Asiamet Resources Ld - 2025 Annual Report & Financial Statements

Asiamet Resources

26/05/2026 17:30

RNS Number : 7702F
  
Asiamet Resources Limited
  
26 May 2026
  
 


26 May 2026
 
2025 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 2025 ("Financial Statements") as extracted from the Company's 2025 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 2025 Annual Report which contains the notes to the Financial Statements. 
All dollars in the report are US$ unless otherwise stated. 
Key 2025 Financial and Operational Highlights Include: 
BKM Copper Project (Asiamet 100%)
Updated Ore Reserve for BKM Stage 1 (see announcement dated 2 May 2025)
Key Highlights
·    BKM Stage 1 Ore Reserves now comprise:
o  Proved Reserve Category: 15.0Mt @ 0.8% Cu for 117kt of contained copper
o  Probable Reserve Category: 13.3Mt @ 0.7% Cu for 90kt of contained copper
o  Total Ore Reserves: 28.3Mt @ 0.7% Cu for 207kt of contained copper
·    Strip ratio 0.8:1
·    Mining/Processing Method: Ore Reserves reported based on extraction by open-pit mining with heap-leach and solvent extraction / electro-winning ("SX-EW") processing
·    Reserve Basis: Ore Reserves are constrained by BKM Stage 1 Optimised Feasibility Study 2025 heap leach facility design
Completion of BKM Stage 1 Copper Project Optimised Feasibility Study ("OFS") (see announcement dated 7 May 2025)
Key Highlights:
·    Annual copper cathode production of approximately 10k tonnes with a ~13 year mine life
·    Life-of-mine revenues of US$1.192 billion and EBITDA of US$612.2 million[1]
·    Initial capital cost of US$178.4 million, including US$11.1 million (7.6%) growth allowance and US$21.8 million (~13.9%) contingency
·    Post-tax NPV81 of US$122.4 million, post-tax IRR1 of 17.7%, and payback period of 4.5 years
·    Life-of-mine production of 124,022 tonnes of LME Grade A copper cathode
·    Low strip ratio of 0.77:1, Life-of-Mine C1 costs of US$1.79/lb and AISC of US$2.37/lb
Corporate:
·    The Company successfully raised US$2.5 million via direct share placement to PT BUMA International Tbk ("BUMA") (see announcement dated 29 May 2025) and successfully raised another US$3.1 million through a direct share placement to existing shareholders and several new investors (see announcement dated 17 December 2025).
·    Appointment of Shore Capital as Corporate Broker and Grant Samuel as Financial Adviser to lead the Strategic Investor Engagement Process for the BKM Copper Project.
·    Proposed Sale of Asiamet's Interest in the KSK Project to Norin Mining for gross consideration of US$105 million on a cash-free, debt-free basis (see announcement dated 6 November 2025).
·    The Company successfully completed a resource definition drilling programme targeting limestone at the Rinjen prospect on the KSK CoW (see announcement dated 15 September 2025).
 
The 2025 Annual Report can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/7702F_1-2026-5-26.pdf
 
Update on Proposed Sale of Indokal Limited
As previously announced, shareholder approval from Asiamet shareholders and the relevant Chinese regulatory approvals have both been obtained.
The remaining Indonesian regulatory processes and associated completion workstreams continue to progress. The Company continues to work closely with relevant stakeholders in relation to these matters and progress is being made.
The Company and the purchaser remain actively engaged through the completion process, and the Board will continue to update shareholders as appropriate.
 
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
 
For further information, please contact:
Tony Manini
 Chairman, Asiamet Resources Limited

Email: tony.manini@asiametresources.com
 
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
 Email: info@asiametresources.com 



Nominated & Financial Adviser
 Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk
 
Broker
Shore Capital
Toby Gibbs / George Payne
Telephone: +44 20 7408 4050
 
Follow us on X @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 2025












2025


2024




 


 


 $'000


 $'000




 
















Assets


 








Current assets


 












Cash


 3,405


 2,279








Receivables and other assets


 9


 275












 3,414


 2,554








Assets classified as held for sale


 373


 -












 3,787


 2,554




Non-current assets


 












Plant and equipment


 -


 137








Right-of-use asset


 -


 42








Receivables and other assets


 3


 116












 3


 295




Total assets


 3,790


 2,849






















Liabilities and Equity


 








Current liabilities


 












Trade and other payables


 192


 405








Provisions


 -


 24








Lease liabilities


 -


 36












 192


 465








Liabilities directly associated with the assets classified as held for sale


 710


 -












 902


 465




Non-current liabilities


 












Provisions


                56


 640












 958


 1,105




Equity


 












Share capital


 33,899


 29,725








Equity reserves


 69,251


 67,506








Other comprehensive Income


 242


 202








Accumulated Deficit


 (97,307)


 (92,436)








Other reserves


 (3,246)


 (3,246)








Parent entity interest


 2,839


 1,751








Non-controlling interest


 (7)


 (7)












 2,832


 1,744




Total liabilities and equity


 3,790


 2,849




 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2025












2025


2024




 


 


 $'000


 $'000




 


































Continuing Operations


 








Expenses


 












Exploration and evaluation


 (149)


 (118)








Employee benefits


 (145)


 (667)








Consultants


 (520)


 (133)








Legal and Company Secretarial


 (124)


 (105)








Accounting and audit


 (44)


 (38)








General and administrative


 (211)


 (188)








Depreciation


 -


 (2)








Share-based compensation


 (379)


 (405)












 (1,572)


 (1,656)




Other Items


 












Foreign exchange losses


       (10)


 (25)








Finance costs


           -


 -








Impairment expense


         (66)


 (136)








Other income


              32


 77












 (44)


 (84)




Net loss before tax from continuing operations


 (1,616)


 (1,740)








Income tax expense


   -


          -




Net loss for the year from continuing operations


     (1,616)


(1,740)




Discontinued operations


 












Loss after tax for the year from discontinued operations


(3,255)


(3,724)




Net loss for the year


                  (4,871)


                (5,464)




Item that may not be reclassified subsequently


 








to profit or loss:


 












Actuarial gain on employee service entitlements


              40


76




Total comprehensive loss for the year


(4,831)


(5,388)




Net loss attributable to:


 












Equity holders of the parent


 (4,820)


 (5,418)








Non-controlling interests


 (51)


 (46)






















Total comprehensive loss attributable to:


 












Equity holders of the parent


 (4,780)


 (5,342)








Non-controlling interests


 (51)


 (46)






















Basic and diluted loss per common share (cents per share)


 (0.16)


 (0.20)




 
Consolidated Statement of Cash Flows          
For the year ended 31 December 2025












2025


2024




 


 


 $'000


 $'000




 




















































Operating activities


 








Loss before tax from continuing operations


          (1,616)


          (1,740)




Loss before tax from discontinued operations


          (3,255)


          (3,724)




Loss before tax


 (4,871)


 (5,464)




Adjustment for:


 












Depreciation


 (5)


 27








Share-based compensation


 379


 405








Net foreign exchange loss/(gain)


 (24)


 (19)








Impairment expense


 114


 136








Finance cost


 2


 2








Adjustment to provisions


 81


 (144)




Changes in working capital:


 












Receivables and other assets


 161


 (331)








Trade and other payables


 (131)


 135












 (4,294)


 (5,253)




Other adjustments:


 








Payment of employee entitlement


 (4)


 -




 Interest payments


 (2)


 (2)




Net cash flows used in operating activities


 (4,300)


 (5,255)






















Investing activities


 








Purchase of property, plant and equipment


 (16)


 (120)




Net cash flows used in investing activities


 (16)


 (120)






















Financing activities


 








Payment of principal portion of lease liabilities


 (28)


 (20)




Proceeds from equity raising


 5,601


 3,594




Equity raising costs


 (61)


 (47)




Net cash flows from financing activities


 5,512


 3,527




Net Increase in cash


 1,196


 (1,848)




Net foreign exchange differences


 -


 (9)




Cash at beginning of the year


 2,279


 4,136




Cash at end of the year


 3,475


 2,279




 
 




Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
































Total equity


 
























Other


 






attributable


Non-


 












 Share


Equity


comprehensive


Accumulated


Other


to the


controlling


 












capital


reserves


(income)/loss


deficit


reserves


parent


interests


Total




 


 


 $'000


$'000


$'000


$'000


$'000


$'000


$'000


$'000




 








































Balance at 1 January 2024


 25,902


 67,378


 126


 (86,972)


 (3,246)


 3,188


 (7)


 3,181


















































Loss for the year


 -


 -


 -


 (5,418)


 -


 (5,418)


 (46)


 (5,464)








Other comprehensive income


 -


 -


 76


 -


 -


 76


 -


 76




Total comprehensive loss


 -


 -


 76


 (5,418)


 -


 (5,342)


 (46)


 (5,388)














































Transactions with owners in their capacity as owners


 




































Equity raising


3593


1


 -


 -


 -


 3,594


 -


 3,594








Equity raising costs


 -


 (47)


 -


 -


 -


 (47)


 -


 (47)








Reclassify shares issued to directors


 99


 (99)


 -


 -


 -


 -


 -


 -








Share based compensation


 131


 274


 -


 -


 -


 405


 -


 405








Contribution by parent in NCI


 -


 -


 -


 (46)


 -


 (46)


 46


 -








(see note 17b)




































Balance at 31 December 2024


 29,725


 67,506


 202


 (92,436)


 (3,246)


 1,751


 (7)


 1,744




 
 
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
































Total equity


 
























Other


 






attributable


Non-


 












 Share


Equity


comprehensive


Accumulated


Other


to the


controlling


 












capital


reserves


loss


deficit


reserves


parent


interests


Total




 


 


 $'000


$'000


$'000


$'000


$'000


$'000


$'000


$'000




 








































Balance at 1 January 2025


 29,725


 67,506


 202


 (92,436)


 (3,246)


 1,751


 (7)


 1,744




 












































Loss for the year


 -


 -


 -


 (4,820)


 -


 (4,820)


 (51)


 (4,871)




 


Other comprehensive loss










 40


 






 40


 


 40




Total comprehensive income


 -


 -


 40


 (4,820)


 -


 (4,780)


 (51)


 (4,831)




 








































Transactions with owners in their capacity as owners


 




































Equity raising


 3,860


 1,741


 -


 -


 -


 5,601


 -


 5,601




 


Equity raising costs


 -


 (61)


 -


 -


 -


 (61)


 -


 (61)




 


Reclassify shares issued to directors


 152


 (152)


 -


 -


 -


 -


 -


 -




 


Share based compensation


 162


 217


 -


 -


 -


 379


 -


 379




 


Contribution by parent in NCI


 -


 -


 -


 (51)


 -


 (51)


 51


 -




 


(see note 17b)




































Balance at 31 December 2025


 33,899


 69,251


 242


 (97,307)


 (3,246)


 2,839


 (7)


 2,832




 
 
 





[1]Excluding closure and rehabilitation costs





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