REG - Asiamet Res Ltd - 2021 Interim Report and Financial Statements
RNS Number : 5800JAsiamet Resources Limited24 August 202124 August 2021
2021 Interim Report and Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2021 ("Financial Statements") as extracted from the Company's 2021 Half Year Report. The Report 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 2021 Half Year 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:
· Termination of the Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") on 25 January 2021 due to PT WIN failing to fulfill its obligations under the binding SPA signed on 24 December 2020.
· Equity financing, raising gross proceeds of approximately $14 million completed in late February 2021.
· Appointment of Eva Armila Djauhari as a Non-executive Director, effective 5 May 2021.
· Value enhancement activities for the BKM Project continued to evaluate the potential for a concentrate - tank leach processing option (vs heap leach processing) and prepare for drilling to expand resources and mine life. Once complete the Company will update the project economics and progress a preferred processing option to development.
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 LimitedBhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Optiva Securities Limited
Christian DennisTelephone: +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").
Interim condensed consolidated statement of financial position
As at
30-Jun
31-Dec
2021
2020
Unaudited
Audited
$'000
$'000
Assets
Current assets
Cash
11,941
1,179
Receivables and other assets
28
4
11,969
1,183
Assets classified as held for sale
-
125
11,969
1,308
Non-current assets
Plant and equipment
61
39
Right-of-use asset
4
3
Receivables and other assets
70
5
135
47
Total assets
12,104
1,355
Liabilities and Equity
Current liabilities
Trade and other payables
552
391
Provisions
235
253
Lease liabilities
214
278
1,001
922
Liabilities directly associated with the assets classified as held for sale
-
753
1,001
1,675
Non-current liabilities
Provisions
569
81
Total liabilities
1,570
1,756
Equity
Share capital
19,326
14,752
Equity reserves
65,442
56,661
Other comprehensive income
83
83
Accumulated deficit
(71,064)
(68,644)
Other reserves
(3,246)
(3,246)
Parent entity interest
10,541
(394)
Non-controlling interest
(7)
(7)
10,534
(401)
Total liabilities and equity
12,104
1,355
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June
2021
2020
$'000
$'000
Expenses
Exploration and evaluation
(1,003)
(571)
Employee benefits
(912)
(960)
Consultants
(41)
(97)
Legal and Company Secretarial
(99)
(148)
Accounting and audit
(1)
(3)
General and administrative
(182)
(180)
Depreciation
(20)
(54)
Share-based compensation
(92)
(87)
(2,350)
(2,100)
Other items
Other gains
122
-
Foreign exchange gain/(loss)
(150)
283
Interest income
-
1
Finance costs
(10)
(16)
Impairment expense
(33)
(284)
Other income
1
1
(70)
(15)
Net loss for the half year
(2,420)
(2,115)
Net loss attributable to:
Equity holders of the parent
(2,335)
(2,074)
Non-controlling interests
(85)
(41)
Total comprehensive loss attributable to:
Equity holders of the parent
(2,335)
(2,074)
Non-controlling interests
(85)
(41)
Basic and diluted loss per common share
(0.00)
(0.00)
Weighted average number of shares outstanding (thousands)
1,625,081
1,184,961
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June
2021
2020
$'000
$'000
Operating activities
Loss for the half year
(2,420)
(2,115)
Adjustment for:
Depreciation
20
54
Share-based compensation
92
-
Net foreign exchange loss/(gain)
(18)
4
Impairment expense
33
274
Finance costs
10
11
Movements in provisions
(20)
119
Changes in working capital:
Receivables and other assets
(12)
13
Trade and other payables
(194)
(112)
Other adjustments:
Interest payments
(10)
(11)
Payment for security deposit
-
(50)
Net cash flows used in operating activities
(2,519)
(1,813)
Investing activities
Purchases of plant and equipment
(5)
-
Net cash flows used in investing activities
(5)
-
Financing activities
Payment of principal portion of lease liabilities
(75)
(35)
Proceeds from equity raising
14,089
3,522
Equity raising costs
(735)
(64)
Net cash flows from financing activities
13,279
3,423
Increase in cash
10,755
1,610
Cash at beginning of the year
1,186
418
Cash at 30 June
11,941
2,028
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 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 half year
-
-
-
(2,335)
-
(2,335)
(85)
(2,420)
Total comprehensive income
-
-
-
(2,335)
-
(2,335)
(85)
(2,420)
Transactions with owners in their capacity as owners
Equity raising
4,574
9,516
-
-
-
14,090
-
14,090
Equity raising costs
-
(735)
-
-
-
(735)
-
(735)
Contribution by parent in NCI
-
-
-
(85)
-
(85)
85
-
Balance at 30 June 2021
19,326
65,442
83
(71,064)
(3,246)
10,541
(7)
10,534
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 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 half year
-
-
-
(2,074)
-
(2,074)
(41)
(2,115)
Total comprehensive income
-
-
-
(2,074)
-
(2,074)
(41)
(2,115)
Transactions with owners in their capacity as owners
Equity raising
3,734
164
-
-
-
3,898
-
3,898
Equity raising costs
-
(64)
-
-
-
(64)
-
(64)
Contribution by parent in NCI
-
-
-
(41)
-
(41)
41
-
Balance at 30 June 2020
14,703
56,535
74
(66,626)
(3,246)
1,440
(7)
1,433
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