REG - Asiamet Resources Ld - 2024 Annual Report & Financial Statements
29/05/2025 07:10
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RNS Number : 5771K Asiamet Resources Limited 29 May 2025
29 May 2025
2024 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 2024
("Financial Statements") as extracted from the Company's 2024 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 2024 Annual Report which contains the notes to the Financial
Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2024 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet: 100%)
· Engagement of PT Rexline Engineering Indonesia and BGRIMM Technology
Group as the engineering design and procurement partners for updating the 2024
feasibility study process plant design.
· Released updated project mining and processing physicals
reflecting the change in strategy to focus on higher soluble copper grade
material closer to surface and materially reduce the mining strip ratio:
o 47% decrease in total material mined, from 90.9Mt to 50.5Mt. Life of mine
Strip Ratio reduced from 1.37 to 0.77.
o New open pit design delivers 28.5Mt aligning with new Heap Leach Facility
design capacity.
o New open pit design sits within the 2023 feasibility study pit design and
allows for seamless future expansion of the mine to increase overall copper
production.
· Updated Capital Cost Estimate released in December 2024 delivering an
estimated US$58 million saving.
Corporate:
· The Company successfully raised US$3.55 million in October 2024 via:
o a direct share placement to PT BUMA Internasional Group Tbk (IDX: "DOID")
and management, raising gross proceeds of approximately US$3.295 million; and
o a further US$0.255 million through retail offering.
· The Company appointed Mudit Goenka as Head of Corporate Finance.
· Closure of Asiamet's Melbourne office in Australia.
The 2024 Annual Report can be viewed
at: http://www.rns-pdf.londonstockexchange.com/rns/5771K_1-2025-5-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5771K_1-2025-5-29.pdf)
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
-Ends-
For further information, please contact:
Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited
Email: darryn.mcclelland@asiametresources.com
(mailto:darryn.mcclelland@asiametresources.com)
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)
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com)
Email: info@asiametresources.com (mailto:info@asiametresources.com)
Nominated Adviser
Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk (mailto:asiamet@strandhanson.co.uk)
Broker
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on X @AsiametTweets
FORWARD-LOOKING STATEMENT
This announcement 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.
Consolidated Statement of Financial Position
As at 31 December 2024
2024 2023
$'000 $'000
Assets
Current assets
Cash and cash equivalents 2,279 4,136
Receivables and other assets 275 131
2,554 4,267
Non-current assets
Property, plant and equipment 137 28
Right-of-use asset 42 2
Receivables and other assets 116 65
295 95
Total assets 2,849 4,362
Liabilities and Equity
Current liabilities
Trade and other payables 405 270
Provisions 24 296
Lease liabilities 36 -
465 566
Non-current liabilities
Provision for employee entitlements 640 615
1,105 1,181
Equity
Share capital 29,725 25,902
Equity reserves 67,506 67,378
Other comprehensive income 202 126
Accumulated Deficit (92,436) (86,972)
Other reserves (3,246) (3,246)
Parent entity interest 1,751 3,188
Non-controlling interest (7) (7)
1,744 3,181
Total liabilities and equity 2,849 4,362
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2024
2024 2023
$'000 $'000
Expenses
Exploration and evaluation (2,152) (1,554)
Employee benefits (2,329) (2,520)
Consultants (133) (118)
Legal and Company Secretarial (109) (110)
Accounting and audit (55) (53)
General and administrative (199) (239)
Depreciation (27) (28)
Share-based compensation (405) (493)
(5,409) (5,115)
Other items
Foreign exchange (loss)/gain 3 (11)
Finance costs (2) (1)
Impairment expenses (136) (112)
Other income 80 10
(55) (114)
Net loss before tax (5,464) (5,229)
Income tax expense - -
Net loss for the year (5,464) (5,229)
Other comprehensive gain that may not be reclassified subsequently to profit
or loss:
Actuarial gain on employee service entitlements 76 55
Total comprehensive loss for the year (5,388) (5,174)
Net loss attributable to:
Equity holders of the parent (5,418) (5,179)
Non-controlling interests (46) (50)
Total comprehensive loss attributable to:
Equity holders of the parent (5,342) (5,124)
Non-controlling interests (46) (50)
Basic and diluted loss per common share (cents per share) (0.20) (0.23)
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
2024 2023
$'000 $'000
Operating activities
Loss before tax (5,464) (5,229)
Adjustments for:
Depreciation 27 28
Share-based compensation 405 493
Net foreign exchange (loss)/gain (19) 5
Impairment expenses 136 112
Finance costs 2 1
Adjustment to Provisions (144) 144
Changes in working capital:
Receivables and other assets (331) (164)
Trade and other payables 135 (387)
(5,253) (4,997)
Payment of employee entitlement - (29)
Interest payments (2) (1)
Net cash flows used in operating activities (5,255) (5,027)
Investing activities
Purchases of plant and equipment (120) (6)
Net cash flows used in investing activities (120) (6)
Financing activities
Payment of principal portion of lease liabilities (20) (59)
Proceeds from equity raising 3,594 4,044
Equity raising costs (47) (9)
Net cash flows from financing activities 3,527 3,976
Net decrease in cash (1,848) (1,057)
Net foreign exchange differences (9) 8
Cash at beginning of the year 4,136 5,185
Cash at end of the year 2,279 4,136
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
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 2023 21,831 66,921 71 (81,743) (3,246) 3,834 (7) 3,827
Loss for the year - - - (5,179) - (5,179) (50) (5,229)
Other comprehensive income - - 55 - - 55 - 55
Total comprehensive loss - - 55 (5,179) - (5,124) (50) (5,174)
Transactions with owners in their capacity
as owners
Equity raising 3,710 334 - - - 4,044 - 4,044
Equity raising cost - (9) - - - (9) - (9)
Reclassify shares issued to directors 154 (154) - - - - - -
Share-based compensation 207 286 - - - 493 - 493
Contribution by parent in NCI (see note 17b) - - - (50) - (50) 50 -
Balance at 31 December 2023 25,902 67,378 126 (86,972) (3,246) 3,188 (7) 3,181
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 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 3,593 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 (see note 17b) - - - (46) - (46) 46 -
Balance at 31 December 2024 29,725 67,506 202 (92,436) (3,246) 1,751 (7) 1,744
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