9 May 2024
2023 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 2023 ("Financial
Statements") as extracted from the Company's 2023 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 2023 Annual Report
which contains the notes to the Financial
Statements.
All dollars in the report are US$
unless otherwise stated.
Key 2023 Financial and Operational
Highlights Include:
·
Updated Ore Reserve statement issued on 10th May
2023 for BKM delivered the following:
o 19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved
Reserve Category.
o 21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable
Reserve Category; and
o 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proved
and Probable Reserve Category.
·
Updated Feasibility Study on the BKM project
demonstrating a technically viable and economic robust copper
project with:
o An
initial 9.2-year life of mine and 19.6ktpa of copper cathode
production
o Life
of Mine ('LOM') revenues of $1.4 billion and EBITDA of $655.3
million.
o Capital cost of $208.7 million (excluding growth and
contingency $26.7 million)
o Post
tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure
costs)
o Payback Period 3.4 years
o C1
cash cost of $1.91/lb and AISC of $2.25/lb
·
Appointment of corporate advisors Grant Samuel
Corporate Finance to support the BKM project finance process and
China Zenith Capital Limited to assist with China sourced funding
including offtake, equipment finance, project construction and
strategic sourcing relating to finance.
·
Appointment of Non-Executive Directors, Matthew
Doube, based in Singapore and Peter Chambers, based in Jakarta as
representatives of major shareholder PT Delta Dunia Makmur
Tbk.
·
Completed a capital placing, raising gross
proceeds of approximately $4.0 million with PT Delta Dunia Makmur
Tbk. in November 2023.
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
Strand Hanson Limited
26 Mount Row
London W1K 3SQ
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
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 2023
|
|
|
2023
|
2022
|
|
|
|
$'000
|
$'000
|
|
|
|
|
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
|
Cash
|
4,136
|
5,185
|
|
|
Receivables and other
assets
|
131
|
77
|
|
|
|
4,267
|
5,262
|
|
Non-current assets
|
|
|
|
|
Plant and equipment
|
28
|
36
|
|
|
Right-of-use asset
|
2
|
16
|
|
|
Receivables and other
assets
|
65
|
67
|
|
|
|
95
|
119
|
|
Total assets
|
4,362
|
5,381
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
270
|
657
|
|
|
Provisions
|
296
|
288
|
|
|
Lease liabilities
|
-
|
59
|
|
|
|
566
|
1,004
|
|
Non-current liabilities
|
|
|
|
|
Provision for employee
entitlements
|
615
|
550
|
|
|
|
1,181
|
1,554
|
|
Equity
|
|
|
|
|
Share capital
|
25,902
|
21,831
|
|
|
Equity reserves
|
67,378
|
66,921
|
|
|
Other comprehensive loss
|
126
|
71
|
|
|
Accumulated Deficit
|
(86,972)
|
(81,743)
|
|
|
Other reserves
|
(3,246)
|
(3,246)
|
|
|
Parent entity interest
|
3,188
|
3,834
|
|
|
Non-controlling interest
|
(7)
|
(7)
|
|
|
|
3,181
|
3,827
|
|
Total liabilities and equity
|
4,362
|
5,381
|
Consolidated Statement of
Comprehensive Loss
For
the year ended 31 December 2023
|
|
|
2023
|
2022
|
|
|
|
$'000
|
$'000
|
|
Expenses
|
|
|
|
|
Exploration and
evaluation
|
(1,554)
|
(3,611)
|
|
|
Employee benefits
|
(2,520)
|
(2,259)
|
|
|
Consultants
|
(118)
|
(216)
|
|
|
Legal and Company
Secretarial
|
(110)
|
(90)
|
|
|
Accounting and audit
|
(53)
|
(47)
|
|
|
General and
administrative
|
(239)
|
(271)
|
|
|
Depreciation
|
(28)
|
(46)
|
|
|
Share-based compensation
|
(493)
|
(369)
|
|
|
|
(5,115)
|
(6,909)
|
|
Other items
|
|
|
|
|
Foreign exchange
(loss)/gain
|
(11)
|
148
|
|
|
Finance costs
|
(1)
|
(10)
|
|
|
Impairment expenses
|
(112)
|
(268)
|
|
|
Other income
|
10
|
4
|
|
|
|
(114)
|
(126)
|
|
Net
loss before tax
|
(5,229)
|
(7,035)
|
|
Income tax expense
|
-
|
-
|
|
Net
loss for the year
|
(5,229)
|
(7,035)
|
|
Other comprehensive gain that may not be reclassified
subsequently to profit or loss:
|
|
|
|
|
Actuarial gain on employee service
entitlements
|
55
|
22
|
|
Total comprehensive loss for the year
|
(5,174)
|
(7,013)
|
|
|
|
|
|
Net
loss attributable to:
|
|
|
|
|
Equity holders of the
parent
|
(5,179)
|
(6,931)
|
|
|
Non-controlling interests
|
(50)
|
(104)
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
Equity holders of the
parent
|
(5,124)
|
(6,909)
|
|
|
Non-controlling interests
|
(50)
|
(104)
|
|
|
|
|
|
|
Basic and diluted loss per common
share (cents per share)
|
(0.23)
|
(0.36)
|
|
|
|
|
|
| |
Consolidated Statement of Cash Flows
For
the year ended 31 December 2023
|
|
|
2023
|
2022
|
|
|
|
$'000
|
$'000
|
|
Operating activities
|
|
|
|
|
Loss before tax
|
|
(5,229)
|
(7,035)
|
|
Adjustments for:
|
|
|
|
|
Depreciation
|
|
28
|
46
|
|
Share-based compensation
|
|
493
|
369
|
|
Net foreign exchange
(loss)/gain
|
|
5
|
(7)
|
|
Impairment expenses
|
|
112
|
268
|
|
Finance costs
|
|
1
|
10
|
|
Adjustment to Provisions
|
|
144
|
(86)
|
|
Changes in working capital:
|
|
|
|
|
Receivables and other
assets
|
|
(164)
|
(308)
|
|
Trade and other payables
|
|
(387)
|
120
|
|
|
|
(4,997)
|
(6,623)
|
|
Payment of employee
entitlement
|
|
(29)
|
(61)
|
|
Interest payments
|
|
(1)
|
(10)
|
|
Net
cash flows used in operating activities
|
|
(5,027)
|
(6,694)
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Purchases of plant and
equipment
|
|
(6)
|
(8)
|
|
Net
cash flows used in investing activities
|
|
(6)
|
(8)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Payment of principal portion of
lease liabilities
|
|
(59)
|
(111)
|
|
Proceeds from equity
raising
|
|
4,044
|
3,015
|
|
Equity raising costs
|
|
(9)
|
-
|
|
Net
cash flows from financing activities
|
|
3,976
|
2,904
|
|
Net decrease in cash
|
|
(1,057)
|
(3,798)
|
|
Net foreign exchange
differences
|
|
8
|
(77)
|
|
Cash at beginning of the
year
|
|
5,185
|
9,060
|
|
Cash at end of the year
|
|
4,136
|
5,185
|
