REG - Asiamet Res Ltd - 2022 Annual Report & Financial Statements
27/04/2023 16:00
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RNS Number : 7556X Asiamet Resources Limited 27 April 2023
27 April 2023
2022 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 2022
("Financial Statements") as extracted from the Company's 2022 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 2022 Annual Report which contains the notes to the Financial
Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2022 Financial and Operational Highlights Include:
· Completed the BKZ drilling program which focussed on resource
extensions and delivered a significant uplift in JORC compliant resources of
all metals and discovery of a new gold/silver mineralised zone.
· Completed the first detailed materiality assessment related to
Environmental, Social and Governance ("ESG") elements which will deliver the
Company's first integrated ESG implementation framework to be utilised to
develop appropriate policies and procedures.
· Appointment of Chief Executive Officer, Mr Darryn McClelland, who is
based in Indonesia.
· Significant BKZ Resource Upgrade including new exploration target
identified:
o 50% increase in contained zinc;
o 75% increase in contained copper; and
o Potential for 100-220koz of gold and 10-20Moz silver in newly discovered
Exploration Targets.
· Progressed and completed various BKM copper project Feasibility Study
(BKM FS) workstreams.
· Completed a capital placing, raising gross proceeds of approximately
$3.0 million with PT Delta Dunia Makmur Tbk. in November 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
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@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 2022
2022 2021
$'000 $'000
Assets
Current assets
Cash 5,185 9,060
Receivables and other assets 77 33
5,262 9,093
Non-current assets
Plant and equipment 36 60
Right-of-use assets 16 7
Receivables and other assets 67 71
119 138
Total assets 5,381 9,231
Liabilities and Equity
Current liabilities
Trade and other payables 657 537
Provisions 288 285
Lease liabilities 59 159
1,004 981
Non-current liabilities
Provisions for employee service entitlements 550 794
1,554 1,775
Equity
Share capital 21,831 19,393
Equity reserves 66,921 65,975
Other comprehensive income 71 49
Accumulated deficit (81,743) (74,708)
Other reserves (3,246) (3,246)
Parent entity interest 3,834 7,463
Non-controlling interest (7) (7)
3,827 7,456
Total liabilities and equity 5,381 9,231
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2022
2022 2021
$'000 $'000
Expenses
Exploration and evaluation (3,611) (2,414)
Employee benefits (2,259) (2,147)
Consultants (216) (81)
Legal and Company Secretarial (90) (142)
Accounting and audit (47) (46)
General and administrative (271) (287)
Depreciation (46) (45)
Share-based compensation (369) (600)
(6,909) (5,762)
Other items
Foreign exchange gain/(loss) 148 (169)
Finance costs (10) (18)
Impairment expenses (268) (117)
Other income 4 2
(126) (302)
Net loss before tax (7,035) (6,064)
Income tax expense - -
Net loss for the year (7,035) (6,064)
Other comprehensive gain/(loss) that may not be reclassified subsequently to
profit or loss:
Actuarial gain/(loss) on employee service entitlements 22 (34)
Total comprehensive loss for the year (7,013) (6,098)
Net loss attributable to:
Equity holders of the parent (6,931) (5,878)
Non-controlling interests (104) (186)
Total comprehensive loss attributable to:
Equity holders of the parent (6,909) (5,912)
Non-controlling interests (104) (186)
Basic and diluted loss per common share (cents per share) (0.36) (0.33)
Consolidated Statement of Cash Flows
For the year ended 31 December 2022
2022 2021
$'000 $'000
Operating activities
Loss before tax (7,035) (6,064)
Adjustments for:
Depreciation 46 45
Share-based compensation 369 600
Net foreign exchange gain (7) (9)
Impairment expenses 268 117
Finance costs 10 18
Adjustment to Provisions (147) 228
Changes in working capital:
Receivables and other assets (308) (133)
Trade and other payables 120 (117)
(6,684) (5,315)
Interest payments (10) (18)
Net cash flows used in operating activities (6,694) (5,333)
Investing activities
Purchases of plant and equipment (8) (23)
Net cash flows used in investing activities (8) (23)
Financing activities
Payment of principal portion of lease liabilities (111) (111)
Proceeds from equity raising 3,015 14,089
Equity raising costs - (734)
Net cash flows from financing activities 2,904 13,244
Net (decrease)/increase in cash (3,798) 7,888
Net foreign exchange differences (77) (14)
Cash at beginning of the year 9,060 1,186
Cash at end of the year 5,185 9,060
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
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
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 2022 19,393 65,975 49 (74,708) (3,246) 7,463 (7) 7,456
Loss for the year - - - (6,931) - (6,931) (104) (7,035)
Other comprehensive income - - 22 - - 22 - 22
Total comprehensive loss - - 22 (6,931) - (6,909) (104) (7,013)
Transactions with owners in their capacity
as owners
Equity raising 2,304 711 - - - 3,015 - 3,015
Reclassify shares issued to directors 81 (81) - - - - - -
Share-based compensation 53 316 - - - 369 - 369
Contribution by parent in NCI - - - (104) - (104) 104 -
Balance at 31 December 2022 21,831 66,921 71 (81,743) (3,246) 3,834 (7) 3,827
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