REG - Asiamet Res Ltd - 2020 Annual Report & Financial Statements

Asiamet ResourcesAnnouncement

24/05/2021 12:45

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 2020
 











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 2020











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 2020
 











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 2020
 































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 2020
 































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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