REG - Asiamet Resources Ld - Interim Results for Six Months Ended 30 June 2025
29/08/2025 07:00
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RNS Number : 1363X Asiamet Resources Limited 29 August 2025
29 August 2025
ASIAMET RESOURCES LIMITED
("Asiamet" or the "Company")
Interim Results for Six Months Ended 30 June 2025
Asiamet Resources Limited (AIM: ARS) announces its unaudited interim results
for the six months ended 30 June 2025 ("H1 2025" or the "Period").
The Company's 2025 Half Year Report is available on the Company website
at www.asiametresources.com (http://www.asiametresources.com/) and will be
sent to shareholders who have requested a printed or electronic copy.
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
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@asiametresources.com
(mailto:tony.manini@asiametresources.com)
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com) /
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
(mailto: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.
Darryn McLelland, CEO's statement:
Asiamet had a busy first half of 2025 which was primarily focused on
delivering the Optimised Feasibility Study ("OFS") for the BKM Stage 1 copper
project which was published on 7 May 2025. BKM Stage 1 is a simplified,
lower-capex, staged-build heap-leach operation focused on near-surface,
higher-grade ore. It is designed to deliver LME Grade A copper cathode which
is fully compliant with Indonesia's downstream processing requirements and
aligns with national development priorities. With targeted average annual
production of approximately 10,000 tonnes of copper cathode, BKM Stage 1
offers an efficient entry into production at a time when copper deficits are
forecast to deepen significantly going forward. Just prior to release of the
OFS an updated Ore Reserve Statement for BKM was released. The Ore Reserve
Statement was prepared by Australia Mine Design and Development Pty Ltd
("AMDAD") and in compliance with the JORC code (2012). The Optimised
Feasibility Study outlines a technically robust mid-size copper project with
robust economics.
Following release of the OFS, the Company also reported completion of the
Independent Technical Expert ("ITE") report for the OFS. The ITE review was
undertaken by Behre Dolbear Australia ("BDA"), a subsidiary of Behre Dolbear
and Company Inc, a global mineral industry consulting group, specialising in
independent due diligence reviews. The ITE review commenced in December 2024
and included site visits in December 2024 and January 2025. The review was
conducted in parallel with the finalisation of the Feasibility Study over a
period of five-months.
Post release of the OFS, we have continued to advance work on power supply
arrangements for the project. Additionally, we also received the permits and
approvals for our annual work programme, including the completion of a
drilling programme to define a limestone resource that will serve as a local
source of reagent for neutralisation in the process plant.
At a corporate level, Asiamet completed a two tranche capital raising of
US$2.5 million in May 2025 with BUMA, a long-term and supportive shareholder.
Tranche 1 funds of US$1.0 million were received on 3 June 2025, and the
tranche 2 funds of US$1.5 million were received on 15 July 2025. The net
proceeds from the funding will allow Asiamet to advance the BKM Stage 1 copper
project towards its final investment decision. This will include a range of
activities to progress project financing (debt and equity) and potentially
commence early project engineering and contracting works.
Post period end, on 18 July 2025, leading natural resources financial advisory
firm, Grant Samuel, was appointed to lead a strategic investor engagement
process for the BKM Stage 1 project.
In summary, it was a very busy and productive first half of 2025 and we
continue to make solid progress towards the development of the BKM Stage 1
copper project. We are well positioned with a feasibility study stage project
at a time when the copper market is shifting into a supply deficit, metal
price is anticipated to rise, and quality development ready copper projects
are scarce. We expect that in due course the confluence of these factors
should see our Company rewarded for the significant progress we have made on
our projects.
I would like to take this opportunity to extend my gratitude to all our
stakeholders for their ongoing support and look forward to reporting further
on progress as we deliver our strategy to build a company delivering much
needed energy transition materials.
On behalf of the board,
Darryn McClelland
CEO
28 August 2025
Notice to reader
These interim condensed consolidated financial statements of Asiamet Resources
Limited have been prepared by management and approved by the Audit Committee
of the Board of Directors of the Company. The Company discloses that its
external auditors have not reviewed these interim financial statements and the
accompanying notes to financial statements.
The Company publishes its accounts in United States dollars ($) and all
figures in the accounts and this report are $ unless otherwise stated.
Interim condensed consolidated statement of financial position
As at 30 June 2025
30-Jun 31-Dec
Note 2025 2024
$'000 $'000
Assets
Current assets
Cash 861 2,279
Receivables and other assets 5 55 275
916 2,554
Non-current assets
Property, Plant and Equipment 4 142 137
Right-of-use asset 28 42
Receivables and other assets 5 118 116
288 295
Total assets 1,204 2,849
Liabilities and Equity
Current liabilities
Trade and other payables 188 405
Provisions - 24
Lease liabilities 22 36
210 465
Non-current liabilities
Provisions 640 640
850 1,105
Equity
Share capital 30,672 29,725
Equity reserves 67,660 67,506
Other comprehensive Income 202 202
Accumulated Deficit (94,927) (92,436)
Other reserves (3,246) (3,246)
Parent entity interest 361 1,751
Non-controlling interest (7) (7)
354 1,744
Total liabilities and equity 1,204 2,849
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June
30-Jun 30-Jun
Note 2025 2024
$'000 $'000
Expenses
Exploration and evaluation 3 (974) (1,009)
Employee benefits (912) (1,090)
Consultants (257) (42)
Legal and Company Secretarial (80) (75)
Accounting and audit (2) (1)
General and administrative (101) (117)
Depreciation (20) (10)
Share-based compensation 7 (100) (110)
(2,446) (2,454)
Other Items
Foreign exchange losses (8) 1
Finance costs 15 52
Impairment expense 5 (52) (43)
(45) 10
Net loss for the half year (2,491) (2,444)
Items that may not be reclassified subsequently
to profit or loss:
Actuarial gain (loss) on employee service entitlements - -
Total comprehensive loss for the half year (2,491) (2,444)
Net loss attributable to:
Equity holders of the parent (2,466) (2,415)
Non-controlling interests (25) (29)
Total comprehensive loss attributable to:
Equity holders of the parent (2,466) (2,415)
Non-controlling interests (25) (29)
Basic and diluted loss per common share (cents per share) 0.11 0.12
Weighted average number of shares outstanding (thousands) 2,658,658 2,240,894
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June
Note 2025 2024
$'000 $'000
Operating activities
Loss for the half year (2,491) (2,444)
Adjustment for:
Depreciation 4 6 5
Right-of-use asset 14 (5)
Share-based compensation 7 100 110
Net foreign exchange loss/(gain) (1) 4
Impairment expense 5 52 43
Adjustment to provisions (24) (16)
Changes in working capital:
Receivables and other assets 166 (100)
Trade and other payables (217) 81
Net cash flows used in operating activities (2,395) (2,322)
Investing activities
Purchase of property, plant and equipment 4 (11) (4)
Net cash flows used in investing activities (11) (4)
Financing activities
Payment of principal portion of lease liabilities (14) -
Proceeds from equity raising 1,000 -
Equity raising costs - (10)
Net cash flows from financing activities 986 (10)
Increase/(decrease) in cash (1,420) (2,336)
Net foreign exchange differences 2 (4)
Cash at beginning of the year 2,279 4,136
Cash at 30 June 861 1,796
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 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 half year - - - (2,466) - (2,466) (25) (2,491)
Total comprehensive income - - - (2,466) - (2,466) (25) (2,491)
Transactions with owners in their capacity as owners
Contribution by parent in NCI - - - (25) - (25) 25 -
Share based compensation - 100 - - - 100 - 100
Subscription shares 946 54 - - - 1,000 - 1,000
Balance at 30 June 2025 30,672 67,660 202 (94,927) (3,246) 361 (7) 354
Interim consolidated statement of changes in equity (unaudited)
For the six months ended 30 June 2024
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 2024 25,902 67,378 126 (86,972) (3,246) 3,188 (7) 3,181
Loss for the half year - - - (2,415) - (2,415) (29) (2,444)
Total comprehensive income - - - (2,415) - (2,415) (29) (2,444)
Transactions with owners in their capacity as owners
Contribution by parent in NCI - - - (29) - (29) 29 -
Equity raising costs (10) (10) (10)
Share based compensation - 110 - - - 110 - 110
Balance at 30 June 2024 25,902 67,478 126 (89,416) (3,246) 844 (7) 837
Notes to the condensed consolidated financial statements (unaudited)
For the six months ended 30 June 2025
1. Corporate Information
The interim condensed consolidated financial statements of Asiamet Resources
Limited and its subsidiaries (collectively, the "Group") for the six months
ended 30 June 2025 were authorised for issue in accordance with a resolution
of the directors on 28 August 2025.
Asiamet Resources Limited (the "Company") is a public company incorporated
under the laws of Bermuda. The Company's shares are admitted to trading on
the AIM market of the London Stock Exchange ("AIM") under the symbol "ARS".
The Company's corporate office is located at 2(nd) Floor, Suite 201 Gedung
Ventura, Jl. RA Kartini No. 26, Jakarta Indonesia 12430.
The Group is principally engaged in the exploration and development of mineral
properties. The Company's principal mineral property interests are located in
Indonesia.
2. Significant accounting policies
2.1 Basis of preparation
The interim condensed consolidated financial statements for the six months
ended 30 June 2025 have been prepared in accordance with IAS 34 Interim
Financial Reporting.
The interim condensed consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group's annual consolidated financial
statements as at 31 December 2024.
The interim condensed consolidated financial statements for the six months
ended 30 June 2025 and 30 June 2024 were not subject to review and were
unaudited. The comparative information for the year ended 31 December 2024 was
approved by the Board of directors on 29 May 2025 and the Independent
Auditor's Report on those accounts was unqualified.
2.2 Going concern
The accompanying financial statements have been prepared on a going concern
basis, which contemplates the realisation of assets and the satisfaction of
liabilities in the normal course of business.
For the six months ended 30 June 2025, the Group incurred a loss of US$2.491
million (30 June 2024: US$2.444 million) and had cash outflows from operations
of US$2.331 million (30 June 2024: US$2.322 million). The Group's cash balance
as at 30 June 2025 was US$0.861 million (31 December 2024: US$2.279 million)
and current assets exceeded its current liabilities by US$0.376 million (31
December 2024: net current assets of US$2.554 million).
On 29 May 2025, the Company announced that PT BUMA International Group had
agreed to subscribe for an additional 236,516,658 new common shares of US$0.01
each, to be issued in two tranches at a price of 0.80 pence per share. The
subscription generated gross proceeds of approximately £1.9 million
(approximately US$2.5 million).
Tranche 1, comprising 94,606,663 new shares, was settled on 3 June 2025,
raising approximately US$1.0 million. Tranche 2, comprising 141,909,995 new
shares, was settled subsequent to the reporting date, on 15 July 2025, raising
approximately US$1.5 million.
Based on the Group's cash forecast, the Board is aware that the Group will
require additional funding in the next 12 months to ensure the Group will be
able to realise its assets and discharge its liabilities in the normal course
of business.
During the period, the Company also completed the updated BKM Stage 1 Copper
Project OFS which has been engineered as a simplified, lower-capex,
staged-build heap-leach operation focused on near-surface, higher-grade ore
and producing approximately 10,000 tonnes of copper cathode annually. The
OFS confirms that BKM Stage 1 is a technically robust, technically robust
project with attractive economics, compliant with Indonesian downstream
processing requirements and aligned with national development priorities.
Following completion of the OFS, the Company has now commenced the debt
financing process for BKM Stage 1 and appointed Grant Samuel to lead a
strategic investor engagement program targeting potential partners with the
financial, technical, operational, or regional capabilities to support
successful project delivery.
The Board has also considered the Company's demonstrated ability to raise
equity capital to fund development, exploration, and working capital needs, as
well as its capacity to manage the timing of cash flows, implement cost
control measures, and adjust expenditure commitments as required. At this
stage, based on ongoing discussions with several strategic partners and
financing institutions for funding and financing arrangements, there are
reasonable grounds to believe that debt and/or equity funding will be
available to the Group as and when required.
Based on these factors, the Board is satisfied that the Group has adequate
resources to meet its obligations as they fall due and that the going concern
basis remains appropriate for these financial statements.
While the Company has been successful in the past in obtaining financing
largely through private placements and equity raises, as and when required,
there is no assurance that it will be able to obtain and/or conclude adequate
debt or equity financing arrangements in an acceptable timeframe or that such
financing will be on terms acceptable to the Company, as future funding is
uncertain until secured. These factors indicate the existence of an
uncertainty which may cast a significant doubt on the Group's ability to
continue as a going concern.
The financial report does not contain any adjustments relating to the
recoverability and classification of recorded assets or to the amounts or
classification of recorded assets or liabilities that might be necessary
should the Group not be able to continue as a going concern.
2.3 New standards, interpretations and amendments adopted by the Group
The Group has adopted all of the new or amended standards and interpretations
issued that are mandatory for the current reporting period. The impact on the
financial performance and position of the Company from the adoption of the new
or amended Accounting Standards and Interpretations was not material. Any new
or amended Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted.
3. Exploration and evaluation expenditures
The details of exploration and evaluation expenditures expensed during the
period ended 30 June 2025 and 30 June 2024 are as follows:
2025 2024
$'000 $'000
KSK CoW
Administration support 76 102
External relations 91 98
Drilling & Field support 42 57
Technical services 480 503
Tenements 215 155
904 915
Beutong IUP-OP
Administration support 13 28
External relations 19 23
Drilling & Field support 1 4
Tenements 37 39
70 94
Total exploration and evaluation expenditures 974 1,009
4. Property, Plant & Equipment
30-Jun 31-Dec
2025 2024
$'000 $'000
Opening net book amount 137 28
Additions 11 120
Depreciation charge for the year (6) (11)
Closing balance 142 137
Net carrying amount:
Cost 148 514
Accumulated depreciation (6) (377)
Closing balance 142 137
5. Receivables and other assets
30-Jun 31-Dec
2025 2024
$'000 $'000
Current
Receivables - employee advances 29 1
Receivables - other 8 196
Prepayments 18 78
Total current receivables and other assets 55 275
Non current
VAT - Indonesia 53 -
Provision for impairment ((1)) (53) -
- -
Security deposits 118 116
Total non-current receivables and other assets ((1)) 118 116
(1) The Group has provided an allowance for impairment against the
Indonesian VAT receivables which will be recoverable once production commences
in accordance with Indonesian regulation. An impairment expense of $0.053
million was recognised for the half year ended 30 June 2025 (30 June 2024:
$0.043 million).
6. Related party transactions
On 29 May 2025, the Company announced that PT BUMA International Group Tbk
(IDX: DOID) increased its stake in Asiamet Limited from 40.2% to 44.6% through
a subscription of US$2.5 million. The placement was undertaken at 80 pence per
share. The Subscription was completed in two tranches:
• Tranche 1: 94,606,663 new Common Shares ("Tranche 1 Shares")
raising approximately US$1.0 million, settled on 3 June 2025; and
• Tranche 2: 141,909,995 new Common Shares ("Tranche 2 Shares")
raising approximately US$1.5 million, settled on 15 July 2025, subsequent to
the end of the reporting period. See note 8.
7. Share based compensation expenses
For the six months ended 30 June 2025, the Group has recognised US$0.100
million (30 June 2024: US$0.110 million) of share-based compensation expense
in the statement of profit and loss for performance rights to non-executive
Directors in respect of their 2025 director fees.
8. Subsequent events
On 15 July 2025, the Company announced the settlement of Tranche 2 of the
subscription with PT BUMA International Group, raising gross proceeds of
approximately US$1.5 million through the issue of 141,909,995 Tranche 2
Shares. Following Tranche 2 Admission, PT BUMA International Group hold
44.6% of Asiamet's issued share capital.
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