - 1 (2,944) - (2,944) (27) (2,971)
Transactions
with owners in
their capacity
as owners
Contribution
by parent in
NCI - - - (27) - (27) 27 -
Share based
compensation - 382 - - - 382 - 382
Balance at 30
June 2023 21,831 67,303 72 (84,715) (3,246) 1,245 (7) 1,238
---------------- -------- --------- -------------- ------------ --------- ------------- ------------ ---------
Interim consolidated statement of changes in equity
(unaudited)
For the six months ended 30 June 2022
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 2022 19,393 65,975 49 (74,708) (3,246) 7,463 (7) 7,456
Loss for the
half year - - - (3,937) - (3,937) (106) (4,043)
-------- --------- -------------- ------------ --------- ------------- ------------ ---------
Total
comprehensive
loss - - - (3,937) - (3,937) (106) (4,043)
Transactions
with owners in
their capacity
as owners
Contribution
by parent in
NCI - - - (106) - (106) 106 -
Balance at 30
June 2022 19,393 65,975 49 (78,752) (3,246) 3,419 (7) 3,412
---------------- -------- --------- -------------- ------------ --------- ------------- ------------ ---------
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END
IR KZGZLVNLGFZG
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