REG - Asiamet Resources Ld - 2025 Annual Report & Financial Statements
26/05/2026 17:30
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RNS Number : 7702F Asiamet Resources Limited 26 May 2026
26 May 2026
2025 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 2025
("Financial Statements") as extracted from the Company's 2025 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 2025 Annual Report which contains the notes to the Financial
Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2025 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet 100%)
Updated Ore Reserve for BKM Stage 1 (see announcement dated 2 May 2025)
Key Highlights
· BKM Stage 1 Ore Reserves now comprise:
o Proved Reserve Category: 15.0Mt @ 0.8% Cu for 117kt of contained copper
o Probable Reserve Category: 13.3Mt @ 0.7% Cu for 90kt of contained copper
o Total Ore Reserves: 28.3Mt @ 0.7% Cu for 207kt of contained copper
· Strip ratio 0.8:1
· Mining/Processing Method: Ore Reserves reported based on extraction
by open-pit mining with heap-leach and solvent extraction / electro-winning
("SX-EW") processing
· Reserve Basis: Ore Reserves are constrained by BKM Stage 1 Optimised
Feasibility Study 2025 heap leach facility design
Completion of BKM Stage 1 Copper Project Optimised Feasibility Study ("OFS")
(see announcement dated 7 May 2025)
Key Highlights:
· Annual copper cathode production of approximately 10k tonnes with a
~13 year mine life
· Life-of-mine revenues of US$1.192 billion and EBITDA of US$612.2
million 1 (#_ftn1)
· Initial capital cost of US$178.4 million, including US$11.1 million
(7.6%) growth allowance and US$21.8 million (~13.9%) contingency
· Post-tax NPV81 of US$122.4 million, post-tax IRR1 of 17.7%, and
payback period of 4.5 years
· Life-of-mine production of 124,022 tonnes of LME Grade A copper
cathode
· Low strip ratio of 0.77:1, Life-of-Mine C1 costs of US$1.79/lb and
AISC of US$2.37/lb
Corporate:
· The Company successfully raised US$2.5 million via direct share
placement to PT BUMA International Tbk ("BUMA") (see announcement dated 29 May
2025) and successfully raised another US$3.1 million through a direct share
placement to existing shareholders and several new investors (see announcement
dated 17 December 2025).
· Appointment of Shore Capital as Corporate Broker and Grant Samuel as
Financial Adviser to lead the Strategic Investor Engagement Process for the
BKM Copper Project.
· Proposed Sale of Asiamet's Interest in the KSK Project to Norin
Mining for gross consideration of US$105 million on a cash-free, debt-free
basis (see announcement dated 6 November 2025).
· The Company successfully completed a resource definition drilling
programme targeting limestone at the Rinjen prospect on the KSK CoW (see
announcement dated 15 September 2025).
The 2025 Annual Report can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/7702F_1-2026-5-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7702F_1-2026-5-26.pdf)
Update on Proposed Sale of Indokal Limited
As previously announced, shareholder approval from Asiamet shareholders and
the relevant Chinese regulatory approvals have both been obtained.
The remaining Indonesian regulatory processes and associated completion
workstreams continue to progress. The Company continues to work closely with
relevant stakeholders in relation to these matters and progress is being made.
The Company and the purchaser remain actively engaged through the completion
process, and the Board will continue to update shareholders as appropriate.
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
For further information, please contact:
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 & Financial 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
Shore Capital
Toby Gibbs / George Payne
Telephone: +44 20 7408 4050
Follow us on X @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 2025
2025 2024
$'000 $'000
Assets
Current assets
Cash 3,405 2,279
Receivables and other assets 9 275
3,414 2,554
Assets classified as held for sale 373 -
3,787 2,554
Non-current assets
Plant and equipment - 137
Right-of-use asset - 42
Receivables and other assets 3 116
3 295
Total assets 3,790 2,849
Liabilities and Equity
Current liabilities
Trade and other payables 192 405
Provisions - 24
Lease liabilities - 36
192 465
Liabilities directly associated with the assets classified as held for sale 710 -
902 465
Non-current liabilities
Provisions 56 640
958 1,105
Equity
Share capital 33,899 29,725
Equity reserves 69,251 67,506
Other comprehensive Income 242 202
Accumulated Deficit (97,307) (92,436)
Other reserves (3,246) (3,246)
Parent entity interest 2,839 1,751
Non-controlling interest (7) (7)
2,832 1,744
Total liabilities and equity 3,790 2,849
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2025
2025 2024
$'000 $'000
Continuing Operations
Expenses
Exploration and evaluation (149) (118)
Employee benefits (145) (667)
Consultants (520) (133)
Legal and Company Secretarial (124) (105)
Accounting and audit (44) (38)
General and administrative (211) (188)
Depreciation - (2)
Share-based compensation (379) (405)
(1,572) (1,656)
Other Items
Foreign exchange losses (10) (25)
Finance costs - -
Impairment expense (66) (136)
Other income 32 77
(44) (84)
Net loss before tax from continuing operations (1,616) (1,740)
Income tax expense - -
Net loss for the year from continuing operations (1,616) (1,740)
Discontinued operations
Loss after tax for the year from discontinued operations (3,255) (3,724)
Net loss for the year (4,871) (5,464)
Item that may not be reclassified subsequently
to profit or loss:
Actuarial gain on employee service entitlements 40 76
Total comprehensive loss for the year (4,831) (5,388)
Net loss attributable to:
Equity holders of the parent (4,820) (5,418)
Non-controlling interests (51) (46)
Total comprehensive loss attributable to:
Equity holders of the parent (4,780) (5,342)
Non-controlling interests (51) (46)
Basic and diluted loss per common share (cents per share) (0.16) (0.20)
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
2025 2024
$'000 $'000
Operating activities
Loss before tax from continuing operations (1,616) (1,740)
Loss before tax from discontinued operations (3,255) (3,724)
Loss before tax (4,871) (5,464)
Adjustment for:
Depreciation (5) 27
Share-based compensation 379 405
Net foreign exchange loss/(gain) (24) (19)
Impairment expense 114 136
Finance cost 2 2
Adjustment to provisions 81 (144)
Changes in working capital:
Receivables and other assets 161 (331)
Trade and other payables (131) 135
(4,294) (5,253)
Other adjustments:
Payment of employee entitlement (4) -
Interest payments (2) (2)
Net cash flows used in operating activities (4,300) (5,255)
Investing activities
Purchase of property, plant and equipment (16) (120)
Net cash flows used in investing activities (16) (120)
Financing activities
Payment of principal portion of lease liabilities (28) (20)
Proceeds from equity raising 5,601 3,594
Equity raising costs (61) (47)
Net cash flows from financing activities 5,512 3,527
Net Increase in cash 1,196 (1,848)
Net foreign exchange differences - (9)
Cash at beginning of the year 2,279 4,136
Cash at end of the year 3,475 2,279
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)/loss 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 3593 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 - - - (46) - (46) 46 -
(see note 17b)
Balance at 31 December 2024 29,725 67,506 202 (92,436) (3,246) 1,751 (7) 1,744
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Total equity
Other attributable Non-
Share Equity comprehensive Accumulated Other to the controlling
capital reserves loss deficit reserves parent interests Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2025 29,725 67,506 202 (92,436) (3,246) 1,751 (7) 1,744
Loss for the year - - - (4,820) - (4,820) (51) (4,871)
Other comprehensive loss 40 40 40
Total comprehensive income - - 40 (4,820) - (4,780) (51) (4,831)
Transactions with owners in their capacity as owners
Equity raising 3,860 1,741 - - - 5,601 - 5,601
Equity raising costs - (61) - - - (61) - (61)
Reclassify shares issued to directors 152 (152) - - - - - -
Share based compensation 162 217 - - - 379 - 379
Contribution by parent in NCI - - - (51) - (51) 51 -
(see note 17b)
Balance at 31 December 2025 33,899 69,251 242 (97,307) (3,246) 2,839 (7) 2,832
1 (#_ftnref1) Excluding closure and rehabilitation costs
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