REG - Asiamet Res Ltd - 2021 Annual Report & Financial Statements
04/05/2022 11:00
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RNS Number : 2927K Asiamet Resources Limited 04 May 2022
4 May 2022
2021 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 2021
("Financial Statements") as extracted from the Company's 2021 Annual Report
which is now available on the Company website at www.asiametresources.com
(http://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 2021 Annual Report which contains the notes to the Financial
Statements.
All dollars in the report are US$ unless otherwise stated.
2021 Financial and Operational Highlights Include:
· Approval of a key environmental permit (AMDAL) for the BKM Project.
· Completed a capital placing, raising gross proceeds of approximately
$14.0 million in February 2021.
· Appointment of Eva Armila Djauhari as Non-Executive Director.
· Appointment of Andrew Neale as General Manager for the BKM Project.
· Entered into a Heads of Agreement with PT Delta Dunia Makmur Tbk.
("DOID"), this agreement allows DOID to earn up to 51% interest in the KSK CoW
by contributing up to $50 million towards development of the BKM copper mine.
· Commenced a resource extension and exploration drilling program at
BKZ project.
Key Subsequent Events Include:
· Extension of the exclusivity period to allow DOID to complete their
due diligence.
· Appointment of Mr Darryn McClelland as a Chief Executive Officer
("CEO"), commencing 13 June 2022.
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@ (mailto:tony.manini@asiametresources.com) asiametresources
(mailto:tony.manini@asiametresources.com) .com
(mailto:tony.manini@asiametresources.com)
FlowComms Limited - Investor Relations
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com (mailto: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 (mailto:Bhavesh.Patel@rfcambrian.com) /
Stephen.Allen@rfcambrian.com (mailto:Oliver.Morse@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 2021
2021 2020
$'000 $'000
Assets
Current assets
Cash 9,060 1,179
Receivables and other assets 33 4
9,093 1,183
Assets classified as held for sale - 125
9,093 1,308
Non-current assets
Plant and equipment 60 39
Right-of-use assets 7 3
Receivables and other assets 71 5
138 47
Total assets 9,231 1,355
Liabilities and Equity
Current liabilities
Trade and other payables 537 391
Provisions 285 253
Lease liabilities 159 278
981 922
Liabilities directly associated with the assets classified as held for sale - 753
981 1,675
Non-current liabilities
Provisions for employee service entitlements 794 81
1,775 1,756
Equity
Share capital 19,393 14,752
Equity reserves 65,975 56,661
Other comprehensive income 49 83
Accumulated deficit (74,708) (68,644)
Other reserves (3,246) (3,246)
Parent entity interest 7,463 (394)
Non-controlling interest (7) (7)
7,456 (401)
Total liabilities and equity 9,231 1,355
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2021
2021 2020 Restated*
$'000 $'000
Expenses
Exploration and evaluation (2,414) (1,276)
Employee benefits (2,147) (1,837)
Consultants (81) (239)
Legal and Company Secretarial (142) (237)
Accounting and audit (46) (52)
General and administrative (287) (286)
Depreciation (45) (81)
Share-based compensation (600) (175)
(5,762) (4,183)
Other items
Foreign exchange (loss)/gain (169) 339
Interest income - 2
Finance costs (18) (27)
Impairment expense (117) (335)
Other income 2 71
(302) 50
Net loss before tax (6,064) (4,133)
Income tax expense - -
Net loss for the year (6,064) (4,133)
Item that may not be reclassified subsequently
to profit or loss:
Actuarial (loss)/gain on employee service entitlements (34) 9
Total comprehensive loss for the year (6,098) (4,124)
Net loss attributable to:
Equity holders of the parent (5,878) (4,040)
Non-controlling interests (186) (93)
Total comprehensive loss attributable to:
Equity holders of the parent (5,912) (4,031)
Non-controlling interests (186) (93)
Basic and diluted loss per common share (cents per share) (0.33) (0.29)
Weighted average number of shares outstanding (thousands) 1,859,029 1,414,666
* Following the termination of the Sale Purchase Agreement with PT Wasesa Indo
Nusa on 25 January 2021, the Indokal Group was reclassified from a held for
sale group and discontinued operations.
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
2021 2020 Restated*
$'000 $'000
Operating activities
Loss before tax (6,064) (4,133)
Adjustments for:
Depreciation 45 81
Share-based compensation 600 175
Net foreign exchange gain (23) (18)
Impairment expenses 117 335
Finance costs 18 27
Movements in provisions 228 271
Changes in working capital:
Receivables and other assets (133) 34
Trade and other payables (117) 258
(5,329) (2,970)
Interest payments (18) (27)
Refund of security deposit - 15
Net cash flows used in operating activities (5,347) (2,982)
Investing activity
Purchases of property, plant and equipment (23) (4)
Net cash flows used in investing activities (23) (4)
Financing activities
Payment of principal portion of lease liabilities (111) (80)
Proceeds from related party loans - 380
Repayment of related party loans - (257)
Proceeds from equity raising 14,089 3,775
Equity raising costs (734) (64)
Net cash flows from financing activities 13,244 3,754
Increase in cash 7,874 768
Cash at beginning of the year 1,186 418
Cash at end of the year 9,060 1,186
* Following the termination of the Sale Purchase Agreement with PT Wasesa Indo
Nusa on 25 January 2021, the Indokal Group was reclassified from a held for
sale group and discontinued operations.
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
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/(loss) - - 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)
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
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 2021 14,752 56,661 83 (68,644) (3,246) (394) (7) (401)
Loss for the year - - - (5,878) - (5,878) (186) (6,064)
Other comprehensive loss - - (34) - - (34) - (34)
Total comprehensive loss - - (34) (5,878) - (5,912) (186) (6,098)
Transactions with owners in their capacity
as owners
Equity raising 4,574 9,515 - - - 14,089 - 14,089
Equity raising costs - (734) - - - (734) - (734)
Reclassify shares issued to directors 52 (52) - - - - -
Share-based compensation 15 585 - - - 600 - 600
Contribution by parent in NCI - - - (186) - (186) 186 -
Balance at 31 December 2021 19,393 65,975 49 (74,708) (3,246) 7,463 (7) 7,456
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