REG - Asiamet Res Ltd - Interim Report & Financial Statements

Asiamet ResourcesAnnouncement

17/08/2022 10:45

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RNS Number : 3323W  Asiamet Resources Limited  17 August 2022

17 August 2022

 

 

2022 Interim Report & Financial Statements

 

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present
its unaudited financial statements for the 6 months ended 30 June 2022
("Financial Statements") as extracted from the Company's 2022 Half Year 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 Half Year Report which contains the notes to the Financial
Statements.

All dollars in the report are US$ unless otherwise stated.

2022 Financial and Operational Highlights Include:

·    Appointment of Mr Darryn McClelland as a CEO.

·    BKZ Mineral Resource update following the completion of an 8,630
metre drilling program in early 2022 which saw a 50% increase in contained
zinc and 75% uplift in contained copper.

·    Completion of the due diligence process with PT Delta Dunia Makmur
Tbk. (DOID), covering all technical workstreams including a first phase
diligence by an independent technical expert recommended by a financial
institution. The Company remains in continued discussions with DOID in respect
to consolidating a strategic partnership to advance the BKM Copper Project
through to project financing and mine development.

 

ON BEHALF OF THE BOARD OF DIRECTORS

Antony (Tony) Manini, Chairman

For further information, please contact:

-Ends-

Tony Manini
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

 

 

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
                                                    2022                        2021
                                                    Unaudited                   Audited
                                                     $'000                       $'000

 Assets
 Current assets
                  Cash                               5,182                       9,060
                  Receivables and other assets       27                          33
                                                     5,209                       9,093
 Non-current assets
                  Plant and equipment                46                          60
                  Right-of-use assets               5                           7
                  Receivables and other assets       68                          71
                                                     119                         138
 Total assets                                        5,328                       9,231

 Liabilities and Equity
 Current liabilities
                  Trade and other payables           820                         537
                  Provisions                         283                         285
                  Lease liabilities                  99                          159
                                                     1,202                       981
 Non-current liabilities
                  Provisions                                    714              794
                                                     1,916                       1,775
 Equity
                  Share capital                      19,393                      19,393
                  Equity reserves                    65,975                      65,975
                  Other comprehensive income         49                          49
                  Accumulated deficit                (78,752)                    (74,708)
                  Other reserves                     (3,246)                     (3,246)
                  Parent entity interest             3,419                       7,463
                  Non-controlling interest           (7)                         (7)
                                                     3,412                       7,456
 Total liabilities and equity                        5,328                       9,231

 

Note all references to $ are US dollars

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June

 

                                                                   2022         2021
                                                                    $'000        $'000

 Expenses
                                Exploration and evaluation          (2,236)      (1,003)
                                Employee benefits                   (1,073)      (912)
                                Consultants                         (185)        (41)
                                Legal and Company Secretarial       (64)         (99)
                                Accounting and audit                (4)          (1)
                                General and administrative          (153)        (182)
                                Depreciation                        (20)         (20)
                                Share-based compensation            (104)        (92)
                                                                    (3,839)      (2,350)
 Other items
                                Other gains                         -            122
                                Foreign exchange losses             (54)         (150)
                                Finance costs                       (5)          (10)
                                Impairment expenses                 (146)        (33)
                                Other income                        1            1
                                                                    (204)        (70)
 Net loss for the half year                                         (4,043)      (2,420)

 Net loss attributable to:
                                Equity holders of the parent        (3,937)      (2,335)
                                Non-controlling interests           (106)        (85)

 Total comprehensive loss attributable to:
                                Equity holders of the parent        (3,937)      (2,335)
                                Non-controlling interests           (106)        (85)

 Basic and diluted loss per common share (cents per share)          (0.21)       (0.15)

 Weighted average number of shares outstanding (thousands)          1,942,542    1,625,081

 

 

 

Interim condensed consolidated statement of cash flows (unaudited)

For the six months ended 30 June

 

                                                                                    2022       2021
                                                                                     $'000      $'000

 Operating activities
                             Loss for the half year                                  (4,043)    (2,420)
 Adjustment for:
                             Depreciation                                            20         20
                             Share-based compensation                                104        92
                             Net foreign exchange gains                              (4)        (18)
                             Impairment expenses                                     146        33
                             Finance costs                                           5          10
                             Movements in provisions                                 (80)       (20)
 Changes in working capital:
                             Receivables and other assets                            (145)      (12)
                             Trade and other payables                                180        (194)
 Other adjustments:
                              Interest payments                                      (5)        (10)
 Net cash flows used in operating activities                                         (3,822)    (2,519)

 Investing activities
                             Purchases of plant and equipment                        (6)        (5)
 Net cash flows used in investing activities                                         (6)        (5)

 Financing activities
                             Payment of principal portion of lease liabilities       (50)       (75)
                             Proceeds from equity raising                            -          14,089
                             Equity raising costs                                    -          (735)
 Net cash flows from/(used in) financing activities                                  (50)       13,279
 Increase/(decrease) in cash                                                         (3,878)    10,755

 Cash at beginning of the year                                                       9,060      1,186

 Cash at 30 June                                                                     5,182      11,941

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 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 half year          -        -          -              (3,937)      -          (3,937)       (106)        (4,043)
 Total comprehensive loss                                     -        -          -              (3,937)      -          (3,937)       (106)        (4,043)

 Transactions with owners in their capacity as owners
                              Contribution by parent in NCI   -         -         -              (106)        -          (106)         106          -

 Balance at 30 June 2022                                     19,393     65,975    49             (78,752)     (3,246)    3,419         (7)         3,412

 

 

 

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 loss                                     -         -         -              (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

 

 

 

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